0001104659-23-044356 | F-1 | XBRL Viewer

Amounts due from related party

¥ 227,000,000

$ 32,000,000

¥ 271,067,503

$ 42,700,000

¥ 49,521,897

¥ 390,457,084

Accounts receivable, net

468,359,388

65,967,969

308,555,105

48,605,133

214,502,737

Advance to suppliers

7,556,142

1,064,275

10,648,306

1,677,374

11,458,564

30,088,833

Prepaid expenses and other current assets

161,667,187

22,770,668

166,505,565

26,228,784

81,439,883

6,942,700

977,873

7,987,914

1,258,295

5,257,185

871,552,683

122,757,357

764,764,393

120,469,486

733,204,286

Property, plant and equipment, net

557,366,853

78,504,585

550,153,110

86,662,851

236,204,959

Operating lease right-of-use assets, net

13,067,129

1,840,493

14,850,283

2,339,290

17,245,924

Deferred tax assets, net

2,473,459

348,384

3,039,084

478,732

7,976,206

Other assets, non-current

81,314,933

11,453,130

80,717,978

12,715,097

83,778,603

22,663,063

3,192,071

28,228,293

4,446,661

88,765,094

676,885,437

95,338,663

676,988,748

106,642,631

433,970,786

Bank loans and other borrowing - current

1,548,438,120

218,096,020

1,441,753,141

227,112,117

1,167,175,072

Current liabilities

163,641,078

23,048,688

111,733,754

17,600,856

Accounts payable

37,394,178

5,266,934

30,811,100

4,853,518

16,383,236

Operating lease liabilities - current

367,283,321

51,731,502

326,751,353

51,471,496

322,750,471

3,524,558

496,431

4,322,252

680,863

3,785,642

Deferred government grants - current

3,495,701

492,366

2,295,701

361,630

2,121,645

Bank loans and other borrowing - non-current

575,338,836

81,035,921

475,914,160

74,968,363

345,040,994

Non-current liabilities

283,992,000

40,000,000

253,928,000

40,000,000

1,103,609

Operating lease liabilities - non-current

10,403,843

1,465,371

10,605,260

1,670,593

13,550,359

Deferred government grants - non-current

20,826,966

2,933,458

30,053,517

4,734,179

30,884,246

Total non-current liabilities

315,222,809

44,398,829

294,586,777

46,404,772

45,538,214

890,561,645

125,434,750

770,500,937

121,373,135

390,579,208

Commitments and Contingencies

1,608,561,727

226,564,371

1,370,221,392

215,844,081

897,869,523

$ 187,785,655

1,285,458,571

$ 181,055,603

¥ 440,585,213

$ 69,403,171

Total mezzanine equity

1,608,561,727

226,564,371

1,370,221,392

215,844,081

1,285,458,571

Shareholders' Deficit

Common Stock

7,978

1,124

7,978

1,257

^[1]

7,978

^[1]

808,648,509

113,897,365

808,502,018

127,359,254

800,806,378

Accumulated other comprehensive income

(1,673,775,766)

(235,749,706)

(1,590,567,163)

(250,554,041)

(1,353,900,436)

(85,565,973)

(12,051,884)

83,087,979

13,088,431

44,223,373

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit

(950,685,252)

(133,903,101)

(698,969,188)

(110,105,099)

(604,517,882)

$ (85,145,762)

(508,862,707)

¥ (847,320,829)

1,548,438,120

218,096,020

1,441,753,141

227,112,117

1,167,175,072

Series A and Series A-1 redeemable convertible preferred shares

551,004,725

77,608,485

458,074,468

72,158,166

410,327,208

¥ 1,057,557,002

$ 148,955,886

¥ 912,146,924

$ 143,685,915

¥ 897,869,523

¥ 875,131,363

[1]	Gives retroactive effect to reflect the reorganization in February 2021.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Ordinary shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Ordinary shares, shares authorized	9,950,000,000	9,950,000,000		9,950,000,000
Ordinary shares, issued	246,736,533	247,311,533		247,311,533
Ordinary shares, outstanding	246,736,533	247,311,533		247,311,533
Series A and Series A-1 redeemable convertible preferred shares
Redeemable convertible preferred shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Redeemable convertible preferred shares, shares authorized	50,000,000	50,000,000		50,000,000
Temporary equity, shares issued	21,548,589	21,548,589		21,548,589
Temporary equity, shares outstanding	21,548,589	21,548,589		21,548,589
Series B redeemable convertible preferred shares
Redeemable convertible preferred shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Redeemable convertible preferred shares, shares authorized	100,000,000	100,000,000		100,000,000
Temporary equity, shares issued	65,414,858	65,414,858		65,414,858
Temporary equity, shares outstanding	65,414,858	65,414,858	65,414,858	65,414,858

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥) ¥ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 CNY (¥) ¥ / shares shares	Mar. 31, 2022 CNY (¥) ¥ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 CNY (¥) ¥ / shares shares
Income Statement [Abstract]
Revenues	¥ 399,534,723	$ 56,274,081	¥ 269,433,426	¥ 502,949,894	$ 79,227,166	¥ 257,015,929
Cost of revenues	93,700,779	13,197,665	63,599,621	117,066,090	18,440,832	59,656,877
Gross profit	305,833,944	43,076,416	205,833,805	385,883,804	60,786,334	197,359,052
Operating expenses:
Selling	150,228,079	21,159,480	86,265,281	185,999,704	29,299,597	73,485,259
General and administrative expenses	49,587,013	6,984,283	51,664,591	107,620,500	16,952,916	155,334,386
Research and development	123,861,107	17,445,718	124,051,209	211,222,263	33,272,780	94,387,144
Total operating expenses	323,676,199	45,589,481	261,981,081	504,842,467	79,525,293	323,206,789
Loss from operations	(17,842,255)	(2,513,065)	(56,147,276)	(118,958,663)	(18,738,959)	(125,847,737)
Other income (expense):
Late fees related to income tax \| ¥						(11,464,741)
Late fees related to taxes other than income tax			(112,420)	(231,231)	(36,425)	(7,261,947)
Late fees related to social security insurance	(300,000)	(42,173)	(1,396,221)	(1,900,000)	(291,796)	(7,701,793)
Government grants	22,456,691	3,163,003	19,600,822	23,020,413	3,626,290	3,530,405
Financial expenses, net	(14,949,434)	(2,105,613)	(352,694)	(2,717,433)	(428,064)	(29,689,927)
Other income (expenses), net	74,675	10,518	(993,957)	(327,987)	(51,666)	4,063,743
Total other income, net	7,282,515	1,025,735	16,745,530	17,891,384	2,818,339	(48,524,260)
Loss before income taxes	(10,559,740)	(1,487,330)	(39,401,746)	(101,067,279)	(15,920,620)	(174,371,997)
Income tax expense	(565,625)	(79,668)	(5,689,586)	(4,937,122)	(777,720)	(17,454,245)
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Accretion to redemption value of convertible redeemable preferred shares	(72,083,238)	(10,152,855)	(65,013,751)	(130,662,326)	(20,582,579)	(16,610,297)
Net loss attributable to YishengBio Co. Ltd	(83,208,603)	(11,719,853)	(110,105,083)	(236,666,727)	(37,280,919)	(208,436,539)
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Other comprehensive income (loss): foreign currency translation gain (loss)	(168,653,952)	(23,754,747)	11,321,167	38,864,606	6,122,146	22,455,217
Total comprehensive loss	¥ (179,779,317)	$ (25,321,745)	¥ (33,770,165)	¥ (67,139,795)	$ (10,576,194)	¥ (169,371,025)
Loss per share:
Basic net income (loss) per ordinary share \| (per share)	¥ (0.05)	$ (0.01)	¥ (0.18)	¥ (0.43)	$ (0.07)	¥ (0.78)
Earnings Per Share, Diluted \| (per share)	¥ (0.05)	$ (0.01)	¥ (0.18)	¥ (0.43)	$ (0.07)	¥ (0.78)
Weighted average number of ordinary shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533
Weighted Average Number of Shares Outstanding, Diluted	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT	Ordinary Shares CNY (¥) shares	Ordinary Shares USD ($) shares	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Deficit CNY (¥)	Deficit USD ($)	Accumulated other comprehensive income CNY (¥)	Accumulated other comprehensive income USD ($)	CNY (¥) shares	USD ($) shares
Balances at beginning at Mar. 31, 2020	¥ 6,797		¥ 276,368,115		¥ (1,145,463,897)		¥ 21,768,156		¥ (847,320,829)
Balance as at beginning (in shares) at Mar. 31, 2020 \| shares	212,883,618	212,883,618
Increase (Decrease) in Stockholders' Equity
Shareholders' contribution	¥ 1,181		447,681,763						447,682,944
Class B ordinary shares issued to initial shareholders,Shares \| shares	34,427,915	34,427,915
Accretion to redemption value of convertible redeemable preferred shares					(16,610,297)				(16,610,297)
Net income (loss)					(191,826,242)				(191,826,242)
Share-based compensation			76,756,500						76,756,500
Foreign currency translation adjustment							22,455,217		22,455,217
Balances at end at Mar. 31, 2021	¥ 7,978		800,806,378		(1,353,900,436)		44,223,373		¥ (508,862,707)
Balance as at end (in shares) at Mar. 31, 2021 \| shares	247,311,533	247,311,533							247,311,533	247,311,533
Increase (Decrease) in Stockholders' Equity
Accretion to redemption value of convertible redeemable preferred shares					(65,013,751)				¥ (65,013,751)
Net income (loss)					(45,091,332)				(45,091,332)
Share-based compensation			3,128,741						3,128,741
Foreign currency translation adjustment							11,321,167		11,321,167
Balances at end at Sep. 30, 2021	¥ 7,978	$ 1,124	803,935,119	$ 113,233,488	(1,464,005,519)	$ (206,203,769)	55,544,540	$ 7,823,395	(604,517,882)	$ (85,145,762)
Balance as at end (in shares) at Sep. 30, 2021 \| shares	247,311,533	247,311,533
Balances at beginning at Mar. 31, 2021	¥ 7,978		800,806,378		(1,353,900,436)		44,223,373		¥ (508,862,707)
Balance as at beginning (in shares) at Mar. 31, 2021 \| shares	247,311,533	247,311,533							247,311,533	247,311,533
Increase (Decrease) in Stockholders' Equity
Accretion to redemption value of convertible redeemable preferred shares					(130,662,326)				¥ (130,662,326)	$ (20,582,579)
Net income (loss)					(106,004,401)				(106,004,401)
Share-based compensation			7,764,448						7,764,448
Foreign currency translation adjustment			(68,808)				38,864,606		38,795,798
Balances at end at Mar. 31, 2022	¥ 7,978	$ 1,257	808,502,018	127,359,254	(1,590,567,163)	(250,554,041)	83,087,979	13,088,431	¥ (698,969,188)	$ (110,105,099)
Balance as at end (in shares) at Mar. 31, 2022 \| shares	247,311,533	247,311,533							247,311,533	247,311,533
Increase (Decrease) in Stockholders' Equity
Accretion to redemption value of convertible redeemable preferred shares					(72,083,238)				¥ (72,083,238)	$ (10,152,855)
Net income (loss)					(11,125,365)				(11,125,365)
Share-based compensation			(85,316)						(85,316)
Foreign currency translation adjustment			231,807				(168,653,952)		(168,422,145)
Balances at end at Sep. 30, 2022	¥ 7,978	$ 1,124	¥ 808,648,509	$ 113,897,365	¥ (1,673,775,766)	$ (235,749,706)	¥ (85,565,973)	$ (12,051,884)	¥ (950,685,252)	$ (133,903,101)
Balance as at end (in shares) at Sep. 30, 2022 \| shares	246,736,533	246,736,533							246,736,533	246,736,533

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATED STATEMENTS OF CASH FLOWS	6 Months Ended			12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (11,125,365)	$ (1,566,998)	¥ (45,091,332)	¥ (106,004,401)	$ (16,698,340)	¥ (191,826,242)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes	565,625	79,668	5,689,586	4,937,120	777,720	17,454,245
Depreciation of property, plant and equipment	13,818,386	1,946,306	11,560,041	24,475,736	3,855,540	22,240,060
Amortization of intangible assets	3,409,643	480,245	3,326,419	6,678,233	1,051,988	5,665,735
Loss on disposal of property, plant and equipment	64,179	9,040	238,279	273,982	43,159	24,876
Share-based compensation	85,316	12,017	(3,128,741)	7,764,448	1,223,094	76,756,500
Bad debt expense	6,447,110	908,069	2,888,417	5,100,000	801,003	6,414,634
Write-down of inventories to net realizable value	4,393,629	618,838	40,192,397	4,393,630	692,106	1,109,400
Non-cash lease expense	2,409,286	339,346	1,805,910	3,787,628	596,646	2,233,089
Changes in operating assets and liabilities:
Inventories	4,838,379	681,481	(40,481,983)	(89,459,313)	(14,092,075)	(68,728,378)
Accounts receivable	(166,251,393)	(23,416,349)	(96,243,492)	(99,137,291)	(15,616,599)	(220,734,141)
Amounts due from related parties			30,088,833	30,088,833	4,739,742	(3,086,330)
Prepaid expenses and other current assets	4,102,924	577,893	(31,314,821)	59,229,801	9,330,172	146,767,686
Accounts payable	(6,583,078)	(927,220)	(16,697,346)	14,427,864	2,272,749	(4,424,337)
Amounts due to related parties .						(245,808)
Accrued expenses and other liabilities	37,289,942	5,252,252	(37,906,402)	(35,633,487)	(5,613,164)	140,210
Deferred government grants	(8,026,551)	(1,130,532)	491,177	(656,673)	(103,442)	(44,290)
Income taxes payable	(1,435,079)	(202,129)	(1,861,093)			(34,105,055)
Operating lease liabilities	(107,395,153)	(15,126,504)	(176,984,374)	(3,796,392)	(598,027)	(2,222,291)
Net cash used in operating activities	(107,395,153)		(176,984,374)	(173,545,357)	(27,337,727)	(246,610,437)
Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment			8,000	8,000	1,260	644,842
Purchases of property, plant and equipment	(15,017,753)	(2,115,236)	(202,828,177)	(295,314,351)	(46,519,384)	(104,883,783)
Purchases of intangible assets	(4,006,598)	(564,325)	(570,200)	(3,617,607)	(569,863)
Net cash used in investing activities	19,024,351	2,679,561	203,390,377	(298,923,958)	(47,087,987)	(104,238,941)
Cash flows from financing activities:
Proceeds from issuance of mezzanine equity						729,412,999
Shareholders' contribution						1,589,236
Proceeds from issuance of debt	102,513,927	14,438,988	92,719,786	414,116,587	65,233,702	32,253,609
Repayment of bank loans and other borrowings	(50,606,602)	(7,127,891)	(48,833,921)	(49,558,442)	(7,806,692)	(160,407,571)
Proceeds from borrowings from related parties						299,757,219
Repayment of borrowings from related parties						(163,346,796)
Net cash provided by financing activities	(51,907,325)	(7,311,097)	(43,885,865)	364,558,145	57,427,010	739,258,696
Effect of foreign exchange rate on cash	30,471,942	4,291,943	(4,446,301)	(11,478,411)	(1,808,136)	(2,674)
Net change in cash	(44,040,237)	(6,203,025)	(340,935,187)	(119,389,581)	(18,806,840)	388,406,644
Cash, beginning of the period	271,067,503	38,179,597	390,457,084	390,457,084	61,506,740	2,050,440
Cash, end of the period	227,027,266	31,976,572	49,521,897	271,067,503	38,179,597	390,457,084
Supplemental disclosures of cash flow information:
Income taxes paid						34,105,055
Interest paid	12,723,051	1,792,030	402,617	2,404,357	378,746	8,124,572
Supplemental disclosure of non-cash investing and financing activity
Accretion to redemption value of convertible redeemable preferred shares	¥ 72,083,238	$ 10,152,855	¥ 65,013,751	130,662,326	20,582,579	16,610,297
Operating right-of-use assets recognized for related operating lease liabilities				¥ 1,516,478	$ 238,883	15,048,446
Forgiveness of amounts due to related parties						¥ 446,092,527

ORGANIZATION AND BUSINESS DESCRIPTION

12 Months Ended

Mar. 31, 2022

ORGANIZATION AND BUSINESS DESCRIPTION

NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION

YishengBio Co., Ltd (“YS Biopharma”) was incorporated under the laws of Cayman Islands as an exempted company with limited liability in November 2020. It owns three companies and their subsidiaries that were incorporated in the United States of America (“US”), Singapore, Hong Kong and the People’s Republic of China (“China” or the “PRC”) (collectively, the “Company” or “YS Group”). YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. It developed a PIKA immunomodulating technology platform and a series of product candidates targeting rabies, hepatitis B, influenza and other indications. It is also conducting the production and sale of YSJA™ (依生君安™) rabies vaccine, the first aluminum-free lyophilized rabies vaccine that was launched in China.

Prior to the business reorganization that was completed in February 2021, YS Group conducted its business under Yisheng Biopharma Co., Ltd (“Yisheng Biopharma”), a Cayman Islands company established in April 2010, as an offshore holding company used by its shareholders to hold and control its business operation. Before or after the reorganization, both YS Biopharma and Yisheng Biopharma are controlled by the same major shareholder, Yi Zhang, founder and chairman of YS Group and Yisheng Biopharma.

In February 2021, YS Group’s business and technology segments were separated and spun-off from the parent company of Yisheng Biopharma Co., Ltd. by way of a series of corporate and business restructuring. In connection with such restructuring, YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”) and Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”) were established under the laws of Hong Kong in December 2020 and the PRC in February 2021, respectively. In January 2021 and February 2021, Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”) and Beijing Yisheng became wholly-owned subsidiaries of HK YishengBio. In December 2020, YS Biopharma issued shares and entered into shareholders agreement with the then shareholders of Yisheng Biopharma to substantially mirror their respective interests in Yisheng Biopharma to YS Biopharma. In January 2021, YS Biopharma acquired all the equity interests of Yisheng US Biopharma Inc. (“US Yisheng”) and Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”) from Yisheng Biopharma, both of which became wholly-owned subsidiaries of YS Biopharma. In February 2021, Beijing Yisheng acquired all the relevant assets and business from a subsidiary of Yisheng Biopharma. The restructuring was completed in February 2021. After the reorganization, there is no equity relationship, no business activities and no business relevance or competition between Yisheng Biopharma and YS Biopharma, and both are controlled by the same shareholder, Yi Zhang.

YS Group’s current legal entity structure is as follows:

As of the date of this report, YS Group is consisted of the following legal entities:


Legal Entity	Nature of Operations	Date of Incorporation	Place of Incorporation
YishengBio Co., Ltd (“YS Biopharma”)	Holding Company	November 16, 2020	Cayman Islands
YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”)	Holding Company	December 28, 2020	Hong Kong
Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”)*	Research and development of vaccines and therapeutic biologics	November 28, 2009	Singapore
Yisheng US Biopharma Inc. (“US Yisheng”)	Research of vaccines and therapeutic biologics	September 29, 2009	US
Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”)**	Research and development, manufacturing and commercialization of vaccines and therapeutic biologics	May 26, 1994	PRC
Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”)	Research and development of vaccines and therapeutic biologics	February 4, 2021	PRC

*	Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011.

**	Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

LIQUIDITY

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

LIQUIDITY

LIQUIDITY

NOTE 2 — LIQUIDITY

As reflected in the accompanying unaudited condensed consolidated financial statements (“CFS”), YS Group reported net loss of RMB11,125,365 and RMB45,091,332 for six months ended September 30, 2022 and 2021, respectively. Cash used in operating activities was RMB107,395,153 and RMB176,984,374 for the six months ended September 30, 2022 and 2021, respectively.

In assessing its liquidity, management monitors and analyzes YS Group’s cash, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. As of September 30, 2022, YS Group had cash and restricted cash of approximately RMB227.0 million ($32.0 million). As of September 30, 2022, YS Group had outstanding bank loans and other borrowing of approximately RMB447.6 million ($63.0 million) from various financial institutions.

Currently, YS Group is working to improve its liquidity and capital sources primarily through cash flows from operations, debt and equity financing. Based on the Company’s current operating plan, management believes the above-mentioned measures collectively will provide sufficient liquidity for YS Group to meet its future liquidity and capital requirement for at least 12 months from the date of this report.

NOTE 2 — LIQUIDITY

As reflected in the accompanying consolidated financial statements (“CFS”), the Company reported net loss of RMB106,004,401 and RMB191,826,242 for the fiscal years ended March 31, 2022 and 2021, respectively. Cash used in operating activities was RMB173,545,357 for the fiscal year ended March 31, 2022.

In assessing its liquidity, management monitors and analyzes the Company’s cash, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. As of March 31, 2022, the Company had cash of approximately RMB271.07 million (US$42.7 million). As of March 31, 2022, the Company had outstanding bank loans and other borrowing of approximately RMB365.66 million (US$57.6 million) from various financial institutions.

Currently, the Company is working to improve its liquidity and capital sources primarily through cash flows from operations, debt and equity financing. Based on the Company current operating plan, management believes the above-mentioned measures collectively will provide sufficient liquidity for YS Group to meet its future liquidity and capital requirement for at least 12 months from the date of this report.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited interim condensed CFS of YS Group were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited interim condensed CFS do not include all of the information and footnotes required by U.S. GAAP for annual financial statements.

In the opinion of YS Group’s management, the accompanying unaudited interim condensed CFS contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of YS Group for each of the periods presented. The results of operations for the six months ended September 30, 2022 are not necessarily indicative of results to be expected for any other interim periods or for the year ending March 31, 2023. These unaudited interim condensed CFS should be read in conjunction with YS Group’s audited CFS for the years ended March 31, 2022 and 2021.

Basis of Consolidation

The CFS include the financial statements of YS Group and its wholly-owned subsidiaries. All significant intercompany transactions and balances were eliminated in consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which were measured at fair value. The functional currency of YS Group and its Hong Kong subsidiary, US subsidiary is the United States dollars (“US$”). The functional currency of YS Group’s Singapore subsidiary is the Singapore dollars (“S$”). The functional currency of YS Group’s PRC subsidiaries is the Chinese Renminbi (“RMB”). The determination of functional currency is based on the criteria of Accounting Standard Codifications (“ASC”) as promulgated by the Financial Accounting Standards Board, ASC 830, Foreign Currency Matters (“ASC 830”). YS Group uses the RMB as its reporting currency.

The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction.

Use of Estimates

The preparation of the CFS in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these CFS include, but are not limited to, the valuation of YS Group’s convertible redeemable preferred shares and ordinary shares, accrual of stock-based compensation expense, allowance for doubtful accounts and obsolete inventories, useful life of property, plant and equipment, income taxes and uncertain tax positions. Actual amounts could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in YS Group’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results.

Foreign Currency Translation

YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect. The equity denominated in the functional currency is translated at the historical rate of exchange then in time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated

other comprehensive income (loss) included in YS Group’s consolidated statements of changes in shareholders’ deficit. Gains and losses from foreign currency transactions are included in YS Group’s consolidated statements of operations and comprehensive loss.

The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions. The following table outlines the currency exchange rates used in preparing YS Group’s CFS:


			Six Months Ended September 30,
	September 30, 2022	March 31, 2022	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1$	7.0998	6.3482	6.7240	6.5284
RMB:1S$	4.9717	4.6932	4.8325	4.8200

Convenience translation

Amounts in $ are presented for the convenience of the reader and translated at $1.00 to RMB7.0998, the central parity rate release of the People’s Bank of China on September 30, 2022. No representation is made that the RMB amounts could have been, or converted, realized or settled into $ at such rate.

Cash

Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. YS Group maintains bank accounts in China. Cash balances in bank accounts in China are not insured by the Federal Deposit Insurance Corporation or other programs.

Restricted Cash

Restricted cash balances mainly relate to restrictions imposed on banks as cash deposits for the issuance of letters of credit. And it is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows.

Accounts Receivable, net

Accounts receivable are presented net of allowance for doubtful accounts. YS Group reduces its accounts receivable by recording a bad debt allowance to account for the estimated impact of collection issues resulting from a client’s inability or unwillingness to pay valid obligations to YS Group. YS Group determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and best estimate of specific losses on individual exposures. YS Group establishes an allowance for doubtful accounts when there is objective evidence that YS Group may not be able to collect amounts due. Accounts receivable balances are written off after all collection efforts have been exhausted.

Advance to Suppliers

Advance to suppliers is amounts advanced to vendors or suppliers for providing raw materials to YS Group. The suppliers usually require advance payments when YS Group orders materials and the advance will be utilized to offset YS Group’s actual payment obligations. These amounts advanced are unsecured, non- interest bearing and generally short term in nature. YS Group will reduce its advance to suppliers by recording an allowance that approximates the extent of the advance that may not be realizable during the procurement process. YS Group did not record any allowance against its advance to suppliers as of September 30, 2022 or March 31, 2022.

Inventories, net

Inventories are stated at the lower of cost or net realizable value. Cost is determined on the weighted average basis and comprises all cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal.

YS Group reviews the carrying amounts of the inventories on quarterly to determine whether the inventories are carried at lower of carrying amount or net realizable value. The net realizable value is estimated based on current market situation and historical experience.

Adjustments are recorded to write down the cost of inventory based on the expiration date of raw materials and the estimate of future usage. Write-downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive loss.

Property, Plant and Equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally expensed in the period in which it is incurred. When the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, YS Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly.

Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life.

Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicles		4 – 5 years
Leasehold improvements		Lesser of the lease term or life of assets

Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each quarter end.

An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of operations in the period the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset.

Intangible assets, net

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life is reviewed for appropriateness at each financial year end.

Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine licenses and patents with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight- line basis over their estimated useful lives of 15 years. Software and laboratory information systems are amortized on the straight-line basis over their estimated useful lives of 10 years.

An intangible asset that is determined to have an indefinite useful life is not amortized until its useful life is determined to be no longer indefinite. Management evaluates the remaining useful life of an intangible asset that is not being amortized in each reporting period to determine whether events and circumstances continue to support an indefinite useful life. Indefinite-lived intangible assets are subject to impairment testing at least annually.

Management believes that YS Group’s vaccine registration certificate that was granted by the Liaoning Food and Drug Administration (“FDA”) is an intangible asset with an indefinite useful life because the certificate may be renewed indefinitely at little cost and has historically been renewed by Liaoning Yisheng. Liaoning Yisheng intends to renew the certificate indefinitely, and has the ability to do so. Cash flows from the certificate are expected to continue indefinitely. Therefore, the vaccine registration certificate is not amortized until its estimated useful life is believed to be no longer indefinite.

All research and development costs are expensed incurred. Expenditure incurred on projects to develop new products is capitalized and deferred only when YS Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when incurred.

Land use rights: Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded net of accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 48.75 to 50 years.

Impairment of Long-lived Assets

YS Group reviews long-lived assets, including definitive-lived intangible assets and property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When such events occur, YS Group assesses the recoverability of the asset group based on the undiscounted future cash flows the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If YS Group identifies an impairment, YS Group reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values and the impairment loss, if any, is recognized in general and administrative expenses in the consolidated statements of operations. YS Group uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. YS Group did not record any impairment charges during the six months ended September 30, 2022 or during the fiscal year ended March 31, 2022.

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of September 30, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of September 30, 2022 and 2021, there was no customer which accounted for more than 10% of YS Group’s accounts receivable balance. During the six months ended September 30, 2022 and 2021, there was no customer that accounted for more than 10% of YS Group’s net revenues.

Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows:


	Six Months Ended September 30, 2022
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	21,661,500	$	3,051,001	38.8	%
Vendor B	10,053,600		1,416,040	18.0	%
Vendor C	3,005,828		423,368	5.4	%
Vendor D	2,009,315		283,010	3.6	%
Vendor I	1,859,500		261,909	3.3	%
Total	38,589,743	$	5,435,328	69.1	%


	Six Months Ended September 30, 2021
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	11,283,000	$	1,589,200	12.5	%
Vendor F	9,028,170		1,271,609	10.0	%
Vendor D	6,689,566		942,219	7.4	%
Vendor G	6,063,000		853,968	6.7	%
Vendor H	5,460,000		769,036	6.1	%
Total	38,523,736	$	5,426,032	42.7	%

YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID — 19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China.

Fair Value Measurements

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

●	Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.

●	Level 3 — inputs to the valuation methodology are unobservable.

Unless otherwise disclosed, the fair value of YS Group’s financial instruments including cash, accounts receivable, advances to suppliers, amounts due from related parties, prepaid expenses and other current assets, short-term bank loans and other loans, accounts payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The fair value of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available.

YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

Social Security Insurance

there are five basic types of social security insurance, which include basic pension insurance, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance (collectively known as “Social Security Insurance”). Both employees and employers make contributions for the first three kinds of the social security insurances; and only employers make contributions for the latter two kinds, which means the employers must pay all or a portion of the social insurance premiums for their employees. If YS Group does not fully comply with the relevant requirements and dose not made social insurance contributions in full to the social insurance scheme for the employees of PRC affiliated entities, YS Group will be required to make up the social insurance contributions as well as to pay late fees at the rate of 0.05% per day of the outstanding amount from the due date. If YS Group fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities could impose a fine of one to three times the outstanding amount and file applications to competent courts for compulsory enforcement of payment and deposit. There was no fine or compulsory enforcement incurred by relevant authorities in connection with the delayed payment of YS Group. As of September 30, 2022 and March 31, 2022 (audited), YS Group’s had recorded late fee of RMB9.7 million and RMB9.5 million, respectively for its liabilities for social security insurance (see Note 12). During six months ended September 30, 2022 and 2021, YS Group’s recognized late fees related to social security insurance of approximately, RMB0.3 million and RMB1.4 million, respectively.

Leases

Under ASC Topic 842, Leases (“ASC 842”), YS Group determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, YS Group does not recognize a right-of-use (“ROU”) asset or lease liability. YS Group’s operating leases are recognized on its consolidated balance sheets as noncurrent assets, current liabilities and noncurrent liabilities. YS Group does not have any finance leases.

ROU assets represent YS Group’s ROU an underlying asset for the lease term and lease liabilities represent YS Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As YS Group’s leases typically do not provide an implicit rate, YS Group uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that YS Group will exercise that option. Lease expense is recognized on a straight- line basis over the lease term. For leases with terms greater than 12 months, YS Group records the related asset and lease liability at the present value of lease payments over the lease term. For leases with terms less than 12 months, YS Group records rents in administrative expenses.

Government Grants

Government grants represent primarily subsidies received from PRC governments for operating a business in their jurisdictions and in compliance with specific policies promoted by the government authorities. YS Group’s PRC-based subsidiaries received specific subsidies and other subsidies from certain local governments. Specific subsidies are subsidies the local government set certain conditions. Other subsidies are subsidies the local government has not set any conditions and are not tied to future trends or performance of YS Group, receipt of such subsidy is not contingent upon any further actions or performance of YS Group and the amounts do not have to be refunded under any circumstances. Specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required.

Government grants for research and development (“R&D”) are recognized as a reduction to R&D expenses when the conditions attached to the grants are met or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated.

Convertible Redeemable Preferred Shares

YS Group has 2 classes of preferred shares: Series A and Series B with Series A consists of Series A and Series A-1 (collectively, the “Convertible Redeemable Preferred Shares”). These Convertible Redeemable Preferred Shares are considered “probable of becoming redeemable” as one of the redemption events depends solely on the passage of time, and the shares become redeemable following the respective anniversary of the issuance date.

Since the Series A, Series A-1 and Series B Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, the Series A, they are accounted for as mezzanine equity on the consolidated balance sheets.

The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method from the issuance dates to the earliest possible redemption date.

Revenue from Contracts with Customers

YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from our contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and

Step 5: Recognize revenue when YS Group satisfies a performance obligation

YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily are from sales of vaccines. The core principle underlying the revenue recognition ASC 606 is that YS Group recognizes revenue to represent the transfer of vaccines to customers in an amount that reflects the consideration to which YS Group expects to be entitled in such exchange. This requires YS Group to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. YS Group’s sales contracts of vaccines have one single performance obligation that is to sell vaccines to the customers. The sales contracts with customers do not involve variable considerations, such as discounts and rebates. And according to the historical operation, circumstance of discounts and rebates have never occurred. The customer pays after acceptance of the vaccines. According to ASC 606, the relevant revenue recognition is based on a point in time of customer acceptance confirmation.

In accordance with ASC606-10-55-36 through 55-40, YS Group evaluates whether it is appropriate to record the gross amount of vaccines and related costs or the net amount earned as commissions. When the entity is a principal, that the entity obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the entity is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the entity earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value-added taxes. YS Group sells vaccines to the customers, and it obtains control of the vaccines before customer acceptance confirmation. Therefore, YS Group is a principal, and the revenues are recognized according to the gross method.

Cost of Revenues

Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories.

General and Administrative Expenses

General and administrative expenses consist mainly of payroll and related costs for employees involved in general corporate functions, including accounting, finance, tax, legal and human resources, professional fees, and provision for bad debts, value-added taxes and other general corporate expenses as well as costs associated with the use by these functions of facilities and equipment, such as depreciation and rental expenses.

Selling Expenses

Selling expenses consist mainly of payroll and benefits for employees involved in the sales and distribution functions, meeting/event fees, promotion fees, marketing and selling expenses that are related to events and activities at YS Group’s service centers designed to promote product sales as well as operating expenses related to the service centers.

Research and development expenses

Research and development expenses include costs directly attributable to the conduct of research and development projects, primarily consist of salaries and other employee benefits, testing and clinical trial expenses, consulting service fees, depreciation and amortization, and office and leasing expenses. All costs associated with research and development are expensed as incurred.

Other Income (Expenses), net

Other income (expenses) consists of miscellaneous income and expenses not directly related to YS Group’s core business operations. Other income primarily consists of recovery of previously written-off accounts receivable, and write-off of payment obligations that are either more than three years old or no longer justifiable. Other expenses primarily consist of late fees related to YS Group’s income tax and social security insurance payment obligations, charitable donation, medical waste disposal fee and financial expenses.

From December 2013 to June 2019, because YS Group did not have a certificate of Good Manufacturing Practice, YS Group stopped its production activities and did not pay any income taxes nor social security insurance for its employees. During the six months ended September 30, 2021, YS Group accrued RMB1.4 million of late fees related to its social security insurance. During the six months ended September 30, 2022, YS Group accrued RMB0.3 million of late fees related to its social security insurance. During the six months ended September 30, 2022 and 2021, YS Group paid RMB RMB0.1 million and RMB86.2 million of late fees for social security insurance and tax, respectively.

Income Taxes

Cayman Islands. Under the current laws of the Cayman Islands, YS Group is not subject to tax on income or capital gains. In addition, upon payments of dividends by YS Group to its shareholders, no Cayman Islands withholding tax is imposed.

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong is exempted from profit tax on its foreign- sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. The subsidiary incorporated in Singapore files separate income tax returns in Singapore and paid Singapore statutory income tax of 17%.

China. Pursuant to the PRC Corporate Income Tax Law and the respective regulations, subsidiaries operating in China are subject to corporate income tax at a statutory rate of 25% on the taxable income.

United States. The subsidiary incorporated in Maryland, United States (“U.S.”) is subject to statutory U.S. federal corporate income tax at a rate of 21% and state income tax in Maryland at a rate of 8.25%.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the Relevant Periods, taking into consideration interpretations and practices prevailing in the countries in which YS Group operates.

Deferred tax is provided, using the liability method in accordance with ASC740, Income Taxes (“ASC 740”), on all temporary differences at the end of each of the Relevant Periods between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

●	when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●	in respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences, and the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized, except:

●	when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●

in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the Relevant Periods.

Deferred tax assets and liabilities are offset if and only if YS Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

YS Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate.

YS Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related PRC tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as non-operating expense.

Value Added Tax (“VAT”)

Value-added taxes (“VAT”) collected from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers is excluded from revenue. The VAT payable is presented in the account of accrued expenses and other liabilities.

Taxes other than Income Tax

Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc.

Share-based Compensation

YS Group operates a share option scheme for the purpose of providing incentives and rewards to eligible participants who contribute to the success of YS Group’s operations. Employees (including directors) of Company receive granted shares and share options in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”).

The cost of equity-settled transactions with employees for grants is measured by reference to the fair value of the equity instruments at the date when they are granted. The fair value is determined by an external valuer using a binomial model. The cost of equity-settled transactions is recognized in employee benefit expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled.

The cumulative expense recognized for equity-settled transactions at the end of each of the periods until the vesting date reflects the extent to which the vesting period has expired and YS Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the statement of profit or loss for a period represents the movement in the cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the YS Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

For awards that do not ultimately vest because non-market performance and/or service conditions have not been met, no expense is recognized. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognized for any modification that increases the total fair value of the share-based payments, or is otherwise beneficial to the employee as measured at the date of modification.

Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the award is recognized immediately. This includes any award where non- vesting conditions within the control of either the YS Group or the employee are not met. However, if a new award is substituted for the cancelled award, and is designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph.

Comprehensive Loss

Comprehensive loss consists of two components, net loss and other comprehensive income (loss). Other comprehensive income (loss) consists of foreign currency translation adjustment from YS Group not using RMB as its functional currency.

Shareholders’ Contribution

Main sources of shareholders’ contribution include debt forgiveness from related parties and cash donations from shareholders.

Loss Per Share

In accordance with ASC 260, Earnings Per Share, basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary shares plus dilutive equivalent shares outstanding during the period. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. No potential common shares were included in the computation of diluted loss per share when a loss from continuing operation exists.

Segment Reporting

ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with YS Group’s internal organizational structure as well as information about geographical areas, business segments and major customers in the CFS for details on YS Group’s business segments.

YS Group uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by YS Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. YS Group’s CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing performance of YS Group.

Based on management’s assessment, YS Group has only one operating segment, which is the development, production, marketing and sale of biopharmaceutical products. No operating segments were aggregated to form the reportable operating segment.

YS Group’s non-current assets are located in the PRC and other countries. The location of these non-current assets can be aggregated to form the reportable geographical segment.

Significant Risks

Currency risk

A majority of YS Group’s expenses are denominated in RMB and a significant portion of YS Group and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by YS Group in China must be processed through the PBOC or other Company foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.

YS Group’s condensed total assets by geographical area and it’s denominated currency are shown below:


	Denominated	March 31, 2022			September 30, 2022
	Currency	(RMB)			(RMB)	(US$)
					(unaudited)	(unaudited)
PRC	RMB	1,155,124,790	80	%	1,316,093,351	$	185,370,484	85	%
Hong Kong	$	2,666,762	0	%	194,452,627		27,388,465	13	%
Singapore	S$	26,168,621	2	%	29,843,991		4,203,497	2	%
United States	$	5,181,433	0	%	4,104,976		578,182	0	%
Cayman	$	252,611,535	18	%	3,943,175		555,392	0	%
Total		1,441,753,141	100	%	1,548,438,120	$	218,096,020	100	%

YS Group maintains bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for YS Group’s accounts, as its aggregate deposits amount are higher than the compensation limit, which is RMB500,000 for one bank. However, YS Group believes the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and YS Group believes those Chinese banks that hold YS Group’s cash are financially sound based on public available information.

Concentration and political risk

Currently, all of YS Group’s operations are carried out in the PRC. Accordingly, YS Group’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. YS Group’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. YS Group’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of

taxation, among other things. Although YS Group has not experienced losses from these situations and believes it is in compliance with existing laws, this may not be indicative of future results.

Interest rate risk

Fluctuations in market interest rates may negatively affect YS Group’s financial condition and results of operations. YS Group is exposed to floating interest rate risk on cash deposits and floating rate borrowings, and the risks due to changes in interest rates is not material. YS Group has not used any derivative financial instruments to manage YS Group’s interest risk exposure.

Related Parties

A party is considered related to YS Group if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with YS Group. Related parties also include principal owners of YS Group, its management, members of the immediate families of principal owners of YS Group and its management and other parties with which YS Group may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326). The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. This ASU is effective for annual and interim periods beginning after December 15, 2019 for issuers and December 15, 2020 for non-issuers. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. In May 2019, the FASB issued ASU 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief. This ASU adds optional transition relief for entities to elect the fair value option for certain financial assets previously measured at amortized cost basis to increase comparability of similar financial assets. The ASUs should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified retrospective approach). On November 19, 2019, the FASB issued ASU 2019-10 to amend the effective date for ASU 2016-13 to be fiscal years beginning after December 15, 2022 and interim periods therein. YS Group is still evaluating the impact of accounting standard of credit losses on YS Group’s CFS.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740, and improves consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted. YS Group will adopt this ASU within annual reporting period of March 31, 2023 and expects that the adoption of this ASU will not have a material impact on YS Group’s CFS

YS Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on YS Group’s consolidated financial position, statements of Income and comprehensive income and cash flows.

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These CFS and related notes of YS Group were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented were made.

Basis of Consolidation

The CFS include the financial statements of YS Group and its wholly-owned subsidiaries. All significant intercompany transactions and balances were eliminated upon consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which have been measured at fair value.

The functional currency of YS Group and its Hong Kong subsidiary, US subsidiary is the United States dollars (“US$”). The functional currency of YS Group’s Singapore subsidiary is the Singapore dollars (“S$”). The functional currency of YS Group’s PRC subsidiaries is the Chinese Renminbi (“RMB”). The determination of functional currency is based on the criteria of Accounting Standard Codifications (“ASC”) as promulgated by the Financial Accounting Standards Board, ASC 830, Foreign Currency Matters (“ASC 830”). YS Group uses the RMB as its reporting currency.

The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction.

Use of Estimates

The preparation of the CFS in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these CFFS include, but are not limited to, the valuation of YS Group’s convertible redeemable preferred shares and ordinary shares, accrual of stock-based compensation expense, allowance for doubtful accounts and obsolete inventories, useful life of property, plant and equipment, income taxes and uncertain tax positions. Actual amounts could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in YS Group’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results.

Foreign Currency Translation

YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated

other comprehensive income included in YS Group’s consolidated statements of changes in shareholders’ deficit. Gains and losses from foreign currency transactions are included in YS Group’s consolidated statements of operations and comprehensive loss.


			For the Years Ended
	As of March 31,		March 31,
	2022	2021	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1US$	6.3482	6.5713	6.4598	6.8282
RMB:1S$	4.6932	4.8768	4.7850	4.9246

Convenience translation

Amounts in US$ are presented for the convenience of the reader and translated at US$1.00 to RMB6.3482, representing the central parity rate release of the People’s Bank of China on March 31, 2022. No representation is made that the RMB amounts could have been, or converted, realized or settled into US$ at such rate.

Cash

Accounts Receivable, net

Accounts receivable balances are written off after all collection efforts have been exhausted.

Advance to Suppliers

Advance to suppliers represent amounts advanced to vendors or suppliers for providing raw materials to YS Group. The suppliers usually require advance payments when YS Group orders materials and the advance will be utilized to offset YS Group’s actual payment obligations. These amounts advanced are unsecured, non- interest bearing and generally short term in nature. YS Group will reduce its advance to suppliers by recording an allowance that approximates the extent of the advance that may not be realizable during the procurement process. YS Group did not record any allowance against its advance to suppliers as of March 31, 2022, 2021.

Inventories, net

YS Group reviews the carrying amounts of the inventories on a quarterly basis to determine whether the inventories are carried at lower of carrying amount or net realizable value. The net realizable value is estimated based on current market situation and historical experience.

Property, Plant and Equipment, net

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of operations in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, YS Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly.

Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life.


Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicle		4 – 5 years
Leasehold improvement		Lesser of the lease term or life of assets

Intangible assets, net

Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine license and patent with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight- line basis over their estimated useful lives of 15 years. Software and laboratory information system are amortized on the straight-line basis over their estimated useful lives of 10 years

All research and development costs are charged to the statement of operations as incurred. Expenditure incurred on projects to develop new products is capitalized and deferred only when YS Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when incurred.

Impairment of Long-lived Assets

group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If YS Group identifies an impairment, YS Group reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values and the impairment loss, if any, is recognized in general and administrative expenses in the consolidated statements of operations. YS Group uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. YS Group did not record any impairment charges during the years ended March 31, 2022 and 2021.

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of March 31, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of March 31, 2022 and 2021, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2022 and 2021, there were no customers that accounted for more than 10% of YS Group’s net revenues.

Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows:


	For the Year Ended March 31, 2022
	(RMB)	(US$)
Vendor A	35,172,250	$	5,540,508		20.9	%
Vendor B	16,227,146		2,556,181		9.6	%
Vendor C	9,995,189		1,574,492	$	5.9	%
Vendor D	7,426,500		1,169,859		4.4	%
Vendor E	6,621,300		1,043,020		3.9	%
Total	75,442,385	$	11,884,060		44.7	%


	For the Year Ended March 31, 2021
	(RMB)	(US$)
Vendor A	32,063,500	$	4,879,324		37.9	%
Vendor F	5,781,888		879,870		6.8	%
Vendor G	4,862,320		739,933	$	5.7	%
Vendor C	4,568,088		695,157		5.4	%
Vendor H	3,199,200		486,844		3.8	%
Total	50,474,996	$	7,681,128		59.6	%

Details of percentage of YS Group’s top 5 vendors accounting for accounts payable are as follows:


	As of March 31, 2022
	(RMB)	(US$)
Vendor E	1,420,549	$	223,772	4.6	%
Total	1,420,549	$	223,772	4.6	%


	As of March 31, 2021
	(RMB)	(US$)
Vendor A	1,225,510	$	186,494	8.3	%
Total	1,225,510	$	186,494	8.3	%

YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID-19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China.

Fair Value Measurements

●

Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 3 — inputs to the valuation methodology are unobservable.

YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

Social Security Insurance

Employees of YS Group’s subsidiaries that operate in the PRC are required to participate in a central pension scheme operated by the local municipal government. According to the Social Insurance Law of the PRC (the “Social Security Insurance Law”) promulgated by the Standing Committee of the National People’s Congress (the “Standing Committee”) that became effective on December 29, 2018, there are five basic types of social security insurance, which include basic pension insurance, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance (collectively known as “social security insurance”). Both employees and employers make contributions for the first three kinds of the social security insurance; and only employers make contributions for the latter two kinds, which means the employers must pay all or a portion of the social security insurance premiums for their employees. If the YS Group does not fully comply with the relevant requirements and does not make social insurance contributions in full to the social insurance scheme for the employees of PRC affiliated entities, the YS Group will be required to make up the social insurance contributions as well as to pay late fees at the rate of 0.05% per day of the outstanding amount from the due date. If the YS Group fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities could impose a fine of one to three times the outstanding amount and file applications to competent courts for compulsory enforcement of payment and deposit. No fine or compulsory enforcement had been imposed by relevant authorities in connection with the delayed payment of the social security insurance premiums by the YS Group. As of March 31, 2022 and 2021, YS Group’s recorded late fees of RMB9.5 million and RMB29.4 million, respectively, for its liabilities related to social security insurance (see Note 10). During the years ended March 31, 2022 and 2021, the YS Group recognized late fees related to social security insurance of approximately, RMB1.9 million and RMB7.7 million, respectively.

Leases

ROU assets represent YS Group’s right to use an underlying asset for the lease term and lease liabilities represent YS Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As YS Group’s leases typically do not provide an implicit rate, YS Group uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that YS Group will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. For leases with terms greater than 12 months, YS Group records the related asset and lease liability at the present value of lease payments over the lease term. For leases with terms less than 12 months, YS Group records rents in administrative expenses.

Government Grants

Government grants represent primarily subsidies received from PRC governments for operating a business in their jurisdictions and in compliance with specific policies promoted by the government authorities. YS Group’s PRC-based subsidiaries received specific subsidies and other subsidies from certain local governments. Specific subsidies are subsidies the local government has set certain conditions for the subsidies. Other subsidies are subsidies the local government has not set any conditions and are not tied to future trends or performance of YS Group, receipt of such subsidy is not contingent upon any further actions or performance of YS Group and the amounts do not have to be refunded under any circumstances. Specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required.

Convertible Redeemable Preferred Shares

Revenue from Contracts with Customers

YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from its contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when YS Group satisfies a performance obligation

YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily streams from the sales of vaccines.

The core principle underlying the revenue recognition ASC 606 is that YS Group recognizes revenue to represent the transfer of vaccines to customers in an amount that reflects the consideration to which YS Group expects to be entitled in such exchange. This requires YS Group to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. YS Group’s sales contracts of vaccines have one single performance obligation that is to sell vaccines to the customers. The sales contracts with customers do not involve variable considerations, such as discounts and rebates. And according to the historical operation, circumstance of discounts and rebates have never occurred. The customer pays after acceptance of the vaccines. According to ASC 606, the relevant revenue recognition is based on a point in time of customer acceptance confirmation.

Cost of Revenues

Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories.

General and Administrative Expenses

Selling Expenses

Research and development expenses

Other Income (Expenses), net

From December 2013 to June 2019, because YS Group was undergoing the construction and certification process of new manufacturing plant, YS Group didn’t produce and market its rabies vaccine and did not pay any income taxes nor social security insurance for its employees. During the fiscal year ended March 31, 2021, YS Group accrued RMB7.7 million of late fees related to its social security insurance and RMB18.7 million of late fees on its tax. During the fiscal year ended March 31, 2022, YS Group accrued RMB1.9 million of late fees related to its social security insurance and RMB0.2 million of late fees related to its tax. During the fiscal years ended March 31, 2022 and 2021, YS Group paid RMB86.2 million and RMB5.0 million of late fees related to on social security insurance and tax, respectively.

Income Taxes

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong is exempted from profit tax on its foreign- sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. The subsidiary incorporated in Singapore files separate income tax returns in Singapore and paid Singapore statutory income tax of 17%.

United States. The subsidiary incorporated in Maryland, United States is subject to statutory United States federal corporate income tax at a rate of 21% and state income tax in Maryland at a rate of 8.25%.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

●	when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●	in respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

●	when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●

Value Added Tax (“VAT”)

Taxes other than Income Tax

Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc.

Share-based Compensation

The cost of equity-settled transactions with employees for grants is measured by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by an external valuer

using a binomial model. The cost of equity-settled transactions is recognized in employee benefit expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled.

The cumulative expense recognized for equity-settled transactions at the end of each of the relevant periods until the vesting date reflects the extent to which the vesting period has expired and YS Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the statement of profit or loss for a period represents the movement in the cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the YS Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

Comprehensive Loss

Shareholders’ Contribution

Main sources of shareholders’ contribution include debt forgiveness from related parties and cash donations from shareholders. In fiscal 2021, YS Group’s related parties forgave amounts owed by YS Group that debts amounted to approximately RMB446,092,527. YS Group recorded the forgiveness as an increase in additional paid-in capital. In addition, shareholders donated approximately RMB1,589,200 cash to YS Group as additional paid-in capital in fiscal 2021.

Loss Per Share

In accordance with ASC 260, Earnings Per Share, basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary shares plus dilutive equivalent shares outstanding during the period. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. No potential common shares was included in the computation of diluted loss per share when a loss from continuing operation exists.

Segment Reporting

YS Group’s non-current assets are located in the PRC and other countries. The location of these non-current assets can be aggregated to form the reportable geographical segment.

Significant Risks

Currency risk

YS Group maintains bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for YS Group’s accounts, as its aggregate deposits are higher than the compensation limit, which is RMB500,000 for one bank. However, YS Group believes the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and YS Group believes that those Chinese banks that hold YS Group’s cash are financially sound based on public available information.

Concentration and political risk

Interest rate risk

Fluctuations in market interest rates may negatively affect YS Group’s financial condition and results of operations. YS Group is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material. YS Group has not used any derivative financial instruments to manage YS Group’s interest risk exposure.

Related Parties

A party is considered to be related to YS Group if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with YS Group. Related parties also include principal owners of YS Group, its management, members of the immediate families of principal owners of YS Group and its management and other parties with which YS Group may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

Recently Issued Accounting Pronouncements

ACCOUNTS RECEIVABLE, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

ACCOUNTS RECEIVABLE, NET

NOTE 4 — ACCOUNTS RECEIVABLE, NET

Accounts receivable consists of the followings


	March 31,2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	(US$)
		(Unaudited)	(Unaudited)
Trade receivables	322,170,980	488,422,373	$	68,793,821
Allowance for doubtful accounts	(13,615,875)	(20,062,985)		(2,825,852)
Accounts receivable, net	308,555,105	468,359,388	$	65,967,969

The allowance for doubtful accounts reflects YS Group’s best estimate of probable losses inherent in the accounts receivable balance. YS Group estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of YS Group’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. During the six months ended September 30, 2022 and 2021, YS Group recorded approximately RMB6.4 million and RMB2.9 million of bad debt expense, respectively.

Below is an analysis of the movements in the allowance for doubtful account:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Balance at April 1,	8,530,951	13,615,875	$	1,917,783
Additions	2,888,417	6,447,110		908,069
Balance at September 30	11,419,368	20,062,985	$	2,825,852

NOTE 4 — ACCOUNTS RECEIVABLE, NET


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Trade receivables	223,033,688	322,170,980	$	50,749,973
Allowance for doubtful accounts	(8,530,951)	(13,615,875)		(2,144,840)
Accounts receivable, net	214,502,737	308,555,105	$	48,605,133

The allowance for doubtful accounts reflects YS Group’s best estimate of probable losses inherent in the accounts receivable balance. YS Group estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of YS Group’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. During the fiscal years ended March 31, 2022 and 2021, YS Group recorded approximately RMB5.1 million and RMB6.4 million bad debt expense, respectively.

YS Group’s accounts receivable are not written off in the track period. Below is an analysis of the movements in the allowance for doubtful account:


	For the Fiscal Year Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	2,116,317	8,530,951	$	1,343,838
Additions	6,414,634	5,084,924		801,002
Balance at end of the year	8,530,951	13,615,875	$	2,144,840

INVENTORIES, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

INVENTORIES, NET

NOTE 5 — INVENTORIES, NET

YS Group’s inventories consist of the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Raw materials	57,926,980	52,392,648	$	7,379,454
Work in progress	40,795,744	39,148,872		5,514,081
Finished goods	73,285,870	71,235,067		10,033,391
Allowance for slow-moving or obsolete inventories	(5,503,029)	(1,109,400)		(156,258)
Inventories, net	166,505,565	161,667,187	$	22,770,668

The movements in the allowance for slow-moving or obsolete inventories are as follows:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Balance at April 1,	41,301,797	5,503,029	$	775,096
Inventories written off	(40,192,397)	(4,393,629)		(618,838)
Balance at September 30	1,109,400	1,109,400	$	156,258

During the six months ended September 30, 2022 and 2021, the allowance for slow-moving or obsolete inventories was nil.

NOTE 5 — INVENTORIES, NET

YS Group’s inventories consist of the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Raw materials	20,865,093	57,926,980	$	9,124,946
Work in progress	23,453,665	40,795,744		6,426,348
Finished goods	78,422,922	73,285,870		11,544,354
Allowance for slow-moving or obsolete inventories	(41,301,797)	(5,503,029)		(866,864)
Inventories, net	81,439,883	166,505,565	$	26,228,784

The movements in the allowance for slow-moving or obsolete inventories are as follows:


	For the Fiscal Year Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	76,661,332	41,301,797	$	6,506,064
Additions	950,261	4,393,629		692,106
Inventories written off	(36,309,796)	(40,192,397)		(6,331,306)
Balance at end of the year	41,301,797	5,503,029	$	866,864

PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consist of the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
Cost		(Unaudited)	(Unaudited)
Construction in progress	318,000,074	333,446,243	$	46,965,583
Plant and buildings	170,206,987	183,372,813		25,827,884
Machinery and equipment	194,875,303	193,846,868		27,303,145
Electronic equipment	10,107,578	10,794,907		1,520,452
Motor vehicles	2,978,155	3,027,767		426,458
Office equipment and furniture	29,888,526	21,612,891		3,044,155
Leasehold improvements	4,390,980	4,626,927		651,698
Total Cost	730,447,603	750,728,416		105,739,375
Less: accumulated depreciation	(150,402,597)	(163,469,667)		(23,024,545)
Less: asset impairment	(29,891,896)	(29,891,896)		(4,210,245)
Property and equipment, net	550,153,110	557,366,853	$	78,504,585

There are no events or changes in circumstances that indicate the carrying amount of an asset may not be fully recoverable by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition.

NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consist of the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Cost
Construction in progress	40,158,349	318,000,074	$	50,092,951
Plant and buildings	153,845,452	170,206,987		26,811,850
Machinery and equipment	174,933,799	194,875,303		30,697,726
Electronic equipment	8,442,743	10,107,578		1,592,196
Motor vehicles	2,814,066	2,978,155		469,134
Office equipment and furniture	14,241,207	29,888,526		4,708,189
Leasehold improvements	3,889,957	4,390,980		691,689
Total Cost	398,325,573	730,447,603		115,063,735
Less: accumulated depreciation	(132,228,718)	(150,402,597)		(23,692,164)
Less: asset impairment	(29,891,896)	(29,891,896)		(4,708,720)
Property and equipment, net	236,204,959	550,153,110	$	86,662,851

In fiscal 2014, based on an evaluation of the company’s related production plan and conditions of property, plant and equipment, the company recorded an asset impairment for approximately RMB29.9 million on those property, plant and equipment that could no longer be used for production.

There is no events or changes in circumstances that indicate the carrying amount of an asset may not be fully recoverable by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition.

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Deposits⁽¹⁾	2,807,847	1,622,616	$	228,544
Staff advances⁽²⁾	383,251	303,767		42,785
Staff’s social security⁽³⁾	615,581	677,626		95,443
Value added tax recoverable⁽⁴⁾	3,442,733	3,920,265		552,166
Other receivable⁽⁵⁾	854,245	534,169		75,237
Allowance⁽⁶⁾	(115,743)	(115,743)		(16,302)
Total	7,987,914	6,942,700	$	977,873

(1)	Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs.

(2)	Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities.

(3)

Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly.

(4)

Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years.

(5)	Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees.

(6)

The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.

NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Loan receivable⁽¹⁾	2,966,778	—	$	—
Deposits⁽²⁾	1,362,270	2,807,847		442,306
Staff advances⁽³⁾	290,024	383,251		60,372
Staff’s social security⁽⁴⁾	190,253	615,581		96,969
Value added tax recoverable⁽⁵⁾	148,705	3,442,733		542,316
Other receivable⁽⁶⁾	414,898	854,245		134,564
Allowance⁽⁷⁾	(115,743)	(115,743)		(18,232)
Total	5,257,185	7,987,914	$	1,258,295

(1)

Loan receivable primarily represented a short-term loan arrangement between Yisheng Biopharma Holdings Limited (Hong Kong) and Hong Kong Tang Hillcrest Investment Corporation, which is renewed annually since 2015. Yisheng Biopharma Holdings Limited (Hong Kong) provided an interest free loan of US$6.3 million to Hong Kong Tang Hillcrest Investment Corporation. As of March 31, 2021, Hong Kong Tang Hillcrest Investment Corporation made repayment of US$5.9 million in total. As part of reorganization, on December 17, 2020, after the establishment of YishengBio (Hong Kong) Holdings Limited, Yisheng Biopharma Holdings Limited (Hong Kong) transferred such loan receivable to YS Group without any compensation. As of March 31, 2021, the loan receivable denominated in USD is interest free with an outstanding balance of approximately RMB2,967,000 (US$451,475). As of March 31, 2022, Hong Kong Tang Hillcrest Investment Corporation made full repayment of the loan.

(2)	Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs.

(3)	Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities.

(4)

(5)

(6)	Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees.

(7)

INTANGIBLE ASSETS, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

INTANGIBLE ASSETS, NET

NOTE 8 — INTANGIBLE ASSETS, NET

YS Group’s intangible assets are presented below:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Cost
Patents	79,608,000	79,608,000	$	11,212,710
Licenses, software and laboratory information system	6,143,880	10,150,478		1,429,685
Land use rights	67,181,860	67,181,860		9,462,500
Total Cost	152,933,740	156,940,338		22,104,895
Less: Accumulated Amortization	(72,215,762)	(75,625,405)		(10,651,765)
Intangible Assets, net	80,717,978	81,314,933	$	11,453,130

NOTE 8 — INTANGIBLE ASSETS, NET

YS Group’s intangible assets are presented below:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Cost
Patents	79,608,000	79,608,000	$	12,540,248
Licenses, software and laboratory information system	2,526,272	6,143,880		967,814
Land use rights	67,181,860	67,181,860		10,582,820
Total Cost	149,316,132	152,933,740		24,090,882
Less: Accumulated Amortization	(65,537,529)	(72,215,762)		(11,375,785)
Intangible Assets, net	83,778,603	80,717,978	$	12,715,097

BANK LOANS AND OTHER BORROWINGS

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

BANK LOANS AND OTHER BORROWINGS

NOTE 9 — BANK LOANS AND OTHER BORROWINGS


	March 31,	September 30,	September 30,
	2022	2022	2022		Maturity Date	Interest Rate
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
China Guangfa Bank Co.,Ltd. – Shenyang Branch⁽¹⁾	46,456,142	35,509,492	$	5,001,478	2022/11/17 – 2022/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch⁽²⁾	64,647,870	81,486,261		11,477,261	2022/10/11 – 2023/09/22	5.30	%
Citi Bank⁽³⁾	234,743	—		—	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	394,999	—		—	2026/9/15	4.00	%
China Citic Bank – Shenyang Branch⁽⁵⁾	—	34,295,325		4,830,464	2023/3/16 – 2023/5/19	5.2% / 3.25	%
China Construction Bank – Shenyang Branch⁽⁶⁾	—	12,350,000		1,739,485	2023/9/8 – 2023/9/27	4.00	%
Bank loans due within one year	111,733,754	163,641,078	$	23,048,688
R-Bridge Healthcare Fund, LP ⁽⁴⁾	253,928,000	283,992,000		40,000,000	2026/9/15	4.00	%
Long-term bank loans	253,928,000	283,992,000		40,000,000
Total bank loans	365,661,754	447,633,078	$	63,048,688

(1)

On September 13, 2021, YS Group entered into a credit facility of RMB100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group repaid approximately RMB10.9 million on September 16, 2022 and drew approximately RMB 35.5 million from November 22, 2021 to March 10, 2022 with interest at 5.655%, which is due from November 17, 2022 to December 16, 2022.

(2)

On July 12, 2021, YS Group entered into a credit facility of RMB140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. On July 8, 2022, YS Group entered into another credit facility of RMB15 million with Shanghai Pudong Development Bank Co., Ltd. for two years to finance its working capital requirements. YS Group repaid about RMB39.0 million from July 19, 2022 to September 26, 2022 and drew approximately RMB55.9 million from May 12, 2022 to September 23, 2022 with interest at 5.3%.

(3)	On May 2, 2020, YS Group borrowed RMB1,103,609 (US$166,400) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. The balance of RMB234,742 ($36,978) was repaid in full in May 2022.

(4)

On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB253,928,000 ($40,000,000) for 54 months with interest at 4%. YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each

financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below:


	Repayment
Repayment Date	Instalment
April 7, 2025	$	6,400,000
July 7, 2025		6,400,000
October 7, 2025		6,400,000
January 7, 2026		6,400,000
April 7, 2026		6,400,000
July 7, 2026		8,000,000
Total	$	40,000,000

Under the terms of the Facility Agreement, YS Group and Agent also entered into a Deed, pursuant to which YS Group will pay to agent, the royalties on the products as contingent interest in addition to the payments made to agent under the facility agreement, on the terms and subject to the conditions of the Deed. YS Group is obliged to pay royalties to such agent as contingent interest for the facility based upon YS Group’s annual net sales of rabies vaccines by multiplying the royalty rate from 1.5% to 3.5% by the corresponding amount incremental net sales for that financial year.

YS Group shall pay accrued interest on the Loan on each payment date. For the six months ended September 30, 2022, YS Group accrued approximately RMB11.4 million ($1.7 million) of interest expenses and royalty fee.

(5)

On May 25, 2022, YS Group entered into a credit facility of RMB30 million with China CITIC Bank and Industrial Bank for one year to finance its working capital requirements. YS Group drew about RMB 29.3 million from May 12, 2022 to July 22, 2022 with interest at 5.2%. And YS Group Also entered into a letter of credit facility of RMB5 million with interest of 3.25%.

(6)	On September 6, 2022, YS Group entered into a credit facility of RMB50 million with China Construction Bank for one year to finance its working capital requirements. YS Group drew approximately RMB 12.4 million from September 9, 2022 to September 28, 2022 with interest at 4 %.

In addition, on March 5, 2021, YS Group entered into a credit facility of RMB 250 million with China CITIC Bank for three years to finance its working capital requirements. On September 7, 2021, YS Group entered into another credit facility of RMB 250 million with China CITIC Bank for three years to finance its working capital requirements. YS Group has not drawn any amounts from these two facilities as of date of this report. These two credit facilities are due to expire on March 4, 2024 and September 6, 2024, respectively. On April 13,2022, YS Group entered into credit facility of RMB70 million with China Everbright Bank for one year to finance its working capital requirements. YS Group has not drawn any amounts from this facility as of date of this report. The credit facility is due to expire on April 13, 2023.

YS Group recorded RMB15.2 million and RMB0.4 million of interest expense for the six months ended September 30, 2022 and 2021, respectively.

NOTE 9 — BANK LOANS AND OTHER BORROWINGS


	As of March 31,
	2021	2022	2022	Maturity Date	Interest Rate
	(RMB)	(RMB)	(US$)
China Guangfa Bank Co., Ltd. – Shenyang Branch⁽¹⁾	—	46,456,142	7,318,002	2022/9/16 – 2022/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch⁽²⁾	—	64,647,870	10,183,654	2022/7/19 – 2022/12/1	5.30	%
Citi Bank⁽³⁾	—	234,743	36,978	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	—	394,999	62,222	2026/9/15	4.00	%
Bank loans due within one year	—	111,733,754	17,600,856
Citi Bank⁽³⁾	1,103,609	—	—	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	—	253,928,000	40,000,000	2026/9/15	4.00	%
Long-term bank loans	1,103,609	253,928,000	40,000,000
Total bank loans	1,103,609	365,661,754	57,600,856

(1)

On September 13, 2021, YS Group entered into a credit facility of RMB100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB46.5 million in total from September 22, 2021 to March 10, 2022 with an annual interest at 5.655%, which is due from September 16, 2022 to December 16, 2022.

(2)

(3)

On May 2, 2020, YS Group borrowed RMB1,103,609 (US$166,400) with an interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. Before March 31, 2022, YS Group repaid approximately RMB869,000 (US$129,422). As of March 31, 2022, the balance of approximately RMB235,000 (US$36,978) was outstanding, which amount was repaid in full in May, 2022.

(4)

On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 (US$40,000,000) for 54 months with an annual interest at 4%. YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below:


Repayment Date		Repayment Instalment
April 7, 2025		US$ 6,400,000
July 7, 2025		6,400,000
October 7, 2025		6,400,000
January 7, 2026		6,400,000
April 7, 2026		6,400,000
July 7, 2026		8,000,000
Total		US$40,000,000

Under the terms of the Facility Agreement, YS Group and Agent are also entering into a Deed, pursuant to which YS Group will pay to Agent, the Royalties on the Products as contingent interest in addition to the payments made to Agent under the Facility Agreement, on the terms and subject to the conditions of the Deed. YS Group is obliged to pay royalties to such agent as contingent interest for the facility based upon YS Group’s annual net sales of rabies vaccines by multiplying the royalty rate ranging from 1.5% to 3.5% by the corresponding amount incremental net sales for that financial year.

YS Group shall pay accrued interest on the Loan on each Payment Date. As of March 31, 2022, YS Group accrued approximately RMB395,000 (US$62,222) of interest.

YS Group recorded RMB 2.8 million and RMB5.8 million of interest expense for the years ended March 31, 2022 and 2021, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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LEASES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

LEASES

LEASES

NOTE 10 — LEASES

A summary of YS Group’s operating leases as of March 31, 2022 and September 30, 2022 is as follows:


	March 31, 2022		September 30, 2022		September 30, 2022
	(RMB)		(RMB)		($)
			(Unaudited)		(Unaudited)
Operating lease ROU assets	14,850,283		13,067,129		$	1,840,493
Operating lease liabilities – current	4,322,252		3,524,558			496,431
Operating lease liabilities – non-current	10,605,260		10,403,843		$	1,465,371
Weighted average remaining lease term	3.4		3.0			3.0
Weighted average discount rate	4.8	%	4.8	%		4.8	%

A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
		(Unaudited)		(Unaudited)
Operating lease cost	2,237,633	2,508,388	$	373,050
Cash paid for operating leases	2,276,956	786,888	$	110,832

Ys Group entered into an agreement of rent reduction from June 2022 to December 2022 for total amount RMB2,068,108. And YS Group recognized the rent reduction as a deduction of operating lease cost for RMB988,303 in the six months ended September 30, 2022.

A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of September 30, 2022 is as follows:


12 months Ending September 30,	As of September 30, 2022
	(RMB)		($)
2023	5,748,070	$	809,610
2024	5,029,426		708,390
2025	3,921,138		552,289
2026	158,029		22,257
Total lease payments	14,856,663		2,092,546
Less: Interest	(928,262)		(130,744)
Present value of operating lease liabilities	13,928,401	$	1,961,802
Operating lease liabilities – current	3,524,558		496,431
Operating lease liabilities – non-current	10,403,843	$	1,465,371

NOTE 10 — LEASES

A summary of YS Group’s operating leases as of March 31, 2022 and 2021 is as follows:


	As of March 31,
	2021		2022		2022
	(RMB)		(RMB)		(US$)
Operating lease ROU assets	17,245,924		14,850,283		$	2,339,290
Operating lease liabilities – current	3,785,642		4,322,252			680,863
Operating lease liabilities – non-current	13,550,359		10,605,260		$	1,670,593
Weighted average remaining lease term	4.4		3.4			3.4
Weighted average discount rate	5.0	%	4.8	%		4.8	%

A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows:


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Operating lease cost	2,643,917	4,594,967	$	723,822
Cash paid for operating leases	2,601,625	4,587,894	$	722,708

A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of March 31, 2022 is as follows:


Fiscal Year Ending March 31,	As of March 31, 2022
	(RMB)	(US$)
2023	4,947,481	$	779,352
2024	4,837,260		761,989
2025	4,922,251		775,377
2026	1,479,661		233,084
2027 and thereafter	—		—
Total lease payments	16,186,653		2,549,802
Less: Interest	(1,259,141)		(198,346)
Present value of operating lease liabilities	14,927,512	$	2,351,456

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities are consisted of the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Salaries and social security insurance payable⁽¹⁾	57,459,273	55,943,773	$	7,879,627
Promotion service fee⁽²⁾	64,883,477	93,688,809		13,195,979
Taxes other than income tax	1,171,381	3,005,157		423,273
Late fees⁽³⁾	9,499,595	9,685,430		1,364,183
Payable for property, plant and equipment	48,774,134	49,128,153		6,919,653
CDC transportation and storage fee	35,023,095	48,656,533		6,853,226
Guarantee deposits⁽⁴⁾	94,528,659	94,733,524		13,343,126
Professional service fee⁽⁵⁾	7,758,448	2,226,221		313,561
Other payable⁽⁶⁾	7,653,291	10,215,721		1,438,874
Total	326,751,353	367,283,321	$	51,731,502

(1)

This payable includes primarily unpaid salaries and outstanding social security insurance. During the six months ended September 30, 2022, YS Group paid approximately RMB1.5 million to reduce its payable related to salaries, social security insurance. Salaries and social security insurance payables are consisted of the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Salaries	49,020,045	47,732,121	$	6,723,023
Social security insurance	7,732,161	7,535,447		1,061,360
Union Fee	707,067	676,205		95,244
Total	57,459,273	55,943,773	$	7,879,627

(2)	Promotion service fee primarily are fees for vaccine promotion, including design and implementation of academic activities, and collection of market information.

(3)

Late fees primarily represent late fees related to corporate income tax, taxes other than income tax, social security insurance and housing reserve fund contributions because YS Group failed to pay the income tax for the period from calendar 2011 to calendar 2013, taxes other than income tax for the period from calendar 2014 to the beginning of calendar 2021 and social security insurance for the period from calendar 2015 to the beginning of calendar 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. During the six months ended September 30, 2022, the late fee is incurred from unpaid social insurance. The late fees consisted of the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Late fee charge of social insurance	9,499,595	9,685,430		1,364,183
Total	9,499,595	9,685,430	$	1,364,183

(4)

Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. Their professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services don’t assume inventory risk for the vaccines before they are transferred to the end customers.

(5)	Professional service fees primarily represented service fees from professional advisor.

(6)	Other payable primarily represented employees’ reimbursement and value added tax and the royalty fee to R-Bridge Healthcare Fund, LP. (See note 10)

NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities are consisted of the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Salaries and social security insurance payable⁽¹⁾	86,818,418	57,459,273	$	9,051,270
Promotion service fee⁽²⁾	58,358,838	64,883,477		10,220,768
Taxes other than income tax	1,615,475	1,171,381		184,522
Late fees⁽³⁾	93,890,390	9,499,595		1,496,423
Payable for property, plant and equipment	4,730,933	48,774,134		7,683,144
CDC transportation and storage fee	12,087,830	35,023,095		5,517,012
Guarantee deposits⁽⁴⁾	48,732,986	94,528,659		14,890,624
Professional service fee⁽⁵⁾	8,694,317	7,758,448		1,222,149
Other payable⁽⁶⁾	7,821,284	7,653,291		1,205,584
Total	322,750,471	326,751,353		51,471,496

(1)

This payable includes primarily unpaid salaries and outstanding social security insurance. During the fiscal year ended March 31, 2022, YS Group paid approximately RMB29.4 million to reduce its payable related to salaries, social security insurance. During the period from April 1, 2022 to the date of this report, YS Group paid approximately RMB11.1 million to reduce this payables. Salaries and social security insurance payables are consisted of the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Salaries	46,263,007	49,020,045	7,721,881
Social security insurance	39,926,173	7,732,161	1,218,008
Union Fee	629,238	707,067	111,381
Total	86,818,418	57,459,273	9,051,270

(2)	Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information.

(3)

Late fees primarily represent late fees related to corporate income tax, taxes other than income tax and social security insurance and housing reserve fund contributions due to the fact that YS Group failed to pay the income tax related to the period from calendar year 2011 to calendar year 2013, taxes other than income tax related to the period from calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to the period from calendar year 2015 to the beginning of calendar year 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. In fiscal year 2022, the late fee is incurred from unpaid social insurance. The late fees consisted of the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Late fee charge of income tax	53,890,577	—	—
Late fee charge of taxes other than income tax	10,635,413	—	—
Late fee charge of social insurance	29,364,400	9,499,595	1,496,423
Total	93,890,390	9,499,595	1,496,423

(4)

Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. The external service providers’ professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services doesn’t assume inventory risk for the vaccines before they are transferred to the end customers.

(5)	Professional service fees primarily represented service fees from consultants and other advisors.

(6)	Other payable primarily represented employees’ reimbursement and value added tax.

CONVERTIBLE NOTES

12 Months Ended

Mar. 31, 2022

CONVERTIBLE NOTES

CONVERTIBLE NOTES

NOTE 12 — CONVERTIBLE NOTES

In July 2020, YS Biopharma raised RMB127.0 million (US$20 million) by way of issuance of convertible notes (the “Convertible Notes”) to (i) Adjuvant Global Health Technology Fund, L.P., and Adjuvant Global Health Technology Fund DE, L.P., both of which are affiliates of Adjuvant Capital L.P. (collectively, “Adjuvant”) and (ii) OrbiMed New Horizons Master Fund, L.P. (the “ONH”), OrbiMed Genesis Master Fund, L.P. (the “Genesis”) and the Biotech Growth Trust PLC (the “BIOG”), all of which are affiliates of OrbiMed Advisors LLC. As part of the Reorganization as described in Note 1 and based on arm’s length negotiation between the holders of the Convertible Notes and YS Group, all the Convertible Notes were assigned to YS Group in January 2021.

In January 2021, the principal amount of Convertible Notes together with the accrued interest of US$ 20,389,315 were converted into 18,393,610 Series B Preferred Shares at US$1.1085 per share, and the Convertible Note holders also exercised their call option rights under the Convertible Notes and subscribed for 9,660,324 Series B Preferred shares at US$2.0703 per share.

CONVERTIBLE REDEEMABLE PREFERRED SHARES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

CONVERTIBLE REDEEMABLE PREFERRED SHARES

NOTE 12 — CONVERTIBLE REDEEMABLE PREFERRED SHARES

YS Group has two classes of preferred shares: Series A and Series B (collectively, the “Convertible Redeemable Preferred Shares”) with Series A consists of Series A and A-1. These Convertible Redeemable Preferred Shares are classified outside of the shareholders’ equity section of YS Group’s consolidated balance sheets because these shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of YS Group.

Series A

On December 10, 2012, pursuant to the Series A redeemable convertible preferred share purchase agreement and shareholders agreement (“Preferred Shares Agreements”), YS Biopharma issued 21,548,589 Series A redeemable convertible preferred shares (“Series A Preferred Share”) to Asia Ventures II L.P., and Beacon Bioventures Fund III Limited Partnership (renamed as “F-Prime Capital Partners Healthcare Fund III LP” on December 30, 2015), collectively with any of their respective affiliates who holds Series A Preferred Shares, at $0.93 per share for total cash consideration of $20,000,000, of which 6,014,313 shares of Series A were transferred as Series A-1 on September 4, 2020.

Series A-1

On September 4, 2020, pursuant to the share purchase agreement entered into by and among Asia Ventures II L.P., (“ Asia Ventures”), F-Prime Capital Partners Healthcare Fund III LP(“F-Prime”) and Haitong XuYu International Limited, Epiphron Capital (Hong Kong) Limited, 3W Global Investment Limited, OrbiMed New Horizons Master Fund, L.P. and HH SUM XXXVI Holdings Limited (collectively “Purchasers”), Asia Ventures and F-Prime transferred 6,014,313 Series A Preferred Shares to the Purchasers. As of September 30, 2022, 15,534,276 shares Series A and 6,014,313 shares Series A-1 were issued and outstanding.

For the six months ended September 30, 2022, there were no new Series A preferred shares issued, and the accretion to redemption value was RMB36,647,950.

Series B

In January 2021, the principal amount of Convertible Notes together with the accrued interest of US $20,389,315 were converted into 18,393,610 Series B Preferred Shares at US $1.1085 per share, and the convertible note holders also exercised their call option rights under the Convertible Notes and converted into 9,660,324 Series B preferred shares at US $2.0703 per share.

In January 2021, YS Group raised US $88,000,000 by way of issuance of 36,129,245 Series B Preferred Shares to Oceanpine Investment Fund II LP, AIHC Master Fund, 3W Global Fund, MSA Growth Fund II, L.P., Epiphron Capital (Hong Kong) Limited, Wudaokou Capital Limited and Gennex China Growth Fund.

In February 2021, YS Group raised US $3,000,000 by way of issuance of 1,231,679 Series B Preferred Shares to Superstring Capital Master Fund LP.

For the six months ended September 30, 2022, there were no new Series B preferred shares issued, and the accretion to redemption value was RMB35,435,288.

The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares as of September 30, 2022:

Series A

Series A-1

Series B

Total

Carrying

Shares

Value

Shares

Value

Shares

Value

(RMB)

($)

As of March 31, 2021

15,534,276

344,661,893

6,014,313

65,665,315

65,414,858

875,131,363

1,285,458,571

181,055,603

Accretion to redemption value

—

28,042,858

—

2,566,412

—

34,404,481

65,013,751

9,157,124

Foreign currency translation adjustment

—

(4,690,126)

—

(875,280)

—

(11,666,321)

(17,231,727)

(2,427,072)

As of September 30, 2021

15,534,276

368,014,625

6,014,313

67,356,447

65,414,858

897,869,523

1,333,240,595

187,785,655

As of March 31, 2022

15,534,276

389,563,659

6,014,313

68,510,809

65,414,858

912,146,924

1,370,221,392

192,994,365

Accretion to redemption value

—

33,793,180

—

2,854,770

—

35,435,288

72,083,238

10,152,855

Foreign currency translation adjustment

—

48,011,366

—

8,270,941

—

109,974,790

166,257,097

23,417,151

As of September 30, 2022

15,534,276

471,368,205

6,014,313

79,636,520

65,414,858

1,057,557,002

1,608,561,727

226,564,371

Convertible Preferred Stock Rights and Preferences

Conversion rights: Each holder of the Preferred Shares has the right, at each holder’s sole discretion, to convert at any time and from time to time, all or any portion of the Preferred Shares into ordinary shares. The initial conversion ratio shall be on a one for one basis, subject to certain general anti-dilution adjustments.

The Preferred Shares will be automatically converted into ordinary shares upon (i) the closing of an initial public offering (IPO) based on the applicable then-effective conversion price or (ii) upon the date specified by written consent or agreement of the holder of the majority of the then outstanding Preferred Shares, voting together as a single class on an as-converted basis.

The initial conversion price and conversion ratio is the stated issuance price of the Preferred Shares and on a one-for-one basis, respectively. The above conversion prices are subject to adjustments in the event that YS Biopharma issues additional ordinary shares or additional deemed ordinary shares through options or convertible instruments for a consideration per share received by YS Biopharma less than the original respective conversion prices, as the case may be, in effect on the date of and immediately prior to such issue. In such event, the respective conversion price is reduced, concurrently with such issue, to a price as adjusted according to an agreed-upon formula. The above conversion prices are also subject to adjustments on a proportional basis upon other dilution events.

Voting rights: Each holder of the Preferred Share is entitled to the number of votes equal to the number of ordinary shares into which such holder’s preferred shares could be converted. The holders of the Preferred Shares shall vote together with ordinary shareholders, and not as a separate class or series, on all matters put before the shareholders.

Liquidation preference: Upon any liquidation, dissolution or winding up of YS Biopharma, either voluntary or involuntary (a “Liquidation Event”), or a Deemed Liquidation Event, the assets of YS Biopharma available for distribution shall be distributed in the following order: (i) each Series B Holder shall be entitled to receive, prior and in preference to any distribution of any of the assets of YS Biopharma to the Series A Holders and the Ordinary Holders, an amount per Series B Preferred Share held by such Series B Holder equal to the applicable Original Series B Issue Price plus a single interest at the rate of 8% of the applicable Original Series B Issue Price on an annum basis accumulated from the Original Series B Issue Date to the date such Series B Holder actually receives such repayment, plus all declared and accrued but unpaid dividends on each such Series B Preferred Share (collectively, the “Series B

Liquidation Preference”); if the assets available to be distributed among the Series B Holders shall be insufficient to permit the payment to such holders, then the assets of YS Biopharma legally available for distribution shall be all distributed to the Series B Holders that would otherwise be respectively qualified therefor and entitled thereon such Series B Liquidation Preference on a pro rata basis; (ii) after full payment of the Series B Liquidation Preference, each Series A Holder shall be entitled to receive, prior and in preference to any distribution of any of the assets of YS Biopharma to the Ordinary Holders, an amount per Series A Preferred Share held by such Series A Holder equal to the applicable Original Series A Issue Price plus a single interest at the rate of 8% of the applicable Original Series A Issue Price on an annum basis accumulated from the applicable Original Series A Issue Date to the date such Series A Holder actually receives such repayment, plus all declared and accrued but unpaid dividends on each such Series A Preferred Share (collectively, the “Series A Liquidation Preference”, together with the Series B Liquidation Preference, the “Liquidation Preference”); if the assets available to be distributed among the Series A Holders shall be insufficient to permit the payment to such holders, then the assets of YS Biopharma legally available for distribution shall be all distributed to the Series A Holders that would otherwise be respectively qualified therefor and entitled thereon such Series A Liquidation Preference on a pro rata basis; (iii) if there are assets of tYS Biopharma available for distribution after payment of the Liquidation Preference referred to in clauses (i) and (ii) above, the remaining assets of YS Biopharma available for distribution to the Shareholders shall be distributed ratably among the Ordinary Holders and Preferred Holders on an as- converted basis.

Dividends: No dividends, whether in cash, property, or shares of YS Biopharma or otherwise, shall be declared or paid on any other shares during any previous or current fiscal year of YS Biopharma unless and until a dividend in like or greater amount has first been declared or paid on each outstanding Preferred Share (on an as-if-converted basis). All accrued and unpaid dividends, if any shall, to the extent funds are legally available therefor and subject to YS Biopharma being able to pay its debts as they fall due and the value of YS Biopharma’s assets exceeding its liabilities immediately after any payment of such dividends, be mandatorily paid upon the earlier to occur of (i) a Liquidation Event, (ii) an optional conversion of Preferred Shares, (iii) an automatic conversion of Preferred Shares and (iv) a redemption of Preferred Shares. No dividends were declared by YS Biopharma’s Board of Directors to date.

Redemption right: The Preferred Shares are redeemable at the option of the holders for all or any less portion of the Preferred Shares as provided herein at any time following:

●

The issuance date when YS Biopharma and its subsidiaries or any ordinary share holder has material default or breach of the Preferred Shares Agreements in terms of its representation, warranties, covenants and obligations and if such breach remains uncured for 30 days after holders of the Preferred Shares give a written request to YS Group; or

●

the third (3rd) anniversary of the Original Series B Issue Date, if a Qualified IPO is not achieved; In respect of the Series A Preferred Shares held by Asia Ventures and F-Prime ,provided however that during the eighteen (18) months period after January 28, 2021, Asia Ventures and F-Prime shall not exercise its redemption rights pursuant to that if YS Group is still actively preparing for a Qualified IPO; In respect of the Series A Preferred Shares held by the Series A-1 Holders, at any time following the third (3rd) anniversary of January 28, 2021, if a Qualified IPO is not achieved; or

●	When Mr. Zhang, the Chairman of YS Biopharma ceases to be employed or provide service to YS Biopharma.

Since the Series A, Series A-1 and Series B Convertible Redeemable Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, these Convertible Redeemable Preferred Shares are accounted for as mezzanine equity on the consolidated balance sheets.

The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes for the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method (17% annual compound interest for Series A, 8% annual compound interest for Series A-1 and Series B) from the issuance dates to the earliest possible redemption date.

NOTE 13 — CONVERTIBLE REDEEMABLE PREFERRED SHARES

Series A

On December 10, 2012, pursuant to the Series A redeemable convertible preferred share purchase agreement and shareholders agreement (“Preferred Shares Agreements”), YS Biopharma issued 21,548,589 Series A redeemable convertible preferred shares (“Series A Preferred Share”) to Asia Ventures II L.P., and Beacon Bioventures Fund III Limited Partnership (renamed as “F-Prime Capital Partners Healthcare Fund III LP” on December 30, 2015), collectively with any of their respective affiliates who holds Series A Preferred Shares, at US$0.93 per share for total cash consideration of US $20,000,000, of which 6,014,313 shares of Series A were transferred as Series A-1 on September 4, 2020.

Series A-1

Ventures and F-Prime transferred 6,014,313 Series A Preferred Shares to the Purchasers. As of March 31, 2022, 15,534,276 shares Series A and 6,014,313 shares Series A-1 were issued and outstanding.

Series B

In January 2021, the principal amount of Convertible Notes (see Note 12) together with the accrued interest of US $20,389,315 were converted into 18,393,610 Series B Preferred Shares at US $1.1085 per share, and the convertible note holders also exercised their call option rights under the Convertible Notes and converted into 9,660,324 Series B preferred shares at US $2.0703 per share.

In February 2021, YS Group raised US $3,000,000 by way of issuance of 1,231,679 Series B Preferred Shares to Superstring Capital Master Fund LP.

The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares as of March 31, 2022:


	Series A		Series A‑1		Series B		Total	Total
		Carrying		Carrying		Carrying	Carrying	Carrying
	Shares	Value	Shares	Value	Shares	Value	Value	Value
		(RMB)		(RMB)		(RMB)	(RMB)	(US$)
As of March 31, 2020	21,548,589	440,585,213	—	—	—	—	440,585,213	$	69,403,171
Conversion of convertible notes	—	—	—	—	18,393,610	131,425,527	131,425,527		20,702,802
Call option under convertible notes	—	—	—	—	9,660,324	131,425,290	131,425,290		20,702,765
New insurance	—	—	—	—	37,360,924	597,987,709	597,987,709		94,197,995
Shares transferred	(6,014,313)	(68,232,451)	6,014,313	68,232,451	—	—	—		—
Accretion to redemption value	—	1,758,690	—	—	—	14,851,607	16,610,297		2,616,536
Foreign currency translation adjustment	—	(29,449,559)	—	(2,567,136)	—	(558,770)	(32,575,465)		(5,131,449)
As of March 31, 2021	15,534,276	344,661,893	6,014,313	65,665,315	65,414,858	875,131,363	1,285,458,571	$	202,491,820
Accretion to redemption value	—	57,598,340	—	5,164,090	—	67,899,896	130,662,326		20,582,579
Foreign currency translation adjustment	—	(12,696,574)	—	(2,318,596)	—	(30,884,335)	(45,899,505)		(7,230,318)
As of March 31, 2022	15,534,276	389,563,659	6,014,313	68,510,809	65,414,858	912,146,924	1,370,221,392	$	215,844,081

Convertible Preferred Stock Rights and Preferences

or additional deemed ordinary shares through options or convertible instruments for a consideration per share received by YS Biopharma less than the original

respective conversion prices, as the case may be, in effect on the date of and immediately prior to such issue. In such event, the respective conversion price is reduced, concurrently with such issue, to a price as adjusted according to an agreed-upon formula. The above conversion prices are also subject to adjustments on a proportional basis upon other dilution events.

Liquidation preference: Upon any liquidation, dissolution or winding up of YS Biopharma, either voluntary or involuntary (a “Liquidation Event”), the assets of YS Biopharma available for distribution shall be distributed in the following order: (i) each Series B Holder shall be entitled to receive, prior and in preference to any distribution of any of the assets of YS Biopharma to the Series A Holders and the Ordinary Holders, an amount per Series B Preferred Share held by such Series B Holder equal to the applicable Original Series B Issue Price plus a single interest at the rate of 8% of the applicable Original Series B Issue Price on an annum basis accumulated from the Original Series B Issue Date to the date such Series B Holder actually receives such repayment, plus all declared and accrued but unpaid dividends on each such Series B Preferred Share (collectively, the “Series B Liquidation Preference”); if the assets available to be distributed among the Series B Holders shall be insufficient to permit the payment to such holders, then the assets of YS Biopharma legally available for distribution shall be all distributed to the Series B Holders that would otherwise be respectively qualified therefor and entitled thereon such Series B Liquidation Preference on a pro rata basis; (ii) after full payment of the Series B Liquidation Preference, each Series A Holder shall be entitled to receive, prior and in preference to any distribution of any of the assets of YS Biopharma to the Ordinary Holders, an amount per Series A Preferred Share held by such Series A Holder equal to the applicable Original Series A Issue Price plus a single interest at the rate of 8% of the applicable Original Series A Issue Price on an annum basis accumulated from the applicable Original Series A Issue Date to the date such Series A Holder actually receives such repayment, plus all declared and accrued but unpaid dividends on each such Series A Preferred Share (collectively, the “Series A Liquidation Preference”, together with the Series B Liquidation Preference, the “Liquidation Preference”); if the assets available to be distributed among the Series A Holders shall be insufficient to permit the payment to such holders, then the assets of YS Biopharma legally available for distribution shall be all distributed to the Series A Holders that would otherwise be respectively qualified therefor and entitled thereon such Series A Liquidation Preference on a pro rata basis; (iii) if there are assets of YS Biopharma available for distribution after payment of the Liquidation Preference referred to in clauses (i) and (ii) above, the remaining assets of YS Biopharma available for distribution to the Shareholders shall be distributed ratably among the Ordinary Holders and Preferred Holders on an as-converted basis.

Redemption right: The Preferred Shares are redeemable at the option of the holders for all or any less portion of the Preferred Shares as provided herein at any time following:

●

●	When Mr. Zhang, the Chairman of YS Biopharma ceases to be employed or provide service to YS Biopharma.

STOCK-BASED COMPENSATION

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

RELATED PARTY TRANSACTIONS AND BALANCES

STOCK-BASED COMPENSATION

NOTE 13 — STOCK-BASED COMPENSATION

YS Group operates a share-based payment scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of YS Group’s operations. Eligible participants of the Scheme include YS Group’s directors, employees and consultants.

The 2010 Share Incentive Plan

On June 21, 2010, YS Group adopted the 2010 Share Incentive Plan (the “Plan”) that has a contractual term of 10 years. The Plan provides for the granting of stock options and other stock-based awards to employees and directors. YS Group’s Board of Directors authorized and reserved for the issuance of up to 10,902,600 ordinary shares under the Plan for the period from 2010 to 2013. Starting from 1 January 2014, the maximum number of shares subject to awards that may be granted during any single calendar year is equal to 1.5% of total issued and outstanding shares as of the first business day of that calendar year.

The stock options granted to employees are accounted for as equity awards and measured at their grant date fair values. Options that vest based on service conditions generally will become vested over a three-year period in equal quarterly instalments of 0.08% each on the last day of every quarter that has elapsed until the options are 100% vested.

On January 1, 2015, an annual grant of 510,000 options, which vest based on performance conditions, were granted to various employees. The annual grant was applicable for calendar years 2015, 2016, 2017, 2018, 2019 and 2020, respectively. The options become vested in equal quarterly instalments based on performance targets established on January 1^st of each calendar year from 2015 to 2020. There are no more grants after December 31, 2020 under the 2010 share incentive plan.

For options granted to YS Group’s senior executives, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 5 years after the grantee terminates their employment if the vested option has not been exercised.

For options granted to the remaining employees, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 12 months after the grantee terminates their employment if the vested option has not been exercised.

For those awards, evaluations are made as of each reporting period to assess the likelihood of performance criteria being met. Share-based payment expenses are then adjusted to reflect the revision of original estimates.

The exercise prices and exercise periods of the share options outstanding as at the end of each of the Relevant Periods are as follows:


		Average exercise
	Number of share	price per share
	options	option
		(RMB)
At March 31, 2021	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At March 31, 2022	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At September 30, 2022	13,013,422	7.3289

The exercise prices and exercise periods of the share options outstanding as at the end of the reporting periods are as follows:


Six Months Ended
30 September 2022
Number of
options	Exercise price	Exercise period
	(RMB)
6,133,005	3.4845	2021 – 2031
2,453,049	6.4631	2021 – 2026
4,427,368	13.1344	2021 – 2026
13,013,422

Bonus incentive plan

On January 1, 2015, YS Group launched a bonus incentive program effective for six years from launch date. The bonus incentive program is divided into two six-month periods each calendar year. The bonus incentive program specifies for each monthly tranche in the six-month period an independent performance condition for a stated period of service (i.e., one month). The bonus amount is determined on a monthly basis at month- end by the human resources department based on a reasonably objective performance criteria that serves as a basis for promotion and other compensation decisions. A fixed conversion price is then applied to the employee’s month end bonus to determine the number of ordinary shares to be issued to the employee for each individual month. At the end of each respective six-month period, YS Group finalizes the vested ordinary shares to be issued to the employee.

Based on the above, the employee does not receive a number of ordinary shares with a fair value equal to a predominantly fixed dollar amount on the delivery date. Hence, the ordinary shares granted to employees are accounted for as equity awards. In addition, each monthly tranche should be accounted for as a separate award with its own service inception date, grant-date fair value, and respective requisite service period because the employee’s ability to retain (vest in) the award pertaining to the current month is not dependent on service beyond the current month.

Restricted share units (“RSUs”)

On February 1, 2018, YS Group granted 2,770,000 RSUs to employees under the Plan. The weighted average grant-date fair value of restricted shares units granted was $1.81, which was derived from the fair value of the underlying ordinary shares. 1,620,000 out of the 2,770,000 restricted share units were subject to service conditions vesting in six equal semi-annual instalments over three years or eight equal semi-annual instalments over four years, respectively.

As of September 30, 2022, all the granted options are vested, and there were no unrecognized share-based payment expenses related to unvested restricted shares. The remaining 1,150,000 RSUs will be vested only upon the successful closing of an IPO. Given that this constitutes a performance condition that is not considered probable until the IPO completion date, YS Group will not recognize any compensation expense until an IPO occurs. Upon the IPO completion date, YS Group will immediately recognize expenses associated with these RSUs.

On July 25, 2018, YS Group granted 1,080,000 units of RSUs to three independent directors. Starting from the effective date of August 1, 2018, 120,000 RSUs will be awarded to each of the three directors annually, which shall be vested in equal portion of 30,000 units per three months’ Director services rendered by each director. For each of the new directors, 20,000 units will be vested for the two-month period starting from August 1, 2018, and the remaining are vested on quarterly basis starting from October 1, 2018 to July 31, 2021. The grant-date fair value of the restricted share units was $1.84, which was derived from the fair value of the underlying ordinary shares. As of September 30, 2022, all the granted options are vested and there were no unrecognized share-based payment expenses related to unvested restricted shares.

The 2020 Share Incentive Plan

for up to 35,000,000 underlying ordinary shares of YS Biopharma. As of the date of this report, (1) 8,373,671 shares as RSU incentive shares were fully vested and issued to the respective directors and employees of YS Group, and (2) 26,626,329 shares are reserved but not issued, among which, options to subscribe for 13,886,187 ordinary shares of YS Biopharma are granted to certain senior management and employees of YS Group but not exercised.

Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows:


	Six Months Ended September 30,
	2021	2022	2022
	(Unaudited)	(Unaudited)	(Unaudited)
Research and development expenses	492,764	(1,015,055)	$	(142,970)
General and administrative expenses	2,635,978	929,739		130,953
Total stock-based compensation	3,128,742	(85,316)	$	(12,017)

On August 15, 2022, unanimous written resolution of the board of director of YS Group accepted the notice from a former employee, for the surrender of 575,000 of issued shares with US$0.000005 each in YS Group registered in his name.

NOTE 14 — STOCK-BASED COMPENSATION

The 2010 Share Incentive Plan

The exercise prices and exercise periods of the share options outstanding as at the end of each of the Relevant Periods are as follows:


		Average exercise
	Number of share	price per share
	options	option
		(RMB)
At March 31, 2020	11,223,795	3.8807
Granted during the period	10,254,198	8.4631
Forfeited during the period	(298,117)	6.4631
Exercised during the period	(8,103,671)	—
Expired during the period	(62,783)	6.4631
At March 31, 2021	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At March 31, 2022	13,013,422	7.3289

The exercise prices and exercise periods of the share options outstanding as at the end of the reporting periods are as follows:


Year ended
31 March 2021
Number of
options	Exercise price	Exercise period
	(RMB)
6,133,005	3.4845	2021 – 2031
2,453,049	6.4631	2021 – 2026
4,427,368	13.1344	2021 – 2026
13,013,422

Bonus incentive plan

On January 1, 2015, YS Group launched a bonus incentive program that is effective for six years from launch date. The bonus incentive program is divided into two six-month periods each calendar year. The bonus incentive program specifies for each monthly tranche in the six-month period an independent performance condition for a stated period of service (i.e., one month). The bonus amount is determined on a monthly basis at month-end by the human resources department based on a reasonably objective performance criteria that serves as a basis for promotion and other compensation decisions. A fixed conversion price is then applied to the employee’s month end bonus to determine the number of ordinary shares to be issued to the employee for each individual month. At the end of each respective six-month period, YS Group finalizes the vested ordinary shares to be issued to the employee.

Restricted share units (“RSU”)

On February 1, 2018, YS Group granted 2,770,000 restricted share units to employees under the Plan. The weighted average grant-date fair value of restricted shares units granted was US$1.81, which was derived from the fair value of the underlying ordinary shares. 1,620,000 out of the 2,770,000 restricted share units were subject to service conditions vesting in six equal semi-annual instalments over three years or eight equal semi-annual instalments over four years, respectively. As of March 31, 2022, all the granted options are vested, and there were no unrecognized share-based payment expenses related to unvested restricted shares. The remaining 1,150,000 restricted share units will be vested only upon the successful closing of an IPO. Given that this constitutes a performance condition that is not considered probable until the IPO completion date, YS Group will not recognize any compensation expense until an IPO occurs. Upon the IPO completion date, YS Group will immediately recognize expenses associated with these restricted share units.

On July 25, 2018, YS Group granted 1,080,000 units of restricted share units to three independent directors. Starting from the effective date of August 1, 2018, 120,000 RSUs will be awarded to each of the three directors annually, which shall be vested in equal portion of 30,000 units per three months’ Director services rendered by each director. For each of the new directors, 20,000 units will be vested for the two-month period starting from August 1, 2018, and the remaining are vested on quarterly basis starting from October 1, 2018 to July 31, 2021. The grant-date fair value of the restricted share units was US$1.84, which was derived from the fair value of the underlying ordinary shares. As of March 31, 2022, all the granted options are vested and there were no unrecognized share-based payment expenses related to unvested restricted shares.

The 2020 Share Incentive Plan

On December 31, 2020, YS Group’s board of directors adopted the 2020 Share Incentive Plan for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with YS Group. Pursuant to such plan, YS Group is entitled to grant awards to directors, employees and consultants of YS Group with rights to subscribe for up to 35,000,000 underlying ordinary shares of YS Biopharma. As of the date of this report, (1) 8,373,671 shares as RSU incentive shares were fully vested and issued to the respective directors and employees of YS Group, and (2) 26,626,329 shares are reserved but not issued, among which, options to subscribe for 13,886,187 ordinary shares of YS Biopharma are granted to certain senior management and employees of YS Group but not exercised.

Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows:


	For the Fiscal Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Research and development expenses	4,200,464	975,171	$	153,614
General and administrative expenses	72,501,943	6,789,277		1,069,481
Selling expenses	54,093	—		—
Total stock-based compensation	76,756,500	7,764,448	$	1,223,094

RELATED PARTY TRANSACTIONS AND BALANCES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

NOTE 14 — RELATED PARTY TRANSACTIONS AND BALANCES

The following companies are related parties that had balances or transactions with YS Group as of and during the six months ended September 30, 2022 and 2021:


Name of related parties		Relationship with YS Group
Yisheng Biopharma Co., Ltd		An entity controlled by Yi Zhang
Yisheng Biopharma Holdings Ltd.		An entity controlled by Yi Zhang
Beijing Yisheng Xingye Technology Co., Ltd.		An entity controlled by Yi Zhang

Transactions with related parties

YS Group had the following transactions with related parties, all of which are interest-free during the six months ended September 30, 2022 and 2021:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Amounts due from related party:
Yisheng Biopharma Holdings Limited (Hong Kong)
Receivable collected on behalf of YS Group	2,966,777	—	$	—
Repayment to YS Group	33,055,610	—	$	—

In fiscal 2021, YS Group lent RMB30,088,833 to Yisheng Biopharma Holdings Limited (Hong Kong) for its operating needs. In fiscal 2022, YS Group lent another RMB2,966,777 to Yisheng Biopharma Holdings Limited (Hong Kong), and Yisheng Biopharma Holdings Limited (Hong Kong) repaid RMB33,055,610 in full to YS Group. As of September 30, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil.

From time to time, and prior to the business reorganization that completed in February 2021, YS Group borrowed or lent money to or form the following related parties that were under common control of Mr. Zhang for working capital purposes:

Beijing Yisheng Xingye Technology Co., Ltd. (PRC) (“Beijing Yisheng Xingye”)

In the six months ended September 30, 2021, Beijing Yisheng Xingye lent RMB46,970 to YS Group, and YS Group repaid it in full. As of September 30, 2022, the balance of amount due to Beijing Yisheng Xingye was RMB nil.

Yisheng Biopharma Co., Ltd. (“Yisheng Biopharma “)

In the six months ended September 30, 2021, Yisheng Biopharma lent RMB64,880 to YS Group, and YS Group repaid it in full during the same year. As of September 30, 2022, the amount due to Yisheng Biopharma was RMB nil.

NOTE 15 — RELATED PARTY TRANSACTIONS AND BALANCES

The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2022 and 2021:


Name of related parties		Relationship with YS Group
Yisheng Biopharma Co., Ltd		An entity controlled by Yi Zhang
Yisheng Biopharma Holdings Ltd.		An entity controlled by Yi Zhang
Kaifeng Yisheng Pan-Asia Technology Co., Ltd		An entity controlled by Yi Zhang
Beijing Yisheng Xingye Technology Co., Ltd.		An entity controlled by Yi Zhang
Changchun Bailong Biotechnology Co., Ltd.		An entity controlled by Yi Zhang
Henan Yisheng Huizhong Health Services Co., Ltd.		An entity controlled by Yi Zhang
Henan Yisheng Biopharma Co., Ltd.		An entity controlled by Yi Zhang


Name of related parties		Relationship with YS Group
Beijing Huaerdun Kangqi Biotechnology Co., Ltd.		An entity controlled by Yi Zhang
Liaoning Yisheng Pan-Asia		An entity controlled by Yi Zhang
Yi Zhang		Chairman of Board of Directors
Hui Shao		Chief Executive Officer
Zhongkai Shi*		Chief Medical Officer
Nan Zhang		Daughter of the Chairman
Xu Zhang		Daughter of the Chairman

*	Zhongkai Shi resigned in September 2021.

Outstanding balances with related parties


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Amounts due from related party:
Yisheng Biopharma Holding Ltd (Hong Kong)	30,088,833	—	$	—
	30,088,833	—	$	—

During the year ended March 31, 2021, Yisheng Biopharma Holding Ltd (Hong Kong) received repayment of RMB30,088,833 (US$4.6 million) from Hong Kong Tang Hillcrest Investment Corporation on behalf of YS Group. The loan to Hong Kong Tang Hillcrest Investment Corporation is non-interest bearing and is renewed annually since 2015. During the year ended March 31, 2022, Yisheng Biopharma Holding Ltd (Hong Kong) transferred the repayment fully to YS Group.

Transactions with related parties

YS Group had the following transactions with related parties, all of which are interest-free during the fiscal years ended March 31, 2022 and 2021:


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Amounts due from related party:
Yisheng Biopharma Holdings Limited (Hong Kong)
Receivable collected on behalf of YS Group	30,088,833	2,966,777	$	459,412
Repayment to YS Group		33,055,610	$	5,118,732

In fiscal 2021, YS Group lent RMB30,088,833 to Yisheng Biopharma Holdings Limited (Hong Kong) for its operating needs. In fiscal 2022, YS Group lent another RMB2,966,777 to Yisheng Biopharma Holdings Limited (Hong Kong), and Yisheng Biopharma Holdings Limited (Hong Kong) repaid RMB33,055,610 in full to YS Group. As of March 31, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil.

Henan Yisheng Biopharma Co., Ltd. (“Henan Yisheng Biopharma”)

As of March 31, 2020, YS Group owed Henan Yisheng Biopharma was RMB102,868,404. In fiscal year 2021, Henan Yisheng Biopharma lent RMB 213,545,060 to YS Group for its operating needs, and YS Group repaid RMB147,375,441 to Henan Yisheng Biopharma. Henan Yisheng Biopharma forgave the remaining debts, RMB169,038,024 during the fiscal year ended March 31, 2021.

Beijing Yisheng Xingye Technology Co., Ltd. (PRC) (“Beijing Yisheng Xingye”)

As of March 31, 2020, YS Group owned Beijing Yisheng Xingye Technology Co., Ltd. (PRC) RMB204,218,333. In fiscal year 2021, Beijing Yisheng Xingye lent RMB155,014,765 to YS Group for its operating needs, and YS Group repaid RMB47,360,000 to Beijing Yisheng Xingye. Beijing Yisheng Xingye forgave the remaining debts, RMB311,873,098. As of March 31, 2021, the balance of amount

due to Beijing Yisheng Xingye was RMB nil. In fiscal year 2022, Beijing Yisheng Xingye lent RMB46,970 to YS Group, and YS Group repaid it in full. As of March 31, 2022, the balance of amount due to Beijing Yisheng Xingye was RMB nil.

Henan Yisheng Pan-Asia Co., Ltd. (“Henan Yisheng Pan-Asia”)

As of March 31, 2020, YS Group owed Henan Yisheng Pan-Asia Co., Ltd. RMB8,000. In fiscal 2021, YS Group repaid RMB8,000 in full to Henan Yisheng Pan-Asia.

Other Related Parties

As of March 31, 2020, YS Group owed RMB7,792,152 in total to the following individual: Xu Zhang, Hui Shao, Zhongkai Shi, Yi Zhang and Nan Zhang. In fiscal year 2021, these individuals lent RMB445,833 in total to YS Group, and YS Group repaid RMB8,237,985 in full to these individuals.

Liaoning Yisheng Pan-Asia Co., Ltd. (“Liaoning Yisheng Pan-Asia”)

As of March 31, 2020, the Liaoning Yisheng Pan-Asia owed YS Group RMB30,780,298. In fiscal 2021, YS Group lent RMB8,423,885 to Liaoning Yisheng Pan-Asia, and Liaoning Yisheng Pan-Asia repaid RMB6,700,388 to YS Group. YS Group forgave the remaining RMB32,503,795. As of March 31, 2021, the amount due from Liaoning Yisheng Pan-Asia was RMB nil.

Henan Yisheng Huizhong Co., Ltd. (“Henan Yisheng Huizhong”)

As of March 31, 2020, Henan Yisheng Huizhong owed YS Group RMB1,744,800. In fiscal 2021, YS Group lent RMB570,000 to Henan Yisheng Huizhong. YS Group forgave Henan Yisheng Huizhong’s debts of RMB2,314,800. As of March 31, 2021, the amount due from Henan Yisheng Huizhong was RMB nil.

Yisheng Biopharma Co., Ltd. (“Yisheng Biopharma”)

In fiscal 2022, Yisheng Biopharma lent RMB64,880 to YS Group, and YS Group repaid it in full during the same year. As of March 31, 2022, the amount due to Yisheng Biopharma was RMB nil.

INCOME TAX

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

INCOME TAX

NOTE 15 — INCOME TAX

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong, as a holding company, is exempted from profit tax on its foreign-sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. Yisheng Singapore, a subsidiary incorporated in Singapore, files separate income tax returns in Singapore at the statutory income tax rate of 17%.

China. Under the Enterprise Income Tax (“EIT”) Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the “FIE”) are usually subject to a unified 25% EIT rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case basis. The PRC tax authorities grant preferential tax treatment to High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. Since Liaoning Yisheng was approved as an HNTE in December 2021, Liaoning Yisheng is entitled to a reduced income tax rate of 15% and is able to enjoy the reduced income tax rate in the next three years.

United States. US Yisheng, a subsidiary incorporated in Maryland, United States is subject to statutory federal corporate income tax at a rate of 21% and state income tax at a rate of 8.25%.

The provision for income tax consisted of the following:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Current income tax	—	—	$	—
Deferred tax	5,689,586	565,625		79,668
Income tax	5,689,586	565,625	$	79,668

The following table reconciles the statutory rate to YS Group’s effective tax rate:


	Six Months Ended September 30,
	2021		2022
	(Unaudited)		(Unaudited)
PRC statutory income tax rate	25.00	%	25.00	%
Effect of different tax rates in different jurisdictions	(26.82)	%	(182.62)	%
Effect of PRC preferential tax rate	11.98	%	(100.49)	%
Effect of research and development expenses deduction and Others	30.97	%	80.56	%
Temporary differences*	13.42	%	5.03	%
Change in valuation allowance	(41.02)	%	177.88	%
Effective tax rate	13.53	%	5.36	%

*	Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants.

Net deferred tax assets as of September, 2022 and March 31, 2022, consist of the following key components:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Deferred tax assets:
Write-down of inventories to net realizable value	825,454	166,410	$	23,439
Impairment of property, plant and building	2,031,460	1,900,433		267,674
Deferred government grants	4,852,383	4,680,205		659,202
Losses available for offsetting against future taxable profits	58,257,270	47,805,830		6,733,405
Less: valuation allowance	(58,257,270)	(47,805,830)		(6,733,405)
Total deferred tax assets, net	7,709,297	6,747,048		950,315
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(4,670,213)	(4,273,589)		(601,931)
Total deferred tax liabilities	(4,670,213)	(4,273,589)		(601,931)
Net deferred tax asset	3,039,084	2,473,459	$	348,384

In assessing the realizability of the net deferred tax assets, YS Group considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income in the future. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, YS Group provided valuation allowance of RMB47.8 million as of September 30, 2022 and RMB58.3 million as of March 31, 2022, respectively. The amount of the deferred tax asset is considered unrealizable because it is more likely than not that YS Group will not generate sufficient future taxable income to utilize this portion of the net operating loss.

Uncertain tax positions

There were no uncertain tax positions as of September 30, 2022 and 2021 and management does not anticipate any potential future adjustments which would result in a material change to its tax positions.

NOTE 16 — INCOME TAX

Singapore. Yisheng Singapore, a subsidiary incorporated in Singapore, files separate income tax returns in Singapore at the statutory income tax rate of 17%.

United States. US Yisheng, a subsidiary incorporated in Maryland, United States is subject to statutory federal corporate income tax at a rate of 21% and state income tax at a rate of 8.25%.

The provision for income tax consisted of the following:


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Current income tax	—	—	$	—
Deferred tax	17,454,245	4,937,122		777,720
Income tax	17,454,245	4,937,122	$	777,720

The following table reconciles the statutory rate to YS Group’s effective tax rate:


	For the Years Ended March 31,
	2021		2022
PRC statutory income tax rate	25.00	%	25.00	%
Effect of different tax rates in different jurisdictions	(20.56)	%	(18.26)	%
Effect of PRC preferential tax rate	(0.77)	%	4.56	%
Effect of research and development expenses deduction and others	7.8	%	33.2	%
Temporary differences*	10.01	%	4.88	%
Change in valuation allowance	(11.49)	%	(44.47)	%
Effective tax rate	10.01	%	4.88	%

*Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants.

Net deferred tax assets as of March 31, 2022 and 2021, consist of the following key components:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Deferred tax assets:
Write-down of inventories to net realizable value	6,195,269	825,454	$	130,030
Impairment of property, plant and building	2,293,516	2,031,460		320,006
Deferred government grants	4,950,884	4,852,383		764,371
Losses available for offsetting against future taxable profits	32,495,322	58,257,270		9,176,975
Less: valuation allowance	(32,495,322)	(58,257,270)		(9,176,975)
Total deferred tax assets, net	13,439,669	7,709,297		1,214,407
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(5,463,463)	(4,670,213)		(735,675)
Total deferred tax liabilities	(5,463,463)	(4,670,213)		(735,675)
Net deferred tax asset	7,976,206	3,039,084	$	478,732

In assessing the realizability of the net deferred tax assets, YS Group considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income in the future. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, YS Group provided valuation allowance of RMB58.3 million and RMB32.5 million as of March 31, 2022 and 2021, respectively. The amount of the deferred tax asset is considered unrealizable because it is more likely than not that YS Group will not generate sufficient future taxable income to utilize this portion of the net operating loss.

Uncertain tax positions

There were no uncertain tax positions as of March 31, 2022 and 2021 and management does not anticipate any potential future adjustments which would result in a material change to its tax positions.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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DEFERRED GOVERNMENT GRANTS

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

DEFERRED GOVERNMENT GRANTS

NOTE 16 — DEFERRED GOVERNMENT GRANTS

Deferred government grants represent funds received from the PRC government for research and development, investment in building or improvement in YS Group’s production facilities. These specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. YS Group received government grants that were deferred in the amount of RMB 1.2 million and RMB1.5 million in the six months of 2022 and 2021, respectively. In addition, YS Group received RMB13.2 million and RMB18.5 million other subsidies that the government has not set any conditions and are not tied to future trends or performance of YS Group and were recognized in other income in 2022 and 2021, respectively.

Deferred government grants included the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Government grants for property, plant and equipment
Balance at beginning of the year	21,847,340	22,030,690	$	3,103,001
Addition	1,552,000	1,200,000		169,019
Recognized as income	(1,368,650)	(727,839)		(102,515)
Subtotal	22,030,690	22,502,851	$	3,169,505
Government grants for research and development
Balance at beginning of the year	11,158,551	10,318,528	$	1,453,355
Addition	—
Recognized as income	(840,023)	(8,498,712)		(1,197,036)
Subtotal	10,318,528	1,819,816	$	256,319
Total deferred government grants	32,349,218	24,322,667	$	3,425,824
Less: current portion	(2,295,701)	(3,495,701)		(492,366)
Non-current portion	30,053,517	20,826,966	$	2,933,458

Government grants for property, plant and equipment

YS Group has seven deferred government grants related to property, plant and equipment, and fulfilled the conditions attached to all the grants. RMB0.6 million was amortized from deferred government grant into government grant recognized in income in the six months ended September 30, 2022, and RMB1.4 million for the six months ended September 30, 2021. RMB2.7 million will be amortized in next 12 months end September 30, 2023, which was included in the current deferred government grant and RMB19.8 million will be amortized after September 2023 which was included in the non-current portion of deferred government grants.

Government grants for research and development

YS Group has two deferred government grants related to various research and development projects, and fulfilled the conditions attached to one grant in 2010. RMB8.5 million was amortized from deferred government grant into government grant recognized in income in six months ended September 30, 2022, and RMB0.8 million for the six months ended September 30, 2021. RMB0.8 million will be amortized in next 12 months ended September 30, 2023 which was included in the current deferred government grant and RMB1.0 million will be amortized after September 2023 which was included in the non-current portion of deferred government grants. The remaining grant’s condition is expected to be fulfilled after 2022 and RMB 1.0 million is recorded in the non-current portion of deferred government grants.

NOTE 17 — DEFERRED GOVERNMENT GRANTS

and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. YS Group received government grants that were deferred in the amount of RMB3.6 million and RMB1.6 million in fiscal 2022 and 2021, respectively. In addition, YS Group received RMB20.8 million and RMB1.44 million other subsidies that the government has not set any conditions and are not tied to future trends or performance of YS Group and were recognized in other income in 2022 and 2021, respectively.

Deferred government grants included the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Government grants for property, plant and equipment
Balance at beginning of the year	21,096,442	21,847,340	$	3,441,502
Addition	2,000,000	1,552,000		244,479
Recognized as income	(1,249,102)	(1,368,650)		(215,597)
Subtotal	21,847,340	22,030,690	$	3,470,384
Government grants for research and development
Balance at beginning of the year	10,387,874	11,158,551	$	1,757,750
Addition	1,610,700	—		—
Recognized as income	(840,023)	(840,023)		(132,325)
Subtotal	11,158,551	10,318,528	$	1,625,425
Total deferred government grants	33,005,891	32,349,218	$	5,095,809
Less: current portion	(2,121,645)	(2,295,701)		(361,630)
Non-current portion	30,884,246	30,053,517	$	4,734,179

Government grants for property, plant and equipment

YS Group has seven deferred government grants related to property, plant and equipment, and has fulfilled the conditions attached to all the grants. RMB1.4 million was amortized from deferred government grant into government grant recognized in income in fiscal 2022, as compared to RMB1.2 million for the fiscal year ended March 31, 2021. RMB1.5 million will be amortized in fiscal 2023 which was included in the current deferred government grant and RMB 20.6 million will be amortized after 2023 which was included in the non-current portion of deferred government grants. RMB18.5 million was recorded as government grant recognized in income for the fiscal year ended March 31, 2022, as compared to nil for the fiscal years ended March 31, 2021.

Government grants for research and development

YS Group has two deferred government grants related to various research and development projects, and fulfilled the conditions attached to one grant in 2010. RMB0.8 million was amortized from deferred government grant into government grant recognized in income in fiscal 2022, same as that for the year ended March 31, 2021. RMB0.8 million will be amortized in fiscal 2023 which was included in the current deferred government grant and RMB1.4 million will be amortized after 2023 which was included in the non-current portion of deferred government grants. The remaining grant’s condition is expected to be fulfilled after 2022 and RMB8.1 million is recorded in the non-current portion of deferred government grants. RMB2.0 million was recorded as government grant recognized in income for the year ended March 31, 2022, as compared to nil for the years ended March 31, 2021.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 17 — COMMITMENTS AND CONTINGENCIES

As of September 30, 2022, YS Group has the following commitments to purchase raw materials or services:


	As of September 30,
	2022	2022
	(RMB)	($)
Construction of vaccine production facilities Office of Life Sciences	1,580,000	$	222,541
Research and development	6,001,375		845,288
Purchase raw materials	20,236,200		2,850,249
Total	27,817,575	$	3,918,078

In 2018, Liaoning Yisheng filed a sales contract dispute with Hebei Defense Biological Products Supply Center. The Supreme People’s Court of Liaoning supported Liaoning Yisheng’s claim that the defendant Hebei Weifang should pay RMB2,465,807 for Liaoning Yisheng vaccine within 20 days after the judgment came into effect. As of the date of this report, YS Group received RMB1,636,755 compensation from Hebei Defense Biological Products Supply Center and the balance of RMB829,052 compensation may be received in fiscal 2024.

In 2019, Liaoning Yisheng filed a sales contract dispute with Chaoyang Center for Disease Control and Prevention. The Supreme People’s Court of Liaoning supported Liaoning Yisheng’s claim that the defendant Chaoyang Center for Disease Control and Prevention should pay RMB416,900 for Liaoning Yisheng vaccine. To the date, YS Group received RMB300,000 from Chaoyang Center for Disease Control and Prevention, and the balance of RMB116,900 may be received in fiscal 2023.

YS Group was also involved in certain other labor disputes as of September 30, 2022. As the proceedings are in the early stages, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made.

NOTE 18 — COMMITMENTS AND CONTINGENCIES

As of March 31, 2022, YS Group has the following commitments to purchase raw materials or services:


	As of March 31,
	2022	2022
	(RMB)	(US$)
Other professional service fee	7,617,840	$	1,200,000
Research and development	73,894,705		11,640,261
Purchase raw materials	17,664,500		17,664,500
Total	99,177,045	$	30,504,761

In year 2018, Liaoning Yisheng filed a sales contract dispute with Hebei Defense Biological Products Supply Center. The Supreme People’s Court of Liaoning supported the Liaoning Yisheng’s claim that the defendant Hebei Weifang should pay RMB2,465,807 for Liaoning Yisheng vaccine within 20 days after the judgment came into effect. As of the date of this report, YS Group received RMB1,636,755 compensation from Hebei Defense Biological Products Supply Center and the balance of RMB829,052 compensation may be received in fiscal 2024.

In year 2019, Liaoning Yisheng filed a sales contract dispute with Chaoyang Center for Disease Control and Prevention. The Supreme People’s Court of Liaoning supported the Liaoning Yisheng’s claim that the defendant Chaoyang Center for Disease Control and Prevention should pay RMB416,900 for Liaoning Yisheng vaccine. To the date, YS Group received RMB300,000 from Chaoyang Center for Disease Control and Prevention, and the balance of RMB116,900 may be received in fiscal 2023.

YS Group was also involved in certain other labor disputes as of March 31, 2022. As the proceedings are in the early stages, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made.

SEGMENT INFORMATION

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

SEGMENT INFORMATION

NOTE 18 — SEGMENT INFORMATION

Based on management’s assessment, YS Group has one operating segment, which is the development, production, marketing and sale of biopharmaceutical products. No operating segments were aggregated to form the reportable operating segment.

YS Group’s non-current assets are located in the PRC and other countries, such as Singapore and United States. The location of these non-current assets can be aggregated to form the reportable geographical segment.


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
PRC	604,094,049	613,613,563	$	86,426,880
Other countries/regions	26,777,039	25,068,223	$	3,530,835

The non-current asset information above is based on the location of the assets and excludes financial instruments and deferred tax assets.

NOTE 19 — SEGMENT INFORMATION


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
PRC	288,637,839	604,094,049	$	95,159,896
Other countries/regions	31,345,723	26,777,039	$	4,218,052

The non-current asset information above is based on the location of the assets and excludes financial instruments and deferred tax assets.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

SUBSEQUENT EVENTS

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 19 — SUBSEQUENT EVENTS

YS Group performed an evaluation of events and transactions for potential recognition or disclosure through the date of this report. YS Group is not aware of any material subsequent events other than those disclosed below and elsewhere in the notes to the CFS.

On November 8, 2022, YS Group entered into a sale-leaseback agreement of RMB26 million for 3 years, from November 8, 2022 to November 7, 2025, with a 5% interest rate.

YS Group repaid approximately RMB36 million to China Guangfa Bank Co., Ltd. Shenyang Branch, and approximately RMB28 million to Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch from October 1, 2022 to December 16, 2022.

And YS Group drew another approximately RMB13 million with interest at 5.655% from China Guangfa Bank Co., Ltd. Shenyang Branch, approximately RMB30 million with interest at 5.3% from Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch, and approximately RMB19 million with interest at 4.0% from China Construction Bank — Shenyang Branch.

NOTE 20 — SUBSEQUENT EVENTS

On August 15, 2022, Oceanview Bioscience Acquisition Co., Ltd. (“Oceanview Bioscience”) and Hudson Biomedical Group Co., Ltd. (“Hudson Biomedical”) were incorporated under the laws of Cayman Islands as exempted companies with limited liability. The companies were incorporated for the purpose of effecting a merger with Summit Healthcare Acquisition Corp, a Special Purpose Acquisition Company (“SPAC”).

On August 15, 2022, unanimous written resolutions of the board of directors of YS Group accepted the notice from a former employee, relating to the surrender of 575,000 of issued shares with US$0.000005 each in YS Group registered in his name.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

NOTE 20 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. YS Group performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to YS Group as the restricted net assets of YS Group’s PRC subsidiaries exceeded 25% of the consolidated net assets of YS Group. Therefore, the condensed financial statements of the parent company are included herein.

PARENT COMPANY BALANCE SHEETS


	March 31,	September 30,	September 30,
	2022	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
ASSETS
Current Assets
Cash	252,611,535	3,943,175	$	555,392
Amounts due from related parties	519,236,876	848,379,306		119,493,409
Total current assets	771,848,411	852,322,481		120,048,801
Non-current assets
Long-term investments, net	146,641,652	164,003,403		23,099,722
Total non-current assets	146,641,652	164,003,403		23,099,722
Total Assets	918,490,063	1,016,325,884	$	143,148,523
LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	244,082,463	354,920,428	$	49,990,201
Amounts due to related parties	3,155,395	3,528,981		497,054
Total current liabilities	247,237,858	358,449,409		50,487,255
Total Liabilities	247,237,858	358,449,409		50,487,255

Mezzanine equity
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding)	458,074,468	551,004,725		77,608,485
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding)	912,146,924	1,057,557,002		148,955,886
Total mezzanine equity	1,370,221,392	1,608,561,727		226,564,371
Shareholders’ deficit:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 246,736,533 shares issued and outstanding as of September 30, 2022	7,978	7,978		1,124
Additional paid-in capital	808,502,018	808,648,509		113,897,365
Accumulated deficit	(1,590,567,163)	(1,673,775,766)		(235,749,706)
Accumulated other comprehensive income (loss)	83,087,980	(85,565,973)		(12,051,886)
Total shareholders’ deficit	(698,969,187)	(950,685,252)		(133,903,103)
Total liabilities, mezzanine equity and shareholders’ deficit	918,490,063	1,016,325,884	$	143,148,523

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	For the Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Equity loss of subsidiaries	(27,562,274)	(5,703,582)	$	(803,346)
Operating expenses:
Selling
General and administrative	17,037,618	6,356,204		895,265
Research and development	492,764	(934,367)		(131,605)
Total operating expenses	17,530,382	5,421,837		763,660

Loss from operations	(45,092,656)	(11,125,419)		(1,567,006)
Other income:
Financial income, net	1,324	54		8
Total other income, net	1,324	54		8

Net loss	(45,091,332)	(11,125,365)		(1,566,998)
Accretion to redemption value of convertible redeemable preferred shares	(65,013,751)	(72,083,238)		(10,152,855)
Net loss attributable to YS Biopharma	(110,105,083)	(83,208,603)		(11,719,853)

Net loss	(45,091,332)	(11,125,365)		(1,566,998)
Feign currency translation gain	11,321,167	(168,653,952)		(23,754,747)
Total comprehensive loss	(33,770,165)	(179,779,317)	$	(25,321,745)

*Loss per share:**
– Basic and Diluted	(0.18)	(0.04)	$	(0.01)
*Weighted average number of ordinary shares outstanding:**
– Basic and Diluted	247,311,533	247,311,533		247,311,533

*	Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY STATEMENTS OF CASH FLOWS


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Net loss	(45,091,332)	(11,125,365)	$	(1,566,998)
Equity loss of subsidiaries	27,562,274	5,703,582		803,346
Share-based compensation	3,128,741	(85,316)		(12,017)
Changes in operating assets and liabilities:
Amounts due from related parties	(298,261,642)	(328,910,623)		(46,326,745)
Amounts due to related parties	(42,697)	373,586		52,619
Accrued expenses and other liabilities	(7,357,523)	55,467,639		7,812,564
Net cash used in operating activities	(320,062,179)	(278,576,497)		(39,237,231)
Effect of exchange rate on cash	(4,446,303)	29,908,137		4,212,531
Net decrease in cash	(324,508,482)	(248,668,360)		(35,024,700)
Cash at the beginning of the period	330,296,949	252,611,535		35,580,092
Cash at the end of the period	5,788,467	3,943,175	$	555,392
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	65,013,751	72,083,238	$	10,152,855

NOTE 21 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

PARENT COMPANY BALANCE SHEETS


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
ASSETS
Current Assets
Cash	330,296,949	252,611,535	$	39,792,624
Amounts due from related parties	495,937,171	519,236,876		81,792,772
Total current assets	826,234,120	771,848,411		121,585,396
Non-current assets
Long-term investments, net	150,952,826	146,641,652		23,099,721
Total non-current assets	150,952,826	146,641,652		23,099,721
Total Assets	977,186,946	918,490,063	$	144,685,117

LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	197,324,794	244,082,463	$	38,449,082
Amounts due to related parties	3,266,288	3,155,395		497,053
Total current liabilities	200,591,082	247,237,858		38,946,135
Total Liabilities	200,591,082	247,237,858		38,946,135
Mezzanine equity
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding as of March 31, 2022 and 2021)	410,327,208	458,074,468		72,158,166
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding as of March 31, 2022 and 2021)	875,131,363	912,146,924		143,685,915
Total mezzanine equity	1,285,458,571	1,370,221,392		215,844,081
Shareholders’ deficit:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021*	7,978	7,978		1,257
Additional paid-in capital	800,806,378	808,502,018		127,359,254
Retained earnings	(1,353,900,436)	(1,590,567,163)		(250,554,041)
Accumulated other comprehensive income	44,223,373	83,087,980		13,088,431
Total shareholders’ deficit	(508,862,707)	(698,969,187)		(110,105,099)
Total liabilities, mezzanine equity and shareholders’ deficit	977,186,946	918,490,063	$	144,685,117

*Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
Equity loss of subsidiaries	(60,903,713)	(75,864,722)	$	(11,950,588)
Operating expenses:
Selling expenses	54,278	—		—
General and administrative expenses	104,562,058	29,178,255		4,596,304
Research and development expenses	4,352,356	988,531		155,718
Total operating expenses	108,968,692	30,166,786		4,752,022
Loss from operations	(169,872,405)	(106,031,508)		(16,702,610)
Other income (expenses)
Financial income/(expenses), net	(21,953,837)	27,107		4,270
Total other income/(expenses), net	(21,953,837)	27,107		4,270
Net loss	(191,826,242)	(106,004,401)		(16,698,340)
Accretion to redemption value of convertible redeemable preferred shares	(16,610,297)	(130,662,326)		(20,582,579)
Net loss attributable to YS Biopharma	(208,436,538)	(236,666,727)		(37,280,919)
Net loss	(191,826,242)	(106,004,401)		(16,698,340)
Feign currency translation gain	22,455,217	38,864,607		6,122,146
Total comprehensive loss	(169,371,025)	(67,139,794)	$	(10,576,194)
*Loss per share:**
– Basic and Diluted	(0.78)	(0.43)	$	(0.07)
*Weighted average number of ordinary shares outstanding:**
– Basic and Diluted	247,311,533	247,311,533		247,311,533

*Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY STATEMENTS OF CASH FLOWS


	For the Fiscal Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
Net loss	(191,826,242)	(106,004,401)	$	(16,698,340)
Equity loss of subsidiaries	60,903,713	75,864,722		11,950,588
Share-based compensation	76,756,500	7,764,448		1,223,094
Changes in operating assets and liabilities:
Amounts due from related parties	(421,125,633)	(23,299,705)		(3,670,285)
Amounts due to related parties	2,906,881	(110,893)		(17,468)
Accrued expenses and other liabilities	77,228,629	(24,732,348)		(3,895,962)
Net cash used in operating activities	(395,156,152)	(70,518,177)		(11,108,373)
Cash flows from investing activities:
Payment for long-term investment	(7,658,738)	(813,776)		(128,190)
Net cash used in investing activities	(7,658,738)	(813,776)		(128,190)
Cash flows from financing activities:
Proceeds from issuance of mezzanine equity	729,412,999	—		—
Shareholders’ contributions	1,589,236	—		—
Net cash provided by financing activities	731,002,235	—		—
Effect of exchange rate on cash	2,109,604	(6,353,461)		(1,000,829)
Net (decrease) increase in cash	330,296,949	(77,685,414)		(12,237,392)
Cash at the beginning of the year	—	330,296,949		52,030,016
Cash at the end of the year	330,296,949	252,611,535	$	39,792,624
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	16,610,297	130,662,326	$	20,582,579
Forgiveness from related parties	446,092,527	—	$	—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Foreign Currency Translation

Basis of Presentation

Basis of Consolidation

The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction.

Basis of Consolidation

The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction.

Use of Estimates


			Six Months Ended September 30,
	September 30, 2022	March 31, 2022	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1$	7.0998	6.3482	6.7240	6.5284
RMB:1S$	4.9717	4.6932	4.8325	4.8200

Foreign Currency Translation

YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated


			For the Years Ended
	As of March 31,		March 31,
	2022	2021	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1US$	6.3482	6.5713	6.4598	6.8282
RMB:1S$	4.6932	4.8768	4.7850	4.9246

Convenience translation

Accounts Receivable, net

Accounts receivable balances are written off after all collection efforts have been exhausted.

Advance to Suppliers

Property, Plant and Equipment, net

Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life.

Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicles		4 – 5 years
Leasehold improvements		Lesser of the lease term or life of assets

Property, Plant and Equipment, net

Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life.


Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicle		4 – 5 years
Leasehold improvement		Lesser of the lease term or life of assets

Impairment of Long-lived Assets

Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine license and patent with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight- line basis over their estimated useful lives of 15 years. Software and laboratory information system are amortized on the straight-line basis over their estimated useful lives of 10 years

Concentrations of Credit Risk and Significant Suppliers

Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows:


	Six Months Ended September 30, 2022
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	21,661,500	$	3,051,001	38.8	%
Vendor B	10,053,600		1,416,040	18.0	%
Vendor C	3,005,828		423,368	5.4	%
Vendor D	2,009,315		283,010	3.6	%
Vendor I	1,859,500		261,909	3.3	%
Total	38,589,743	$	5,435,328	69.1	%


	Six Months Ended September 30, 2021
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	11,283,000	$	1,589,200	12.5	%
Vendor F	9,028,170		1,271,609	10.0	%
Vendor D	6,689,566		942,219	7.4	%
Vendor G	6,063,000		853,968	6.7	%
Vendor H	5,460,000		769,036	6.1	%
Total	38,523,736	$	5,426,032	42.7	%

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of March 31, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of March 31, 2022 and 2021, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2022 and 2021, there were no customers that accounted for more than 10% of YS Group’s net revenues.

Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows:


	For the Year Ended March 31, 2022
	(RMB)	(US$)
Vendor A	35,172,250	$	5,540,508		20.9	%
Vendor B	16,227,146		2,556,181		9.6	%
Vendor C	9,995,189		1,574,492	$	5.9	%
Vendor D	7,426,500		1,169,859		4.4	%
Vendor E	6,621,300		1,043,020		3.9	%
Total	75,442,385	$	11,884,060		44.7	%


	For the Year Ended March 31, 2021
	(RMB)	(US$)
Vendor A	32,063,500	$	4,879,324		37.9	%
Vendor F	5,781,888		879,870		6.8	%
Vendor G	4,862,320		739,933	$	5.7	%
Vendor C	4,568,088		695,157		5.4	%
Vendor H	3,199,200		486,844		3.8	%
Total	50,474,996	$	7,681,128		59.6	%

Details of percentage of YS Group’s top 5 vendors accounting for accounts payable are as follows:


	As of March 31, 2022
	(RMB)	(US$)
Vendor E	1,420,549	$	223,772	4.6	%
Total	1,420,549	$	223,772	4.6	%


	As of March 31, 2021
	(RMB)	(US$)
Vendor A	1,225,510	$	186,494	8.3	%
Total	1,225,510	$	186,494	8.3	%

YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID-19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China.

Fair Value Measurements

●	Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

●	Level 3 — inputs to the valuation methodology are unobservable.

YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

Fair Value Measurements

●

Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 3 — inputs to the valuation methodology are unobservable.

YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

Social Security Insurance

Leases

Government Grants

Government grants represent primarily subsidies received from PRC governments for operating a business in their jurisdictions and in compliance with specific policies promoted by the government authorities. YS Group’s PRC-based subsidiaries received specific subsidies and other subsidies from certain local governments. Specific subsidies are subsidies the local government has set certain conditions for the subsidies. Other subsidies are subsidies the local government has not set any conditions and are not tied to future trends or performance of YS Group, receipt of such subsidy is not contingent upon any further actions or performance of YS Group and the amounts do not have to be refunded under any circumstances. Specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required.

Convertible Redeemable Preferred Shares

Revenue from Contracts with Customers

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and

Step 5: Recognize revenue when YS Group satisfies a performance obligation

Revenue from Contracts with Customers

YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from its contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when YS Group satisfies a performance obligation

YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily streams from the sales of vaccines.

Cost of Revenues

Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories.

Cost of Revenues

Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories.

General and Administrative Expenses

Selling Expenses

Research and development expenses

Other Income (Expenses), net

Income Taxes

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong is exempted from profit tax on its foreign- sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. The subsidiary incorporated in Singapore files separate income tax returns in Singapore and paid Singapore statutory income tax of 17%.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

●	when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●	in respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

●	when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●

Income Taxes

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong is exempted from profit tax on its foreign- sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. The subsidiary incorporated in Singapore files separate income tax returns in Singapore and paid Singapore statutory income tax of 17%.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

●	when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●	in respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

●	when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●

Value Added Tax ("VAT")

Value Added Tax (“VAT”)

Taxes other than Income Tax

Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc.

Taxes other than Income Tax

Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc.

Share-based Compensation

Comprehensive Loss

Shareholders' Contribution

Shareholders’ Contribution

Main sources of shareholders’ contribution include debt forgiveness from related parties and cash donations from shareholders.

Shareholders’ Contribution

Loss Per Share

In accordance with ASC 260, Earnings Per Share, basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary shares plus dilutive equivalent shares outstanding during the period. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. No potential common shares was included in the computation of diluted loss per share when a loss from continuing operation exists.

Segment Reporting

YS Group’s non-current assets are located in the PRC and other countries. The location of these non-current assets can be aggregated to form the reportable geographical segment.

Segment Reporting

YS Group’s non-current assets are located in the PRC and other countries. The location of these non-current assets can be aggregated to form the reportable geographical segment.

Significant Risks

Currency risk

YS Group’s condensed total assets by geographical area and it’s denominated currency are shown below:


	Denominated	March 31, 2022			September 30, 2022
	Currency	(RMB)			(RMB)	(US$)
					(unaudited)	(unaudited)
PRC	RMB	1,155,124,790	80	%	1,316,093,351	$	185,370,484	85	%
Hong Kong	$	2,666,762	0	%	194,452,627		27,388,465	13	%
Singapore	S$	26,168,621	2	%	29,843,991		4,203,497	2	%
United States	$	5,181,433	0	%	4,104,976		578,182	0	%
Cayman	$	252,611,535	18	%	3,943,175		555,392	0	%
Total		1,441,753,141	100	%	1,548,438,120	$	218,096,020	100	%

Concentration and political risk

taxation, among other things. Although YS Group has not experienced losses from these situations and believes it is in compliance with existing laws, this may not be indicative of future results.

Interest rate risk

Significant Risks

Currency risk

YS Group maintains bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for YS Group’s accounts, as its aggregate deposits are higher than the compensation limit, which is RMB500,000 for one bank. However, YS Group believes the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and YS Group believes that those Chinese banks that hold YS Group’s cash are financially sound based on public available information.

Concentration and political risk

Interest rate risk

Fluctuations in market interest rates may negatively affect YS Group’s financial condition and results of operations. YS Group is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material. YS Group has not used any derivative financial instruments to manage YS Group’s interest risk exposure.

ORGANIZATION AND BUSINESS DESCRIPTION (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of YS group's current legal entity


‘Legal Entity	Nature of Operations	Date of Incorporation	Place of Incorporation
YishengBio Co., Ltd (“YS Biopharma”)	Holding Company	November 16, 2020	Cayman Islands
YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”)	Holding Company	December 28, 2020	Hong Kong
Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”)*	Research and development of vaccines and therapeutic biologics	November 28, 2009	Singapore
Yisheng US Biopharma Inc. (“US Yisheng”)	Research of vaccines and therapeutic biologics	September 29, 2009	US
Oceanview Bioscience Acquisition Co., Ltd (“Oceanview Bioscience”)	For acquisition	August 17, 2022	Cayman Islands
Hudson Biomedical Group Co.,Ltd (“Hudson Biomedical”)	For acquisition	August 17, 2022	Cayman Islands
Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”)**	Research and development, manufacturing and commercialization of vaccines and therapeutic biologics	May 26, 1994	PRC
Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”)	Research and development of vaccines and therapeutic biologics	February 4, 2021	PRC


Legal Entity	Nature of Operations	Date of Incorporation	Place of Incorporation
YishengBio Co., Ltd (“YS Biopharma”)	Holding Company	November 16, 2020	Cayman Islands
YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”)	Holding Company	December 28, 2020	Hong Kong
Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”)*	Research and development of vaccines and therapeutic biologics	November 28, 2009	Singapore
Yisheng US Biopharma Inc. (“US Yisheng”)	Research of vaccines and therapeutic biologics	September 29, 2009	US
Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”)**	Research and development, manufacturing and commercialization of vaccines and therapeutic biologics	May 26, 1994	PRC
Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”)	Research and development of vaccines and therapeutic biologics	February 4, 2021	PRC

*	Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011.

**	Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of currency exchange rates used in preparing YS Group's CFS


			Six Months Ended September 30,
	September 30, 2022	March 31, 2022	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1$	7.0998	6.3482	6.7240	6.5284
RMB:1S$	4.9717	4.6932	4.8325	4.8200


			For the Years Ended
	As of March 31,		March 31,
	2022	2021	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1US$	6.3482	6.5713	6.4598	6.8282
RMB:1S$	4.6932	4.8768	4.7850	4.9246

Summary of property, plant and equipment to its residual value over its estimated useful life

Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicles		4 – 5 years
Leasehold improvements		Lesser of the lease term or life of assets


Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicle		4 – 5 years
Leasehold improvement		Lesser of the lease term or life of assets

Summary of percentage of YS Group's top 5 vendors accounting for total purchases and accounts payable


	Six Months Ended September 30, 2022
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	21,661,500	$	3,051,001	38.8	%
Vendor B	10,053,600		1,416,040	18.0	%
Vendor C	3,005,828		423,368	5.4	%
Vendor D	2,009,315		283,010	3.6	%
Vendor I	1,859,500		261,909	3.3	%
Total	38,589,743	$	5,435,328	69.1	%


	Six Months Ended September 30, 2021
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	11,283,000	$	1,589,200	12.5	%
Vendor F	9,028,170		1,271,609	10.0	%
Vendor D	6,689,566		942,219	7.4	%
Vendor G	6,063,000		853,968	6.7	%
Vendor H	5,460,000		769,036	6.1	%
Total	38,523,736	$	5,426,032	42.7	%


	For the Year Ended March 31, 2022
	(RMB)	(US$)
Vendor A	35,172,250	$	5,540,508		20.9	%
Vendor B	16,227,146		2,556,181		9.6	%
Vendor C	9,995,189		1,574,492	$	5.9	%
Vendor D	7,426,500		1,169,859		4.4	%
Vendor E	6,621,300		1,043,020		3.9	%
Total	75,442,385	$	11,884,060		44.7	%


	For the Year Ended March 31, 2021
	(RMB)	(US$)
Vendor A	32,063,500	$	4,879,324		37.9	%
Vendor F	5,781,888		879,870		6.8	%
Vendor G	4,862,320		739,933	$	5.7	%
Vendor C	4,568,088		695,157		5.4	%
Vendor H	3,199,200		486,844		3.8	%
Total	50,474,996	$	7,681,128		59.6	%


	As of March 31, 2022
	(RMB)	(US$)
Vendor E	1,420,549	$	223,772	4.6	%
Total	1,420,549	$	223,772	4.6	%


	As of March 31, 2021
	(RMB)	(US$)
Vendor A	1,225,510	$	186,494	8.3	%
Total	1,225,510	$	186,494	8.3	%

ACCOUNTS RECEIVABLE, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of accounts receivable, net


	March 31,2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	(US$)
		(Unaudited)	(Unaudited)
Trade receivables	322,170,980	488,422,373	$	68,793,821
Allowance for doubtful accounts	(13,615,875)	(20,062,985)		(2,825,852)
Accounts receivable, net	308,555,105	468,359,388	$	65,967,969


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Trade receivables	223,033,688	322,170,980	$	50,749,973
Allowance for doubtful accounts	(8,530,951)	(13,615,875)		(2,144,840)
Accounts receivable, net	214,502,737	308,555,105	$	48,605,133

Summary of analysis of the movements in the allowance for doubtful account


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Balance at April 1,	8,530,951	13,615,875	$	1,917,783
Additions	2,888,417	6,447,110		908,069
Balance at September 30	11,419,368	20,062,985	$	2,825,852


	For the Fiscal Year Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	2,116,317	8,530,951	$	1,343,838
Additions	6,414,634	5,084,924		801,002
Balance at end of the year	8,530,951	13,615,875	$	2,144,840

INVENTORIES, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of movements in the allowance for slow-moving or obsolete inventories

Summary of inventories


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Raw materials	57,926,980	52,392,648	$	7,379,454
Work in progress	40,795,744	39,148,872		5,514,081
Finished goods	73,285,870	71,235,067		10,033,391
Allowance for slow-moving or obsolete inventories	(5,503,029)	(1,109,400)		(156,258)
Inventories, net	166,505,565	161,667,187	$	22,770,668


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Raw materials	20,865,093	57,926,980	$	9,124,946
Work in progress	23,453,665	40,795,744		6,426,348
Finished goods	78,422,922	73,285,870		11,544,354
Allowance for slow-moving or obsolete inventories	(41,301,797)	(5,503,029)		(866,864)
Inventories, net	81,439,883	166,505,565	$	26,228,784


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Balance at April 1,	41,301,797	5,503,029	$	775,096
Inventories written off	(40,192,397)	(4,393,629)		(618,838)
Balance at September 30	1,109,400	1,109,400	$	156,258


	For the Fiscal Year Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	76,661,332	41,301,797	$	6,506,064
Additions	950,261	4,393,629		692,106
Inventories written off	(36,309,796)	(40,192,397)		(6,331,306)
Balance at end of the year	41,301,797	5,503,029	$	866,864

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of property, plant and equipment


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
Cost		(Unaudited)	(Unaudited)
Construction in progress	318,000,074	333,446,243	$	46,965,583
Plant and buildings	170,206,987	183,372,813		25,827,884
Machinery and equipment	194,875,303	193,846,868		27,303,145
Electronic equipment	10,107,578	10,794,907		1,520,452
Motor vehicles	2,978,155	3,027,767		426,458
Office equipment and furniture	29,888,526	21,612,891		3,044,155
Leasehold improvements	4,390,980	4,626,927		651,698
Total Cost	730,447,603	750,728,416		105,739,375
Less: accumulated depreciation	(150,402,597)	(163,469,667)		(23,024,545)
Less: asset impairment	(29,891,896)	(29,891,896)		(4,210,245)
Property and equipment, net	550,153,110	557,366,853	$	78,504,585


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Cost
Construction in progress	40,158,349	318,000,074	$	50,092,951
Plant and buildings	153,845,452	170,206,987		26,811,850
Machinery and equipment	174,933,799	194,875,303		30,697,726
Electronic equipment	8,442,743	10,107,578		1,592,196
Motor vehicles	2,814,066	2,978,155		469,134
Office equipment and furniture	14,241,207	29,888,526		4,708,189
Leasehold improvements	3,889,957	4,390,980		691,689
Total Cost	398,325,573	730,447,603		115,063,735
Less: accumulated depreciation	(132,228,718)	(150,402,597)		(23,692,164)
Less: asset impairment	(29,891,896)	(29,891,896)		(4,708,720)
Property and equipment, net	236,204,959	550,153,110	$	86,662,851

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of prepaid expenses and other current assets


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Deposits⁽¹⁾	2,807,847	1,622,616	$	228,544
Staff advances⁽²⁾	383,251	303,767		42,785
Staff’s social security⁽³⁾	615,581	677,626		95,443
Value added tax recoverable⁽⁴⁾	3,442,733	3,920,265		552,166
Other receivable⁽⁵⁾	854,245	534,169		75,237
Allowance⁽⁶⁾	(115,743)	(115,743)		(16,302)
Total	7,987,914	6,942,700	$	977,873

(1)	Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs.

(2)	Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities.

(3)

(4)

(5)	Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees.

(6)


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Loan receivable⁽¹⁾	2,966,778	—	$	—
Deposits⁽²⁾	1,362,270	2,807,847		442,306
Staff advances⁽³⁾	290,024	383,251		60,372
Staff’s social security⁽⁴⁾	190,253	615,581		96,969
Value added tax recoverable⁽⁵⁾	148,705	3,442,733		542,316
Other receivable⁽⁶⁾	414,898	854,245		134,564
Allowance⁽⁷⁾	(115,743)	(115,743)		(18,232)
Total	5,257,185	7,987,914	$	1,258,295

(1)

(2)	Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs.

(3)	Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities.

(4)

(5)

(6)	Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees.

(7)

INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of intangible assets


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Cost
Patents	79,608,000	79,608,000	$	11,212,710
Licenses, software and laboratory information system	6,143,880	10,150,478		1,429,685
Land use rights	67,181,860	67,181,860		9,462,500
Total Cost	152,933,740	156,940,338		22,104,895
Less: Accumulated Amortization	(72,215,762)	(75,625,405)		(10,651,765)
Intangible Assets, net	80,717,978	81,314,933	$	11,453,130


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Cost
Patents	79,608,000	79,608,000	$	12,540,248
Licenses, software and laboratory information system	2,526,272	6,143,880		967,814
Land use rights	67,181,860	67,181,860		10,582,820
Total Cost	149,316,132	152,933,740		24,090,882
Less: Accumulated Amortization	(65,537,529)	(72,215,762)		(11,375,785)
Intangible Assets, net	83,778,603	80,717,978	$	12,715,097

BANK LOANS AND OTHER BORROWINGS (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of total bank loans


	March 31,	September 30,	September 30,
	2022	2022	2022		Maturity Date	Interest Rate
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
China Guangfa Bank Co.,Ltd. – Shenyang Branch⁽¹⁾	46,456,142	35,509,492	$	5,001,478	2022/11/17 – 2022/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch⁽²⁾	64,647,870	81,486,261		11,477,261	2022/10/11 – 2023/09/22	5.30	%
Citi Bank⁽³⁾	234,743	—		—	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	394,999	—		—	2026/9/15	4.00	%
China Citic Bank – Shenyang Branch⁽⁵⁾	—	34,295,325		4,830,464	2023/3/16 – 2023/5/19	5.2% / 3.25	%
China Construction Bank – Shenyang Branch⁽⁶⁾	—	12,350,000		1,739,485	2023/9/8 – 2023/9/27	4.00	%
Bank loans due within one year	111,733,754	163,641,078	$	23,048,688
R-Bridge Healthcare Fund, LP ⁽⁴⁾	253,928,000	283,992,000		40,000,000	2026/9/15	4.00	%
Long-term bank loans	253,928,000	283,992,000		40,000,000
Total bank loans	365,661,754	447,633,078	$	63,048,688

(1)

(2)

(3)	On May 2, 2020, YS Group borrowed RMB1,103,609 (US$166,400) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. The balance of RMB234,742 ($36,978) was repaid in full in May 2022.

(4)

financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below:

(5)

(6)	On September 6, 2022, YS Group entered into a credit facility of RMB50 million with China Construction Bank for one year to finance its working capital requirements. YS Group drew approximately RMB 12.4 million from September 9, 2022 to September 28, 2022 with interest at 4 %.


	As of March 31,
	2021	2022	2022	Maturity Date	Interest Rate
	(RMB)	(RMB)	(US$)
China Guangfa Bank Co., Ltd. – Shenyang Branch⁽¹⁾	—	46,456,142	7,318,002	2022/9/16 – 2022/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch⁽²⁾	—	64,647,870	10,183,654	2022/7/19 – 2022/12/1	5.30	%
Citi Bank⁽³⁾	—	234,743	36,978	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	—	394,999	62,222	2026/9/15	4.00	%
Bank loans due within one year	—	111,733,754	17,600,856
Citi Bank⁽³⁾	1,103,609	—	—	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	—	253,928,000	40,000,000	2026/9/15	4.00	%
Long-term bank loans	1,103,609	253,928,000	40,000,000
Total bank loans	1,103,609	365,661,754	57,600,856

(1)

On September 13, 2021, YS Group entered into a credit facility of RMB100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB46.5 million in total from September 22, 2021 to March 10, 2022 with an annual interest at 5.655%, which is due from September 16, 2022 to December 16, 2022.

(2)

(3)

(4)

Summary of repayment instalment


	Repayment
Repayment Date	Instalment
April 7, 2025	$	6,400,000
July 7, 2025		6,400,000
October 7, 2025		6,400,000
January 7, 2026		6,400,000
April 7, 2026		6,400,000
July 7, 2026		8,000,000
Total	$	40,000,000


Repayment Date		Repayment Instalment
April 7, 2025		US$ 6,400,000
July 7, 2025		6,400,000
October 7, 2025		6,400,000
January 7, 2026		6,400,000
April 7, 2026		6,400,000
July 7, 2026		8,000,000
Total		US$40,000,000

LEASES (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

LEASES

Summary of operating leases


	March 31, 2022		September 30, 2022		September 30, 2022
	(RMB)		(RMB)		($)
			(Unaudited)		(Unaudited)
Operating lease ROU assets	14,850,283		13,067,129		$	1,840,493
Operating lease liabilities – current	4,322,252		3,524,558			496,431
Operating lease liabilities – non-current	10,605,260		10,403,843		$	1,465,371
Weighted average remaining lease term	3.4		3.0			3.0
Weighted average discount rate	4.8	%	4.8	%		4.8	%


	As of March 31,
	2021		2022		2022
	(RMB)		(RMB)		(US$)
Operating lease ROU assets	17,245,924		14,850,283		$	2,339,290
Operating lease liabilities – current	3,785,642		4,322,252			680,863
Operating lease liabilities – non-current	13,550,359		10,605,260		$	1,670,593
Weighted average remaining lease term	4.4		3.4			3.4
Weighted average discount rate	5.0	%	4.8	%		4.8	%

Summary of lease cost recognized in YS Group's CFS and supplemental cash flow information related to operating leases


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
		(Unaudited)		(Unaudited)
Operating lease cost	2,237,633	2,508,388	$	373,050
Cash paid for operating leases	2,276,956	786,888	$	110,832


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Operating lease cost	2,643,917	4,594,967	$	723,822
Cash paid for operating leases	2,601,625	4,587,894	$	722,708

Summary of maturity of operating lease liabilities under the non-cancelable operating leases


12 months Ending September 30,	As of September 30, 2022
	(RMB)		($)
2023	5,748,070	$	809,610
2024	5,029,426		708,390
2025	3,921,138		552,289
2026	158,029		22,257
Total lease payments	14,856,663		2,092,546
Less: Interest	(928,262)		(130,744)
Present value of operating lease liabilities	13,928,401	$	1,961,802
Operating lease liabilities – current	3,524,558		496,431
Operating lease liabilities – non-current	10,403,843	$	1,465,371


Fiscal Year Ending March 31,	As of March 31, 2022
	(RMB)	(US$)
2023	4,947,481	$	779,352
2024	4,837,260		761,989
2025	4,922,251		775,377
2026	1,479,661		233,084
2027 and thereafter	—		—
Total lease payments	16,186,653		2,549,802
Less: Interest	(1,259,141)		(198,346)
Present value of operating lease liabilities	14,927,512	$	2,351,456

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2022

Summary of accrued expenses and other current liabilities


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Salaries and social security insurance payable⁽¹⁾	86,818,418	57,459,273	$	9,051,270
Promotion service fee⁽²⁾	58,358,838	64,883,477		10,220,768
Taxes other than income tax	1,615,475	1,171,381		184,522
Late fees⁽³⁾	93,890,390	9,499,595		1,496,423
Payable for property, plant and equipment	4,730,933	48,774,134		7,683,144
CDC transportation and storage fee	12,087,830	35,023,095		5,517,012
Guarantee deposits⁽⁴⁾	48,732,986	94,528,659		14,890,624
Professional service fee⁽⁵⁾	8,694,317	7,758,448		1,222,149
Other payable⁽⁶⁾	7,821,284	7,653,291		1,205,584
Total	322,750,471	326,751,353		51,471,496

(1)


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Salaries	46,263,007	49,020,045	7,721,881
Social security insurance	39,926,173	7,732,161	1,218,008
Union Fee	629,238	707,067	111,381
Total	86,818,418	57,459,273	9,051,270

(2)	Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information.

(3)


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Late fee charge of income tax	53,890,577	—	—
Late fee charge of taxes other than income tax	10,635,413	—	—
Late fee charge of social insurance	29,364,400	9,499,595	1,496,423
Total	93,890,390	9,499,595	1,496,423

(4)

Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. The external service providers’ professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services doesn’t assume inventory risk for the vaccines before they are transferred to the end customers.

(5)	Professional service fees primarily represented service fees from consultants and other advisors.

(6)	Other payable primarily represented employees’ reimbursement and value added tax.

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of outstanding Convertible Redeemable Preferred Shares

Series A

Series A-1

Series B

Total

Carrying

Shares

Value

Shares

Value

Shares

Value

(RMB)

($)

As of March 31, 2021

15,534,276

344,661,893

6,014,313

65,665,315

65,414,858

875,131,363

1,285,458,571

181,055,603

Accretion to redemption value

—

28,042,858

—

2,566,412

—

34,404,481

65,013,751

9,157,124

Foreign currency translation adjustment

—

(4,690,126)

—

(875,280)

—

(11,666,321)

(17,231,727)

(2,427,072)

As of September 30, 2021

15,534,276

368,014,625

6,014,313

67,356,447

65,414,858

897,869,523

1,333,240,595

187,785,655

As of March 31, 2022

15,534,276

389,563,659

6,014,313

68,510,809

65,414,858

912,146,924

1,370,221,392

192,994,365

Accretion to redemption value

—

33,793,180

—

2,854,770

—

35,435,288

72,083,238

10,152,855

Foreign currency translation adjustment

—

48,011,366

—

8,270,941

—

109,974,790

166,257,097

23,417,151

As of September 30, 2022

15,534,276

471,368,205

6,014,313

79,636,520

65,414,858

1,057,557,002

1,608,561,727

226,564,371


	Series A		Series A‑1		Series B		Total	Total
		Carrying		Carrying		Carrying	Carrying	Carrying
	Shares	Value	Shares	Value	Shares	Value	Value	Value
		(RMB)		(RMB)		(RMB)	(RMB)	(US$)
As of March 31, 2020	21,548,589	440,585,213	—	—	—	—	440,585,213	$	69,403,171
Conversion of convertible notes	—	—	—	—	18,393,610	131,425,527	131,425,527		20,702,802
Call option under convertible notes	—	—	—	—	9,660,324	131,425,290	131,425,290		20,702,765
New insurance	—	—	—	—	37,360,924	597,987,709	597,987,709		94,197,995
Shares transferred	(6,014,313)	(68,232,451)	6,014,313	68,232,451	—	—	—		—
Accretion to redemption value	—	1,758,690	—	—	—	14,851,607	16,610,297		2,616,536
Foreign currency translation adjustment	—	(29,449,559)	—	(2,567,136)	—	(558,770)	(32,575,465)		(5,131,449)
As of March 31, 2021	15,534,276	344,661,893	6,014,313	65,665,315	65,414,858	875,131,363	1,285,458,571	$	202,491,820
Accretion to redemption value	—	57,598,340	—	5,164,090	—	67,899,896	130,662,326		20,582,579
Foreign currency translation adjustment	—	(12,696,574)	—	(2,318,596)	—	(30,884,335)	(45,899,505)		(7,230,318)
As of March 31, 2022	15,534,276	389,563,659	6,014,313	68,510,809	65,414,858	912,146,924	1,370,221,392	$	215,844,081

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of exercise prices and exercise periods of the share options outstanding


		Average exercise
	Number of share	price per share
	options	option
		(RMB)
At March 31, 2021	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At March 31, 2022	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At September 30, 2022	13,013,422	7.3289


		Average exercise
	Number of share	price per share
	options	option
		(RMB)
At March 31, 2020	11,223,795	3.8807
Granted during the period	10,254,198	8.4631
Forfeited during the period	(298,117)	6.4631
Exercised during the period	(8,103,671)	—
Expired during the period	(62,783)	6.4631
At March 31, 2021	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At March 31, 2022	13,013,422	7.3289

Summary of exercise price range and exercise periods of the share options outstanding


Six Months Ended
30 September 2022
Number of
options	Exercise price	Exercise period
	(RMB)
6,133,005	3.4845	2021 – 2031
2,453,049	6.4631	2021 – 2026
4,427,368	13.1344	2021 – 2026
13,013,422


Year ended
31 March 2021
Number of
options	Exercise price	Exercise period
	(RMB)
6,133,005	3.4845	2021 – 2031
2,453,049	6.4631	2021 – 2026
4,427,368	13.1344	2021 – 2026
13,013,422

Summary of stock-based compensation expense


	Six Months Ended September 30,
	2021	2022	2022
	(Unaudited)	(Unaudited)	(Unaudited)
Research and development expenses	492,764	(1,015,055)	$	(142,970)
General and administrative expenses	2,635,978	929,739		130,953
Total stock-based compensation	3,128,742	(85,316)	$	(12,017)


	For the Fiscal Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Research and development expenses	4,200,464	975,171	$	153,614
General and administrative expenses	72,501,943	6,789,277		1,069,481
Selling expenses	54,093	—		—
Total stock-based compensation	76,756,500	7,764,448	$	1,223,094

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of companies that are related parties

The following companies are related parties that had balances or transactions with YS Group as of and during the six months ended September 30, 2022 and 2021:


Name of related parties		Relationship with YS Group
Yisheng Biopharma Co., Ltd		An entity controlled by Yi Zhang
Yisheng Biopharma Holdings Ltd.		An entity controlled by Yi Zhang
Beijing Yisheng Xingye Technology Co., Ltd.		An entity controlled by Yi Zhang

The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2022 and 2021:


Name of related parties		Relationship with YS Group
Yisheng Biopharma Co., Ltd		An entity controlled by Yi Zhang
Yisheng Biopharma Holdings Ltd.		An entity controlled by Yi Zhang
Kaifeng Yisheng Pan-Asia Technology Co., Ltd		An entity controlled by Yi Zhang
Beijing Yisheng Xingye Technology Co., Ltd.		An entity controlled by Yi Zhang
Changchun Bailong Biotechnology Co., Ltd.		An entity controlled by Yi Zhang
Henan Yisheng Huizhong Health Services Co., Ltd.		An entity controlled by Yi Zhang
Henan Yisheng Biopharma Co., Ltd.		An entity controlled by Yi Zhang


Name of related parties		Relationship with YS Group
Beijing Huaerdun Kangqi Biotechnology Co., Ltd.		An entity controlled by Yi Zhang
Liaoning Yisheng Pan-Asia		An entity controlled by Yi Zhang
Yi Zhang		Chairman of Board of Directors
Hui Shao		Chief Executive Officer
Zhongkai Shi*		Chief Medical Officer
Nan Zhang		Daughter of the Chairman
Xu Zhang		Daughter of the Chairman

*	Zhongkai Shi resigned in September 2021.

Summary of outstanding balances with related parties


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Amounts due from related party:
Yisheng Biopharma Holding Ltd (Hong Kong)	30,088,833	—	$	—
	30,088,833	—	$	—

Summary of transactions with related parties


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Amounts due from related party:
Yisheng Biopharma Holdings Limited (Hong Kong)
Receivable collected on behalf of YS Group	2,966,777	—	$	—
Repayment to YS Group	33,055,610	—	$	—


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Amounts due from related party:
Yisheng Biopharma Holdings Limited (Hong Kong)
Receivable collected on behalf of YS Group	30,088,833	2,966,777	$	459,412
Repayment to YS Group		33,055,610	$	5,118,732

INCOME TAX (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of provision for income tax


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Current income tax	—	—	$	—
Deferred tax	5,689,586	565,625		79,668
Income tax	5,689,586	565,625	$	79,668


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Current income tax	—	—	$	—
Deferred tax	17,454,245	4,937,122		777,720
Income tax	17,454,245	4,937,122	$	777,720

Summary of reconciliation of statutory rate to YS Group's effective tax rate


	Six Months Ended September 30,
	2021		2022
	(Unaudited)		(Unaudited)
PRC statutory income tax rate	25.00	%	25.00	%
Effect of different tax rates in different jurisdictions	(26.82)	%	(182.62)	%
Effect of PRC preferential tax rate	11.98	%	(100.49)	%
Effect of research and development expenses deduction and Others	30.97	%	80.56	%
Temporary differences*	13.42	%	5.03	%
Change in valuation allowance	(41.02)	%	177.88	%
Effective tax rate	13.53	%	5.36	%


	For the Years Ended March 31,
	2021		2022
PRC statutory income tax rate	25.00	%	25.00	%
Effect of different tax rates in different jurisdictions	(20.56)	%	(18.26)	%
Effect of PRC preferential tax rate	(0.77)	%	4.56	%
Effect of research and development expenses deduction and others	7.8	%	33.2	%
Temporary differences*	10.01	%	4.88	%
Change in valuation allowance	(11.49)	%	(44.47)	%
Effective tax rate	10.01	%	4.88	%

*Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants.

Summary of net deferred tax assets


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Deferred tax assets:
Write-down of inventories to net realizable value	825,454	166,410	$	23,439
Impairment of property, plant and building	2,031,460	1,900,433		267,674
Deferred government grants	4,852,383	4,680,205		659,202
Losses available for offsetting against future taxable profits	58,257,270	47,805,830		6,733,405
Less: valuation allowance	(58,257,270)	(47,805,830)		(6,733,405)
Total deferred tax assets, net	7,709,297	6,747,048		950,315
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(4,670,213)	(4,273,589)		(601,931)
Total deferred tax liabilities	(4,670,213)	(4,273,589)		(601,931)
Net deferred tax asset	3,039,084	2,473,459	$	348,384


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Deferred tax assets:
Write-down of inventories to net realizable value	6,195,269	825,454	$	130,030
Impairment of property, plant and building	2,293,516	2,031,460		320,006
Deferred government grants	4,950,884	4,852,383		764,371
Losses available for offsetting against future taxable profits	32,495,322	58,257,270		9,176,975
Less: valuation allowance	(32,495,322)	(58,257,270)		(9,176,975)
Total deferred tax assets, net	13,439,669	7,709,297		1,214,407
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(5,463,463)	(4,670,213)		(735,675)
Total deferred tax liabilities	(5,463,463)	(4,670,213)		(735,675)
Net deferred tax asset	7,976,206	3,039,084	$	478,732

DEFERRED GOVERNMENT GRANTS (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of deferred government grants


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Government grants for property, plant and equipment
Balance at beginning of the year	21,847,340	22,030,690	$	3,103,001
Addition	1,552,000	1,200,000		169,019
Recognized as income	(1,368,650)	(727,839)		(102,515)
Subtotal	22,030,690	22,502,851	$	3,169,505
Government grants for research and development
Balance at beginning of the year	11,158,551	10,318,528	$	1,453,355
Addition	—
Recognized as income	(840,023)	(8,498,712)		(1,197,036)
Subtotal	10,318,528	1,819,816	$	256,319
Total deferred government grants	32,349,218	24,322,667	$	3,425,824
Less: current portion	(2,295,701)	(3,495,701)		(492,366)
Non-current portion	30,053,517	20,826,966	$	2,933,458


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Government grants for property, plant and equipment
Balance at beginning of the year	21,096,442	21,847,340	$	3,441,502
Addition	2,000,000	1,552,000		244,479
Recognized as income	(1,249,102)	(1,368,650)		(215,597)
Subtotal	21,847,340	22,030,690	$	3,470,384
Government grants for research and development
Balance at beginning of the year	10,387,874	11,158,551	$	1,757,750
Addition	1,610,700	—		—
Recognized as income	(840,023)	(840,023)		(132,325)
Subtotal	11,158,551	10,318,528	$	1,625,425
Total deferred government grants	33,005,891	32,349,218	$	5,095,809
Less: current portion	(2,121,645)	(2,295,701)		(361,630)
Non-current portion	30,884,246	30,053,517	$	4,734,179

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of commitments to purchase raw materials or services


	As of March 31,
	2022	2022
	(RMB)	(US$)
Other professional service fee	7,617,840	$	1,200,000
Research and development	73,894,705		11,640,261
Purchase raw materials	17,664,500		17,664,500
Total	99,177,045	$	30,504,761

SEGMENT INFORMATION (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of non-current assets aggregated to form reportable geographical segment


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
PRC	604,094,049	613,613,563	$	86,426,880
Other countries/regions	26,777,039	25,068,223	$	3,530,835


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
PRC	288,637,839	604,094,049	$	95,159,896
Other countries/regions	31,345,723	26,777,039	$	4,218,052

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

Summary of parent company balance sheet


	March 31,	September 30,	September 30,
	2022	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
ASSETS
Current Assets
Cash	252,611,535	3,943,175	$	555,392
Amounts due from related parties	519,236,876	848,379,306		119,493,409
Total current assets	771,848,411	852,322,481		120,048,801
Non-current assets
Long-term investments, net	146,641,652	164,003,403		23,099,722
Total non-current assets	146,641,652	164,003,403		23,099,722
Total Assets	918,490,063	1,016,325,884	$	143,148,523
LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	244,082,463	354,920,428	$	49,990,201
Amounts due to related parties	3,155,395	3,528,981		497,054
Total current liabilities	247,237,858	358,449,409		50,487,255
Total Liabilities	247,237,858	358,449,409		50,487,255

Mezzanine equity
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding)	458,074,468	551,004,725		77,608,485
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding)	912,146,924	1,057,557,002		148,955,886
Total mezzanine equity	1,370,221,392	1,608,561,727		226,564,371
Shareholders’ deficit:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 246,736,533 shares issued and outstanding as of September 30, 2022	7,978	7,978		1,124
Additional paid-in capital	808,502,018	808,648,509		113,897,365
Accumulated deficit	(1,590,567,163)	(1,673,775,766)		(235,749,706)
Accumulated other comprehensive income (loss)	83,087,980	(85,565,973)		(12,051,886)
Total shareholders’ deficit	(698,969,187)	(950,685,252)		(133,903,103)
Total liabilities, mezzanine equity and shareholders’ deficit	918,490,063	1,016,325,884	$	143,148,523

PARENT COMPANY BALANCE SHEETS


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
ASSETS
Current Assets
Cash	330,296,949	252,611,535	$	39,792,624
Amounts due from related parties	495,937,171	519,236,876		81,792,772
Total current assets	826,234,120	771,848,411		121,585,396
Non-current assets
Long-term investments, net	150,952,826	146,641,652		23,099,721
Total non-current assets	150,952,826	146,641,652		23,099,721
Total Assets	977,186,946	918,490,063	$	144,685,117

LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	197,324,794	244,082,463	$	38,449,082
Amounts due to related parties	3,266,288	3,155,395		497,053
Total current liabilities	200,591,082	247,237,858		38,946,135
Total Liabilities	200,591,082	247,237,858		38,946,135
Mezzanine equity
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding as of March 31, 2022 and 2021)	410,327,208	458,074,468		72,158,166
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding as of March 31, 2022 and 2021)	875,131,363	912,146,924		143,685,915
Total mezzanine equity	1,285,458,571	1,370,221,392		215,844,081
Shareholders’ deficit:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021*	7,978	7,978		1,257
Additional paid-in capital	800,806,378	808,502,018		127,359,254
Retained earnings	(1,353,900,436)	(1,590,567,163)		(250,554,041)
Accumulated other comprehensive income	44,223,373	83,087,980		13,088,431
Total shareholders’ deficit	(508,862,707)	(698,969,187)		(110,105,099)
Total liabilities, mezzanine equity and shareholders’ deficit	977,186,946	918,490,063	$	144,685,117

*Gives retroactive effect to reflect the reorganization in February 2021.

Summary of parent company statement of operations and comprehensive loss


	For the Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Equity loss of subsidiaries	(27,562,274)	(5,703,582)	$	(803,346)
Operating expenses:
Selling
General and administrative	17,037,618	6,356,204		895,265
Research and development	492,764	(934,367)		(131,605)
Total operating expenses	17,530,382	5,421,837		763,660

Loss from operations	(45,092,656)	(11,125,419)		(1,567,006)
Other income:
Financial income, net	1,324	54		8
Total other income, net	1,324	54		8

Net loss	(45,091,332)	(11,125,365)		(1,566,998)
Accretion to redemption value of convertible redeemable preferred shares	(65,013,751)	(72,083,238)		(10,152,855)
Net loss attributable to YS Biopharma	(110,105,083)	(83,208,603)		(11,719,853)

Net loss	(45,091,332)	(11,125,365)		(1,566,998)
Feign currency translation gain	11,321,167	(168,653,952)		(23,754,747)
Total comprehensive loss	(33,770,165)	(179,779,317)	$	(25,321,745)

*Loss per share:**
– Basic and Diluted	(0.18)	(0.04)	$	(0.01)
*Weighted average number of ordinary shares outstanding:**
– Basic and Diluted	247,311,533	247,311,533		247,311,533

*	Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
Equity loss of subsidiaries	(60,903,713)	(75,864,722)	$	(11,950,588)
Operating expenses:
Selling expenses	54,278	—		—
General and administrative expenses	104,562,058	29,178,255		4,596,304
Research and development expenses	4,352,356	988,531		155,718
Total operating expenses	108,968,692	30,166,786		4,752,022
Loss from operations	(169,872,405)	(106,031,508)		(16,702,610)
Other income (expenses)
Financial income/(expenses), net	(21,953,837)	27,107		4,270
Total other income/(expenses), net	(21,953,837)	27,107		4,270
Net loss	(191,826,242)	(106,004,401)		(16,698,340)
Accretion to redemption value of convertible redeemable preferred shares	(16,610,297)	(130,662,326)		(20,582,579)
Net loss attributable to YS Biopharma	(208,436,538)	(236,666,727)		(37,280,919)
Net loss	(191,826,242)	(106,004,401)		(16,698,340)
Feign currency translation gain	22,455,217	38,864,607		6,122,146
Total comprehensive loss	(169,371,025)	(67,139,794)	$	(10,576,194)
*Loss per share:**
– Basic and Diluted	(0.78)	(0.43)	$	(0.07)
*Weighted average number of ordinary shares outstanding:**
– Basic and Diluted	247,311,533	247,311,533		247,311,533

*Gives retroactive effect to reflect the reorganization in February 2021.

Summary of parent company statement of cash flows


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Net loss	(45,091,332)	(11,125,365)	$	(1,566,998)
Equity loss of subsidiaries	27,562,274	5,703,582		803,346
Share-based compensation	3,128,741	(85,316)		(12,017)
Changes in operating assets and liabilities:
Amounts due from related parties	(298,261,642)	(328,910,623)		(46,326,745)
Amounts due to related parties	(42,697)	373,586		52,619
Accrued expenses and other liabilities	(7,357,523)	55,467,639		7,812,564
Net cash used in operating activities	(320,062,179)	(278,576,497)		(39,237,231)
Effect of exchange rate on cash	(4,446,303)	29,908,137		4,212,531
Net decrease in cash	(324,508,482)	(248,668,360)		(35,024,700)
Cash at the beginning of the period	330,296,949	252,611,535		35,580,092
Cash at the end of the period	5,788,467	3,943,175	$	555,392
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	65,013,751	72,083,238	$	10,152,855

PARENT COMPANY STATEMENTS OF CASH FLOWS


	For the Fiscal Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
Net loss	(191,826,242)	(106,004,401)	$	(16,698,340)
Equity loss of subsidiaries	60,903,713	75,864,722		11,950,588
Share-based compensation	76,756,500	7,764,448		1,223,094
Changes in operating assets and liabilities:
Amounts due from related parties	(421,125,633)	(23,299,705)		(3,670,285)
Amounts due to related parties	2,906,881	(110,893)		(17,468)
Accrued expenses and other liabilities	77,228,629	(24,732,348)		(3,895,962)
Net cash used in operating activities	(395,156,152)	(70,518,177)		(11,108,373)
Cash flows from investing activities:
Payment for long-term investment	(7,658,738)	(813,776)		(128,190)
Net cash used in investing activities	(7,658,738)	(813,776)		(128,190)
Cash flows from financing activities:
Proceeds from issuance of mezzanine equity	729,412,999	—		—
Shareholders’ contributions	1,589,236	—		—
Net cash provided by financing activities	731,002,235	—		—
Effect of exchange rate on cash	2,109,604	(6,353,461)		(1,000,829)
Net (decrease) increase in cash	330,296,949	(77,685,414)		(12,237,392)
Cash at the beginning of the year	—	330,296,949		52,030,016
Cash at the end of the year	330,296,949	252,611,535	$	39,792,624
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	16,610,297	130,662,326	$	20,582,579
Forgiveness from related parties	446,092,527	—	$	—

ORGANIZATION AND BUSINESS DESCRIPTION (Details) - company	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Organization consolidation and presentation of financial statements
Number of companies and their subsidiaries owned	5	3
US Yisheng
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)	100.00%	100.00%
Singapore Yisheng
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)	100.00%	100.00%
UK YishengBio
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)		100.00%
Liaoning Yisheng
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)	100.00%	100.00%
Beijing Yisheng
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)	100.00%	100.00%

LIQUIDITY (Details)	6 Months Ended		12 Months Ended
LIQUIDITY (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
LIQUIDITY
Net income (loss)	¥ (11,125,365)	¥ (45,091,332)	¥ (106,004,401)		¥ (191,826,242)
Cash used in operating activities	(107,395,153)	(176,984,374)	(173,545,357)	$ (27,337,727)	(246,610,437)
Cash	227,000,000	¥ 49,521,897	271,067,503		390,457,084	$ 32,000,000	$ 42,700,000
Outstanding bank loans and other borrowing	¥ 447,633,078		¥ 365,661,754		¥ 1,103,609	$ 63,048,688	$ 57,600,856

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Translation (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
USD
Foreign Currency Translation
Currency exchange rates as of Balance Sheet	7.0998		6.3482	6.5713
Currency exchange rates, Profit/Loss	6.7240	6.5284	6.4598	6.8282
SGD
Foreign Currency Translation
Currency exchange rates as of Balance Sheet	4.9717		4.6932	4.8768
Currency exchange rates, Profit/Loss	4.8325	4.8200	4.7850	4.9246

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment, net (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Plant and buildings \| Minimum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	6 years	6 years
Plant and buildings \| Maximum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	20 years	20 years
Machinery and equipment \| Minimum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	5 years	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	10 years	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	3 years	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	7 years	7 years
Motor vehicle \| Minimum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	4 years	4 years
Motor vehicle \| Maximum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	5 years	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets, net (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Minimum
Intangible assets, net
Amortization term	48 years 9 months	48 years 9 months
Maximum
Intangible assets, net
Amortization term	50 years	50 years
Patents
Intangible assets, net
Estimated useful lives	15 years	15 years
Software and laboratory information system
Intangible assets, net
Estimated useful lives		10 years
Amortization term	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentrations of Credit Risk and Significant Suppliers (Details)	6 Months Ended				12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Sep. 30, 2021 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Concentration risk
Cost of revenues	¥ 93,700,779	$ 13,197,665	¥ 63,599,621		¥ 117,066,090	$ 18,440,832	¥ 59,656,877
Accounts payable	37,394,178				30,811,100		16,383,236		$ 5,266,934	$ 4,853,518
Total purchases \| Vendors concentration risk \| Vendors
Concentration risk
Cost of revenues	¥ 38,589,743	$ 5,435,328	¥ 38,523,736	$ 5,426,032	¥ 75,442,385	$ 11,884,060	¥ 50,474,996	$ 7,681,128
Concentration risk (as a percent)	69.10%	69.10%	42.70%	42.70%	44.70%	44.70%	59.60%	59.60%
Total purchases \| Vendors concentration risk \| Vendor A
Concentration risk
Cost of revenues	¥ 21,661,500	$ 3,051,001	¥ 11,283,000	$ 1,589,200	¥ 35,172,250	$ 5,540,508	¥ 32,063,500	$ 4,879,324
Concentration risk (as a percent)	38.80%	38.80%	12.50%	12.50%	20.90%	20.90%	37.90%	37.90%
Total purchases \| Vendors concentration risk \| Vendor B
Concentration risk
Cost of revenues	¥ 10,053,600	$ 1,416,040			¥ 16,227,146	$ 2,556,181
Concentration risk (as a percent)	18.00%	18.00%			9.60%	9.60%
Total purchases \| Vendors concentration risk \| Vendor C
Concentration risk
Cost of revenues	¥ 3,005,828	$ 423,368			¥ 9,995,189	$ 1,574,492	¥ 4,568,088	$ 695,157
Concentration risk (as a percent)	5.40%	5.40%			5.90%	5.90%	5.40%	5.40%
Total purchases \| Vendors concentration risk \| Vendor D
Concentration risk
Cost of revenues	¥ 2,009,315	$ 283,010	¥ 6,689,566	$ 942,219	¥ 7,426,500	$ 1,169,859
Concentration risk (as a percent)	3.60%	3.60%	7.40%	7.40%	4.40%	4.40%
Total purchases \| Vendors concentration risk \| Vendor E
Concentration risk
Cost of revenues					¥ 6,621,300	$ 1,043,020
Concentration risk (as a percent)					3.90%	3.90%
Total purchases \| Vendors concentration risk \| Vendor F
Concentration risk
Cost of revenues			¥ 9,028,170	$ 1,271,609			¥ 5,781,888	$ 879,870
Concentration risk (as a percent)			10.00%	10.00%			6.80%	6.80%
Total purchases \| Vendors concentration risk \| Vendor G
Concentration risk
Cost of revenues			¥ 6,063,000	$ 853,968			¥ 4,862,320	$ 739,933
Concentration risk (as a percent)			6.70%	6.70%			5.70%	5.70%
Total purchases \| Vendors concentration risk \| Vendor H
Concentration risk
Cost of revenues			¥ 5,460,000	$ 769,036			¥ 3,199,200	$ 486,844
Concentration risk (as a percent)			6.10%	6.10%			3.80%	3.80%
Accounts payable \| Vendors concentration risk \| Vendors
Concentration risk
Accounts payable					¥ 1,420,549		¥ 1,225,510			223,772	$ 186,494
Concentration risk (as a percent)					4.60%	4.60%	8.30%	8.30%
Accounts payable \| Vendors concentration risk \| Vendor A
Concentration risk
Accounts payable							¥ 1,225,510				$ 186,494
Concentration risk (as a percent)							8.30%	8.30%
Accounts payable \| Vendors concentration risk \| Vendor E
Concentration risk
Accounts payable					¥ 1,420,549					$ 223,772
Concentration risk (as a percent)					4.60%	4.60%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Social Security Insurance (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Social Security Insurance
Late fees related to social security insurance (as a percent)			0.05%	0.05%	0.05%
Late fees for its liabilities related to social security insurance	¥ 9,685,430		¥ 9,500,000	¥ 9,499,595		¥ 29,364,400	$ 1,364,183	$ 1,496,423
Late fees related to social security insurance	¥ 300,000	$ 42,173	¥ 1,396,221	¥ 1,900,000	$ 291,796	¥ 7,701,793

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Expenses), net (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Other Income (Expenses), net
Late fees related to social security insurance	¥ 300,000	$ 42,173	¥ 1,396,221	¥ 1,900,000	$ 291,796	¥ 7,701,793
Tax on late fees related to its social security insurance				200,000		18,700,000
Payments of late fees related to social security insurance and tax	¥ 100,000		¥ 86,200,000	¥ 86,200,000		¥ 5,000,000.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax
Statutory federal income tax rate	25.00%	25.00%	25.00%	25.00%
SINGAPORE
Income Tax
Statutory federal income tax rate	17.00%		17.00%
PRC
Income Tax
Statutory federal income tax rate	25.00%		25.00%
UNITED STATES
Income Tax
Statutory federal income tax rate	21.00%		21.00%
State income tax rate	8.25%		8.25%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Shareholders' Contribution and Segment Reporting (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 segment	Mar. 31, 2022 segment	Mar. 31, 2021 CNY (¥)
Shareholders' Contribution
Forgiveness of amounts due to related parties			¥ 446,092,527
Shareholders' contribution			¥ 1,589,236
Segment Reporting
Number of operating segment \| segment	1	1

ACCOUNTS RECEIVABLE, NET (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Trade receivables	¥ 488,422,373	$ 68,793,821	¥ 322,170,980	$ 50,749,973	¥ 223,033,688
Allowance for doubtful accounts	(20,062,985)	(2,825,852)	(13,615,875)	(2,144,840)	(8,530,951)
Accounts receivable, net	¥ 468,359,388	$ 65,967,969	¥ 308,555,105	$ 48,605,133	¥ 214,502,737

ACCOUNTS RECEIVABLE, NET - Bad debt expense (Details)	6 Months Ended			12 Months Ended
ACCOUNTS RECEIVABLE, NET - Bad debt expense (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Bad debt expense	¥ 6,447,110	$ 908,069	¥ 2,888,417	¥ 5,100,000	$ 801,003	¥ 6,414,634

ACCOUNTS RECEIVABLE, NET - Movements in the allowance for doubtful account (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Analysis of the movements in the allowance for doubtful account
Balance at beginning of the year	¥ 13,615,875	$ 1,917,783	¥ 8,530,951	¥ 8,530,951	$ 1,343,838	¥ 2,116,317
Additions	6,447,110	908,069	2,888,417	5,100,000	801,003	6,414,634
Balance at end of the year	¥ 20,062,985	$ 2,825,852	¥ 11,419,368	¥ 13,615,875	$ 1,917,783	¥ 8,530,951

INVENTORIES, NET - Inventories (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Inventories, net
Raw materials	¥ 52,392,648	$ 7,379,454	¥ 57,926,980	$ 9,124,946		¥ 20,865,093
Work in progress	39,148,872	5,514,081	40,795,744	6,426,348		23,453,665
Finished goods	71,235,067	10,033,391	73,285,870	11,544,354		78,422,922
Allowance for slow-moving or obsolete inventories	(1,109,400)	(156,258)	(5,503,029)	(866,864)	¥ (1,109,400)	(41,301,797)	$ (6,506,064)	¥ (76,661,332)
Inventories, net	¥ 161,667,187	$ 22,770,668	¥ 166,505,565	$ 26,228,784		¥ 81,439,883

INVENTORIES, NET- Movements in allowance (Details)	12 Months Ended
INVENTORIES, NET- Movements in allowance (Details)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Movements in the allowance for slow-moving or obsolete inventories
Balance at beginning of the year	¥ 41,301,797	$ 6,506,064	¥ 76,661,332
Additions	4,393,629	692,106	950,261
Inventories written off	(40,192,397)	(6,331,306)	(36,309,796)
Balance at end of the year	¥ 5,503,029	$ 866,864	¥ 41,301,797

PROPERTY, PLANT AND EQUIPMENT, NET (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Property, plant and equipment
Total Cost	¥ 750,728,416	$ 105,739,375	¥ 730,447,603	$ 115,063,735	¥ 398,325,573
Less: accumulated depreciation	(163,469,667)	(23,024,545)	(150,402,597)	(23,692,164)	(132,228,718)
Less: asset impairment	(29,891,896)	(4,210,245)	(29,891,896)	(4,708,720)	(29,891,896)
Property and equipment, net	557,366,853	78,504,585	550,153,110	86,662,851	236,204,959
Construction in progress
Property, plant and equipment
Total Cost	333,446,243	46,965,583	318,000,074	50,092,951	40,158,349
Plant and buildings
Property, plant and equipment
Total Cost	183,372,813	25,827,884	170,206,987	26,811,850	153,845,452
Machinery and equipment
Property, plant and equipment
Total Cost	193,846,868	27,303,145	194,875,303	30,697,726	174,933,799
Electronic equipment
Property, plant and equipment
Total Cost	10,794,907	1,520,452	10,107,578	1,592,196	8,442,743
Motor vehicles
Property, plant and equipment
Total Cost	3,027,767	426,458	2,978,155	469,134	2,814,066
Office equipment and furniture
Property, plant and equipment
Total Cost	21,612,891	3,044,155	29,888,526	4,708,189	14,241,207
Leasehold improvements
Property, plant and equipment
Total Cost	¥ 4,626,927	$ 651,698	¥ 4,390,980	$ 691,689	¥ 3,889,957

PROPERTY, PLANT AND EQUIPMENT, NET - Narratives (Details) ¥ in Millions	12 Months Ended
	Mar. 31, 2014 CNY (¥)
PROPERTY, PLANT AND EQUIPMENT, NET
Asset impairment on property, plant and equipment	¥ 29.9

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Loan receivable					¥ 2,966,778	$ 451,475
Deposits	¥ 1,622,616	$ 228,544	¥ 2,807,847	$ 442,306	1,362,270
Staff advances	303,767	42,785	383,251	60,372	290,024
Staff's social security	677,626	95,443	615,581	96,969	190,253
Value added tax recoverable	3,920,265	552,166	3,442,733	542,316	148,705
Other receivable	534,169	75,237	854,245	134,564	414,898
Allowance	(115,743)	(16,302)	(115,743)	(18,232)	(115,743)
Total	¥ 6,942,700	$ 977,873	¥ 7,987,914	$ 1,258,295	¥ 5,257,185

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET -Additional Information (Details) - Mar. 31, 2021	CNY (¥)	USD ($)
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Interest free loan provided		$ 6,300,000
Total repayments of loans receivable made		5,900,000
Outstanding balance of loans receivable	¥ 2,966,778	$ 451,475

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
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-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

INTANGIBLE ASSETS, NET (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Intangible assets, net
Total Cost	¥ 156,940,338	$ 22,104,895	¥ 152,933,740	$ 24,090,882	¥ 149,316,132
Less: Accumulated Amortization	(75,625,405)	(10,651,765)	(72,215,762)	(11,375,785)	(65,537,529)
Intangible Assets, net	81,314,933	11,453,130	80,717,978	12,715,097	83,778,603
Patents
Intangible assets, net
Total Cost	79,608,000	11,212,710	79,608,000	12,540,248	79,608,000
Licenses, software and laboratory information system
Intangible assets, net
Total Cost	10,150,478	1,429,685	6,143,880	967,814	2,526,272
Land use rights
Intangible assets, net
Total Cost	¥ 67,181,860	$ 9,462,500	¥ 67,181,860	$ 10,582,820	¥ 67,181,860

BANK LOANS AND OTHER BORROWINGS (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 23, 2022	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 16, 2022	Mar. 10, 2022	Sep. 13, 2021	Jul. 12, 2021	Mar. 31, 2021 CNY (¥)	May 02, 2020
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current	¥ 163,641,078	$ 23,048,688		¥ 111,733,754	$ 17,600,856
Bank loans and other borrowing - non-current	283,992,000	40,000,000		253,928,000	40,000,000					¥ 1,103,609
Total bank loans	447,633,078	63,048,688		365,661,754	57,600,856					1,103,609
China Guangfa Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current	¥ 35,509,492	$ 5,001,478		¥ 46,456,142	$ 7,318,002
Interest Rate	5.66%	5.66%		5.66%	5.66%		5.655%	5.655%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current	¥ 81,486,261	$ 11,477,261		¥ 64,647,870	$ 10,183,654
Interest Rate	5.30%	5.30%	5.30%	5.30%	5.30%				5.30%
Citi Bank
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current				¥ 234,743	$ 36,978
Bank loans and other borrowing - non-current										¥ 1,103,609
Interest Rate	1.00%	1.00%		1.00%	1.00%						1.00%
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current				¥ 394,999	$ 62,222
Bank loans and other borrowing - non-current	¥ 283,992,000	$ 40,000,000		¥ 253,928,000	$ 40,000,000
Interest Rate	4.00%	4.00%		4.00%	4.00%	4.00%

BANK LOANS AND OTHER BORROWINGS - Additional information (Details)														1 Months Ended				2 Months Ended		4 Months Ended		6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 16, 2022 CNY (¥)	Jul. 08, 2022 CNY (¥)	May 25, 2022 CNY (¥)	Mar. 16, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Sep. 13, 2021 CNY (¥)	Sep. 07, 2021 CNY (¥)	Jul. 21, 2021 CNY (¥)	Jul. 12, 2021 CNY (¥)	Mar. 05, 2021 CNY (¥)	May 02, 2020 CNY (¥)	May 02, 2020 USD ($)	May 31, 2022 CNY (¥)	May 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 26, 2022 CNY (¥)	Jul. 22, 2022 CNY (¥)	Sep. 23, 2022 CNY (¥)	Mar. 10, 2022 CNY (¥)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 16, 2022 USD ($)
BANK LOANS AND OTHER BORROWINGS
Proceeds from issuance of debt																						¥ 102,513,927	$ 14,438,988	¥ 92,719,786	¥ 414,116,587	$ 65,233,702	¥ 32,253,609
Repayments of debt																						50,606,602	$ 7,127,891	¥ 48,833,921	49,558,442	$ 7,806,692	160,407,571
Bank loans and other borrowing - current	¥ 163,641,078															¥ 111,733,754						163,641,078			111,733,754			$ 23,048,688	$ 17,600,856
Accrued interest	11,400,000															¥ 395,000						¥ 11,400,000			395,000			$ 1,700,000	$ 62,222
Interest expense	¥ 15,200,000					¥ 400,000																			¥ 2,800,000		¥ 5,800,000
Minimum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																						1.50%	1.50%
Maximum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																						3.50%	3.50%
China Guangfa Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt							¥ 100,000,000
Term of credit facility							3 years
Proceeds from issuance of debt							¥ 46,500,000														¥ 35,500,000
Annual interest rate	5.66%						5.655%									5.66%					5.655%	5.66%			5.66%			5.66%	5.66%
Repayments of debt		¥ 10,900,000
Bank loans and other borrowing - current	¥ 35,509,492															¥ 46,456,142						¥ 35,509,492			¥ 46,456,142			$ 5,001,478	$ 7,318,002
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt			¥ 15,000,000						¥ 140,000,000	¥ 140,000,000
Term of credit facility			2 years						3 years	3 years
Proceeds from issuance of debt										¥ 64,600,000										¥ 55,900,000
Annual interest rate	5.30%									5.30%						5.30%				5.30%		5.30%			5.30%			5.30%	5.30%
Repayments of debt																		¥ 39,000,000.0
Bank loans and other borrowing - current	¥ 81,486,261															¥ 64,647,870						¥ 81,486,261			¥ 64,647,870			$ 11,477,261	$ 10,183,654
Citi Bank
BANK LOANS AND OTHER BORROWINGS
Proceeds from issuance of debt												¥ 1,103,609	$ 166,400
Annual interest rate	1.00%											1.00%	1.00%			1.00%						1.00%			1.00%			1.00%	1.00%
Repayments of debt														¥ 234,742	$ 36,978	¥ 869,000	$ 129,422
Bank loans and other borrowing - current																¥ 234,743									¥ 234,743				$ 36,978
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Face amount of debt					¥ 253,928,000																									$ 40,000,000
Term of credit facility					54 months
Annual interest rate	4.00%				4.00%											4.00%						4.00%			4.00%			4.00%	4.00%	4.00%
Bank loans and other borrowing - current																¥ 394,999									¥ 394,999				$ 62,222
R-Bridge Healthcare Fund, LP \| Minimum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																									1.50%	1.50%
R-Bridge Healthcare Fund, LP \| Maximum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																									3.50%	3.50%
China CITIC Bank
BANK LOANS AND OTHER BORROWINGS
Face amount of debt				¥ 30,000,000				¥ 250,000,000			¥ 250,000,000
Term of credit facility				1 year				3 years			3 years
Proceeds from issuance of debt																			¥ 29,300,000
Annual interest rate	5.20%																		5.20%			5.20%						5.20%
Bank loans and other borrowing - current	¥ 34,295,325																					¥ 34,295,325						$ 4,830,464

BANK LOANS AND OTHER BORROWINGS - Repayment installment (Details)	Jul. 07, 2026 USD ($)	Apr. 07, 2026 USD ($)	Jan. 07, 2026 USD ($)	Oct. 07, 2025 USD ($)	Jul. 07, 2025 USD ($)	Apr. 07, 2025 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - non-current							¥ 283,992,000	$ 40,000,000	¥ 253,928,000	$ 40,000,000	¥ 1,103,609
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - non-current							¥ 283,992,000	$ 40,000,000	¥ 253,928,000	$ 40,000,000
R-Bridge Healthcare Fund, LP \| Forecast
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - non-current	$ 8,000,000	$ 6,400,000	$ 6,400,000	$ 6,400,000	$ 6,400,000	$ 6,400,000

LEASES - Summary of operating leases - (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
LEASES
Operating lease ROU assets	¥ 13,067,129	$ 1,840,493	¥ 14,850,283	$ 2,339,290	¥ 17,245,924
Operating lease liabilities - current	3,524,558	496,431	4,322,252	680,863	3,785,642
Operating lease liabilities - non-current	¥ 10,403,843	$ 1,465,371	¥ 10,605,260	$ 1,670,593	¥ 13,550,359
Weighted average remaining lease term	3 years	3 years	3 years 4 months 24 days	3 years 4 months 24 days	4 years 4 months 24 days
Weighted average discount rate	4.80%	4.80%	4.80%	4.80%	5.00%

LEASES - Summary of lease cost (Details)	6 Months Ended			12 Months Ended
LEASES - Summary of lease cost (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
LEASES
Operating lease cost	¥ 2,508,388	$ 373,050	¥ 2,237,633	¥ 4,594,967	$ 723,822	¥ 2,643,917
Cash paid for operating leases	¥ 786,888	$ 110,832	¥ 2,276,956	¥ 4,587,894	$ 722,708	¥ 2,601,625

LEASES - Summary of maturity of operating lease liabilities - (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)
Maturity of operating lease liabilities
2023	¥ 5,748,070	$ 809,610	¥ 4,947,481	$ 779,352
2024	5,029,426	708,390	4,837,260	761,989
2025	3,921,138	552,289	4,922,251	775,377
2026	158,029	22,257	1,479,661	233,084
Total lease payments	14,856,663	2,092,546	16,186,653	2,549,802
Less: Interest	(928,262)	(130,744)	(1,259,141)	(198,346)
Present value of operating lease liabilities	¥ 13,928,401	$ 1,961,802	¥ 14,927,512	$ 2,351,456

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Accrued expenses and other current liabilities (Details)	6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Salaries and social security insurance payable	¥ 55,943,773		¥ 57,459,273	$ 7,879,627	$ 9,051,270	¥ 86,818,418
Promotion service fee	93,688,809		64,883,477	13,195,979	10,220,768	58,358,838
Taxes other than income tax	3,005,157		1,171,381	423,273	184,522	1,615,475
Late fees	9,685,430		9,499,595	1,364,183	1,496,423	93,890,390
Payable for property, plant and equipment	49,128,153		48,774,134	6,919,653	7,683,144	4,730,933
CDC transportation and storage fee	48,656,533		35,023,095	6,853,226	5,517,012	12,087,830
Guarantee deposits	94,733,524		94,528,659	13,343,126	14,890,624	48,732,986
Professional service fee	2,226,221		7,758,448	313,561	1,222,149	8,694,317
Other payable	10,215,721		7,653,291	1,438,874	1,205,584	7,821,284
Total	367,283,321		326,751,353	$ 51,731,502	$ 51,471,496	¥ 322,750,471
Payments of salaries, social security insurance	¥ 1,500,000	¥ 11,100,000	¥ 29,400,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Salaries and social security insurance payables (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Salaries and social security insurance payable
Salaries	¥ 47,732,121	$ 6,723,023	¥ 49,020,045	$ 7,721,881	¥ 46,263,007
Social security insurance	7,535,447	1,061,360	7,732,161	1,218,008	39,926,173
Union Fee	676,205	95,244	707,067	111,381	629,238
Total	¥ 55,943,773	$ 7,879,627	¥ 57,459,273	$ 9,051,270	¥ 86,818,418

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Late fee (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Late fee charge of income tax						¥ 53,890,577
Late fee charge of taxes other than income tax						10,635,413
Late fee charge of social insurance	¥ 9,685,430	$ 1,364,183	¥ 9,499,595	$ 1,496,423	¥ 9,500,000	29,364,400
Total	¥ 9,685,430	$ 1,364,183	¥ 9,499,595	$ 1,496,423		¥ 93,890,390

CONVERTIBLE NOTES (Details) $ / shares in Units, ¥ in Millions	1 Months Ended			12 Months Ended
	Jan. 31, 2021 USD ($) $ / shares shares	Jul. 31, 2020 CNY (¥)	Jul. 31, 2020 USD ($)	Mar. 31, 2021 shares
Total bank loans and other borrowings
Proceeds from issuance of convertible notes		¥ 127.0	$ 20,000,000
Principal amount of Convertible Notes together with the accrued interest converted \| $	$ 20,389,315
Number of shares issued upon conversion of notes	18,393,610
Series B redeemable convertible preferred shares
Total bank loans and other borrowings
Principal amount of Convertible Notes together with the accrued interest converted \| $	$ 20,389,315
Number of shares issued upon conversion of notes	18,393,610
Conversion price per share \| $ / shares	$ 1.1085
Shares subscribed for call option under convertible notes	9,660,324			9,660,324
Price per share \| $ / shares	$ 2.0703

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Series A (Details)			6 Months Ended	12 Months Ended
	Sep. 04, 2020 shares	Dec. 10, 2012 USD ($) $ / shares shares	Sep. 30, 2022 shares	Mar. 31, 2021 CNY (¥) shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Proceeds from issuance of mezzanine equity \| ¥				¥ 729,412,999
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of shares issued during period		21,548,589	0
Price per share \| $ / shares		$ 0.93
Proceeds from issuance of mezzanine equity \| $		$ 20,000,000
Number of shares transferred	6,014,313	6,014,313		(6,014,313)

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Series A-1 (Details) - shares			12 Months Ended
	Sep. 04, 2020	Dec. 10, 2012	Mar. 31, 2021	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2020
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of shares transferred	6,014,313	6,014,313	(6,014,313)
Temporary Equity, Shares Issued				15,534,276	15,534,276
Temporary Equity, Shares Outstanding			15,534,276	15,534,276	15,534,276	15,534,276	21,548,589
Series A-1 redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of shares transferred			6,014,313
Temporary Equity, Shares Issued				6,014,313	6,014,313
Temporary Equity, Shares Outstanding			6,014,313	6,014,313	6,014,313	6,014,313

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Series B (Details)	1 Months Ended		6 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) shares	Jan. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2022 shares	Mar. 31, 2021 CNY (¥) shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Principal amount of Convertible Notes together with the accrued interest converted \| $		$ 20,389,315
Number of shares issued upon conversion of notes		18,393,610
Proceeds from issuance of mezzanine equity \| ¥				¥ 729,412,999
Series B redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Principal amount of Convertible Notes together with the accrued interest converted \| $		$ 20,389,315
Number of shares issued upon conversion of notes		18,393,610
Conversion price per share \| $ / shares		$ 1.1085
Shares subscribed for call option under convertible notes		9,660,324		9,660,324
Price per share \| $ / shares		$ 2.0703
Proceeds from issuance of mezzanine equity \| $	$ 3,000,000	$ 88,000,000
Number of shares issued during period	1,231,679	36,129,245	0	37,360,924

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Outstanding Convertible Redeemable Preferred Shares (Details)			1 Months Ended		6 Months Ended				12 Months Ended
	Sep. 04, 2020 shares	Dec. 10, 2012 shares	Feb. 28, 2021 shares	Jan. 31, 2021 shares	Sep. 30, 2022 CNY (¥) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 CNY (¥) shares	Sep. 30, 2021 USD ($) shares	Mar. 31, 2022 CNY (¥) shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 CNY (¥) shares	Mar. 31, 2021 USD ($) shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 1,370,221,392	$ 215,844,081	¥ 1,285,458,571	$ 181,055,603	¥ 1,285,458,571	$ 181,055,603	¥ 440,585,213	$ 69,403,171
Conversion of convertible notes											131,425,527	20,702,802
Call option under convertible notes											131,425,290	20,702,765
New insurance											597,987,709	94,197,995
Accretion to redemption value					72,083,238	10,152,855	65,013,751	9,157,124	130,662,326	20,582,579	16,610,297	2,616,536
Foreign currency translation adjustment					166,257,097	23,417,151	(17,231,727)	(2,427,072)	(45,899,505)	(7,230,318)	(32,575,465)	(5,131,449)
Balance at the end					1,608,561,727	$ 226,564,371	897,869,523	$ 187,785,655	1,370,221,392	$ 215,844,081	1,285,458,571	$ 181,055,603
Series A redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 389,563,659		¥ 344,661,893		¥ 344,661,893		¥ 440,585,213
Balance at the beginning (in shares) \| shares					15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	21,548,589	21,548,589
Number of shares issued during period \| shares		21,548,589			0	0
Shares transferred											¥ (68,232,451)
Number of shares transferred \| shares	6,014,313	6,014,313									(6,014,313)	(6,014,313)
Accretion to redemption value					¥ 33,793,180		¥ 28,042,858		¥ 57,598,340		¥ 1,758,690
Foreign currency translation adjustment					48,011,366		(4,690,126)		(12,696,574)		(29,449,559)
Balance at the end					¥ 471,368,205		¥ 368,014,625		¥ 389,563,659		¥ 344,661,893
Balance at the end (in shares) \| shares					15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276
Series A-1 redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 68,510,809		¥ 65,665,315		¥ 65,665,315
Balance at the beginning (in shares) \| shares					6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313
Shares transferred											¥ 68,232,451
Number of shares transferred \| shares											6,014,313	6,014,313
Accretion to redemption value					¥ 2,854,770		¥ 2,566,412		¥ 5,164,090
Foreign currency translation adjustment					8,270,941		(875,280)		(2,318,596)		¥ (2,567,136)
Balance at the end					¥ 79,636,520		¥ 67,356,447		¥ 68,510,809		¥ 65,665,315
Balance at the end (in shares) \| shares					6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313
Series B redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 912,146,924	$ 143,685,915	¥ 875,131,363		¥ 875,131,363
Balance at the beginning (in shares) \| shares					65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858
Conversion of convertible notes											¥ 131,425,527
Conversion of convertible notes (in shares) \| shares											18,393,610	18,393,610
Call option under convertible notes											¥ 131,425,290
Shares subscribed for call option under convertible notes \| shares				9,660,324							9,660,324	9,660,324
New insurance											¥ 597,987,709
Number of shares issued during period \| shares			1,231,679	36,129,245	0	0					37,360,924	37,360,924
Accretion to redemption value					¥ 35,435,288		¥ 34,404,481		¥ 67,899,896		¥ 14,851,607
Foreign currency translation adjustment					109,974,790		(11,666,321)		(30,884,335)		(558,770)
Balance at the end					¥ 1,057,557,002	$ 148,955,886	¥ 897,869,523		¥ 912,146,924	$ 143,685,915	¥ 875,131,363
Balance at the end (in shares) \| shares					65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Additional Information (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Initial conversion ratio	1	1
Dividends declared	$ 0	$ 0
Uncured breach term considered for shares redemption	30 days	30 days
Period to exercise redemption rights	18 months
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	17.00%	8.00%
Annual interest rate		17.00%
Series A-1 redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	8.00%
Period to exercise redemption rights		18 months
Annual interest rate		8.00%
Series B redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	8.00%	8.00%
Annual interest rate		8.00%

STOCK-BASED COMPENSATION - 2010 Share Incentive Plan (Details) - shares				6 Months Ended	12 Months Ended
	Jan. 01, 2015	Jan. 01, 2014	Jun. 21, 2010	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
STOCK-BASED COMPENSATION
Granted during the period				0	0	10,254,198
Remaining employees
STOCK-BASED COMPENSATION
Vesting period based on term after the grantee terminates their employment				12 months	12 months
2010 Share Incentive Plan
STOCK-BASED COMPENSATION
Contractual term			10 years
Number of shares authorized and reserved for issuance			10,902,600
Maximum number of shares that may be granted as percentage of total issued and outstanding shares		1.50%
Vesting period				3 years	3 years
Equal quarterly instalments (as a percent)				0.08%	0.08%
Vesting percentage				100.00%	100.00%
Granted during the period	510,000
Vesting period based on term after the grantee terminates their employment				5 years	5 years
2010 Share Incentive Plan \| Senior executives
STOCK-BASED COMPENSATION
Contractual term				10 years	10 years
2010 Share Incentive Plan \| Remaining employees
STOCK-BASED COMPENSATION
Contractual term				10 years	10 years

STOCK-BASED COMPENSATION - Exercise prices and exercise periods of the share options outstanding (Details) - ¥ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
Number of share options
At the beginning	13,013,422	13,013,422	11,223,795
Granted during the period	0	0	10,254,198
Forfeited during the period	0	0	(298,117)
Exercised during the period	0	0	(8,103,671)
Expired during the period	0	0	(62,783)
At the end	13,013,422	13,013,422	13,013,422
Average exercise price per share option
At the beginning (in dollars per share)	¥ 7.3289	¥ 7.3289	¥ 3.8807
Granted during the period (in dollars per share)	0	0	8.4631
Forfeited during the period (in dollars per share)	0	0	6.4631
Exercised during the period (in dollars per share)	0	0
Expired during the period (in dollars per share)	0	0	6.4631
At the end (in dollars per share)	¥ 7.3289	¥ 7.3289	¥ 7.3289

STOCK-BASED COMPENSATION - Exercise prices and exercise periods (Details)	Sep. 30, 2022 ¥ / shares shares	Mar. 31, 2021 $ / shares shares
Exercise prices and exercise periods
Number of options	13,013,422	13,013,422
Exercise price 3.4845
Exercise prices and exercise periods
Number of options	6,133,005	6,133,005
Exercise price \| (per share)	¥ 3.4845	$ 3.4845
Exercise price 6.4631
Exercise prices and exercise periods
Number of options	2,453,049	2,453,049
Exercise price \| (per share)	¥ 6.4631	$ 6.4631
Exercise price 13.1344
Exercise prices and exercise periods
Number of options	4,427,368	4,427,368
Exercise price \| (per share)	¥ 13.1344	$ 13.1344

STOCK-BASED COMPENSATION - Bonus incentive plan (Details) - Bonus incentive plan	Jan. 01, 2015 period
STOCK-BASED COMPENSATION
Contractual term	6 years
Number of six-month periods in each calendar year the plan is divided	2
Term in each calendar year into which the plan is divided	6 months
Stated period of service for an independent performance condition	1 month

STOCK-BASED COMPENSATION - Restricted share units to employees (Details) - Restricted share units			6 Months Ended	12 Months Ended
	Aug. 01, 2018 shares	Feb. 01, 2018 installment $ / shares shares	Sep. 30, 2022 CNY (¥) shares	Mar. 31, 2022 CNY (¥) shares
Remaining employees
STOCK-BASED COMPENSATION
Number of units granted		2,770,000
Weighted average grant-date fair value \| $ / shares		$ 1.81
Unrecognized share-based payment expenses \| ¥			¥ 0	¥ 0
Service conditions vesting
STOCK-BASED COMPENSATION
Number of units vested	30,000
Vesting period	3 months
Service conditions vesting \| Remaining employees
STOCK-BASED COMPENSATION
Number of units vested		1,620,000
Service conditions vesting in six equal semi-annual instalments over three years \| Remaining employees
STOCK-BASED COMPENSATION
Number of equal semi-annual instalments \| installment		6
Vesting period		3 years
Service conditions vesting in eight equal semi-annual instalments over four years \| Remaining employees
STOCK-BASED COMPENSATION
Number of equal semi-annual instalments \| installment		8
Vesting period		4 years
Performance condition vesting
STOCK-BASED COMPENSATION
Number of units vested	20,000
Vesting period	2 months
Performance condition vesting \| Remaining employees
STOCK-BASED COMPENSATION
Number of units vested			1,150,000	1,150,000

STOCK-BASED COMPENSATION - Restricted share units to independent directors (Details) - Restricted share units	Aug. 01, 2018 director shares	Jul. 25, 2018 CNY (¥) director $ / shares shares	Sep. 30, 2022 CNY (¥)
Independent directors
STOCK-BASED COMPENSATION
Number of units granted		1,080,000
Number of grantees \| director	3	3
Number of units granted to each director annually	120,000
Weighted average grant-date fair value \| $ / shares		$ 1.84
Unrecognized share-based payment expenses \| ¥		$ 0	¥ 0
Vested for three months
STOCK-BASED COMPENSATION
Number of units vested	30,000
Vesting period	3 months
Vested for two months
STOCK-BASED COMPENSATION
Number of units vested	20,000
Vesting period	2 months

STOCK-BASED COMPENSATION - 2020 Share Incentive Plan (Details) - 2020 Share Incentive Plan - shares	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
STOCK-BASED COMPENSATION
Number of shares authorized and reserved for issuance	35,000,000	35,000,000
Number of shares fully vested and issued	8,373,671	8,373,671
Number of shares reserved but not issued	26,626,329	26,626,329
Number of shares granted but not exercised	13,886,187	13,886,187

STOCK-BASED COMPENSATION - Stock-based compensation (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
STOCK-BASED COMPENSATION
Total stock-based compensation	¥ (85,316)	$ (12,017)	¥ 3,128,742	¥ 7,764,448	$ 1,223,094	¥ 76,756,500
Research and development expenses
STOCK-BASED COMPENSATION
Total stock-based compensation	(1,015,055)	(142,970)	492,764	975,171	153,614	4,200,464
General and administrative expenses
STOCK-BASED COMPENSATION
Total stock-based compensation	¥ 929,739	$ 130,953	¥ 2,635,978	¥ 6,789,277	$ 1,069,481	72,501,943
Selling expenses
STOCK-BASED COMPENSATION
Total stock-based compensation						¥ 54,093

RELATED PARTY TRANSACTIONS AND BALANCES (Details)	6 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS AND BALANCES (Details)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 CNY (¥)
Related Party Transaction
Amounts due from related party				¥ 30,088,833
Yisheng Biopharma Holding Ltd (Hong Kong)
Related Party Transaction
Amounts due from related party		¥ 0		30,088,833		¥ 0
Yisheng Biopharma Holding Ltd (Hong Kong) \| Receivable collected on behalf of YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 2,966,777	¥ 2,966,777	$ 459,412	¥ 30,088,833	$ 4,600,000

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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RELATED PARTY TRANSACTIONS AND BALANCES - Transactions with related parties (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 CNY (¥)
Related Party Transaction
Amount lent to related party				¥ 30,088,833
Amounts due from related party				30,088,833
Yisheng Biopharma Holding Ltd (Hong Kong)
Related Party Transaction
Amount lent to related party		¥ 2,966,777		30,088,833
Loan repaid by related party		33,055,610
Amounts due from related party		0		30,088,833		¥ 0
Yisheng Biopharma Holding Ltd (Hong Kong) \| Receivable collected on behalf of YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 2,966,777	2,966,777	$ 459,412	¥ 30,088,833	$ 4,600,000
Yisheng Biopharma Holding Ltd (Hong Kong) \| Repayment to YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 33,055,610	¥ 33,055,610	$ 5,118,732

RELATED PARTY TRANSACTIONS AND BALANCES - Additional information (Details) - CNY (¥)	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2022	Mar. 31, 2020
Related Party Transaction
Amount repaid to related party			¥ 163,346,796
Forgiveness of amounts due to related parties			446,092,527
Amounts due from related party			30,088,833
Amount lent to related party			30,088,833
Henan Yisheng Biopharma
Related Party Transaction
Due to related party					¥ 102,868,404
Amount lent by related party			213,545,060
Amount repaid to related party			147,375,441
Forgiveness of amounts due to related parties			169,038,024
Beijing Yisheng Xingye
Related Party Transaction
Due to related party			0		204,218,333
Amount lent by related party			155,014,765
Amount repaid to related party			47,360,000
Forgiveness of amounts due to related parties			311,873,098
Amounts due from related party		¥ 0		¥ 0
Amount lent to related party	¥ 46,970	46,970
Henan Yisheng Pan-Asia
Related Party Transaction
Due to related party					8,000
Amount repaid to related party			8,000
Other Related Parties
Related Party Transaction
Due to related party					7,792,152
Amount lent by related party			445,833
Amount repaid to related party			8,237,985
Liaoning Yisheng Pan-Asia
Related Party Transaction
Amounts due from related party			0		30,780,298
Amount lent to related party			8,423,885
Loan repaid by related party			6,700,388
Forgiveness of amounts due from related parties			32,503,795
Henan Yisheng Huizhong
Related Party Transaction
Amounts due from related party			0		¥ 1,744,800
Amount lent to related party			570,000
Forgiveness of amounts due from related parties			¥ 2,314,800
Yisheng Biopharma
Related Party Transaction
Due to related party		0		¥ 0
Amount lent by related party		¥ 64,880

INCOME TAX - Tax rate (Details)	1 Months Ended	6 Months Ended		12 Months Ended
INCOME TAX - Tax rate (Details)	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
INCOME TAX
Statutory federal corporate income tax		25.00%	25.00%	25.00%	25.00%
Singapore
INCOME TAX
Statutory federal corporate income tax		17.00%		17.00%
China
INCOME TAX
Statutory federal corporate income tax		25.00%		25.00%
Enterprise income tax rate		25.00%		25.00%
high and new technology enterprises, income tax rate	15.00%	15.00%		15.00%
Term for high and new technology enterprises status	3 years	3 years		3 years
United States
INCOME TAX
Statutory federal corporate income tax		21.00%		21.00%
State income tax rate		8.25%		8.25%

INCOME TAX - Provision for income tax (Details)	6 Months Ended			12 Months Ended
INCOME TAX - Provision for income tax (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Provision for income tax
Deferred tax	¥ 565,625	$ 79,668	¥ 5,689,586	¥ 4,937,120	$ 777,720	¥ 17,454,245
Income tax	¥ 565,625	$ 79,668	¥ 5,689,586	¥ 4,937,122	$ 777,720	¥ 17,454,245

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAX - Reconciliation of statutory rate to effective tax rate (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of statutory rate to effective tax rate
Statutory federal income tax rate	25.00%	25.00%	25.00%	25.00%
Effect of different tax rates in different jurisdictions	(182.62%)	(26.82%)	(18.26%)	(20.56%)
Effect of PRC preferential tax rate	(100.49%)	11.98%	4.56%	(0.77%)
Effect of research and development expenses deduction and others	80.56%	30.97%	33.20%	7.80%
Temporary differences	5.03%	13.42%	4.88%	10.01%
Change in valuation allowance	177.88%	(41.02%)	(44.47%)	(11.49%)
Effective tax rate	5.36%	13.53%	4.88%	10.01%

INCOME TAX - Net deferred assets (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Deferred tax assets:
Write-down of inventories to net realizable value	¥ 166,410	$ 23,439	¥ 825,454	$ 130,030	¥ 6,195,269
Impairment of property, plant and building	1,900,433	267,674	2,031,460	320,006	2,293,516
Deferred government grants	4,680,205	659,202	4,852,383	764,371	4,950,884
Losses available for offsetting against future taxable profits	47,805,830	6,733,405	58,257,270	9,176,975	32,495,322
Less: valuation allowance	(47,800,000)	(6,733,405)	(58,257,270)	(9,176,975)	(32,495,322)
Total deferred tax assets, net	6,747,048	950,315	7,709,297	1,214,407	13,439,669
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(4,273,589)	(601,931)	(4,670,213)	(735,675)	(5,463,463)
Total deferred tax liabilities	(4,273,589)	(601,931)	(4,670,213)	(735,675)	(5,463,463)
Net deferred tax asset	¥ 2,473,459	$ 348,384	¥ 3,039,084	$ 478,732	¥ 7,976,206

INCOME TAX - Additional information (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 CNY (¥)
INCOME TAX
Valuation allowance	¥ 47,800,000	$ 6,733,405	¥ 58,257,270	$ 9,176,975		¥ 32,495,322
Uncertain tax positions	¥ 0		¥ 0		¥ 0	¥ 0

DEFERRED GOVERNMENT GRANTS (Details)	6 Months Ended			12 Months Ended
DEFERRED GOVERNMENT GRANTS (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Government grants received that were deferred	¥ 1,200,000		¥ 1,500,000	¥ 3,600,000		¥ 1,600,000
Government grants	22,456,691	$ 3,163,003	19,600,822	23,020,413	$ 3,626,290	3,530,405
Subsidies that the government has not set any conditions and are not tied to future trends or performance
DEFERRED GOVERNMENT GRANTS
Government grants	¥ 13,200,000		¥ 18,500,000	¥ 20,800,000		¥ 1,440,000

DEFERRED GOVERNMENT GRANTS - Property, plant and equipment & Research and development (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	¥ 32,349,218	$ 5,095,809	¥ 33,005,891	¥ 33,005,891
Addition	1,200,000		1,500,000	3,600,000		¥ 1,600,000
Recognized as income	(600,000)
Total deferred government grants	24,322,667	3,425,824		32,349,218	$ 5,095,809	33,005,891
Less: current portion	(3,495,701)			(2,295,701)		(2,121,645)	$ (492,366)	$ (361,630)
Non-current portion	20,826,966			30,053,517		30,884,246	$ 2,933,458	$ 4,734,179
Government grants for property, plant and equipment
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	22,030,690	3,103,001	21,847,340	21,847,340	3,441,502	21,096,442
Addition	1,200,000	169,019		1,552,000	244,479	2,000,000
Recognized as income	(727,839)	(102,515)	(1,400,000)	(1,368,650)	(215,597)	(1,249,102)
Total deferred government grants	22,502,851	3,169,505		22,030,690	3,103,001	21,847,340
Government grants for research and development
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	10,318,528	1,453,355	11,158,551	11,158,551	1,757,750	10,387,874
Addition						1,610,700
Recognized as income	(8,500,000)	(1,197,036)	¥ (800,000)	(840,023)	(132,325)	(840,023)
Total deferred government grants	¥ 1,819,816	$ 256,319		¥ 10,318,528	$ 1,453,355	¥ 11,158,551

DEFERRED GOVERNMENT GRANTS - Additional information (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥) item	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥) item	Mar. 31, 2022 USD ($) item	Mar. 31, 2021 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Amount amortized from deferred government grant into government grant recognized in income	¥ 600,000
Government grants	¥ 22,456,691	$ 3,163,003	¥ 19,600,822	¥ 23,020,413	$ 3,626,290	¥ 3,530,405
Government grants for property, plant and equipment
DEFERRED GOVERNMENT GRANTS
Number of deferred government grants	7	7		7	7
Amount amortized from deferred government grant into government grant recognized in income	¥ 727,839	$ 102,515	1,400,000	¥ 1,368,650	$ 215,597	1,249,102
Amount that will be amortized in fiscal 2023	2,700,000			1,500,000
Amount that will be amortized after fiscal 2023	¥ 19,800,000			20,600,000
Government grants				¥ 18,500,000		0
Government grants for research and development
DEFERRED GOVERNMENT GRANTS
Number of deferred government grants \| item	2	2		2	2
Amount amortized from deferred government grant into government grant recognized in income	¥ 8,500,000	$ 1,197,036	¥ 800,000	¥ 840,023	$ 132,325	840,023
Amount that will be amortized in fiscal 2023	800,000			800,000
Amount that will be amortized after fiscal 2023	1,000,000.0			1,400,000
Amount that is expected to be fulfilled after 2022	¥ 1,000,000.0			8,100,000
Government grants				¥ 2,000,000.0		¥ 0

COMMITMENTS AND CONTINGENCIES - Commitments to purchase raw materials or services (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other professional service fee			¥ 7,617,840	$ 1,200,000
Research and development	¥ 6,001,375	$ 845,288	73,894,705	11,640,261
Purchase raw materials	20,236,200	2,850,249	17,664,500	17,664,500
Total	¥ 27,817,575	$ 3,918,078	¥ 99,177,045	$ 30,504,761

COMMITMENTS AND CONTINGENCIES - Sales contract dispute (Details) - CNY (¥)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Hebei defense biological products supply center
COMMITMENTS AND CONTINGENCIES
Gain contingency, amount awarded to defendant		¥ 2,465,807
Term within which the amount to be paid by defendant		20 days
Compensation received		¥ 1,636,755
Expected compensation receivable		¥ 829,052
Chaoyang center for disease control and prevention
COMMITMENTS AND CONTINGENCIES
Gain contingency, amount awarded to defendant	¥ 416,900
Compensation received	300,000
Expected compensation receivable	¥ 116,900

SEGMENT INFORMATION - Non-current assets aggregated to form reportable geographical segment (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 CNY (¥) segment	Mar. 31, 2022 CNY (¥) segment	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Non-current assets aggregated to form reportable geographical segment
Number of operating segment	1	1
Non-current assets	¥ 676,885,437	¥ 676,988,748	$ 95,338,663	$ 106,642,631	¥ 433,970,786
PRC
Non-current assets aggregated to form reportable geographical segment
Non-current assets	613,613,563	604,094,049	86,426,880	95,159,896	288,637,839
Other countries/regions
Non-current assets aggregated to form reportable geographical segment
Non-current assets	¥ 25,068,223	¥ 26,777,039	$ 3,530,835	$ 4,218,052	¥ 31,345,723

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

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SUBSEQUENT EVENTS (Details)	Aug. 15, 2022 $ / shares shares
SUBSEQUENT EVENTS
Number of shares surrendered \| shares	575,000
Price per share surrendered \| $ / shares	$ 0.000005
Subsequent event
SUBSEQUENT EVENTS
Number of shares surrendered \| shares	575,000
Price per share surrendered \| $ / shares	$ 0.000005

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) - PARENT COMPANY BALANCE SHEETS (Details)

Sep. 30, 2022

CNY (¥)

Sep. 30, 2022

USD ($)

Mar. 31, 2022

CNY (¥)

Mar. 31, 2022

USD ($)

Sep. 30, 2021

CNY (¥)

Sep. 30, 2021

USD ($)

Mar. 31, 2021

CNY (¥)

Mar. 31, 2021

USD ($)

Mar. 31, 2020

CNY (¥)

Mar. 31, 2020

USD ($)

¥ 227,000,000

$ 32,000,000

¥ 271,067,503

$ 42,700,000

¥ 49,521,897

¥ 390,457,084

30,088,833

871,552,683

122,757,357

764,764,393

120,469,486

733,204,286

676,885,437

95,338,663

676,988,748

106,642,631

433,970,786

1,548,438,120

218,096,020

1,441,753,141

227,112,117

1,167,175,072

Current liabilities

367,283,321

51,731,502

326,751,353

51,471,496

322,750,471

575,338,836

81,035,921

475,914,160

74,968,363

345,040,994

890,561,645

125,434,750

770,500,937

121,373,135

390,579,208

1,608,561,727

226,564,371

1,370,221,392

215,844,081

897,869,523

$ 187,785,655

1,285,458,571

$ 181,055,603

¥ 440,585,213

$ 69,403,171

Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021

7,978

1,124

7,978

1,257

^[1]

7,978

^[1]

808,648,509

113,897,365

808,502,018

127,359,254

800,806,378

Accumulated other comprehensive income

(1,673,775,766)

(235,749,706)

(1,590,567,163)

(250,554,041)

(1,353,900,436)

(85,565,973)

(12,051,884)

83,087,979

13,088,431

44,223,373

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit

(950,685,252)

(133,903,101)

(698,969,188)

(110,105,099)

(604,517,882)

$ (85,145,762)

(508,862,707)

¥ (847,320,829)

1,548,438,120

218,096,020

1,441,753,141

227,112,117

1,167,175,072

Series A and Series A-1 redeemable convertible preferred shares

551,004,725

77,608,485

458,074,468

72,158,166

410,327,208

Parent company | Reportable legal entities

1,057,557,002

148,955,886

912,146,924

143,685,915

¥ 897,869,523

875,131,363

3,943,175

555,392

252,611,535

39,792,624

330,296,949

848,379,306

119,493,409

519,236,876

81,792,772

495,937,171

852,322,481

120,048,801

771,848,411

121,585,396

826,234,120

Long-term investments, net

164,003,403

23,099,722

146,641,652

23,099,721

150,952,826

164,003,403

23,099,722

146,641,652

23,099,721

150,952,826

1,016,325,884

143,148,523

918,490,063

144,685,117

977,186,946

Current liabilities

354,920,428

49,990,201

244,082,463

38,449,082

197,324,794

Due to related party

3,528,981

497,054

3,155,395

497,053

3,266,288

358,449,409

50,487,255

247,237,858

38,946,135

200,591,082

358,449,409

50,487,255

247,237,858

38,946,135

200,591,082

Total mezzanine equity

1,608,561,727

226,564,371

1,370,221,392

215,844,081

1,285,458,571

Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021

7,978

1,124

7,978

1,257

7,978

808,648,509

113,897,365

808,502,018

127,359,254

800,806,378

Accumulated other comprehensive income

(1,673,775,766)

(235,749,706)

(1,590,567,163)

(250,554,041)

(1,353,900,436)

(85,565,973)

(12,051,886)

83,087,980

13,088,431

44,223,373

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit

(950,685,252)

(133,903,103)

(698,969,187)

(110,105,099)

(508,862,707)

1,016,325,884

143,148,523

918,490,063

144,685,117

977,186,946

Parent company | Reportable legal entities | Series A and Series A-1 redeemable convertible preferred shares

Parent company | Reportable legal entities | Series B redeemable convertible preferred shares

551,004,725

77,608,485

458,074,468

72,158,166

410,327,208

¥ 1,057,557,002

$ 148,955,886

¥ 912,146,924

$ 143,685,915

¥ 875,131,363

[1]	Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) - PARENT COMPANY BALANCE SHEETS - Parenthetical (Details) - $ / shares	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Ordinary shares, shares authorized	9,950,000,000	9,950,000,000		9,950,000,000
Ordinary shares, issued	246,736,533	247,311,533		247,311,533
Ordinary shares, outstanding	246,736,533	247,311,533		247,311,533
Parent company \| Reportable legal entities
PARENT COMPANY BALANCE SHEETS
Ordinary shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Ordinary shares, shares authorized	9,950,000,000	9,950,000,000		9,950,000,000
Ordinary shares, issued	246,736,533	247,311,533		247,311,533
Ordinary shares, outstanding	246,736,533	247,311,533		247,311,533
Series A and Series A-1 redeemable convertible preferred shares
PARENT COMPANY BALANCE SHEETS
Redeemable convertible preferred shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Redeemable convertible preferred shares, shares authorized	50,000,000	50,000,000		50,000,000
Temporary equity, shares issued	21,548,589	21,548,589		21,548,589
Temporary equity, shares outstanding	21,548,589	21,548,589		21,548,589
Series A and Series A-1 redeemable convertible preferred shares \| Parent company \| Reportable legal entities
PARENT COMPANY BALANCE SHEETS
Redeemable convertible preferred shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Redeemable convertible preferred shares, shares authorized	50,000,000	50,000,000		50,000,000
Temporary equity, shares issued	21,548,589	21,548,589		21,548,589
Temporary equity, shares outstanding	21,548,589	21,548,589		21,548,589
Series B redeemable convertible preferred shares
PARENT COMPANY BALANCE SHEETS
Redeemable convertible preferred shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Redeemable convertible preferred shares, shares authorized	100,000,000	100,000,000		100,000,000
Temporary equity, shares issued	65,414,858	65,414,858		65,414,858
Temporary equity, shares outstanding	65,414,858	65,414,858	65,414,858	65,414,858
Series B redeemable convertible preferred shares \| Parent company \| Reportable legal entities
PARENT COMPANY BALANCE SHEETS
Redeemable convertible preferred shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Redeemable convertible preferred shares, shares authorized	100,000,000	100,000,000		100,000,000
Temporary equity, shares issued	65,414,858	65,414,858		65,414,858
Temporary equity, shares outstanding	65,414,858	65,414,858		65,414,858

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) - PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥) ¥ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 CNY (¥) ¥ / shares shares	Mar. 31, 2022 CNY (¥) ¥ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 CNY (¥) ¥ / shares shares
Operating expenses:
Selling expenses	¥ 150,228,079	$ 21,159,480	¥ 86,265,281	¥ 185,999,704	$ 29,299,597	¥ 73,485,259
General and administrative expenses	49,587,013	6,984,283	51,664,591	107,620,500	16,952,916	155,334,386
Research and development expenses	123,861,107	17,445,718	124,051,209	211,222,263	33,272,780	94,387,144
Total operating expenses	323,676,199	45,589,481	261,981,081	504,842,467	79,525,293	323,206,789
Loss from operations	(17,842,255)	(2,513,065)	(56,147,276)	(118,958,663)	(18,738,959)	(125,847,737)
Other income:
Financial income, net	(14,949,434)	(2,105,613)	(352,694)	(2,717,433)	(428,064)	(29,689,927)
Total other income, net	7,282,515	1,025,735	16,745,530	17,891,384	2,818,339	(48,524,260)
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Accretion to redemption value of convertible redeemable preferred shares	72,083,238	10,152,855	65,013,751	130,662,326	20,582,579	16,610,297
Net loss attributable to YishengBio Co. Ltd	(83,208,603)	(11,719,853)	(110,105,083)	(236,666,727)	(37,280,919)	(208,436,539)
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Foreign currency translation adjustment	(168,653,952)	(23,754,747)	11,321,167	38,864,606	6,122,146	22,455,217
Total comprehensive loss	¥ (179,779,317)	$ (25,321,745)	¥ (33,770,165)	¥ (67,139,795)	$ (10,576,194)	¥ (169,371,025)
Loss per share:
Basic net income (loss) per ordinary share \| (per share)	¥ (0.05)	$ (0.01)	¥ (0.18)	¥ (0.43)	$ (0.07)	¥ (0.78)
Earnings Per Share, Diluted \| (per share)	¥ (0.05)	$ (0.01)	¥ (0.18)	¥ (0.43)	$ (0.07)	¥ (0.78)
Weighted average number of ordinary shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533
Weighted Average Number of Shares Outstanding, Diluted	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533
Parent company \| Reportable legal entities
PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Equity loss of subsidiaries	¥ (5,703,582)	$ (803,346)	¥ (27,562,274)	¥ (75,864,722)	$ (11,950,588)	¥ (60,903,713)
Operating expenses:
Selling expenses \| ¥						54,278
General and administrative expenses	6,356,204	895,265	17,037,618	29,178,255	4,596,304	104,562,058
Research and development expenses	(934,367)	(131,605)	492,764	988,531	155,718	4,352,356
Total operating expenses	5,421,837	763,660	17,530,382	30,166,786	4,752,022	108,968,692
Loss from operations	(11,125,419)	(1,567,006)	(45,092,656)	(106,031,508)	(16,702,610)	(169,872,405)
Other income:
Financial income, net	54	8	1,324	27,107	4,270	(21,953,837)
Total other income, net	54	8	1,324	27,107	4,270	(21,953,837)
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Accretion to redemption value of convertible redeemable preferred shares	(72,083,238)	(10,152,855)	(65,013,751)	(130,662,326)	(20,582,579)	(16,610,297)
Net loss attributable to YishengBio Co. Ltd	(83,208,603)	(11,719,853)	(110,105,083)	(236,666,727)	(37,280,919)	(208,436,538)
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Foreign currency translation adjustment	(168,653,952)	(23,754,747)	11,321,167	38,864,607	6,122,146	22,455,217
Total comprehensive loss	¥ (179,779,317)	$ (25,321,745)	¥ (33,770,165)	¥ (67,139,794)	$ (10,576,194)	¥ (169,371,025)
Loss per share:
Basic net income (loss) per ordinary share \| (per share)	¥ (0.04)	$ (0.01)	¥ (0.18)	¥ (0.43)	$ (0.07)	¥ (0.78)
Earnings Per Share, Diluted \| (per share)	¥ (0.04)	$ (0.01)	¥ (0.18)	¥ (0.43)	$ (0.07)	¥ (0.78)
Weighted average number of ordinary shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	247,311,533	247,311,533	247,311,533	247,311,533	247,311,533	247,311,533
Weighted Average Number of Shares Outstanding, Diluted	247,311,533	247,311,533	247,311,533	247,311,533	247,311,533	247,311,533

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) - PARENT COMPANY STATEMENTS OF CASH FLOWS (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
PARENT COMPANY STATEMENTS OF CASH FLOWS
Net loss	¥ (11,125,365)	$ (1,566,998)	¥ (45,091,332)	¥ (106,004,401)	$ (16,698,340)	¥ (191,826,242)
Share-based compensation	85,316	12,017	(3,128,741)	7,764,448	1,223,094	76,756,500
Changes in operating assets and liabilities:
Amounts due from related parties			30,088,833	30,088,833	4,739,742	(3,086,330)
Accrued expenses and other liabilities	37,289,942	5,252,252	(37,906,402)	(35,633,487)	(5,613,164)	140,210
Net cash used in operating activities	(107,395,153)		(176,984,374)	(173,545,357)	(27,337,727)	(246,610,437)
Cash flows from investing activities:
Net cash used in investing activities	19,024,351	2,679,561	203,390,377	(298,923,958)	(47,087,987)	(104,238,941)
Cash flows from financing activities:
Proceeds from issuance of mezzanine equity						729,412,999
Shareholders' contributions						1,589,236
Net cash provided by financing activities	(51,907,325)	(7,311,097)	(43,885,865)	364,558,145	57,427,010	739,258,696
Effect of exchange rate on cash	30,471,942	4,291,943	(4,446,301)	(11,478,411)	(1,808,136)	(2,674)
Net change in cash	(44,040,237)	(6,203,025)	(340,935,187)	(119,389,581)	(18,806,840)	388,406,644
Cash, beginning of the period	271,067,503	38,179,597	390,457,084	390,457,084	61,506,740	2,050,440
Cash, end of the period	227,027,266	31,976,572	49,521,897	271,067,503	38,179,597	390,457,084
Supplemental disclosure of non-cash investing and financing activity
Accretion to redemption value of convertible redeemable preferred shares	72,083,238	10,152,855	65,013,751	130,662,326	20,582,579	16,610,297
Forgiveness from related parties						446,092,527
Parent company \| Reportable legal entities
PARENT COMPANY STATEMENTS OF CASH FLOWS
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Equity loss of subsidiaries	5,703,582	803,346	27,562,274	75,864,722	11,950,588	60,903,713
Share-based compensation	(85,316)	(12,017)	3,128,741	7,764,448	1,223,094	76,756,500
Changes in operating assets and liabilities:
Amounts due from related parties	(328,910,623)	(46,326,745)	(298,261,642)	(23,299,705)	(3,670,285)	(421,125,633)
Amounts due to related parties				(110,893)	(17,468)	2,906,881
Accrued expenses and other liabilities	55,467,639	7,812,564	(7,357,523)	(24,732,348)	(3,895,962)	77,228,629
Net cash used in operating activities	(278,576,497)	(39,237,231)	(320,062,179)	(70,518,177)	(11,108,373)	(395,156,152)
Cash flows from investing activities:
Payment for long-term investment				(813,776)	(128,190)	(7,658,738)
Net cash used in investing activities				(813,776)	(128,190)	(7,658,738)
Cash flows from financing activities:
Proceeds from issuance of mezzanine equity						729,412,999
Shareholders' contributions						1,589,236
Net cash provided by financing activities						731,002,235
Effect of exchange rate on cash	29,908,137	4,212,531	(4,446,303)	(6,353,461)	(1,000,829)	2,109,604
Net change in cash	(248,668,360)	(35,024,700)	(324,508,482)	(77,685,414)	(12,237,392)	330,296,949
Cash, beginning of the period	252,611,535	35,580,092	330,296,949	330,296,949	52,030,016
Cash, end of the period	3,943,175	555,392	5,788,467	252,611,535	35,580,092	330,296,949
Supplemental disclosure of non-cash investing and financing activity
Accretion to redemption value of convertible redeemable preferred shares	¥ 72,083,238	$ 10,152,855	¥ 65,013,751	¥ 130,662,326	$ 20,582,579	16,610,297
Forgiveness from related parties						¥ 446,092,527

CONDENSED CONSOLIDATED BALANCE SHEETS

Sep. 30, 2022

CNY (¥)

Sep. 30, 2022

USD ($)

Mar. 31, 2022

CNY (¥)

Mar. 31, 2022

USD ($)

Sep. 30, 2021

CNY (¥)

Sep. 30, 2021

USD ($)

Mar. 31, 2021

CNY (¥)

Mar. 31, 2021

USD ($)

Mar. 31, 2020

CNY (¥)

Mar. 31, 2020

USD ($)

¥ 227,000,000

$ 32,000,000

¥ 271,067,503

$ 42,700,000

¥ 49,521,897

¥ 390,457,084

Restricted cash

261,766

36,869

Accounts receivable, net

468,359,388

65,967,969

308,555,105

48,605,133

214,502,737

Advance to suppliers

7,556,142

1,064,275

10,648,306

1,677,374

11,458,564

Prepaid expenses and other current assets

161,667,187

22,770,668

166,505,565

26,228,784

81,439,883

6,942,700

977,873

7,987,914

1,258,295

5,257,185

871,552,683

122,757,357

764,764,393

120,469,486

733,204,286

Property, plant and equipment, net

557,366,853

78,504,585

550,153,110

86,662,851

236,204,959

Operating lease right-of-use assets, net

13,067,129

1,840,493

14,850,283

2,339,290

17,245,924

Deferred tax assets, net

2,473,459

348,384

3,039,084

478,732

7,976,206

Other assets, non-current

81,314,933

11,453,130

80,717,978

12,715,097

83,778,603

22,663,063

3,192,071

28,228,293

4,446,661

88,765,094

676,885,437

95,338,663

676,988,748

106,642,631

433,970,786

Bank loans and other borrowing - current

1,548,438,120

218,096,020

1,441,753,141

227,112,117

1,167,175,072

Current liabilities:

163,641,078

23,048,688

111,733,754

17,600,856

Accounts payable

37,394,178

5,266,934

30,811,100

4,853,518

16,383,236

Operating lease liabilities - current

367,283,321

51,731,502

326,751,353

51,471,496

322,750,471

3,524,558

496,431

4,322,252

680,863

3,785,642

Deferred government grants - current

3,495,701

492,366

2,295,701

361,630

2,121,645

Bank loans and other borrowing - non-current

575,338,836

81,035,921

475,914,160

74,968,363

345,040,994

Non-current Liabilities

283,992,000

40,000,000

253,928,000

40,000,000

1,103,609

Operating lease liabilities - non-current

10,403,843

1,465,371

10,605,260

1,670,593

13,550,359

Deferred government grants - non-current

20,826,966

2,933,458

30,053,517

4,734,179

30,884,246

Total non-current liabilities

315,222,809

44,398,829

294,586,777

46,404,772

45,538,214

890,561,645

125,434,750

770,500,937

121,373,135

390,579,208

Commitments and Contingencies

1,608,561,727

226,564,371

1,370,221,392

215,844,081

897,869,523

$ 187,785,655

1,285,458,571

$ 181,055,603

¥ 440,585,213

$ 69,403,171

Total mezzanine equity

1,608,561,727

226,564,371

1,370,221,392

215,844,081

1,285,458,571

Shareholders' Deficit

Common Stock

7,978

1,124

7,978

1,257

^[1]

7,978

^[1]

808,648,509

113,897,365

808,502,018

127,359,254

800,806,378

Accumulated other comprehensive income (loss)

(1,673,775,766)

(235,749,706)

(1,590,567,163)

(250,554,041)

(1,353,900,436)

(85,565,973)

(12,051,884)

83,087,979

13,088,431

44,223,373

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit

(950,685,252)

(133,903,101)

(698,969,188)

(110,105,099)

(604,517,882)

$ (85,145,762)

(508,862,707)

¥ (847,320,829)

1,548,438,120

218,096,020

1,441,753,141

227,112,117

1,167,175,072

Series A and Series A-1 redeemable convertible preferred shares

551,004,725

77,608,485

458,074,468

72,158,166

410,327,208

Organization, Consolidation and Presentation of Financial Statements [Abstract]

¥ 1,057,557,002

$ 148,955,886

¥ 912,146,924

$ 143,685,915

¥ 897,869,523

¥ 875,131,363

[1]	Gives retroactive effect to reflect the reorganization in February 2021.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Ordinary shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Ordinary shares, shares authorized	9,950,000,000	9,950,000,000		9,950,000,000
Ordinary shares, issued	246,736,533	247,311,533		247,311,533
Ordinary shares, outstanding	246,736,533	247,311,533		247,311,533
Series A and Series A-1 redeemable convertible preferred shares
Redeemable convertible preferred shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Redeemable convertible preferred shares, shares authorized	50,000,000	50,000,000		50,000,000
Temporary equity, shares issued	21,548,589	21,548,589		21,548,589
Temporary equity, shares outstanding	21,548,589	21,548,589		21,548,589
Series B redeemable convertible preferred shares
Redeemable convertible preferred shares, par value	$ 0.000005	$ 0.000005		$ 0.000005
Redeemable convertible preferred shares, shares authorized	100,000,000	100,000,000		100,000,000
Temporary equity, shares issued	65,414,858	65,414,858		65,414,858
Temporary equity, shares outstanding	65,414,858	65,414,858	65,414,858	65,414,858

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥) ¥ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 CNY (¥) ¥ / shares shares	Mar. 31, 2022 CNY (¥) ¥ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 CNY (¥) ¥ / shares shares
Income Statement [Abstract]
Revenues	¥ 399,534,723	$ 56,274,081	¥ 269,433,426	¥ 502,949,894	$ 79,227,166	¥ 257,015,929
Cost of revenues	93,700,779	13,197,665	63,599,621	117,066,090	18,440,832	59,656,877
Gross profit	305,833,944	43,076,416	205,833,805	385,883,804	60,786,334	197,359,052
Operating expenses:
Selling	150,228,079	21,159,480	86,265,281	185,999,704	29,299,597	73,485,259
General and administrative expenses	49,587,013	6,984,283	51,664,591	107,620,500	16,952,916	155,334,386
Research and development	123,861,107	17,445,718	124,051,209	211,222,263	33,272,780	94,387,144
Total operating expenses	323,676,199	45,589,481	261,981,081	504,842,467	79,525,293	323,206,789
Loss from operations	(17,842,255)	(2,513,065)	(56,147,276)	(118,958,663)	(18,738,959)	(125,847,737)
Other income (expense):
Late fees related to tax other than income tax \| ¥						(11,464,741)
Late fees related to tax other than income tax			(112,420)	(231,231)	(36,425)	(7,261,947)
Late fee related to social security insurance	(300,000)	(42,173)	(1,396,221)	(1,900,000)	(291,796)	(7,701,793)
Government grants	22,456,691	3,163,003	19,600,822	23,020,413	3,626,290	3,530,405
Financial expenses, net	(14,949,434)	(2,105,613)	(352,694)	(2,717,433)	(428,064)	(29,689,927)
Other (expense) income, net	74,675	10,518	(993,957)	(327,987)	(51,666)	4,063,743
Total other income, net	7,282,515	1,025,735	16,745,530	17,891,384	2,818,339	(48,524,260)
Loss before income taxes	(10,559,740)	(1,487,330)	(39,401,746)	(101,067,279)	(15,920,620)	(174,371,997)
Income tax expense	(565,625)	(79,668)	(5,689,586)	(4,937,122)	(777,720)	(17,454,245)
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Accretion to redemption value of convertible redeemable preferred shares	(72,083,238)	(10,152,855)	(65,013,751)	(130,662,326)	(20,582,579)	(16,610,297)
Net loss attributable to YishengBio Co. Ltd	(83,208,603)	(11,719,853)	(110,105,083)	(236,666,727)	(37,280,919)	(208,436,539)
Net loss	(11,125,365)	(1,566,998)	(45,091,332)	(106,004,401)	(16,698,340)	(191,826,242)
Other comprehensive income (loss): foreign currency translation gain (loss)	(168,653,952)	(23,754,747)	11,321,167	38,864,606	6,122,146	22,455,217
Total comprehensive loss	¥ (179,779,317)	$ (25,321,745)	¥ (33,770,165)	¥ (67,139,795)	$ (10,576,194)	¥ (169,371,025)
Loss per share:
Basic net income (loss) per ordinary share \| (per share)	¥ (0.05)	$ (0.01)	¥ (0.18)	¥ (0.43)	$ (0.07)	¥ (0.78)
Earnings Per Share, Diluted \| (per share)	¥ (0.05)	$ (0.01)	¥ (0.18)	¥ (0.43)	$ (0.07)	¥ (0.78)
Weighted average number of ordinary shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533
Weighted Average Number of Shares Outstanding, Diluted	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT	Ordinary Shares CNY (¥) shares	Ordinary Shares USD ($) shares	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Deficit CNY (¥)	Deficit USD ($)	Accumulated other comprehensive income CNY (¥)	Accumulated other comprehensive income USD ($)	CNY (¥) shares	USD ($) shares
Balances at beginning at Mar. 31, 2020	¥ 6,797		¥ 276,368,115		¥ (1,145,463,897)		¥ 21,768,156		¥ (847,320,829)
Balance as at beginning (in shares) at Mar. 31, 2020 \| shares	212,883,618	212,883,618
Increase (Decrease) in Stockholders' Equity
Shareholders' contribution	¥ 1,181		447,681,763						447,682,944
Class B ordinary shares issued to initial shareholders,Shares \| shares	34,427,915	34,427,915
Accretion to redemption value of convertible redeemable preferred shares					(16,610,297)				(16,610,297)
Net income (loss)					(191,826,242)				(191,826,242)
Share-based compensation			76,756,500						76,756,500
Foreign currency translation adjustment							22,455,217		22,455,217
Balances at end at Mar. 31, 2021	¥ 7,978		800,806,378		(1,353,900,436)		44,223,373		¥ (508,862,707)
Balance as at end (in shares) at Mar. 31, 2021 \| shares	247,311,533	247,311,533							247,311,533	247,311,533
Increase (Decrease) in Stockholders' Equity
Accretion to redemption value of convertible redeemable preferred shares					(65,013,751)				¥ (65,013,751)
Net income (loss)					(45,091,332)				(45,091,332)
Share-based compensation			3,128,741						3,128,741
Foreign currency translation adjustment							11,321,167		11,321,167
Balances at end at Sep. 30, 2021	¥ 7,978	$ 1,124	803,935,119	$ 113,233,488	(1,464,005,519)	$ (206,203,769)	55,544,540	$ 7,823,395	(604,517,882)	$ (85,145,762)
Balance as at end (in shares) at Sep. 30, 2021 \| shares	247,311,533	247,311,533
Balances at beginning at Mar. 31, 2021	¥ 7,978		800,806,378		(1,353,900,436)		44,223,373		¥ (508,862,707)
Balance as at beginning (in shares) at Mar. 31, 2021 \| shares	247,311,533	247,311,533							247,311,533	247,311,533
Increase (Decrease) in Stockholders' Equity
Accretion to redemption value of convertible redeemable preferred shares					(130,662,326)				¥ (130,662,326)	$ (20,582,579)
Net income (loss)					(106,004,401)				(106,004,401)
Share-based compensation			7,764,448						7,764,448
Foreign currency translation adjustment			(68,808)				38,864,606		38,795,798
Balances at end at Mar. 31, 2022	¥ 7,978	$ 1,257	808,502,018	127,359,254	(1,590,567,163)	(250,554,041)	83,087,979	13,088,431	¥ (698,969,188)	$ (110,105,099)
Balance as at end (in shares) at Mar. 31, 2022 \| shares	247,311,533	247,311,533							247,311,533	247,311,533
Increase (Decrease) in Stockholders' Equity
Accretion to redemption value of convertible redeemable preferred shares					(72,083,238)				¥ (72,083,238)	$ (10,152,855)
Net income (loss)					(11,125,365)				(11,125,365)
Share-based compensation			(85,316)						(85,316)
Share-based compensation (in shares) \| shares	(575,000)	(575,000)
Foreign currency translation adjustment			231,807				(168,653,952)		(168,422,145)
Balances at end at Sep. 30, 2022	¥ 7,978	$ 1,124	¥ 808,648,509	$ 113,897,365	¥ (1,673,775,766)	$ (235,749,706)	¥ (85,565,973)	$ (12,051,884)	¥ (950,685,252)	$ (133,903,101)
Balance as at end (in shares) at Sep. 30, 2022 \| shares	246,736,533	246,736,533							246,736,533	246,736,533

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	6 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (11,125,365)	$ (1,566,998)	¥ (45,091,332)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes	565,625	79,668	5,689,586
Depreciation of property, plant and equipment	13,818,386	1,946,306	11,560,041
Amortization of intangible assets	3,409,643	480,245	3,326,419
Loss on disposal of property, plant and equipment	64,179	9,040	238,279
Share-based compensation	85,316	12,017	(3,128,741)
Impairment of accounts receivable	6,447,109	908,069	2,888,417
Non-cash lease expense	2,409,286	339,346	1,805,910
Changes in operating assets and liabilities:
Inventories	4,838,379	681,481	(40,481,983)
Accounts receivable	(166,251,393)	(23,416,349)	(96,243,492)
Amounts due from related parties			30,088,833
Prepaid expenses and other current assets	4,102,924	577,893	(31,314,821)
Accounts payable	(6,583,078)	(927,220)	(16,697,346)
Accrued expenses and other liabilities	37,289,942	5,252,252	(37,906,402)
Deferred government grants	(8,026,551)	(1,130,532)	491,177
Income taxes payable	(1,435,079)	(202,129)	(1,861,093)
Operating lease liabilities	(107,395,153)	(15,126,504)	(176,984,374)
Net cash used in operating activities	(107,395,153)		(176,984,374)
Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment			8,000
Purchases of property, plant and equipment	(15,017,753)	(2,115,236)	(202,828,177)
Purchases of intangible assets	(4,006,598)	(564,325)	(570,200)
Net cash used in investing activities	19,024,351	2,679,561	203,390,377
Cash flows from financing activities:
Proceeds from issuance of debt	102,513,927	14,438,988	92,719,786
Repayment of bank and other borrowings	(50,606,602)	(7,127,891)	(48,833,921)
Net cash provided by financing activities	(51,907,325)	(7,311,097)	(43,885,865)
Effect of foreign exchange rate on cash	30,471,942	4,291,943	(4,446,301)
Net change in cash	(44,040,237)	(6,203,025)	(340,935,187)
Cash, beginning of the period	271,067,503	38,179,597	390,457,084
Cash	227,000,000		49,521,897
Restricted cash	261,766
Cash, end of the period	227,027,266	31,976,572	49,521,897
Total cash and restricted cash shown in the statements of cash flows	227,027,266		49,521,897
Supplemental disclosures of cash flow information:
Interest paid	12,723,051	1,792,030	402,617
Supplemental disclosure of non-cash investing and financing activity
Accretion to redemption value of convertible redeemable preferred shares	¥ 72,083,238	$ 10,152,855	¥ 65,013,751

ORGANIZATION AND BUSINESS DESCRIPTION

12 Months Ended

Mar. 31, 2022

ORGANIZATION AND BUSINESS DESCRIPTION

NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION

YS Group’s current legal entity structure is as follows:

As of the date of this report, YS Group is consisted of the following legal entities:


Legal Entity	Nature of Operations	Date of Incorporation	Place of Incorporation
YishengBio Co., Ltd (“YS Biopharma”)	Holding Company	November 16, 2020	Cayman Islands
YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”)	Holding Company	December 28, 2020	Hong Kong
Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”)*	Research and development of vaccines and therapeutic biologics	November 28, 2009	Singapore
Yisheng US Biopharma Inc. (“US Yisheng”)	Research of vaccines and therapeutic biologics	September 29, 2009	US
Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”)**	Research and development, manufacturing and commercialization of vaccines and therapeutic biologics	May 26, 1994	PRC
Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”)	Research and development of vaccines and therapeutic biologics	February 4, 2021	PRC

*	Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011.

**	Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

LIQUIDITY

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

LIQUIDITY

LIQUIDITY

NOTE 2 — LIQUIDITY

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Basis of Consolidation

The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction.

Use of Estimates

Foreign Currency Translation


			Six Months Ended September 30,
	September 30, 2022	March 31, 2022	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1$	7.0998	6.3482	6.7240	6.5284
RMB:1S$	4.9717	4.6932	4.8325	4.8200

Convenience translation

Cash

Restricted Cash

Accounts Receivable, net

Advance to Suppliers

Inventories, net

Property, Plant and Equipment, net

Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life.

Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicles		4 – 5 years
Leasehold improvements		Lesser of the lease term or life of assets

Intangible assets, net

Impairment of Long-lived Assets

Concentrations of Credit Risk and Significant Suppliers

Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows:


	Six Months Ended September 30, 2022
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	21,661,500	$	3,051,001	38.8	%
Vendor B	10,053,600		1,416,040	18.0	%
Vendor C	3,005,828		423,368	5.4	%
Vendor D	2,009,315		283,010	3.6	%
Vendor I	1,859,500		261,909	3.3	%
Total	38,589,743	$	5,435,328	69.1	%


	Six Months Ended September 30, 2021
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	11,283,000	$	1,589,200	12.5	%
Vendor F	9,028,170		1,271,609	10.0	%
Vendor D	6,689,566		942,219	7.4	%
Vendor G	6,063,000		853,968	6.7	%
Vendor H	5,460,000		769,036	6.1	%
Total	38,523,736	$	5,426,032	42.7	%

Fair Value Measurements

●	Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

●	Level 3 — inputs to the valuation methodology are unobservable.

YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

Social Security Insurance

Leases

Government Grants

Convertible Redeemable Preferred Shares

Revenue from Contracts with Customers

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and

Step 5: Recognize revenue when YS Group satisfies a performance obligation

Cost of Revenues

Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories.

General and Administrative Expenses

Selling Expenses

Research and development expenses

Other Income (Expenses), net

Income Taxes

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong is exempted from profit tax on its foreign- sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. The subsidiary incorporated in Singapore files separate income tax returns in Singapore and paid Singapore statutory income tax of 17%.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

●	when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●	in respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

●	when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●

Value Added Tax (“VAT”)

Taxes other than Income Tax

Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc.

Share-based Compensation

Comprehensive Loss

Shareholders’ Contribution

Main sources of shareholders’ contribution include debt forgiveness from related parties and cash donations from shareholders.

Loss Per Share

Segment Reporting

YS Group’s non-current assets are located in the PRC and other countries. The location of these non-current assets can be aggregated to form the reportable geographical segment.

Significant Risks

Currency risk

YS Group’s condensed total assets by geographical area and it’s denominated currency are shown below:


	Denominated	March 31, 2022			September 30, 2022
	Currency	(RMB)			(RMB)	(US$)
					(unaudited)	(unaudited)
PRC	RMB	1,155,124,790	80	%	1,316,093,351	$	185,370,484	85	%
Hong Kong	$	2,666,762	0	%	194,452,627		27,388,465	13	%
Singapore	S$	26,168,621	2	%	29,843,991		4,203,497	2	%
United States	$	5,181,433	0	%	4,104,976		578,182	0	%
Cayman	$	252,611,535	18	%	3,943,175		555,392	0	%
Total		1,441,753,141	100	%	1,548,438,120	$	218,096,020	100	%

Concentration and political risk

taxation, among other things. Although YS Group has not experienced losses from these situations and believes it is in compliance with existing laws, this may not be indicative of future results.

Interest rate risk

Related Parties

Recently Issued Accounting Pronouncements

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Basis of Consolidation

The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction.

Use of Estimates

Foreign Currency Translation

YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated


			For the Years Ended
	As of March 31,		March 31,
	2022	2021	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1US$	6.3482	6.5713	6.4598	6.8282
RMB:1S$	4.6932	4.8768	4.7850	4.9246

Convenience translation

Cash

Accounts Receivable, net

Accounts receivable balances are written off after all collection efforts have been exhausted.

Advance to Suppliers

Inventories, net

Property, Plant and Equipment, net

Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life.


Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicle		4 – 5 years
Leasehold improvement		Lesser of the lease term or life of assets

Intangible assets, net

Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine license and patent with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight- line basis over their estimated useful lives of 15 years. Software and laboratory information system are amortized on the straight-line basis over their estimated useful lives of 10 years

Impairment of Long-lived Assets

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of March 31, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of March 31, 2022 and 2021, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2022 and 2021, there were no customers that accounted for more than 10% of YS Group’s net revenues.

Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows:


	For the Year Ended March 31, 2022
	(RMB)	(US$)
Vendor A	35,172,250	$	5,540,508		20.9	%
Vendor B	16,227,146		2,556,181		9.6	%
Vendor C	9,995,189		1,574,492	$	5.9	%
Vendor D	7,426,500		1,169,859		4.4	%
Vendor E	6,621,300		1,043,020		3.9	%
Total	75,442,385	$	11,884,060		44.7	%


	For the Year Ended March 31, 2021
	(RMB)	(US$)
Vendor A	32,063,500	$	4,879,324		37.9	%
Vendor F	5,781,888		879,870		6.8	%
Vendor G	4,862,320		739,933	$	5.7	%
Vendor C	4,568,088		695,157		5.4	%
Vendor H	3,199,200		486,844		3.8	%
Total	50,474,996	$	7,681,128		59.6	%

Details of percentage of YS Group’s top 5 vendors accounting for accounts payable are as follows:


	As of March 31, 2022
	(RMB)	(US$)
Vendor E	1,420,549	$	223,772	4.6	%
Total	1,420,549	$	223,772	4.6	%


	As of March 31, 2021
	(RMB)	(US$)
Vendor A	1,225,510	$	186,494	8.3	%
Total	1,225,510	$	186,494	8.3	%

YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID-19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China.

Fair Value Measurements

●

Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 3 — inputs to the valuation methodology are unobservable.

YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

Social Security Insurance

Leases

Government Grants

Government grants represent primarily subsidies received from PRC governments for operating a business in their jurisdictions and in compliance with specific policies promoted by the government authorities. YS Group’s PRC-based subsidiaries received specific subsidies and other subsidies from certain local governments. Specific subsidies are subsidies the local government has set certain conditions for the subsidies. Other subsidies are subsidies the local government has not set any conditions and are not tied to future trends or performance of YS Group, receipt of such subsidy is not contingent upon any further actions or performance of YS Group and the amounts do not have to be refunded under any circumstances. Specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required.

Convertible Redeemable Preferred Shares

Revenue from Contracts with Customers

YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from its contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when YS Group satisfies a performance obligation

YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily streams from the sales of vaccines.

Cost of Revenues

Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories.

General and Administrative Expenses

Selling Expenses

Research and development expenses

Other Income (Expenses), net

Income Taxes

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong is exempted from profit tax on its foreign- sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. The subsidiary incorporated in Singapore files separate income tax returns in Singapore and paid Singapore statutory income tax of 17%.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

●	when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●	in respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

●	when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●

Value Added Tax (“VAT”)

Taxes other than Income Tax

Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc.

Share-based Compensation

Comprehensive Loss

Shareholders’ Contribution

Loss Per Share

In accordance with ASC 260, Earnings Per Share, basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary shares plus dilutive equivalent shares outstanding during the period. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. No potential common shares was included in the computation of diluted loss per share when a loss from continuing operation exists.

Segment Reporting

YS Group’s non-current assets are located in the PRC and other countries. The location of these non-current assets can be aggregated to form the reportable geographical segment.

Significant Risks

Currency risk

YS Group maintains bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for YS Group’s accounts, as its aggregate deposits are higher than the compensation limit, which is RMB500,000 for one bank. However, YS Group believes the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and YS Group believes that those Chinese banks that hold YS Group’s cash are financially sound based on public available information.

Concentration and political risk

Interest rate risk

Fluctuations in market interest rates may negatively affect YS Group’s financial condition and results of operations. YS Group is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material. YS Group has not used any derivative financial instruments to manage YS Group’s interest risk exposure.

Related Parties

Recently Issued Accounting Pronouncements

ACCOUNTS RECEIVABLE, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

ACCOUNTS RECEIVABLE, NET

NOTE 4 — ACCOUNTS RECEIVABLE, NET

Accounts receivable consists of the followings


	March 31,2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	(US$)
		(Unaudited)	(Unaudited)
Trade receivables	322,170,980	488,422,373	$	68,793,821
Allowance for doubtful accounts	(13,615,875)	(20,062,985)		(2,825,852)
Accounts receivable, net	308,555,105	468,359,388	$	65,967,969

Below is an analysis of the movements in the allowance for doubtful account:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Balance at April 1,	8,530,951	13,615,875	$	1,917,783
Additions	2,888,417	6,447,110		908,069
Balance at September 30	11,419,368	20,062,985	$	2,825,852

NOTE 4 — ACCOUNTS RECEIVABLE, NET


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Trade receivables	223,033,688	322,170,980	$	50,749,973
Allowance for doubtful accounts	(8,530,951)	(13,615,875)		(2,144,840)
Accounts receivable, net	214,502,737	308,555,105	$	48,605,133

The allowance for doubtful accounts reflects YS Group’s best estimate of probable losses inherent in the accounts receivable balance. YS Group estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of YS Group’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. During the fiscal years ended March 31, 2022 and 2021, YS Group recorded approximately RMB5.1 million and RMB6.4 million bad debt expense, respectively.

YS Group’s accounts receivable are not written off in the track period. Below is an analysis of the movements in the allowance for doubtful account:


	For the Fiscal Year Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	2,116,317	8,530,951	$	1,343,838
Additions	6,414,634	5,084,924		801,002
Balance at end of the year	8,530,951	13,615,875	$	2,144,840

INVENTORIES, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

INVENTORIES, NET

NOTE 5 — INVENTORIES, NET

YS Group’s inventories consist of the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Raw materials	57,926,980	52,392,648	$	7,379,454
Work in progress	40,795,744	39,148,872		5,514,081
Finished goods	73,285,870	71,235,067		10,033,391
Allowance for slow-moving or obsolete inventories	(5,503,029)	(1,109,400)		(156,258)
Inventories, net	166,505,565	161,667,187	$	22,770,668

The movements in the allowance for slow-moving or obsolete inventories are as follows:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Balance at April 1,	41,301,797	5,503,029	$	775,096
Inventories written off	(40,192,397)	(4,393,629)		(618,838)
Balance at September 30	1,109,400	1,109,400	$	156,258

During the six months ended September 30, 2022 and 2021, the allowance for slow-moving or obsolete inventories was nil.

NOTE 5 — INVENTORIES, NET

YS Group’s inventories consist of the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Raw materials	20,865,093	57,926,980	$	9,124,946
Work in progress	23,453,665	40,795,744		6,426,348
Finished goods	78,422,922	73,285,870		11,544,354
Allowance for slow-moving or obsolete inventories	(41,301,797)	(5,503,029)		(866,864)
Inventories, net	81,439,883	166,505,565	$	26,228,784

The movements in the allowance for slow-moving or obsolete inventories are as follows:


	For the Fiscal Year Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	76,661,332	41,301,797	$	6,506,064
Additions	950,261	4,393,629		692,106
Inventories written off	(36,309,796)	(40,192,397)		(6,331,306)
Balance at end of the year	41,301,797	5,503,029	$	866,864

PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consist of the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
Cost		(Unaudited)	(Unaudited)
Construction in progress	318,000,074	333,446,243	$	46,965,583
Plant and buildings	170,206,987	183,372,813		25,827,884
Machinery and equipment	194,875,303	193,846,868		27,303,145
Electronic equipment	10,107,578	10,794,907		1,520,452
Motor vehicles	2,978,155	3,027,767		426,458
Office equipment and furniture	29,888,526	21,612,891		3,044,155
Leasehold improvements	4,390,980	4,626,927		651,698
Total Cost	730,447,603	750,728,416		105,739,375
Less: accumulated depreciation	(150,402,597)	(163,469,667)		(23,024,545)
Less: asset impairment	(29,891,896)	(29,891,896)		(4,210,245)
Property and equipment, net	550,153,110	557,366,853	$	78,504,585

NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consist of the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Cost
Construction in progress	40,158,349	318,000,074	$	50,092,951
Plant and buildings	153,845,452	170,206,987		26,811,850
Machinery and equipment	174,933,799	194,875,303		30,697,726
Electronic equipment	8,442,743	10,107,578		1,592,196
Motor vehicles	2,814,066	2,978,155		469,134
Office equipment and furniture	14,241,207	29,888,526		4,708,189
Leasehold improvements	3,889,957	4,390,980		691,689
Total Cost	398,325,573	730,447,603		115,063,735
Less: accumulated depreciation	(132,228,718)	(150,402,597)		(23,692,164)
Less: asset impairment	(29,891,896)	(29,891,896)		(4,708,720)
Property and equipment, net	236,204,959	550,153,110	$	86,662,851

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Deposits⁽¹⁾	2,807,847	1,622,616	$	228,544
Staff advances⁽²⁾	383,251	303,767		42,785
Staff’s social security⁽³⁾	615,581	677,626		95,443
Value added tax recoverable⁽⁴⁾	3,442,733	3,920,265		552,166
Other receivable⁽⁵⁾	854,245	534,169		75,237
Allowance⁽⁶⁾	(115,743)	(115,743)		(16,302)
Total	7,987,914	6,942,700	$	977,873

(1)	Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs.

(2)	Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities.

(3)

(4)

(5)	Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees.

(6)

NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Loan receivable⁽¹⁾	2,966,778	—	$	—
Deposits⁽²⁾	1,362,270	2,807,847		442,306
Staff advances⁽³⁾	290,024	383,251		60,372
Staff’s social security⁽⁴⁾	190,253	615,581		96,969
Value added tax recoverable⁽⁵⁾	148,705	3,442,733		542,316
Other receivable⁽⁶⁾	414,898	854,245		134,564
Allowance⁽⁷⁾	(115,743)	(115,743)		(18,232)
Total	5,257,185	7,987,914	$	1,258,295

(1)

(2)	Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs.

(3)	Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities.

(4)

(5)

(6)	Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees.

(7)

INTANGIBLE ASSETS, NET

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

INTANGIBLE ASSETS, NET

NOTE 8 — INTANGIBLE ASSETS, NET

YS Group’s intangible assets are presented below:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Cost
Patents	79,608,000	79,608,000	$	11,212,710
Licenses, software and laboratory information system	6,143,880	10,150,478		1,429,685
Land use rights	67,181,860	67,181,860		9,462,500
Total Cost	152,933,740	156,940,338		22,104,895
Less: Accumulated Amortization	(72,215,762)	(75,625,405)		(10,651,765)
Intangible Assets, net	80,717,978	81,314,933	$	11,453,130

NOTE 8 — INTANGIBLE ASSETS, NET

YS Group’s intangible assets are presented below:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Cost
Patents	79,608,000	79,608,000	$	12,540,248
Licenses, software and laboratory information system	2,526,272	6,143,880		967,814
Land use rights	67,181,860	67,181,860		10,582,820
Total Cost	149,316,132	152,933,740		24,090,882
Less: Accumulated Amortization	(65,537,529)	(72,215,762)		(11,375,785)
Intangible Assets, net	83,778,603	80,717,978	$	12,715,097

BANK LOANS AND OTHER BORROWINGS

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

BANK LOANS AND OTHER BORROWINGS

NOTE 9 — BANK LOANS AND OTHER BORROWINGS


	March 31,	September 30,	September 30,
	2022	2022	2022		Maturity Date	Interest Rate
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
China Guangfa Bank Co.,Ltd. – Shenyang Branch⁽¹⁾	46,456,142	35,509,492	$	5,001,478	2022/11/17 – 2022/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch⁽²⁾	64,647,870	81,486,261		11,477,261	2022/10/11 – 2023/09/22	5.30	%
Citi Bank⁽³⁾	234,743	—		—	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	394,999	—		—	2026/9/15	4.00	%
China Citic Bank – Shenyang Branch⁽⁵⁾	—	34,295,325		4,830,464	2023/3/16 – 2023/5/19	5.2% / 3.25	%
China Construction Bank – Shenyang Branch⁽⁶⁾	—	12,350,000		1,739,485	2023/9/8 – 2023/9/27	4.00	%
Bank loans due within one year	111,733,754	163,641,078	$	23,048,688
R-Bridge Healthcare Fund, LP ⁽⁴⁾	253,928,000	283,992,000		40,000,000	2026/9/15	4.00	%
Long-term bank loans	253,928,000	283,992,000		40,000,000
Total bank loans	365,661,754	447,633,078	$	63,048,688

(1)

(2)

(3)	On May 2, 2020, YS Group borrowed RMB1,103,609 (US$166,400) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. The balance of RMB234,742 ($36,978) was repaid in full in May 2022.

(4)

financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below:


	Repayment
Repayment Date	Instalment
April 7, 2025	$	6,400,000
July 7, 2025		6,400,000
October 7, 2025		6,400,000
January 7, 2026		6,400,000
April 7, 2026		6,400,000
July 7, 2026		8,000,000
Total	$	40,000,000

(5)

(6)	On September 6, 2022, YS Group entered into a credit facility of RMB50 million with China Construction Bank for one year to finance its working capital requirements. YS Group drew approximately RMB 12.4 million from September 9, 2022 to September 28, 2022 with interest at 4 %.

YS Group recorded RMB15.2 million and RMB0.4 million of interest expense for the six months ended September 30, 2022 and 2021, respectively.

NOTE 9 — BANK LOANS AND OTHER BORROWINGS


	As of March 31,
	2021	2022	2022	Maturity Date	Interest Rate
	(RMB)	(RMB)	(US$)
China Guangfa Bank Co., Ltd. – Shenyang Branch⁽¹⁾	—	46,456,142	7,318,002	2022/9/16 – 2022/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch⁽²⁾	—	64,647,870	10,183,654	2022/7/19 – 2022/12/1	5.30	%
Citi Bank⁽³⁾	—	234,743	36,978	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	—	394,999	62,222	2026/9/15	4.00	%
Bank loans due within one year	—	111,733,754	17,600,856
Citi Bank⁽³⁾	1,103,609	—	—	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	—	253,928,000	40,000,000	2026/9/15	4.00	%
Long-term bank loans	1,103,609	253,928,000	40,000,000
Total bank loans	1,103,609	365,661,754	57,600,856

(1)

On September 13, 2021, YS Group entered into a credit facility of RMB100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB46.5 million in total from September 22, 2021 to March 10, 2022 with an annual interest at 5.655%, which is due from September 16, 2022 to December 16, 2022.

(2)

(3)

(4)


Repayment Date		Repayment Instalment
April 7, 2025		US$ 6,400,000
July 7, 2025		6,400,000
October 7, 2025		6,400,000
January 7, 2026		6,400,000
April 7, 2026		6,400,000
July 7, 2026		8,000,000
Total		US$40,000,000

YS Group shall pay accrued interest on the Loan on each Payment Date. As of March 31, 2022, YS Group accrued approximately RMB395,000 (US$62,222) of interest.

YS Group recorded RMB 2.8 million and RMB5.8 million of interest expense for the years ended March 31, 2022 and 2021, respectively.

LEASES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

LEASES

LEASES

NOTE 10 — LEASES

A summary of YS Group’s operating leases as of March 31, 2022 and September 30, 2022 is as follows:


	March 31, 2022		September 30, 2022		September 30, 2022
	(RMB)		(RMB)		($)
			(Unaudited)		(Unaudited)
Operating lease ROU assets	14,850,283		13,067,129		$	1,840,493
Operating lease liabilities – current	4,322,252		3,524,558			496,431
Operating lease liabilities – non-current	10,605,260		10,403,843		$	1,465,371
Weighted average remaining lease term	3.4		3.0			3.0
Weighted average discount rate	4.8	%	4.8	%		4.8	%

A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
		(Unaudited)		(Unaudited)
Operating lease cost	2,237,633	2,508,388	$	373,050
Cash paid for operating leases	2,276,956	786,888	$	110,832

A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of September 30, 2022 is as follows:


12 months Ending September 30,	As of September 30, 2022
	(RMB)		($)
2023	5,748,070	$	809,610
2024	5,029,426		708,390
2025	3,921,138		552,289
2026	158,029		22,257
Total lease payments	14,856,663		2,092,546
Less: Interest	(928,262)		(130,744)
Present value of operating lease liabilities	13,928,401	$	1,961,802
Operating lease liabilities – current	3,524,558		496,431
Operating lease liabilities – non-current	10,403,843	$	1,465,371

NOTE 10 — LEASES

A summary of YS Group’s operating leases as of March 31, 2022 and 2021 is as follows:


	As of March 31,
	2021		2022		2022
	(RMB)		(RMB)		(US$)
Operating lease ROU assets	17,245,924		14,850,283		$	2,339,290
Operating lease liabilities – current	3,785,642		4,322,252			680,863
Operating lease liabilities – non-current	13,550,359		10,605,260		$	1,670,593
Weighted average remaining lease term	4.4		3.4			3.4
Weighted average discount rate	5.0	%	4.8	%		4.8	%

A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows:


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Operating lease cost	2,643,917	4,594,967	$	723,822
Cash paid for operating leases	2,601,625	4,587,894	$	722,708

A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of March 31, 2022 is as follows:


Fiscal Year Ending March 31,	As of March 31, 2022
	(RMB)	(US$)
2023	4,947,481	$	779,352
2024	4,837,260		761,989
2025	4,922,251		775,377
2026	1,479,661		233,084
2027 and thereafter	—		—
Total lease payments	16,186,653		2,549,802
Less: Interest	(1,259,141)		(198,346)
Present value of operating lease liabilities	14,927,512	$	2,351,456

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities are consisted of the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Salaries and social security insurance payable⁽¹⁾	57,459,273	55,943,773	$	7,879,627
Promotion service fee⁽²⁾	64,883,477	93,688,809		13,195,979
Taxes other than income tax	1,171,381	3,005,157		423,273
Late fees⁽³⁾	9,499,595	9,685,430		1,364,183
Payable for property, plant and equipment	48,774,134	49,128,153		6,919,653
CDC transportation and storage fee	35,023,095	48,656,533		6,853,226
Guarantee deposits⁽⁴⁾	94,528,659	94,733,524		13,343,126
Professional service fee⁽⁵⁾	7,758,448	2,226,221		313,561
Other payable⁽⁶⁾	7,653,291	10,215,721		1,438,874
Total	326,751,353	367,283,321	$	51,731,502

(1)


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Salaries	49,020,045	47,732,121	$	6,723,023
Social security insurance	7,732,161	7,535,447		1,061,360
Union Fee	707,067	676,205		95,244
Total	57,459,273	55,943,773	$	7,879,627

(2)	Promotion service fee primarily are fees for vaccine promotion, including design and implementation of academic activities, and collection of market information.

(3)


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Late fee charge of social insurance	9,499,595	9,685,430		1,364,183
Total	9,499,595	9,685,430	$	1,364,183

(4)

(5)	Professional service fees primarily represented service fees from professional advisor.

(6)	Other payable primarily represented employees’ reimbursement and value added tax and the royalty fee to R-Bridge Healthcare Fund, LP. (See note 10)

NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities are consisted of the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Salaries and social security insurance payable⁽¹⁾	86,818,418	57,459,273	$	9,051,270
Promotion service fee⁽²⁾	58,358,838	64,883,477		10,220,768
Taxes other than income tax	1,615,475	1,171,381		184,522
Late fees⁽³⁾	93,890,390	9,499,595		1,496,423
Payable for property, plant and equipment	4,730,933	48,774,134		7,683,144
CDC transportation and storage fee	12,087,830	35,023,095		5,517,012
Guarantee deposits⁽⁴⁾	48,732,986	94,528,659		14,890,624
Professional service fee⁽⁵⁾	8,694,317	7,758,448		1,222,149
Other payable⁽⁶⁾	7,821,284	7,653,291		1,205,584
Total	322,750,471	326,751,353		51,471,496

(1)


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Salaries	46,263,007	49,020,045	7,721,881
Social security insurance	39,926,173	7,732,161	1,218,008
Union Fee	629,238	707,067	111,381
Total	86,818,418	57,459,273	9,051,270

(2)	Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information.

(3)


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Late fee charge of income tax	53,890,577	—	—
Late fee charge of taxes other than income tax	10,635,413	—	—
Late fee charge of social insurance	29,364,400	9,499,595	1,496,423
Total	93,890,390	9,499,595	1,496,423

(4)

Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. The external service providers’ professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services doesn’t assume inventory risk for the vaccines before they are transferred to the end customers.

(5)	Professional service fees primarily represented service fees from consultants and other advisors.

(6)	Other payable primarily represented employees’ reimbursement and value added tax.

CONVERTIBLE REDEEMABLE PREFERRED SHARES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

CONVERTIBLE REDEEMABLE PREFERRED SHARES

NOTE 12 — CONVERTIBLE REDEEMABLE PREFERRED SHARES

Series A

Series A-1

For the six months ended September 30, 2022, there were no new Series A preferred shares issued, and the accretion to redemption value was RMB36,647,950.

Series B

In January 2021, the principal amount of Convertible Notes together with the accrued interest of US $20,389,315 were converted into 18,393,610 Series B Preferred Shares at US $1.1085 per share, and the convertible note holders also exercised their call option rights under the Convertible Notes and converted into 9,660,324 Series B preferred shares at US $2.0703 per share.

In February 2021, YS Group raised US $3,000,000 by way of issuance of 1,231,679 Series B Preferred Shares to Superstring Capital Master Fund LP.

For the six months ended September 30, 2022, there were no new Series B preferred shares issued, and the accretion to redemption value was RMB35,435,288.

The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares as of September 30, 2022:

Series A

Series A-1

Series B

Total

Carrying

Shares

Value

Shares

Value

Shares

Value

(RMB)

($)

As of March 31, 2021

15,534,276

344,661,893

6,014,313

65,665,315

65,414,858

875,131,363

1,285,458,571

181,055,603

Accretion to redemption value

—

28,042,858

—

2,566,412

—

34,404,481

65,013,751

9,157,124

Foreign currency translation adjustment

—

(4,690,126)

—

(875,280)

—

(11,666,321)

(17,231,727)

(2,427,072)

As of September 30, 2021

15,534,276

368,014,625

6,014,313

67,356,447

65,414,858

897,869,523

1,333,240,595

187,785,655

As of March 31, 2022

15,534,276

389,563,659

6,014,313

68,510,809

65,414,858

912,146,924

1,370,221,392

192,994,365

Accretion to redemption value

—

33,793,180

—

2,854,770

—

35,435,288

72,083,238

10,152,855

Foreign currency translation adjustment

—

48,011,366

—

8,270,941

—

109,974,790

166,257,097

23,417,151

As of September 30, 2022

15,534,276

471,368,205

6,014,313

79,636,520

65,414,858

1,057,557,002

1,608,561,727

226,564,371

Convertible Preferred Stock Rights and Preferences

Redemption right: The Preferred Shares are redeemable at the option of the holders for all or any less portion of the Preferred Shares as provided herein at any time following:

●

●	When Mr. Zhang, the Chairman of YS Biopharma ceases to be employed or provide service to YS Biopharma.

NOTE 13 — CONVERTIBLE REDEEMABLE PREFERRED SHARES

Series A

On December 10, 2012, pursuant to the Series A redeemable convertible preferred share purchase agreement and shareholders agreement (“Preferred Shares Agreements”), YS Biopharma issued 21,548,589 Series A redeemable convertible preferred shares (“Series A Preferred Share”) to Asia Ventures II L.P., and Beacon Bioventures Fund III Limited Partnership (renamed as “F-Prime Capital Partners Healthcare Fund III LP” on December 30, 2015), collectively with any of their respective affiliates who holds Series A Preferred Shares, at US$0.93 per share for total cash consideration of US $20,000,000, of which 6,014,313 shares of Series A were transferred as Series A-1 on September 4, 2020.

Series A-1

Ventures and F-Prime transferred 6,014,313 Series A Preferred Shares to the Purchasers. As of March 31, 2022, 15,534,276 shares Series A and 6,014,313 shares Series A-1 were issued and outstanding.

Series B

In February 2021, YS Group raised US $3,000,000 by way of issuance of 1,231,679 Series B Preferred Shares to Superstring Capital Master Fund LP.

The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares as of March 31, 2022:


	Series A		Series A‑1		Series B		Total	Total
		Carrying		Carrying		Carrying	Carrying	Carrying
	Shares	Value	Shares	Value	Shares	Value	Value	Value
		(RMB)		(RMB)		(RMB)	(RMB)	(US$)
As of March 31, 2020	21,548,589	440,585,213	—	—	—	—	440,585,213	$	69,403,171
Conversion of convertible notes	—	—	—	—	18,393,610	131,425,527	131,425,527		20,702,802
Call option under convertible notes	—	—	—	—	9,660,324	131,425,290	131,425,290		20,702,765
New insurance	—	—	—	—	37,360,924	597,987,709	597,987,709		94,197,995
Shares transferred	(6,014,313)	(68,232,451)	6,014,313	68,232,451	—	—	—		—
Accretion to redemption value	—	1,758,690	—	—	—	14,851,607	16,610,297		2,616,536
Foreign currency translation adjustment	—	(29,449,559)	—	(2,567,136)	—	(558,770)	(32,575,465)		(5,131,449)
As of March 31, 2021	15,534,276	344,661,893	6,014,313	65,665,315	65,414,858	875,131,363	1,285,458,571	$	202,491,820
Accretion to redemption value	—	57,598,340	—	5,164,090	—	67,899,896	130,662,326		20,582,579
Foreign currency translation adjustment	—	(12,696,574)	—	(2,318,596)	—	(30,884,335)	(45,899,505)		(7,230,318)
As of March 31, 2022	15,534,276	389,563,659	6,014,313	68,510,809	65,414,858	912,146,924	1,370,221,392	$	215,844,081

Convertible Preferred Stock Rights and Preferences

or additional deemed ordinary shares through options or convertible instruments for a consideration per share received by YS Biopharma less than the original

Redemption right: The Preferred Shares are redeemable at the option of the holders for all or any less portion of the Preferred Shares as provided herein at any time following:

●

●	When Mr. Zhang, the Chairman of YS Biopharma ceases to be employed or provide service to YS Biopharma.

STOCK-BASED COMPENSATION

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

RELATED PARTY TRANSACTIONS AND BALANCES

STOCK-BASED COMPENSATION

NOTE 13 — STOCK-BASED COMPENSATION

The 2010 Share Incentive Plan

The exercise prices and exercise periods of the share options outstanding as at the end of each of the Relevant Periods are as follows:


		Average exercise
	Number of share	price per share
	options	option
		(RMB)
At March 31, 2021	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At March 31, 2022	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At September 30, 2022	13,013,422	7.3289

The exercise prices and exercise periods of the share options outstanding as at the end of the reporting periods are as follows:


Six Months Ended
30 September 2022
Number of
options	Exercise price	Exercise period
	(RMB)
6,133,005	3.4845	2021 – 2031
2,453,049	6.4631	2021 – 2026
4,427,368	13.1344	2021 – 2026
13,013,422

Bonus incentive plan

Restricted share units (“RSUs”)

The 2020 Share Incentive Plan

Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows:


	Six Months Ended September 30,
	2021	2022	2022
	(Unaudited)	(Unaudited)	(Unaudited)
Research and development expenses	492,764	(1,015,055)	$	(142,970)
General and administrative expenses	2,635,978	929,739		130,953
Total stock-based compensation	3,128,742	(85,316)	$	(12,017)

NOTE 14 — STOCK-BASED COMPENSATION

The 2010 Share Incentive Plan

The exercise prices and exercise periods of the share options outstanding as at the end of each of the Relevant Periods are as follows:


		Average exercise
	Number of share	price per share
	options	option
		(RMB)
At March 31, 2020	11,223,795	3.8807
Granted during the period	10,254,198	8.4631
Forfeited during the period	(298,117)	6.4631
Exercised during the period	(8,103,671)	—
Expired during the period	(62,783)	6.4631
At March 31, 2021	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At March 31, 2022	13,013,422	7.3289

The exercise prices and exercise periods of the share options outstanding as at the end of the reporting periods are as follows:


Year ended
31 March 2021
Number of
options	Exercise price	Exercise period
	(RMB)
6,133,005	3.4845	2021 – 2031
2,453,049	6.4631	2021 – 2026
4,427,368	13.1344	2021 – 2026
13,013,422

Bonus incentive plan

Restricted share units (“RSU”)

The 2020 Share Incentive Plan

Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows:


	For the Fiscal Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Research and development expenses	4,200,464	975,171	$	153,614
General and administrative expenses	72,501,943	6,789,277		1,069,481
Selling expenses	54,093	—		—
Total stock-based compensation	76,756,500	7,764,448	$	1,223,094

RELATED PARTY TRANSACTIONS AND BALANCES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

NOTE 14 — RELATED PARTY TRANSACTIONS AND BALANCES

The following companies are related parties that had balances or transactions with YS Group as of and during the six months ended September 30, 2022 and 2021:


Name of related parties		Relationship with YS Group
Yisheng Biopharma Co., Ltd		An entity controlled by Yi Zhang
Yisheng Biopharma Holdings Ltd.		An entity controlled by Yi Zhang
Beijing Yisheng Xingye Technology Co., Ltd.		An entity controlled by Yi Zhang

Transactions with related parties

YS Group had the following transactions with related parties, all of which are interest-free during the six months ended September 30, 2022 and 2021:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Amounts due from related party:
Yisheng Biopharma Holdings Limited (Hong Kong)
Receivable collected on behalf of YS Group	2,966,777	—	$	—
Repayment to YS Group	33,055,610	—	$	—

Beijing Yisheng Xingye Technology Co., Ltd. (PRC) (“Beijing Yisheng Xingye”)

Yisheng Biopharma Co., Ltd. (“Yisheng Biopharma “)

NOTE 15 — RELATED PARTY TRANSACTIONS AND BALANCES

The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2022 and 2021:


Name of related parties		Relationship with YS Group
Yisheng Biopharma Co., Ltd		An entity controlled by Yi Zhang
Yisheng Biopharma Holdings Ltd.		An entity controlled by Yi Zhang
Kaifeng Yisheng Pan-Asia Technology Co., Ltd		An entity controlled by Yi Zhang
Beijing Yisheng Xingye Technology Co., Ltd.		An entity controlled by Yi Zhang
Changchun Bailong Biotechnology Co., Ltd.		An entity controlled by Yi Zhang
Henan Yisheng Huizhong Health Services Co., Ltd.		An entity controlled by Yi Zhang
Henan Yisheng Biopharma Co., Ltd.		An entity controlled by Yi Zhang


Name of related parties		Relationship with YS Group
Beijing Huaerdun Kangqi Biotechnology Co., Ltd.		An entity controlled by Yi Zhang
Liaoning Yisheng Pan-Asia		An entity controlled by Yi Zhang
Yi Zhang		Chairman of Board of Directors
Hui Shao		Chief Executive Officer
Zhongkai Shi*		Chief Medical Officer
Nan Zhang		Daughter of the Chairman
Xu Zhang		Daughter of the Chairman

*	Zhongkai Shi resigned in September 2021.

Outstanding balances with related parties


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Amounts due from related party:
Yisheng Biopharma Holding Ltd (Hong Kong)	30,088,833	—	$	—
	30,088,833	—	$	—

Transactions with related parties

YS Group had the following transactions with related parties, all of which are interest-free during the fiscal years ended March 31, 2022 and 2021:


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Amounts due from related party:
Yisheng Biopharma Holdings Limited (Hong Kong)
Receivable collected on behalf of YS Group	30,088,833	2,966,777	$	459,412
Repayment to YS Group		33,055,610	$	5,118,732

In fiscal 2021, YS Group lent RMB30,088,833 to Yisheng Biopharma Holdings Limited (Hong Kong) for its operating needs. In fiscal 2022, YS Group lent another RMB2,966,777 to Yisheng Biopharma Holdings Limited (Hong Kong), and Yisheng Biopharma Holdings Limited (Hong Kong) repaid RMB33,055,610 in full to YS Group. As of March 31, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil.

Henan Yisheng Biopharma Co., Ltd. (“Henan Yisheng Biopharma”)

Beijing Yisheng Xingye Technology Co., Ltd. (PRC) (“Beijing Yisheng Xingye”)

Henan Yisheng Pan-Asia Co., Ltd. (“Henan Yisheng Pan-Asia”)

As of March 31, 2020, YS Group owed Henan Yisheng Pan-Asia Co., Ltd. RMB8,000. In fiscal 2021, YS Group repaid RMB8,000 in full to Henan Yisheng Pan-Asia.

Other Related Parties

Liaoning Yisheng Pan-Asia Co., Ltd. (“Liaoning Yisheng Pan-Asia”)

Henan Yisheng Huizhong Co., Ltd. (“Henan Yisheng Huizhong”)

Yisheng Biopharma Co., Ltd. (“Yisheng Biopharma”)

In fiscal 2022, Yisheng Biopharma lent RMB64,880 to YS Group, and YS Group repaid it in full during the same year. As of March 31, 2022, the amount due to Yisheng Biopharma was RMB nil.

INCOME TAX

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

INCOME TAX

NOTE 15 — INCOME TAX

Singapore. Yisheng Singapore, a subsidiary incorporated in Singapore, files separate income tax returns in Singapore at the statutory income tax rate of 17%.

United States. US Yisheng, a subsidiary incorporated in Maryland, United States is subject to statutory federal corporate income tax at a rate of 21% and state income tax at a rate of 8.25%.

The provision for income tax consisted of the following:


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Current income tax	—	—	$	—
Deferred tax	5,689,586	565,625		79,668
Income tax	5,689,586	565,625	$	79,668

The following table reconciles the statutory rate to YS Group’s effective tax rate:


	Six Months Ended September 30,
	2021		2022
	(Unaudited)		(Unaudited)
PRC statutory income tax rate	25.00	%	25.00	%
Effect of different tax rates in different jurisdictions	(26.82)	%	(182.62)	%
Effect of PRC preferential tax rate	11.98	%	(100.49)	%
Effect of research and development expenses deduction and Others	30.97	%	80.56	%
Temporary differences*	13.42	%	5.03	%
Change in valuation allowance	(41.02)	%	177.88	%
Effective tax rate	13.53	%	5.36	%

*	Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants.

Net deferred tax assets as of September, 2022 and March 31, 2022, consist of the following key components:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Deferred tax assets:
Write-down of inventories to net realizable value	825,454	166,410	$	23,439
Impairment of property, plant and building	2,031,460	1,900,433		267,674
Deferred government grants	4,852,383	4,680,205		659,202
Losses available for offsetting against future taxable profits	58,257,270	47,805,830		6,733,405
Less: valuation allowance	(58,257,270)	(47,805,830)		(6,733,405)
Total deferred tax assets, net	7,709,297	6,747,048		950,315
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(4,670,213)	(4,273,589)		(601,931)
Total deferred tax liabilities	(4,670,213)	(4,273,589)		(601,931)
Net deferred tax asset	3,039,084	2,473,459	$	348,384

Uncertain tax positions

NOTE 16 — INCOME TAX

Singapore. Yisheng Singapore, a subsidiary incorporated in Singapore, files separate income tax returns in Singapore at the statutory income tax rate of 17%.

United States. US Yisheng, a subsidiary incorporated in Maryland, United States is subject to statutory federal corporate income tax at a rate of 21% and state income tax at a rate of 8.25%.

The provision for income tax consisted of the following:


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Current income tax	—	—	$	—
Deferred tax	17,454,245	4,937,122		777,720
Income tax	17,454,245	4,937,122	$	777,720

The following table reconciles the statutory rate to YS Group’s effective tax rate:


	For the Years Ended March 31,
	2021		2022
PRC statutory income tax rate	25.00	%	25.00	%
Effect of different tax rates in different jurisdictions	(20.56)	%	(18.26)	%
Effect of PRC preferential tax rate	(0.77)	%	4.56	%
Effect of research and development expenses deduction and others	7.8	%	33.2	%
Temporary differences*	10.01	%	4.88	%
Change in valuation allowance	(11.49)	%	(44.47)	%
Effective tax rate	10.01	%	4.88	%

*Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants.

Net deferred tax assets as of March 31, 2022 and 2021, consist of the following key components:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Deferred tax assets:
Write-down of inventories to net realizable value	6,195,269	825,454	$	130,030
Impairment of property, plant and building	2,293,516	2,031,460		320,006
Deferred government grants	4,950,884	4,852,383		764,371
Losses available for offsetting against future taxable profits	32,495,322	58,257,270		9,176,975
Less: valuation allowance	(32,495,322)	(58,257,270)		(9,176,975)
Total deferred tax assets, net	13,439,669	7,709,297		1,214,407
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(5,463,463)	(4,670,213)		(735,675)
Total deferred tax liabilities	(5,463,463)	(4,670,213)		(735,675)
Net deferred tax asset	7,976,206	3,039,084	$	478,732

In assessing the realizability of the net deferred tax assets, YS Group considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income in the future. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, YS Group provided valuation allowance of RMB58.3 million and RMB32.5 million as of March 31, 2022 and 2021, respectively. The amount of the deferred tax asset is considered unrealizable because it is more likely than not that YS Group will not generate sufficient future taxable income to utilize this portion of the net operating loss.

Uncertain tax positions

There were no uncertain tax positions as of March 31, 2022 and 2021 and management does not anticipate any potential future adjustments which would result in a material change to its tax positions.

DEFERRED GOVERNMENT GRANTS

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

DEFERRED GOVERNMENT GRANTS

NOTE 16 — DEFERRED GOVERNMENT GRANTS

Deferred government grants included the following:


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Government grants for property, plant and equipment
Balance at beginning of the year	21,847,340	22,030,690	$	3,103,001
Addition	1,552,000	1,200,000		169,019
Recognized as income	(1,368,650)	(727,839)		(102,515)
Subtotal	22,030,690	22,502,851	$	3,169,505
Government grants for research and development
Balance at beginning of the year	11,158,551	10,318,528	$	1,453,355
Addition	—
Recognized as income	(840,023)	(8,498,712)		(1,197,036)
Subtotal	10,318,528	1,819,816	$	256,319
Total deferred government grants	32,349,218	24,322,667	$	3,425,824
Less: current portion	(2,295,701)	(3,495,701)		(492,366)
Non-current portion	30,053,517	20,826,966	$	2,933,458

Government grants for property, plant and equipment

Government grants for research and development

NOTE 17 — DEFERRED GOVERNMENT GRANTS

Deferred government grants included the following:


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Government grants for property, plant and equipment
Balance at beginning of the year	21,096,442	21,847,340	$	3,441,502
Addition	2,000,000	1,552,000		244,479
Recognized as income	(1,249,102)	(1,368,650)		(215,597)
Subtotal	21,847,340	22,030,690	$	3,470,384
Government grants for research and development
Balance at beginning of the year	10,387,874	11,158,551	$	1,757,750
Addition	1,610,700	—		—
Recognized as income	(840,023)	(840,023)		(132,325)
Subtotal	11,158,551	10,318,528	$	1,625,425
Total deferred government grants	33,005,891	32,349,218	$	5,095,809
Less: current portion	(2,121,645)	(2,295,701)		(361,630)
Non-current portion	30,884,246	30,053,517	$	4,734,179

Government grants for property, plant and equipment

Government grants for research and development

COMMITMENTS AND CONTINGENCIES

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 17 — COMMITMENTS AND CONTINGENCIES

As of September 30, 2022, YS Group has the following commitments to purchase raw materials or services:


	As of September 30,
	2022	2022
	(RMB)	($)
Construction of vaccine production facilities Office of Life Sciences	1,580,000	$	222,541
Research and development	6,001,375		845,288
Purchase raw materials	20,236,200		2,850,249
Total	27,817,575	$	3,918,078

NOTE 18 — COMMITMENTS AND CONTINGENCIES

As of March 31, 2022, YS Group has the following commitments to purchase raw materials or services:


	As of March 31,
	2022	2022
	(RMB)	(US$)
Other professional service fee	7,617,840	$	1,200,000
Research and development	73,894,705		11,640,261
Purchase raw materials	17,664,500		17,664,500
Total	99,177,045	$	30,504,761

SEGMENT INFORMATION

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

SEGMENT INFORMATION

NOTE 18 — SEGMENT INFORMATION


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
PRC	604,094,049	613,613,563	$	86,426,880
Other countries/regions	26,777,039	25,068,223	$	3,530,835

The non-current asset information above is based on the location of the assets and excludes financial instruments and deferred tax assets.

NOTE 19 — SEGMENT INFORMATION


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
PRC	288,637,839	604,094,049	$	95,159,896
Other countries/regions	31,345,723	26,777,039	$	4,218,052

The non-current asset information above is based on the location of the assets and excludes financial instruments and deferred tax assets.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

SUBSEQUENT EVENTS

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 19 — SUBSEQUENT EVENTS

On November 8, 2022, YS Group entered into a sale-leaseback agreement of RMB26 million for 3 years, from November 8, 2022 to November 7, 2025, with a 5% interest rate.

NOTE 20 — SUBSEQUENT EVENTS

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

NOTE 20 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

PARENT COMPANY BALANCE SHEETS


	March 31,	September 30,	September 30,
	2022	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
ASSETS
Current Assets
Cash	252,611,535	3,943,175	$	555,392
Amounts due from related parties	519,236,876	848,379,306		119,493,409
Total current assets	771,848,411	852,322,481		120,048,801
Non-current assets
Long-term investments, net	146,641,652	164,003,403		23,099,722
Total non-current assets	146,641,652	164,003,403		23,099,722
Total Assets	918,490,063	1,016,325,884	$	143,148,523
LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	244,082,463	354,920,428	$	49,990,201
Amounts due to related parties	3,155,395	3,528,981		497,054
Total current liabilities	247,237,858	358,449,409		50,487,255
Total Liabilities	247,237,858	358,449,409		50,487,255

Mezzanine equity
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding)	458,074,468	551,004,725		77,608,485
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding)	912,146,924	1,057,557,002		148,955,886
Total mezzanine equity	1,370,221,392	1,608,561,727		226,564,371
Shareholders’ deficit:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 246,736,533 shares issued and outstanding as of September 30, 2022	7,978	7,978		1,124
Additional paid-in capital	808,502,018	808,648,509		113,897,365
Accumulated deficit	(1,590,567,163)	(1,673,775,766)		(235,749,706)
Accumulated other comprehensive income (loss)	83,087,980	(85,565,973)		(12,051,886)
Total shareholders’ deficit	(698,969,187)	(950,685,252)		(133,903,103)
Total liabilities, mezzanine equity and shareholders’ deficit	918,490,063	1,016,325,884	$	143,148,523

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	For the Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Equity loss of subsidiaries	(27,562,274)	(5,703,582)	$	(803,346)
Operating expenses:
Selling
General and administrative	17,037,618	6,356,204		895,265
Research and development	492,764	(934,367)		(131,605)
Total operating expenses	17,530,382	5,421,837		763,660

Loss from operations	(45,092,656)	(11,125,419)		(1,567,006)
Other income:
Financial income, net	1,324	54		8
Total other income, net	1,324	54		8

Net loss	(45,091,332)	(11,125,365)		(1,566,998)
Accretion to redemption value of convertible redeemable preferred shares	(65,013,751)	(72,083,238)		(10,152,855)
Net loss attributable to YS Biopharma	(110,105,083)	(83,208,603)		(11,719,853)

Net loss	(45,091,332)	(11,125,365)		(1,566,998)
Feign currency translation gain	11,321,167	(168,653,952)		(23,754,747)
Total comprehensive loss	(33,770,165)	(179,779,317)	$	(25,321,745)

*Loss per share:**
– Basic and Diluted	(0.18)	(0.04)	$	(0.01)
*Weighted average number of ordinary shares outstanding:**
– Basic and Diluted	247,311,533	247,311,533		247,311,533

*	Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY STATEMENTS OF CASH FLOWS


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Net loss	(45,091,332)	(11,125,365)	$	(1,566,998)
Equity loss of subsidiaries	27,562,274	5,703,582		803,346
Share-based compensation	3,128,741	(85,316)		(12,017)
Changes in operating assets and liabilities:
Amounts due from related parties	(298,261,642)	(328,910,623)		(46,326,745)
Amounts due to related parties	(42,697)	373,586		52,619
Accrued expenses and other liabilities	(7,357,523)	55,467,639		7,812,564
Net cash used in operating activities	(320,062,179)	(278,576,497)		(39,237,231)
Effect of exchange rate on cash	(4,446,303)	29,908,137		4,212,531
Net decrease in cash	(324,508,482)	(248,668,360)		(35,024,700)
Cash at the beginning of the period	330,296,949	252,611,535		35,580,092
Cash at the end of the period	5,788,467	3,943,175	$	555,392
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	65,013,751	72,083,238	$	10,152,855

NOTE 21 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

PARENT COMPANY BALANCE SHEETS


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
ASSETS
Current Assets
Cash	330,296,949	252,611,535	$	39,792,624
Amounts due from related parties	495,937,171	519,236,876		81,792,772
Total current assets	826,234,120	771,848,411		121,585,396
Non-current assets
Long-term investments, net	150,952,826	146,641,652		23,099,721
Total non-current assets	150,952,826	146,641,652		23,099,721
Total Assets	977,186,946	918,490,063	$	144,685,117

LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	197,324,794	244,082,463	$	38,449,082
Amounts due to related parties	3,266,288	3,155,395		497,053
Total current liabilities	200,591,082	247,237,858		38,946,135
Total Liabilities	200,591,082	247,237,858		38,946,135
Mezzanine equity
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding as of March 31, 2022 and 2021)	410,327,208	458,074,468		72,158,166
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding as of March 31, 2022 and 2021)	875,131,363	912,146,924		143,685,915
Total mezzanine equity	1,285,458,571	1,370,221,392		215,844,081
Shareholders’ deficit:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021*	7,978	7,978		1,257
Additional paid-in capital	800,806,378	808,502,018		127,359,254
Retained earnings	(1,353,900,436)	(1,590,567,163)		(250,554,041)
Accumulated other comprehensive income	44,223,373	83,087,980		13,088,431
Total shareholders’ deficit	(508,862,707)	(698,969,187)		(110,105,099)
Total liabilities, mezzanine equity and shareholders’ deficit	977,186,946	918,490,063	$	144,685,117

*Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
Equity loss of subsidiaries	(60,903,713)	(75,864,722)	$	(11,950,588)
Operating expenses:
Selling expenses	54,278	—		—
General and administrative expenses	104,562,058	29,178,255		4,596,304
Research and development expenses	4,352,356	988,531		155,718
Total operating expenses	108,968,692	30,166,786		4,752,022
Loss from operations	(169,872,405)	(106,031,508)		(16,702,610)
Other income (expenses)
Financial income/(expenses), net	(21,953,837)	27,107		4,270
Total other income/(expenses), net	(21,953,837)	27,107		4,270
Net loss	(191,826,242)	(106,004,401)		(16,698,340)
Accretion to redemption value of convertible redeemable preferred shares	(16,610,297)	(130,662,326)		(20,582,579)
Net loss attributable to YS Biopharma	(208,436,538)	(236,666,727)		(37,280,919)
Net loss	(191,826,242)	(106,004,401)		(16,698,340)
Feign currency translation gain	22,455,217	38,864,607		6,122,146
Total comprehensive loss	(169,371,025)	(67,139,794)	$	(10,576,194)
*Loss per share:**
– Basic and Diluted	(0.78)	(0.43)	$	(0.07)
*Weighted average number of ordinary shares outstanding:**
– Basic and Diluted	247,311,533	247,311,533		247,311,533

*Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY STATEMENTS OF CASH FLOWS


	For the Fiscal Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
Net loss	(191,826,242)	(106,004,401)	$	(16,698,340)
Equity loss of subsidiaries	60,903,713	75,864,722		11,950,588
Share-based compensation	76,756,500	7,764,448		1,223,094
Changes in operating assets and liabilities:
Amounts due from related parties	(421,125,633)	(23,299,705)		(3,670,285)
Amounts due to related parties	2,906,881	(110,893)		(17,468)
Accrued expenses and other liabilities	77,228,629	(24,732,348)		(3,895,962)
Net cash used in operating activities	(395,156,152)	(70,518,177)		(11,108,373)
Cash flows from investing activities:
Payment for long-term investment	(7,658,738)	(813,776)		(128,190)
Net cash used in investing activities	(7,658,738)	(813,776)		(128,190)
Cash flows from financing activities:
Proceeds from issuance of mezzanine equity	729,412,999	—		—
Shareholders’ contributions	1,589,236	—		—
Net cash provided by financing activities	731,002,235	—		—
Effect of exchange rate on cash	2,109,604	(6,353,461)		(1,000,829)
Net (decrease) increase in cash	330,296,949	(77,685,414)		(12,237,392)
Cash at the beginning of the year	—	330,296,949		52,030,016
Cash at the end of the year	330,296,949	252,611,535	$	39,792,624
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	16,610,297	130,662,326	$	20,582,579
Forgiveness from related parties	446,092,527	—	$	—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Foreign Currency Translation

Basis of Presentation

Basis of Consolidation

The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction.

Basis of Consolidation

The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction.

Use of Estimates


			Six Months Ended September 30,
	September 30, 2022	March 31, 2022	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1$	7.0998	6.3482	6.7240	6.5284
RMB:1S$	4.9717	4.6932	4.8325	4.8200

Foreign Currency Translation

YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated


			For the Years Ended
	As of March 31,		March 31,
	2022	2021	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1US$	6.3482	6.5713	6.4598	6.8282
RMB:1S$	4.6932	4.8768	4.7850	4.9246

Convenience translation

Restricted Cash

Accounts Receivable, net

Accounts receivable balances are written off after all collection efforts have been exhausted.

Advance to Suppliers

Property, Plant and Equipment, net

Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life.

Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicles		4 – 5 years
Leasehold improvements		Lesser of the lease term or life of assets

Property, Plant and Equipment, net

Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life.


Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicle		4 – 5 years
Leasehold improvement		Lesser of the lease term or life of assets

Impairment of Long-lived Assets

Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine license and patent with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight- line basis over their estimated useful lives of 15 years. Software and laboratory information system are amortized on the straight-line basis over their estimated useful lives of 10 years

Concentrations of Credit Risk and Significant Suppliers

Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows:


	Six Months Ended September 30, 2022
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	21,661,500	$	3,051,001	38.8	%
Vendor B	10,053,600		1,416,040	18.0	%
Vendor C	3,005,828		423,368	5.4	%
Vendor D	2,009,315		283,010	3.6	%
Vendor I	1,859,500		261,909	3.3	%
Total	38,589,743	$	5,435,328	69.1	%


	Six Months Ended September 30, 2021
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	11,283,000	$	1,589,200	12.5	%
Vendor F	9,028,170		1,271,609	10.0	%
Vendor D	6,689,566		942,219	7.4	%
Vendor G	6,063,000		853,968	6.7	%
Vendor H	5,460,000		769,036	6.1	%
Total	38,523,736	$	5,426,032	42.7	%

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of March 31, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of March 31, 2022 and 2021, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2022 and 2021, there were no customers that accounted for more than 10% of YS Group’s net revenues.

Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows:


	For the Year Ended March 31, 2022
	(RMB)	(US$)
Vendor A	35,172,250	$	5,540,508		20.9	%
Vendor B	16,227,146		2,556,181		9.6	%
Vendor C	9,995,189		1,574,492	$	5.9	%
Vendor D	7,426,500		1,169,859		4.4	%
Vendor E	6,621,300		1,043,020		3.9	%
Total	75,442,385	$	11,884,060		44.7	%


	For the Year Ended March 31, 2021
	(RMB)	(US$)
Vendor A	32,063,500	$	4,879,324		37.9	%
Vendor F	5,781,888		879,870		6.8	%
Vendor G	4,862,320		739,933	$	5.7	%
Vendor C	4,568,088		695,157		5.4	%
Vendor H	3,199,200		486,844		3.8	%
Total	50,474,996	$	7,681,128		59.6	%

Details of percentage of YS Group’s top 5 vendors accounting for accounts payable are as follows:


	As of March 31, 2022
	(RMB)	(US$)
Vendor E	1,420,549	$	223,772	4.6	%
Total	1,420,549	$	223,772	4.6	%


	As of March 31, 2021
	(RMB)	(US$)
Vendor A	1,225,510	$	186,494	8.3	%
Total	1,225,510	$	186,494	8.3	%

YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID-19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China.

Fair Value Measurements

●	Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

●	Level 3 — inputs to the valuation methodology are unobservable.

YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

Fair Value Measurements

●

Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 3 — inputs to the valuation methodology are unobservable.

YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired.

Social Security Insurance

Leases

Government Grants

Government grants represent primarily subsidies received from PRC governments for operating a business in their jurisdictions and in compliance with specific policies promoted by the government authorities. YS Group’s PRC-based subsidiaries received specific subsidies and other subsidies from certain local governments. Specific subsidies are subsidies the local government has set certain conditions for the subsidies. Other subsidies are subsidies the local government has not set any conditions and are not tied to future trends or performance of YS Group, receipt of such subsidy is not contingent upon any further actions or performance of YS Group and the amounts do not have to be refunded under any circumstances. Specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required.

Convertible Redeemable Preferred Shares

Revenue from Contracts with Customers

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and

Step 5: Recognize revenue when YS Group satisfies a performance obligation

Revenue from Contracts with Customers

YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from its contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when YS Group satisfies a performance obligation

YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily streams from the sales of vaccines.

Cost of Revenues

Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories.

Cost of Revenues

Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories.

General and Administrative Expenses

Selling Expenses

Research and development expenses

Other Income (Expenses), net

Income Taxes

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong is exempted from profit tax on its foreign- sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. The subsidiary incorporated in Singapore files separate income tax returns in Singapore and paid Singapore statutory income tax of 17%.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

●	when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●	in respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

●	when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●

Income Taxes

Hong Kong. Under the Hong Kong tax laws, Yisheng Hong Kong is exempted from profit tax on its foreign- sourced income and there are no withholding taxes in Hong Kong on remittance of dividends.

Singapore. The subsidiary incorporated in Singapore files separate income tax returns in Singapore and paid Singapore statutory income tax of 17%.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

●	when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●	in respect of taxable temporary differences associated with investments in subsidiaries when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

●	when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

●

Value Added Tax ("VAT")

Value Added Tax (“VAT”)

Taxes other than Income Tax

Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc.

Taxes other than Income Tax

Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc.

Share-based Compensation

Comprehensive Loss

Shareholders' Contribution

Shareholders’ Contribution

Main sources of shareholders’ contribution include debt forgiveness from related parties and cash donations from shareholders.

Shareholders’ Contribution

Loss Per Share

In accordance with ASC 260, Earnings Per Share, basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary shares plus dilutive equivalent shares outstanding during the period. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. No potential common shares was included in the computation of diluted loss per share when a loss from continuing operation exists.

Segment Reporting

YS Group’s non-current assets are located in the PRC and other countries. The location of these non-current assets can be aggregated to form the reportable geographical segment.

Segment Reporting

YS Group’s non-current assets are located in the PRC and other countries. The location of these non-current assets can be aggregated to form the reportable geographical segment.

Significant Risks

Currency risk

YS Group’s condensed total assets by geographical area and it’s denominated currency are shown below:


	Denominated	March 31, 2022			September 30, 2022
	Currency	(RMB)			(RMB)	(US$)
					(unaudited)	(unaudited)
PRC	RMB	1,155,124,790	80	%	1,316,093,351	$	185,370,484	85	%
Hong Kong	$	2,666,762	0	%	194,452,627		27,388,465	13	%
Singapore	S$	26,168,621	2	%	29,843,991		4,203,497	2	%
United States	$	5,181,433	0	%	4,104,976		578,182	0	%
Cayman	$	252,611,535	18	%	3,943,175		555,392	0	%
Total		1,441,753,141	100	%	1,548,438,120	$	218,096,020	100	%

Concentration and political risk

taxation, among other things. Although YS Group has not experienced losses from these situations and believes it is in compliance with existing laws, this may not be indicative of future results.

Interest rate risk

Significant Risks

Currency risk

YS Group maintains bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for YS Group’s accounts, as its aggregate deposits are higher than the compensation limit, which is RMB500,000 for one bank. However, YS Group believes the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and YS Group believes that those Chinese banks that hold YS Group’s cash are financially sound based on public available information.

Concentration and political risk

Interest rate risk

Fluctuations in market interest rates may negatively affect YS Group’s financial condition and results of operations. YS Group is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material. YS Group has not used any derivative financial instruments to manage YS Group’s interest risk exposure.

ORGANIZATION AND BUSINESS DESCRIPTION (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of YS group's current legal entity


‘Legal Entity	Nature of Operations	Date of Incorporation	Place of Incorporation
YishengBio Co., Ltd (“YS Biopharma”)	Holding Company	November 16, 2020	Cayman Islands
YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”)	Holding Company	December 28, 2020	Hong Kong
Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”)*	Research and development of vaccines and therapeutic biologics	November 28, 2009	Singapore
Yisheng US Biopharma Inc. (“US Yisheng”)	Research of vaccines and therapeutic biologics	September 29, 2009	US
Oceanview Bioscience Acquisition Co., Ltd (“Oceanview Bioscience”)	For acquisition	August 17, 2022	Cayman Islands
Hudson Biomedical Group Co.,Ltd (“Hudson Biomedical”)	For acquisition	August 17, 2022	Cayman Islands
Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”)**	Research and development, manufacturing and commercialization of vaccines and therapeutic biologics	May 26, 1994	PRC
Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”)	Research and development of vaccines and therapeutic biologics	February 4, 2021	PRC


Legal Entity	Nature of Operations	Date of Incorporation	Place of Incorporation
YishengBio Co., Ltd (“YS Biopharma”)	Holding Company	November 16, 2020	Cayman Islands
YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”)	Holding Company	December 28, 2020	Hong Kong
Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”)*	Research and development of vaccines and therapeutic biologics	November 28, 2009	Singapore
Yisheng US Biopharma Inc. (“US Yisheng”)	Research of vaccines and therapeutic biologics	September 29, 2009	US
Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”)**	Research and development, manufacturing and commercialization of vaccines and therapeutic biologics	May 26, 1994	PRC
Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”)	Research and development of vaccines and therapeutic biologics	February 4, 2021	PRC

*	Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011.

**	Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of currency exchange rates used in preparing YS Group's CFS


			Six Months Ended September 30,
	September 30, 2022	March 31, 2022	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1$	7.0998	6.3482	6.7240	6.5284
RMB:1S$	4.9717	4.6932	4.8325	4.8200


			For the Years Ended
	As of March 31,		March 31,
	2022	2021	2022	2021
Foreign currency	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss
RMB:1US$	6.3482	6.5713	6.4598	6.8282
RMB:1S$	4.6932	4.8768	4.7850	4.9246

Summary of property, plant and equipment to its residual value over its estimated useful life

Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicles		4 – 5 years
Leasehold improvements		Lesser of the lease term or life of assets


Category		Estimated useful life
Plant and building		6 – 20 years
Machinery and equipment		5 – 10 years
Furniture and fixtures		3 – 7 years
Motor vehicle		4 – 5 years
Leasehold improvement		Lesser of the lease term or life of assets

Summary of percentage of YS Group's top 5 vendors accounting for total purchases and accounts payable


	Six Months Ended September 30, 2022
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	21,661,500	$	3,051,001	38.8	%
Vendor B	10,053,600		1,416,040	18.0	%
Vendor C	3,005,828		423,368	5.4	%
Vendor D	2,009,315		283,010	3.6	%
Vendor I	1,859,500		261,909	3.3	%
Total	38,589,743	$	5,435,328	69.1	%


	Six Months Ended September 30, 2021
	(RMB)	($)
	(Unaudited)	(Unaudited)
Vendor A	11,283,000	$	1,589,200	12.5	%
Vendor F	9,028,170		1,271,609	10.0	%
Vendor D	6,689,566		942,219	7.4	%
Vendor G	6,063,000		853,968	6.7	%
Vendor H	5,460,000		769,036	6.1	%
Total	38,523,736	$	5,426,032	42.7	%


	For the Year Ended March 31, 2022
	(RMB)	(US$)
Vendor A	35,172,250	$	5,540,508		20.9	%
Vendor B	16,227,146		2,556,181		9.6	%
Vendor C	9,995,189		1,574,492	$	5.9	%
Vendor D	7,426,500		1,169,859		4.4	%
Vendor E	6,621,300		1,043,020		3.9	%
Total	75,442,385	$	11,884,060		44.7	%


	For the Year Ended March 31, 2021
	(RMB)	(US$)
Vendor A	32,063,500	$	4,879,324		37.9	%
Vendor F	5,781,888		879,870		6.8	%
Vendor G	4,862,320		739,933	$	5.7	%
Vendor C	4,568,088		695,157		5.4	%
Vendor H	3,199,200		486,844		3.8	%
Total	50,474,996	$	7,681,128		59.6	%


	As of March 31, 2022
	(RMB)	(US$)
Vendor E	1,420,549	$	223,772	4.6	%
Total	1,420,549	$	223,772	4.6	%


	As of March 31, 2021
	(RMB)	(US$)
Vendor A	1,225,510	$	186,494	8.3	%
Total	1,225,510	$	186,494	8.3	%

Summary of YS Group's condensed total assets by geographical area and it's denominated currency


	Denominated	March 31, 2022			September 30, 2022
	Currency	(RMB)			(RMB)	(US$)
					(unaudited)	(unaudited)
PRC	RMB	1,155,124,790	80	%	1,316,093,351	$	185,370,484	85	%
Hong Kong	$	2,666,762	0	%	194,452,627		27,388,465	13	%
Singapore	S$	26,168,621	2	%	29,843,991		4,203,497	2	%
United States	$	5,181,433	0	%	4,104,976		578,182	0	%
Cayman	$	252,611,535	18	%	3,943,175		555,392	0	%
Total		1,441,753,141	100	%	1,548,438,120	$	218,096,020	100	%

ACCOUNTS RECEIVABLE, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of accounts receivable, net


	March 31,2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	(US$)
		(Unaudited)	(Unaudited)
Trade receivables	322,170,980	488,422,373	$	68,793,821
Allowance for doubtful accounts	(13,615,875)	(20,062,985)		(2,825,852)
Accounts receivable, net	308,555,105	468,359,388	$	65,967,969


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Trade receivables	223,033,688	322,170,980	$	50,749,973
Allowance for doubtful accounts	(8,530,951)	(13,615,875)		(2,144,840)
Accounts receivable, net	214,502,737	308,555,105	$	48,605,133

Summary of analysis of the movements in the allowance for doubtful account


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Balance at April 1,	8,530,951	13,615,875	$	1,917,783
Additions	2,888,417	6,447,110		908,069
Balance at September 30	11,419,368	20,062,985	$	2,825,852


	For the Fiscal Year Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	2,116,317	8,530,951	$	1,343,838
Additions	6,414,634	5,084,924		801,002
Balance at end of the year	8,530,951	13,615,875	$	2,144,840

INVENTORIES, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of movements in the allowance for slow-moving or obsolete inventories

Summary of inventories


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Raw materials	57,926,980	52,392,648	$	7,379,454
Work in progress	40,795,744	39,148,872		5,514,081
Finished goods	73,285,870	71,235,067		10,033,391
Allowance for slow-moving or obsolete inventories	(5,503,029)	(1,109,400)		(156,258)
Inventories, net	166,505,565	161,667,187	$	22,770,668


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Raw materials	20,865,093	57,926,980	$	9,124,946
Work in progress	23,453,665	40,795,744		6,426,348
Finished goods	78,422,922	73,285,870		11,544,354
Allowance for slow-moving or obsolete inventories	(41,301,797)	(5,503,029)		(866,864)
Inventories, net	81,439,883	166,505,565	$	26,228,784


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Balance at April 1,	41,301,797	5,503,029	$	775,096
Inventories written off	(40,192,397)	(4,393,629)		(618,838)
Balance at September 30	1,109,400	1,109,400	$	156,258


	For the Fiscal Year Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	76,661,332	41,301,797	$	6,506,064
Additions	950,261	4,393,629		692,106
Inventories written off	(36,309,796)	(40,192,397)		(6,331,306)
Balance at end of the year	41,301,797	5,503,029	$	866,864

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of property, plant and equipment


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
Cost		(Unaudited)	(Unaudited)
Construction in progress	318,000,074	333,446,243	$	46,965,583
Plant and buildings	170,206,987	183,372,813		25,827,884
Machinery and equipment	194,875,303	193,846,868		27,303,145
Electronic equipment	10,107,578	10,794,907		1,520,452
Motor vehicles	2,978,155	3,027,767		426,458
Office equipment and furniture	29,888,526	21,612,891		3,044,155
Leasehold improvements	4,390,980	4,626,927		651,698
Total Cost	730,447,603	750,728,416		105,739,375
Less: accumulated depreciation	(150,402,597)	(163,469,667)		(23,024,545)
Less: asset impairment	(29,891,896)	(29,891,896)		(4,210,245)
Property and equipment, net	550,153,110	557,366,853	$	78,504,585


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Cost
Construction in progress	40,158,349	318,000,074	$	50,092,951
Plant and buildings	153,845,452	170,206,987		26,811,850
Machinery and equipment	174,933,799	194,875,303		30,697,726
Electronic equipment	8,442,743	10,107,578		1,592,196
Motor vehicles	2,814,066	2,978,155		469,134
Office equipment and furniture	14,241,207	29,888,526		4,708,189
Leasehold improvements	3,889,957	4,390,980		691,689
Total Cost	398,325,573	730,447,603		115,063,735
Less: accumulated depreciation	(132,228,718)	(150,402,597)		(23,692,164)
Less: asset impairment	(29,891,896)	(29,891,896)		(4,708,720)
Property and equipment, net	236,204,959	550,153,110	$	86,662,851

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of prepaid expenses and other current assets


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Deposits⁽¹⁾	2,807,847	1,622,616	$	228,544
Staff advances⁽²⁾	383,251	303,767		42,785
Staff’s social security⁽³⁾	615,581	677,626		95,443
Value added tax recoverable⁽⁴⁾	3,442,733	3,920,265		552,166
Other receivable⁽⁵⁾	854,245	534,169		75,237
Allowance⁽⁶⁾	(115,743)	(115,743)		(16,302)
Total	7,987,914	6,942,700	$	977,873

(1)	Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs.

(2)	Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities.

(3)

(4)

(5)	Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees.

(6)


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Loan receivable⁽¹⁾	2,966,778	—	$	—
Deposits⁽²⁾	1,362,270	2,807,847		442,306
Staff advances⁽³⁾	290,024	383,251		60,372
Staff’s social security⁽⁴⁾	190,253	615,581		96,969
Value added tax recoverable⁽⁵⁾	148,705	3,442,733		542,316
Other receivable⁽⁶⁾	414,898	854,245		134,564
Allowance⁽⁷⁾	(115,743)	(115,743)		(18,232)
Total	5,257,185	7,987,914	$	1,258,295

(1)

(2)	Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs.

(3)	Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities.

(4)

(5)

(6)	Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees.

(7)

INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of intangible assets


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Cost
Patents	79,608,000	79,608,000	$	11,212,710
Licenses, software and laboratory information system	6,143,880	10,150,478		1,429,685
Land use rights	67,181,860	67,181,860		9,462,500
Total Cost	152,933,740	156,940,338		22,104,895
Less: Accumulated Amortization	(72,215,762)	(75,625,405)		(10,651,765)
Intangible Assets, net	80,717,978	81,314,933	$	11,453,130


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Cost
Patents	79,608,000	79,608,000	$	12,540,248
Licenses, software and laboratory information system	2,526,272	6,143,880		967,814
Land use rights	67,181,860	67,181,860		10,582,820
Total Cost	149,316,132	152,933,740		24,090,882
Less: Accumulated Amortization	(65,537,529)	(72,215,762)		(11,375,785)
Intangible Assets, net	83,778,603	80,717,978	$	12,715,097

BANK LOANS AND OTHER BORROWINGS (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of total bank loans


	March 31,	September 30,	September 30,
	2022	2022	2022		Maturity Date	Interest Rate
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
China Guangfa Bank Co.,Ltd. – Shenyang Branch⁽¹⁾	46,456,142	35,509,492	$	5,001,478	2022/11/17 – 2022/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch⁽²⁾	64,647,870	81,486,261		11,477,261	2022/10/11 – 2023/09/22	5.30	%
Citi Bank⁽³⁾	234,743	—		—	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	394,999	—		—	2026/9/15	4.00	%
China Citic Bank – Shenyang Branch⁽⁵⁾	—	34,295,325		4,830,464	2023/3/16 – 2023/5/19	5.2% / 3.25	%
China Construction Bank – Shenyang Branch⁽⁶⁾	—	12,350,000		1,739,485	2023/9/8 – 2023/9/27	4.00	%
Bank loans due within one year	111,733,754	163,641,078	$	23,048,688
R-Bridge Healthcare Fund, LP ⁽⁴⁾	253,928,000	283,992,000		40,000,000	2026/9/15	4.00	%
Long-term bank loans	253,928,000	283,992,000		40,000,000
Total bank loans	365,661,754	447,633,078	$	63,048,688

(1)

(2)

(3)	On May 2, 2020, YS Group borrowed RMB1,103,609 (US$166,400) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. The balance of RMB234,742 ($36,978) was repaid in full in May 2022.

(4)

financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below:

(5)

(6)	On September 6, 2022, YS Group entered into a credit facility of RMB50 million with China Construction Bank for one year to finance its working capital requirements. YS Group drew approximately RMB 12.4 million from September 9, 2022 to September 28, 2022 with interest at 4 %.


	As of March 31,
	2021	2022	2022	Maturity Date	Interest Rate
	(RMB)	(RMB)	(US$)
China Guangfa Bank Co., Ltd. – Shenyang Branch⁽¹⁾	—	46,456,142	7,318,002	2022/9/16 – 2022/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch⁽²⁾	—	64,647,870	10,183,654	2022/7/19 – 2022/12/1	5.30	%
Citi Bank⁽³⁾	—	234,743	36,978	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	—	394,999	62,222	2026/9/15	4.00	%
Bank loans due within one year	—	111,733,754	17,600,856
Citi Bank⁽³⁾	1,103,609	—	—	2022/5/1	1.00	%
R-Bridge Healthcare Fund, LP⁽⁴⁾	—	253,928,000	40,000,000	2026/9/15	4.00	%
Long-term bank loans	1,103,609	253,928,000	40,000,000
Total bank loans	1,103,609	365,661,754	57,600,856

(1)

On September 13, 2021, YS Group entered into a credit facility of RMB100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB46.5 million in total from September 22, 2021 to March 10, 2022 with an annual interest at 5.655%, which is due from September 16, 2022 to December 16, 2022.

(2)

(3)

(4)

Summary of repayment instalment


	Repayment
Repayment Date	Instalment
April 7, 2025	$	6,400,000
July 7, 2025		6,400,000
October 7, 2025		6,400,000
January 7, 2026		6,400,000
April 7, 2026		6,400,000
July 7, 2026		8,000,000
Total	$	40,000,000


Repayment Date		Repayment Instalment
April 7, 2025		US$ 6,400,000
July 7, 2025		6,400,000
October 7, 2025		6,400,000
January 7, 2026		6,400,000
April 7, 2026		6,400,000
July 7, 2026		8,000,000
Total		US$40,000,000

LEASES (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

LEASES

Summary of operating leases


	March 31, 2022		September 30, 2022		September 30, 2022
	(RMB)		(RMB)		($)
			(Unaudited)		(Unaudited)
Operating lease ROU assets	14,850,283		13,067,129		$	1,840,493
Operating lease liabilities – current	4,322,252		3,524,558			496,431
Operating lease liabilities – non-current	10,605,260		10,403,843		$	1,465,371
Weighted average remaining lease term	3.4		3.0			3.0
Weighted average discount rate	4.8	%	4.8	%		4.8	%


	As of March 31,
	2021		2022		2022
	(RMB)		(RMB)		(US$)
Operating lease ROU assets	17,245,924		14,850,283		$	2,339,290
Operating lease liabilities – current	3,785,642		4,322,252			680,863
Operating lease liabilities – non-current	13,550,359		10,605,260		$	1,670,593
Weighted average remaining lease term	4.4		3.4			3.4
Weighted average discount rate	5.0	%	4.8	%		4.8	%

Summary of lease cost recognized in YS Group's CFS and supplemental cash flow information related to operating leases


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
		(Unaudited)		(Unaudited)
Operating lease cost	2,237,633	2,508,388	$	373,050
Cash paid for operating leases	2,276,956	786,888	$	110,832


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Operating lease cost	2,643,917	4,594,967	$	723,822
Cash paid for operating leases	2,601,625	4,587,894	$	722,708

Summary of maturity of operating lease liabilities under the non-cancelable operating leases


12 months Ending September 30,	As of September 30, 2022
	(RMB)		($)
2023	5,748,070	$	809,610
2024	5,029,426		708,390
2025	3,921,138		552,289
2026	158,029		22,257
Total lease payments	14,856,663		2,092,546
Less: Interest	(928,262)		(130,744)
Present value of operating lease liabilities	13,928,401	$	1,961,802
Operating lease liabilities – current	3,524,558		496,431
Operating lease liabilities – non-current	10,403,843	$	1,465,371


Fiscal Year Ending March 31,	As of March 31, 2022
	(RMB)	(US$)
2023	4,947,481	$	779,352
2024	4,837,260		761,989
2025	4,922,251		775,377
2026	1,479,661		233,084
2027 and thereafter	—		—
Total lease payments	16,186,653		2,549,802
Less: Interest	(1,259,141)		(198,346)
Present value of operating lease liabilities	14,927,512	$	2,351,456

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Mar. 31, 2022

Summary of accrued expenses and other current liabilities


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Salaries and social security insurance payable⁽¹⁾	86,818,418	57,459,273	$	9,051,270
Promotion service fee⁽²⁾	58,358,838	64,883,477		10,220,768
Taxes other than income tax	1,615,475	1,171,381		184,522
Late fees⁽³⁾	93,890,390	9,499,595		1,496,423
Payable for property, plant and equipment	4,730,933	48,774,134		7,683,144
CDC transportation and storage fee	12,087,830	35,023,095		5,517,012
Guarantee deposits⁽⁴⁾	48,732,986	94,528,659		14,890,624
Professional service fee⁽⁵⁾	8,694,317	7,758,448		1,222,149
Other payable⁽⁶⁾	7,821,284	7,653,291		1,205,584
Total	322,750,471	326,751,353		51,471,496

(1)


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Salaries	46,263,007	49,020,045	7,721,881
Social security insurance	39,926,173	7,732,161	1,218,008
Union Fee	629,238	707,067	111,381
Total	86,818,418	57,459,273	9,051,270

(2)	Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information.

(3)


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Late fee charge of income tax	53,890,577	—	—
Late fee charge of taxes other than income tax	10,635,413	—	—
Late fee charge of social insurance	29,364,400	9,499,595	1,496,423
Total	93,890,390	9,499,595	1,496,423

(4)

Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. The external service providers’ professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services doesn’t assume inventory risk for the vaccines before they are transferred to the end customers.

(5)	Professional service fees primarily represented service fees from consultants and other advisors.

(6)	Other payable primarily represented employees’ reimbursement and value added tax.

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of outstanding Convertible Redeemable Preferred Shares

Series A

Series A-1

Series B

Total

Carrying

Shares

Value

Shares

Value

Shares

Value

(RMB)

($)

As of March 31, 2021

15,534,276

344,661,893

6,014,313

65,665,315

65,414,858

875,131,363

1,285,458,571

181,055,603

Accretion to redemption value

—

28,042,858

—

2,566,412

—

34,404,481

65,013,751

9,157,124

Foreign currency translation adjustment

—

(4,690,126)

—

(875,280)

—

(11,666,321)

(17,231,727)

(2,427,072)

As of September 30, 2021

15,534,276

368,014,625

6,014,313

67,356,447

65,414,858

897,869,523

1,333,240,595

187,785,655

As of March 31, 2022

15,534,276

389,563,659

6,014,313

68,510,809

65,414,858

912,146,924

1,370,221,392

192,994,365

Accretion to redemption value

—

33,793,180

—

2,854,770

—

35,435,288

72,083,238

10,152,855

Foreign currency translation adjustment

—

48,011,366

—

8,270,941

—

109,974,790

166,257,097

23,417,151

As of September 30, 2022

15,534,276

471,368,205

6,014,313

79,636,520

65,414,858

1,057,557,002

1,608,561,727

226,564,371


	Series A		Series A‑1		Series B		Total	Total
		Carrying		Carrying		Carrying	Carrying	Carrying
	Shares	Value	Shares	Value	Shares	Value	Value	Value
		(RMB)		(RMB)		(RMB)	(RMB)	(US$)
As of March 31, 2020	21,548,589	440,585,213	—	—	—	—	440,585,213	$	69,403,171
Conversion of convertible notes	—	—	—	—	18,393,610	131,425,527	131,425,527		20,702,802
Call option under convertible notes	—	—	—	—	9,660,324	131,425,290	131,425,290		20,702,765
New insurance	—	—	—	—	37,360,924	597,987,709	597,987,709		94,197,995
Shares transferred	(6,014,313)	(68,232,451)	6,014,313	68,232,451	—	—	—		—
Accretion to redemption value	—	1,758,690	—	—	—	14,851,607	16,610,297		2,616,536
Foreign currency translation adjustment	—	(29,449,559)	—	(2,567,136)	—	(558,770)	(32,575,465)		(5,131,449)
As of March 31, 2021	15,534,276	344,661,893	6,014,313	65,665,315	65,414,858	875,131,363	1,285,458,571	$	202,491,820
Accretion to redemption value	—	57,598,340	—	5,164,090	—	67,899,896	130,662,326		20,582,579
Foreign currency translation adjustment	—	(12,696,574)	—	(2,318,596)	—	(30,884,335)	(45,899,505)		(7,230,318)
As of March 31, 2022	15,534,276	389,563,659	6,014,313	68,510,809	65,414,858	912,146,924	1,370,221,392	$	215,844,081

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of exercise prices and exercise periods of the share options outstanding


		Average exercise
	Number of share	price per share
	options	option
		(RMB)
At March 31, 2021	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At March 31, 2022	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At September 30, 2022	13,013,422	7.3289


		Average exercise
	Number of share	price per share
	options	option
		(RMB)
At March 31, 2020	11,223,795	3.8807
Granted during the period	10,254,198	8.4631
Forfeited during the period	(298,117)	6.4631
Exercised during the period	(8,103,671)	—
Expired during the period	(62,783)	6.4631
At March 31, 2021	13,013,422	7.3289
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
At March 31, 2022	13,013,422	7.3289

Summary of exercise price range and exercise periods of the share options outstanding


Six Months Ended
30 September 2022
Number of
options	Exercise price	Exercise period
	(RMB)
6,133,005	3.4845	2021 – 2031
2,453,049	6.4631	2021 – 2026
4,427,368	13.1344	2021 – 2026
13,013,422


Year ended
31 March 2021
Number of
options	Exercise price	Exercise period
	(RMB)
6,133,005	3.4845	2021 – 2031
2,453,049	6.4631	2021 – 2026
4,427,368	13.1344	2021 – 2026
13,013,422

Summary of stock-based compensation expense


	Six Months Ended September 30,
	2021	2022	2022
	(Unaudited)	(Unaudited)	(Unaudited)
Research and development expenses	492,764	(1,015,055)	$	(142,970)
General and administrative expenses	2,635,978	929,739		130,953
Total stock-based compensation	3,128,742	(85,316)	$	(12,017)


	For the Fiscal Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Research and development expenses	4,200,464	975,171	$	153,614
General and administrative expenses	72,501,943	6,789,277		1,069,481
Selling expenses	54,093	—		—
Total stock-based compensation	76,756,500	7,764,448	$	1,223,094

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of companies that are related parties

The following companies are related parties that had balances or transactions with YS Group as of and during the six months ended September 30, 2022 and 2021:


Name of related parties		Relationship with YS Group
Yisheng Biopharma Co., Ltd		An entity controlled by Yi Zhang
Yisheng Biopharma Holdings Ltd.		An entity controlled by Yi Zhang
Beijing Yisheng Xingye Technology Co., Ltd.		An entity controlled by Yi Zhang

The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2022 and 2021:


Name of related parties		Relationship with YS Group
Yisheng Biopharma Co., Ltd		An entity controlled by Yi Zhang
Yisheng Biopharma Holdings Ltd.		An entity controlled by Yi Zhang
Kaifeng Yisheng Pan-Asia Technology Co., Ltd		An entity controlled by Yi Zhang
Beijing Yisheng Xingye Technology Co., Ltd.		An entity controlled by Yi Zhang
Changchun Bailong Biotechnology Co., Ltd.		An entity controlled by Yi Zhang
Henan Yisheng Huizhong Health Services Co., Ltd.		An entity controlled by Yi Zhang
Henan Yisheng Biopharma Co., Ltd.		An entity controlled by Yi Zhang


Name of related parties		Relationship with YS Group
Beijing Huaerdun Kangqi Biotechnology Co., Ltd.		An entity controlled by Yi Zhang
Liaoning Yisheng Pan-Asia		An entity controlled by Yi Zhang
Yi Zhang		Chairman of Board of Directors
Hui Shao		Chief Executive Officer
Zhongkai Shi*		Chief Medical Officer
Nan Zhang		Daughter of the Chairman
Xu Zhang		Daughter of the Chairman

*	Zhongkai Shi resigned in September 2021.

Summary of transactions with related parties


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Amounts due from related party:
Yisheng Biopharma Holdings Limited (Hong Kong)
Receivable collected on behalf of YS Group	2,966,777	—	$	—
Repayment to YS Group	33,055,610	—	$	—


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Amounts due from related party:
Yisheng Biopharma Holdings Limited (Hong Kong)
Receivable collected on behalf of YS Group	30,088,833	2,966,777	$	459,412
Repayment to YS Group		33,055,610	$	5,118,732

INCOME TAX (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of provision for income tax


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Current income tax	—	—	$	—
Deferred tax	5,689,586	565,625		79,668
Income tax	5,689,586	565,625	$	79,668


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Current income tax	—	—	$	—
Deferred tax	17,454,245	4,937,122		777,720
Income tax	17,454,245	4,937,122	$	777,720

Summary of reconciliation of statutory rate to YS Group's effective tax rate


	Six Months Ended September 30,
	2021		2022
	(Unaudited)		(Unaudited)
PRC statutory income tax rate	25.00	%	25.00	%
Effect of different tax rates in different jurisdictions	(26.82)	%	(182.62)	%
Effect of PRC preferential tax rate	11.98	%	(100.49)	%
Effect of research and development expenses deduction and Others	30.97	%	80.56	%
Temporary differences*	13.42	%	5.03	%
Change in valuation allowance	(41.02)	%	177.88	%
Effective tax rate	13.53	%	5.36	%


	For the Years Ended March 31,
	2021		2022
PRC statutory income tax rate	25.00	%	25.00	%
Effect of different tax rates in different jurisdictions	(20.56)	%	(18.26)	%
Effect of PRC preferential tax rate	(0.77)	%	4.56	%
Effect of research and development expenses deduction and others	7.8	%	33.2	%
Temporary differences*	10.01	%	4.88	%
Change in valuation allowance	(11.49)	%	(44.47)	%
Effective tax rate	10.01	%	4.88	%

*Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants.

Summary of net deferred tax assets


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Deferred tax assets:
Write-down of inventories to net realizable value	825,454	166,410	$	23,439
Impairment of property, plant and building	2,031,460	1,900,433		267,674
Deferred government grants	4,852,383	4,680,205		659,202
Losses available for offsetting against future taxable profits	58,257,270	47,805,830		6,733,405
Less: valuation allowance	(58,257,270)	(47,805,830)		(6,733,405)
Total deferred tax assets, net	7,709,297	6,747,048		950,315
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(4,670,213)	(4,273,589)		(601,931)
Total deferred tax liabilities	(4,670,213)	(4,273,589)		(601,931)
Net deferred tax asset	3,039,084	2,473,459	$	348,384


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Deferred tax assets:
Write-down of inventories to net realizable value	6,195,269	825,454	$	130,030
Impairment of property, plant and building	2,293,516	2,031,460		320,006
Deferred government grants	4,950,884	4,852,383		764,371
Losses available for offsetting against future taxable profits	32,495,322	58,257,270		9,176,975
Less: valuation allowance	(32,495,322)	(58,257,270)		(9,176,975)
Total deferred tax assets, net	13,439,669	7,709,297		1,214,407
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(5,463,463)	(4,670,213)		(735,675)
Total deferred tax liabilities	(5,463,463)	(4,670,213)		(735,675)
Net deferred tax asset	7,976,206	3,039,084	$	478,732

DEFERRED GOVERNMENT GRANTS (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of deferred government grants


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
Government grants for property, plant and equipment
Balance at beginning of the year	21,847,340	22,030,690	$	3,103,001
Addition	1,552,000	1,200,000		169,019
Recognized as income	(1,368,650)	(727,839)		(102,515)
Subtotal	22,030,690	22,502,851	$	3,169,505
Government grants for research and development
Balance at beginning of the year	11,158,551	10,318,528	$	1,453,355
Addition	—
Recognized as income	(840,023)	(8,498,712)		(1,197,036)
Subtotal	10,318,528	1,819,816	$	256,319
Total deferred government grants	32,349,218	24,322,667	$	3,425,824
Less: current portion	(2,295,701)	(3,495,701)		(492,366)
Non-current portion	30,053,517	20,826,966	$	2,933,458


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
Government grants for property, plant and equipment
Balance at beginning of the year	21,096,442	21,847,340	$	3,441,502
Addition	2,000,000	1,552,000		244,479
Recognized as income	(1,249,102)	(1,368,650)		(215,597)
Subtotal	21,847,340	22,030,690	$	3,470,384
Government grants for research and development
Balance at beginning of the year	10,387,874	11,158,551	$	1,757,750
Addition	1,610,700	—		—
Recognized as income	(840,023)	(840,023)		(132,325)
Subtotal	11,158,551	10,318,528	$	1,625,425
Total deferred government grants	33,005,891	32,349,218	$	5,095,809
Less: current portion	(2,121,645)	(2,295,701)		(361,630)
Non-current portion	30,884,246	30,053,517	$	4,734,179

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of commitments to purchase raw materials or services


	As of March 31,
	2022	2022
	(RMB)	(US$)
Other professional service fee	7,617,840	$	1,200,000
Research and development	73,894,705		11,640,261
Purchase raw materials	17,664,500		17,664,500
Total	99,177,045	$	30,504,761

SEGMENT INFORMATION (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

Summary of non-current assets aggregated to form reportable geographical segment


	March 31, 2022	September 30, 2022	September 30, 2022
	(RMB)	(RMB)	($)
		(Unaudited)	(Unaudited)
PRC	604,094,049	613,613,563	$	86,426,880
Other countries/regions	26,777,039	25,068,223	$	3,530,835


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
PRC	288,637,839	604,094,049	$	95,159,896
Other countries/regions	31,345,723	26,777,039	$	4,218,052

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) (Tables)

6 Months Ended

12 Months Ended

Sep. 30, 2022

Mar. 31, 2022

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

Summary of parent company balance sheet


	March 31,	September 30,	September 30,
	2022	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
ASSETS
Current Assets
Cash	252,611,535	3,943,175	$	555,392
Amounts due from related parties	519,236,876	848,379,306		119,493,409
Total current assets	771,848,411	852,322,481		120,048,801
Non-current assets
Long-term investments, net	146,641,652	164,003,403		23,099,722
Total non-current assets	146,641,652	164,003,403		23,099,722
Total Assets	918,490,063	1,016,325,884	$	143,148,523
LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	244,082,463	354,920,428	$	49,990,201
Amounts due to related parties	3,155,395	3,528,981		497,054
Total current liabilities	247,237,858	358,449,409		50,487,255
Total Liabilities	247,237,858	358,449,409		50,487,255

Mezzanine equity
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding)	458,074,468	551,004,725		77,608,485
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding)	912,146,924	1,057,557,002		148,955,886
Total mezzanine equity	1,370,221,392	1,608,561,727		226,564,371
Shareholders’ deficit:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 246,736,533 shares issued and outstanding as of September 30, 2022	7,978	7,978		1,124
Additional paid-in capital	808,502,018	808,648,509		113,897,365
Accumulated deficit	(1,590,567,163)	(1,673,775,766)		(235,749,706)
Accumulated other comprehensive income (loss)	83,087,980	(85,565,973)		(12,051,886)
Total shareholders’ deficit	(698,969,187)	(950,685,252)		(133,903,103)
Total liabilities, mezzanine equity and shareholders’ deficit	918,490,063	1,016,325,884	$	143,148,523

PARENT COMPANY BALANCE SHEETS


	As of March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
ASSETS
Current Assets
Cash	330,296,949	252,611,535	$	39,792,624
Amounts due from related parties	495,937,171	519,236,876		81,792,772
Total current assets	826,234,120	771,848,411		121,585,396
Non-current assets
Long-term investments, net	150,952,826	146,641,652		23,099,721
Total non-current assets	150,952,826	146,641,652		23,099,721
Total Assets	977,186,946	918,490,063	$	144,685,117

LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	197,324,794	244,082,463	$	38,449,082
Amounts due to related parties	3,266,288	3,155,395		497,053
Total current liabilities	200,591,082	247,237,858		38,946,135
Total Liabilities	200,591,082	247,237,858		38,946,135
Mezzanine equity
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding as of March 31, 2022 and 2021)	410,327,208	458,074,468		72,158,166
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding as of March 31, 2022 and 2021)	875,131,363	912,146,924		143,685,915
Total mezzanine equity	1,285,458,571	1,370,221,392		215,844,081
Shareholders’ deficit:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021*	7,978	7,978		1,257
Additional paid-in capital	800,806,378	808,502,018		127,359,254
Retained earnings	(1,353,900,436)	(1,590,567,163)		(250,554,041)
Accumulated other comprehensive income	44,223,373	83,087,980		13,088,431
Total shareholders’ deficit	(508,862,707)	(698,969,187)		(110,105,099)
Total liabilities, mezzanine equity and shareholders’ deficit	977,186,946	918,490,063	$	144,685,117

*Gives retroactive effect to reflect the reorganization in February 2021.

Summary of parent company statement of operations and comprehensive loss


	For the Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Equity loss of subsidiaries	(27,562,274)	(5,703,582)	$	(803,346)
Operating expenses:
Selling
General and administrative	17,037,618	6,356,204		895,265
Research and development	492,764	(934,367)		(131,605)
Total operating expenses	17,530,382	5,421,837		763,660

Loss from operations	(45,092,656)	(11,125,419)		(1,567,006)
Other income:
Financial income, net	1,324	54		8
Total other income, net	1,324	54		8

Net loss	(45,091,332)	(11,125,365)		(1,566,998)
Accretion to redemption value of convertible redeemable preferred shares	(65,013,751)	(72,083,238)		(10,152,855)
Net loss attributable to YS Biopharma	(110,105,083)	(83,208,603)		(11,719,853)

Net loss	(45,091,332)	(11,125,365)		(1,566,998)
Feign currency translation gain	11,321,167	(168,653,952)		(23,754,747)
Total comprehensive loss	(33,770,165)	(179,779,317)	$	(25,321,745)

*Loss per share:**
– Basic and Diluted	(0.18)	(0.04)	$	(0.01)
*Weighted average number of ordinary shares outstanding:**
– Basic and Diluted	247,311,533	247,311,533		247,311,533

*	Gives retroactive effect to reflect the reorganization in February 2021.

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


	For the Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
Equity loss of subsidiaries	(60,903,713)	(75,864,722)	$	(11,950,588)
Operating expenses:
Selling expenses	54,278	—		—
General and administrative expenses	104,562,058	29,178,255		4,596,304
Research and development expenses	4,352,356	988,531		155,718
Total operating expenses	108,968,692	30,166,786		4,752,022
Loss from operations	(169,872,405)	(106,031,508)		(16,702,610)
Other income (expenses)
Financial income/(expenses), net	(21,953,837)	27,107		4,270
Total other income/(expenses), net	(21,953,837)	27,107		4,270
Net loss	(191,826,242)	(106,004,401)		(16,698,340)
Accretion to redemption value of convertible redeemable preferred shares	(16,610,297)	(130,662,326)		(20,582,579)
Net loss attributable to YS Biopharma	(208,436,538)	(236,666,727)		(37,280,919)
Net loss	(191,826,242)	(106,004,401)		(16,698,340)
Feign currency translation gain	22,455,217	38,864,607		6,122,146
Total comprehensive loss	(169,371,025)	(67,139,794)	$	(10,576,194)
*Loss per share:**
– Basic and Diluted	(0.78)	(0.43)	$	(0.07)
*Weighted average number of ordinary shares outstanding:**
– Basic and Diluted	247,311,533	247,311,533		247,311,533

*Gives retroactive effect to reflect the reorganization in February 2021.

Summary of parent company statement of cash flows


	Six Months Ended September 30,
	2021	2022	2022
	(RMB)	(RMB)	($)
	(Unaudited)	(Unaudited)	(Unaudited)
Net loss	(45,091,332)	(11,125,365)	$	(1,566,998)
Equity loss of subsidiaries	27,562,274	5,703,582		803,346
Share-based compensation	3,128,741	(85,316)		(12,017)
Changes in operating assets and liabilities:
Amounts due from related parties	(298,261,642)	(328,910,623)		(46,326,745)
Amounts due to related parties	(42,697)	373,586		52,619
Accrued expenses and other liabilities	(7,357,523)	55,467,639		7,812,564
Net cash used in operating activities	(320,062,179)	(278,576,497)		(39,237,231)
Effect of exchange rate on cash	(4,446,303)	29,908,137		4,212,531
Net decrease in cash	(324,508,482)	(248,668,360)		(35,024,700)
Cash at the beginning of the period	330,296,949	252,611,535		35,580,092
Cash at the end of the period	5,788,467	3,943,175	$	555,392
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	65,013,751	72,083,238	$	10,152,855

PARENT COMPANY STATEMENTS OF CASH FLOWS


	For the Fiscal Years Ended March 31,
	2021	2022	2022
	(RMB)	(RMB)	(US$)
	(Unaudited)	(Unaudited)	(Unaudited)
Net loss	(191,826,242)	(106,004,401)	$	(16,698,340)
Equity loss of subsidiaries	60,903,713	75,864,722		11,950,588
Share-based compensation	76,756,500	7,764,448		1,223,094
Changes in operating assets and liabilities:
Amounts due from related parties	(421,125,633)	(23,299,705)		(3,670,285)
Amounts due to related parties	2,906,881	(110,893)		(17,468)
Accrued expenses and other liabilities	77,228,629	(24,732,348)		(3,895,962)
Net cash used in operating activities	(395,156,152)	(70,518,177)		(11,108,373)
Cash flows from investing activities:
Payment for long-term investment	(7,658,738)	(813,776)		(128,190)
Net cash used in investing activities	(7,658,738)	(813,776)		(128,190)
Cash flows from financing activities:
Proceeds from issuance of mezzanine equity	729,412,999	—		—
Shareholders’ contributions	1,589,236	—		—
Net cash provided by financing activities	731,002,235	—		—
Effect of exchange rate on cash	2,109,604	(6,353,461)		(1,000,829)
Net (decrease) increase in cash	330,296,949	(77,685,414)		(12,237,392)
Cash at the beginning of the year	—	330,296,949		52,030,016
Cash at the end of the year	330,296,949	252,611,535	$	39,792,624
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	16,610,297	130,662,326	$	20,582,579
Forgiveness from related parties	446,092,527	—	$	—

ORGANIZATION AND BUSINESS DESCRIPTION (Details) - company	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
ORGANIZATION AND BUSINESS DESCRIPTION
Number of companies and their subsidiaries owned	5	3
US Yisheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100.00%	100.00%
Singapore Yisheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100.00%	100.00%
UK YishengBio
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)		100.00%
HK YishengBio
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100.00%
Oceanview Bioscience
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100.00%
Hudson Biomedical
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100.00%
Liaoning Yisheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100.00%	100.00%
Beijing Yisheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100.00%	100.00%

LIQUIDITY (Details)	6 Months Ended		12 Months Ended
LIQUIDITY (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
LIQUIDITY
Net income (loss)	¥ (11,125,365)	¥ (45,091,332)	¥ (106,004,401)		¥ (191,826,242)
Cash used in operating activities	(107,395,153)	(176,984,374)	(173,545,357)	$ (27,337,727)	(246,610,437)
Cash	227,000,000	¥ 49,521,897	271,067,503		390,457,084	$ 32,000,000	$ 42,700,000
Outstanding bank loans and other borrowing	¥ 447,633,078		¥ 365,661,754		¥ 1,103,609	$ 63,048,688	$ 57,600,856

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Translation (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
USD
Foreign Currency Translation
Currency exchange rates as of Balance Sheet	7.0998		6.3482	6.5713
Currency exchange rates, Profit/Loss	6.7240	6.5284	6.4598	6.8282
SGD
Foreign Currency Translation
Currency exchange rates as of Balance Sheet	4.9717		4.6932	4.8768
Currency exchange rates, Profit/Loss	4.8325	4.8200	4.7850	4.9246

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment, net (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Plant and buildings \| Minimum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	6 years	6 years
Plant and buildings \| Maximum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	20 years	20 years
Machinery and equipment \| Minimum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	5 years	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	10 years	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	3 years	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	7 years	7 years
Motor vehicles \| Minimum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	4 years	4 years
Motor vehicles \| Maximum
Property, Plant and Equipment, net
Estimated useful life of property, plant and equipment	5 years	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets, net (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Minimum
Intangible assets, net
Amortization term	48 years 9 months	48 years 9 months
Maximum
Intangible assets, net
Amortization term	50 years	50 years
Patents
Intangible assets, net
Estimated useful lives	15 years	15 years
Software and laboratory information system
Intangible assets, net
Estimated useful lives		10 years
Amortization term	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentrations of Credit Risk and Significant Suppliers (Details)	6 Months Ended				12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Sep. 30, 2021 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)
Concentration risk
Total purchases	¥ 93,700,779	$ 13,197,665	¥ 63,599,621		¥ 117,066,090	$ 18,440,832	¥ 59,656,877
Total purchases \| Vendors concentration risk \| Top vendors
Concentration risk
Total purchases	¥ 38,589,743	$ 5,435,328	¥ 38,523,736	$ 5,426,032	¥ 75,442,385	$ 11,884,060	¥ 50,474,996	$ 7,681,128
Concentration risk (as a percent)	69.10%	69.10%	42.70%	42.70%	44.70%	44.70%	59.60%	59.60%
Total purchases \| Vendors concentration risk \| Vendor A
Concentration risk
Total purchases	¥ 21,661,500	$ 3,051,001	¥ 11,283,000	$ 1,589,200	¥ 35,172,250	$ 5,540,508	¥ 32,063,500	$ 4,879,324
Concentration risk (as a percent)	38.80%	38.80%	12.50%	12.50%	20.90%	20.90%	37.90%	37.90%
Total purchases \| Vendors concentration risk \| Vendor B
Concentration risk
Total purchases	¥ 10,053,600	$ 1,416,040			¥ 16,227,146	$ 2,556,181
Concentration risk (as a percent)	18.00%	18.00%			9.60%	9.60%
Total purchases \| Vendors concentration risk \| Vendor C
Concentration risk
Total purchases	¥ 3,005,828	$ 423,368			¥ 9,995,189	$ 1,574,492	¥ 4,568,088	$ 695,157
Concentration risk (as a percent)	5.40%	5.40%			5.90%	5.90%	5.40%	5.40%
Total purchases \| Vendors concentration risk \| Vendor D
Concentration risk
Total purchases	¥ 2,009,315	$ 283,010	¥ 6,689,566	$ 942,219	¥ 7,426,500	$ 1,169,859
Concentration risk (as a percent)	3.60%	3.60%	7.40%	7.40%	4.40%	4.40%
Total purchases \| Vendors concentration risk \| Vendor E
Concentration risk
Total purchases					¥ 6,621,300	$ 1,043,020
Concentration risk (as a percent)					3.90%	3.90%
Total purchases \| Vendors concentration risk \| Vendor F
Concentration risk
Total purchases			¥ 9,028,170	$ 1,271,609			¥ 5,781,888	$ 879,870
Concentration risk (as a percent)			10.00%	10.00%			6.80%	6.80%
Total purchases \| Vendors concentration risk \| Vendor G
Concentration risk
Total purchases			¥ 6,063,000	$ 853,968			¥ 4,862,320	$ 739,933
Concentration risk (as a percent)			6.70%	6.70%			5.70%	5.70%
Total purchases \| Vendors concentration risk \| Vendor H
Concentration risk
Total purchases			¥ 5,460,000	$ 769,036			¥ 3,199,200	$ 486,844
Concentration risk (as a percent)			6.10%	6.10%			3.80%	3.80%
Total purchases \| Vendors concentration risk \| Vendor I
Concentration risk
Total purchases	¥ 1,859,500	$ 261,909
Concentration risk (as a percent)	3.30%	3.30%
Accounts payable \| Vendors concentration risk \| Top vendors
Concentration risk
Concentration risk (as a percent)					4.60%	4.60%	8.30%	8.30%
Accounts payable \| Vendors concentration risk \| Vendor A
Concentration risk
Concentration risk (as a percent)							8.30%	8.30%
Accounts payable \| Vendors concentration risk \| Vendor E
Concentration risk
Concentration risk (as a percent)					4.60%	4.60%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Social Security Insurance (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Social Security Insurance
Late fees related to social security insurance (as a percent)			0.05%	0.05%	0.05%
Late fees for its liabilities related to social security insurance	¥ 9,685,430		¥ 9,500,000	¥ 9,499,595		¥ 29,364,400	$ 1,364,183	$ 1,496,423
Late fees related to social security insurance	¥ 300,000	$ 42,173	¥ 1,396,221	¥ 1,900,000	$ 291,796	¥ 7,701,793

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Expenses), net (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Other Income (Expenses), net
Late fees related to social security insurance	¥ 300,000	$ 42,173	¥ 1,396,221	¥ 1,900,000	$ 291,796	¥ 7,701,793
Tax on late fees related to its social security insurance				200,000		18,700,000
Payments of late fees related to social security insurance and tax	¥ 100,000		¥ 86,200,000	¥ 86,200,000		¥ 5,000,000.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax
Statutory federal income tax rate	25.00%	25.00%	25.00%	25.00%
SINGAPORE
Income Tax
Statutory federal income tax rate	17.00%		17.00%
PRC
Income Tax
Statutory federal income tax rate	25.00%		25.00%
UNITED STATES
Income Tax
Statutory federal income tax rate	21.00%		21.00%
State income tax rate	8.25%		8.25%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Shareholders' Contribution and Segment Reporting (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 segment	Mar. 31, 2022 segment	Mar. 31, 2021 CNY (¥)
Shareholders' Contribution
Forgiveness of amounts due to related parties			¥ 446,092,527
Shareholders' contribution			¥ 1,589,236
Segment Reporting
Number of operating segment \| segment	1	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Significant Risks (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Significant Risks
Total assets	¥ 1,548,438,120	¥ 1,441,753,141	$ 218,096,020	$ 227,112,117	¥ 1,167,175,072
Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	100.00%	100.00%
PRC
Significant Risks
Total assets	¥ 1,316,093,351	¥ 1,155,124,790	185,370,484
PRC \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	85.00%	80.00%
Hong Kong
Significant Risks
Total assets	¥ 194,452,627	¥ 2,666,762	27,388,465
Hong Kong \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	13.00%	0.00%
Singapore
Significant Risks
Total assets	¥ 29,843,991	¥ 26,168,621	4,203,497
Singapore \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	2.00%	2.00%
United States
Significant Risks
Total assets	¥ 4,104,976	¥ 5,181,433	578,182
United States \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	0.00%	0.00%
Cayman
Significant Risks
Total assets	¥ 3,943,175	¥ 252,611,535	$ 555,392
Cayman \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	0.00%	18.00%

ACCOUNTS RECEIVABLE, NET (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Trade receivables	¥ 488,422,373	$ 68,793,821	¥ 322,170,980	$ 50,749,973	¥ 223,033,688
Allowance for doubtful accounts	(20,062,985)	(2,825,852)	(13,615,875)	(2,144,840)	(8,530,951)
Accounts receivable, net	¥ 468,359,388	$ 65,967,969	¥ 308,555,105	$ 48,605,133	¥ 214,502,737

ACCOUNTS RECEIVABLE, NET - Bad debt expense (Details)	6 Months Ended			12 Months Ended
ACCOUNTS RECEIVABLE, NET - Bad debt expense (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Bad debt expense	¥ 6,447,110	$ 908,069	¥ 2,888,417	¥ 5,100,000	$ 801,003	¥ 6,414,634

ACCOUNTS RECEIVABLE, NET - Movements in the allowance for doubtful account (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Analysis of the movements in the allowance for doubtful account
Balance at beginning of the year	¥ 13,615,875	$ 1,917,783	¥ 8,530,951	¥ 8,530,951	$ 1,343,838	¥ 2,116,317
Additions	6,447,110	908,069	2,888,417	5,100,000	801,003	6,414,634
Balance at end of the year	¥ 20,062,985	$ 2,825,852	¥ 11,419,368	¥ 13,615,875	$ 1,917,783	¥ 8,530,951

INVENTORIES, NET - Inventories (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Inventories, net
Raw materials	¥ 52,392,648	$ 7,379,454	¥ 57,926,980	$ 9,124,946		¥ 20,865,093
Work in progress	39,148,872	5,514,081	40,795,744	6,426,348		23,453,665
Finished goods	71,235,067	10,033,391	73,285,870	11,544,354		78,422,922
Allowance for slow-moving or obsolete inventories	(1,109,400)	(156,258)	(5,503,029)	(866,864)	¥ (1,109,400)	(41,301,797)	$ (6,506,064)	¥ (76,661,332)
Inventories, net	¥ 161,667,187	$ 22,770,668	¥ 166,505,565	$ 26,228,784		¥ 81,439,883

INVENTORIES, NET- Movements in allowance (Details)	6 Months Ended			12 Months Ended
INVENTORIES, NET- Movements in allowance (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Movements in the allowance for slow-moving or obsolete inventories
Balance at beginning of the year	¥ 5,503,029	$ 866,864	¥ 41,301,797	¥ 41,301,797	$ 6,506,064	¥ 76,661,332
Additions				4,393,629	692,106	950,261
Inventories written off	(4,393,629)	(618,838)	(40,192,397)	(4,393,630)	(692,106)	(1,109,400)
Balance at end of the year	¥ 1,109,400	$ 156,258	¥ 1,109,400	¥ 5,503,029	$ 866,864	¥ 41,301,797

PROPERTY, PLANT AND EQUIPMENT, NET (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Property, plant and equipment
Total Cost	¥ 750,728,416	$ 105,739,375	¥ 730,447,603	$ 115,063,735	¥ 398,325,573
Less: accumulated depreciation	(163,469,667)	(23,024,545)	(150,402,597)	(23,692,164)	(132,228,718)
Less: asset impairment	(29,891,896)	(4,210,245)	(29,891,896)	(4,708,720)	(29,891,896)
Property and equipment, net	557,366,853	78,504,585	550,153,110	86,662,851	236,204,959
Construction in progress
Property, plant and equipment
Total Cost	333,446,243	46,965,583	318,000,074	50,092,951	40,158,349
Plant and buildings
Property, plant and equipment
Total Cost	183,372,813	25,827,884	170,206,987	26,811,850	153,845,452
Machinery and equipment
Property, plant and equipment
Total Cost	193,846,868	27,303,145	194,875,303	30,697,726	174,933,799
Electronic equipment
Property, plant and equipment
Total Cost	10,794,907	1,520,452	10,107,578	1,592,196	8,442,743
Motor vehicles
Property, plant and equipment
Total Cost	3,027,767	426,458	2,978,155	469,134	2,814,066
Office equipment and furniture
Property, plant and equipment
Total Cost	21,612,891	3,044,155	29,888,526	4,708,189	14,241,207
Leasehold improvements
Property, plant and equipment
Total Cost	¥ 4,626,927	$ 651,698	¥ 4,390,980	$ 691,689	¥ 3,889,957

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Loan receivable					¥ 2,966,778	$ 451,475
Deposits	¥ 1,622,616	$ 228,544	¥ 2,807,847	$ 442,306	1,362,270
Staff advances	303,767	42,785	383,251	60,372	290,024
Staff's social security	677,626	95,443	615,581	96,969	190,253
Value added tax recoverable	3,920,265	552,166	3,442,733	542,316	148,705
Other receivable	534,169	75,237	854,245	134,564	414,898
Allowance	(115,743)	(16,302)	(115,743)	(18,232)	(115,743)
Total	¥ 6,942,700	$ 977,873	¥ 7,987,914	$ 1,258,295	¥ 5,257,185

PREPAID EXPENSES AND OTHER CURRENT ASSETS -Additional Information (Details) - Mar. 31, 2021	CNY (¥)	USD ($)
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Interest free loan provided		$ 6,300,000
Total repayments of loans receivable made		5,900,000
Outstanding balance of loans receivable	¥ 2,966,778	$ 451,475

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

INTANGIBLE ASSETS, NET (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Intangible assets, net
Total Cost	¥ 156,940,338	$ 22,104,895	¥ 152,933,740	$ 24,090,882	¥ 149,316,132
Less: Accumulated Amortization	(75,625,405)	(10,651,765)	(72,215,762)	(11,375,785)	(65,537,529)
Intangible Assets, net	81,314,933	11,453,130	80,717,978	12,715,097	83,778,603
Patents
Intangible assets, net
Total Cost	79,608,000	11,212,710	79,608,000	12,540,248	79,608,000
Licenses, software and laboratory information system
Intangible assets, net
Total Cost	10,150,478	1,429,685	6,143,880	967,814	2,526,272
Land use rights
Intangible assets, net
Total Cost	¥ 67,181,860	$ 9,462,500	¥ 67,181,860	$ 10,582,820	¥ 67,181,860

BANK LOANS AND OTHER BORROWINGS (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 28, 2022	Sep. 23, 2022	Jul. 22, 2022	May 25, 2022	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 16, 2022	Mar. 10, 2022	Sep. 13, 2021	Jul. 12, 2021	Mar. 31, 2021 CNY (¥)	May 02, 2020
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 163,641,078	$ 23,048,688					¥ 111,733,754	$ 17,600,856
Long-term bank loans	283,992,000	40,000,000					253,928,000	40,000,000					¥ 1,103,609
Total bank loans	447,633,078	63,048,688					365,661,754	57,600,856					1,103,609
China Guangfa Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 35,509,492	$ 5,001,478					¥ 46,456,142	$ 7,318,002
Interest Rate	5.66%	5.66%					5.66%	5.66%		5.655%	5.655%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 81,486,261	$ 11,477,261					¥ 64,647,870	$ 10,183,654
Interest Rate	5.30%	5.30%		5.30%			5.30%	5.30%				5.30%
Citi Bank
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year							¥ 234,743	$ 36,978
Long-term bank loans													¥ 1,103,609
Interest Rate	1.00%	1.00%					1.00%	1.00%						1.00%
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year							¥ 394,999	$ 62,222
Long-term bank loans	¥ 283,992,000	$ 40,000,000					¥ 253,928,000	$ 40,000,000
Interest Rate	4.00%	4.00%					4.00%	4.00%	4.00%
China Citic Bank - Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 34,295,325	$ 4,830,464
Interest Rate	5.20%	5.20%			5.20%
China Citic Bank - Shenyang Branch, Letter of credit facility
BANK LOANS AND OTHER BORROWINGS
Interest Rate	3.25%	3.25%				3.25%
China Construction Bank - Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 12,350,000	$ 1,739,485
Interest Rate	4.00%	4.00%	4.00%

BANK LOANS AND OTHER BORROWINGS - Additional information (Details)																1 Months Ended					2 Months Ended		4 Months Ended		6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 16, 2022 CNY (¥)	Sep. 06, 2022 CNY (¥)	Jul. 08, 2022 CNY (¥)	May 25, 2022 CNY (¥)	Apr. 13, 2022 CNY (¥)	Mar. 16, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Sep. 13, 2021 CNY (¥)	Sep. 07, 2021 CNY (¥)	Jul. 21, 2021 CNY (¥)	Jul. 12, 2021 CNY (¥)	Mar. 05, 2021 CNY (¥)	May 02, 2020 CNY (¥)	May 02, 2020 USD ($)	Sep. 28, 2022 CNY (¥)	May 31, 2022 CNY (¥)	May 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 26, 2022 CNY (¥)	Jul. 22, 2022 CNY (¥)	Sep. 23, 2022 CNY (¥)	Mar. 10, 2022 CNY (¥)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 16, 2022 USD ($)
BANK LOANS AND OTHER BORROWINGS
Amount drawn or borrowed																									¥ 102,513,927	$ 14,438,988	¥ 92,719,786	¥ 414,116,587	$ 65,233,702	¥ 32,253,609
Repayments of debt																									50,606,602	$ 7,127,891	¥ 48,833,921	49,558,442	$ 7,806,692	160,407,571
Accrued interest	¥ 11,400,000																		¥ 395,000						¥ 11,400,000			395,000			$ 1,700,000	$ 62,222
Interest expense	¥ 15,200,000							¥ 400,000																				¥ 2,800,000		¥ 5,800,000
Minimum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																									1.50%	1.50%
Maximum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																									3.50%	3.50%
China Guangfa Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt									¥ 100,000,000
Term of credit facility									3 years
Amount drawn or borrowed									¥ 46,500,000															¥ 35,500,000
Annual interest rate	5.66%								5.655%										5.66%					5.655%	5.66%			5.66%			5.66%	5.66%
Repayments of debt		¥ 10,900,000
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt				¥ 15,000,000							¥ 140,000,000	¥ 140,000,000
Term of credit facility				2 years							3 years	3 years
Amount drawn or borrowed												¥ 64,600,000											¥ 55,900,000
Annual interest rate	5.30%											5.30%							5.30%				5.30%		5.30%			5.30%			5.30%	5.30%
Repayments of debt																					¥ 39,000,000.0
Citi Bank
BANK LOANS AND OTHER BORROWINGS
Amount drawn or borrowed														¥ 1,103,609	$ 166,400
Annual interest rate	1.00%													1.00%	1.00%				1.00%						1.00%			1.00%			1.00%	1.00%
Repayments of debt																	¥ 234,742	$ 36,978	¥ 869,000	$ 129,422
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Face amount of debt							¥ 253,928,000																										$ 40,000,000
Term of credit facility							54 months
Annual interest rate	4.00%						4.00%												4.00%						4.00%			4.00%			4.00%	4.00%	4.00%
R-Bridge Healthcare Fund, LP \| Minimum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																												1.50%	1.50%
R-Bridge Healthcare Fund, LP \| Maximum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																												3.50%	3.50%
China Citic Bank - Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt					¥ 30,000,000					¥ 250,000,000			¥ 250,000,000
Term of credit facility					1 year					3 years			3 years
Amount drawn or borrowed																						¥ 29,300,000
Annual interest rate	5.20%																					5.20%			5.20%						5.20%
China Citic Bank - Shenyang Branch, Letter of credit facility
BANK LOANS AND OTHER BORROWINGS
Face amount of debt																						¥ 5,000,000
Annual interest rate	3.25%				3.25%																				3.25%						3.25%
China Construction Bank - Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt			¥ 50,000,000
Term of credit facility			1 year
Amount drawn or borrowed																¥ 12,400,000
Annual interest rate	4.00%															4.00%									4.00%						4.00%
China Everbright Bank
BANK LOANS AND OTHER BORROWINGS
Face amount of debt						¥ 70,000,000
Term of credit facility						1 year

BANK LOANS AND OTHER BORROWINGS - Repayment installment (Details)	Jul. 07, 2026 USD ($)	Apr. 07, 2026 USD ($)	Jan. 07, 2026 USD ($)	Oct. 07, 2025 USD ($)	Jul. 07, 2025 USD ($)	Apr. 07, 2025 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - non-current							¥ 283,992,000	$ 40,000,000	¥ 253,928,000	$ 40,000,000	¥ 1,103,609
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - non-current							¥ 283,992,000	$ 40,000,000	¥ 253,928,000	$ 40,000,000
R-Bridge Healthcare Fund, LP \| Forecast
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - non-current	$ 8,000,000	$ 6,400,000	$ 6,400,000	$ 6,400,000	$ 6,400,000	$ 6,400,000

LEASES - Summary of operating leases - (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
LEASES
Operating lease ROU assets	¥ 13,067,129	$ 1,840,493	¥ 14,850,283	$ 2,339,290	¥ 17,245,924
Operating lease liabilities - current	3,524,558	496,431	4,322,252	680,863	3,785,642
Operating lease liabilities - non-current	¥ 10,403,843	$ 1,465,371	¥ 10,605,260	$ 1,670,593	¥ 13,550,359
Weighted average remaining lease term	3 years	3 years	3 years 4 months 24 days	3 years 4 months 24 days	4 years 4 months 24 days
Weighted average discount rate	4.80%	4.80%	4.80%	4.80%	5.00%

LEASES - Summary of lease cost (Details)	6 Months Ended			7 Months Ended	12 Months Ended
LEASES - Summary of lease cost (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
LEASES
Operating lease cost	¥ 2,508,388	$ 373,050	¥ 2,237,633		¥ 4,594,967	$ 723,822	¥ 2,643,917
Cash paid for operating leases	786,888	$ 110,832	¥ 2,276,956		¥ 4,587,894	$ 722,708	¥ 2,601,625
Rent reduction	¥ 988,303			¥ 2,068,108

LEASES - Summary of maturity of operating lease liabilities - (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Maturity of operating lease liabilities
2023	¥ 5,748,070	$ 809,610	¥ 4,947,481	$ 779,352
2024	5,029,426	708,390	4,837,260	761,989
2025	3,921,138	552,289	4,922,251	775,377
2026	158,029	22,257	1,479,661	233,084
Total lease payments	14,856,663	2,092,546	16,186,653	2,549,802
Less: Interest	(928,262)	(130,744)	(1,259,141)	(198,346)
Present value of operating lease liabilities	13,928,401	1,961,802	14,927,512	2,351,456
Operating lease liabilities - current	3,524,558	496,431	4,322,252	680,863	¥ 3,785,642
Operating lease liabilities - non-current	¥ 10,403,843	$ 1,465,371	¥ 10,605,260	$ 1,670,593	¥ 13,550,359

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Accrued expenses and other current liabilities (Details)	6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Salaries and social security insurance payable	¥ 55,943,773		¥ 57,459,273	$ 7,879,627	$ 9,051,270	¥ 86,818,418
Promotion service fee	93,688,809		64,883,477	13,195,979	10,220,768	58,358,838
Taxes other than income tax	3,005,157		1,171,381	423,273	184,522	1,615,475
Late fees	9,685,430		9,499,595	1,364,183	1,496,423	93,890,390
Payable for property, plant and equipment	49,128,153		48,774,134	6,919,653	7,683,144	4,730,933
CDC transportation and storage fee	48,656,533		35,023,095	6,853,226	5,517,012	12,087,830
Guarantee deposits	94,733,524		94,528,659	13,343,126	14,890,624	48,732,986
Professional service fee	2,226,221		7,758,448	313,561	1,222,149	8,694,317
Other payable	10,215,721		7,653,291	1,438,874	1,205,584	7,821,284
Total	367,283,321		326,751,353	$ 51,731,502	$ 51,471,496	¥ 322,750,471
Payments of salaries, social security insurance	¥ 1,500,000	¥ 11,100,000	¥ 29,400,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Salaries and social security insurance payables (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Salaries and social security insurance payable
Salaries	¥ 47,732,121	$ 6,723,023	¥ 49,020,045	$ 7,721,881	¥ 46,263,007
Social security insurance	7,535,447	1,061,360	7,732,161	1,218,008	39,926,173
Union Fee	676,205	95,244	707,067	111,381	629,238
Total	¥ 55,943,773	$ 7,879,627	¥ 57,459,273	$ 9,051,270	¥ 86,818,418

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Late fee (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Late fee charge of income tax						¥ 53,890,577
Late fee charge of taxes other than income tax						10,635,413
Late fee charge of social insurance	¥ 9,685,430	$ 1,364,183	¥ 9,499,595	$ 1,496,423	¥ 9,500,000	29,364,400
Total	¥ 9,685,430	$ 1,364,183	¥ 9,499,595	$ 1,496,423		¥ 93,890,390

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Series A (Details)			6 Months Ended	12 Months Ended
	Sep. 04, 2020 shares	Dec. 10, 2012 USD ($) $ / shares shares	Sep. 30, 2022 shares	Mar. 31, 2021 CNY (¥) shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Proceeds from issuance of mezzanine equity \| ¥				¥ 729,412,999
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of shares issued during period		21,548,589	0
Price per share \| $ / shares		$ 0.93
Proceeds from issuance of mezzanine equity \| $		$ 20,000,000
Number of shares transferred	6,014,313	6,014,313		(6,014,313)

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Series A-1 (Details) - CNY (¥)			6 Months Ended	12 Months Ended
	Sep. 04, 2020	Dec. 10, 2012	Sep. 30, 2022	Mar. 31, 2021	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2020
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of shares transferred	6,014,313	6,014,313		(6,014,313)
Temporary Equity, Shares Issued			15,534,276		15,534,276
Temporary Equity, Shares Outstanding			15,534,276	15,534,276	15,534,276	15,534,276	21,548,589
Number of shares issued during period		21,548,589	0
Accretion to redemption value			¥ 36,647,950
Series A-1 redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of shares transferred				6,014,313
Temporary Equity, Shares Issued			6,014,313		6,014,313
Temporary Equity, Shares Outstanding			6,014,313	6,014,313	6,014,313	6,014,313

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Series B (Details)	1 Months Ended		6 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) shares	Jan. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2022 CNY (¥) shares	Mar. 31, 2021 CNY (¥) shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Principal amount of Convertible Notes together with the accrued interest converted \| $		$ 20,389,315
Number of shares issued upon conversion of notes		18,393,610
Proceeds from issuance of mezzanine equity \| ¥				¥ 729,412,999
Series B redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Principal amount of Convertible Notes together with the accrued interest converted \| $		$ 20,389,315
Number of shares issued upon conversion of notes		18,393,610
Conversion price per share \| $ / shares		$ 1.1085
Shares subscribed for call option under convertible notes		9,660,324		9,660,324
Price per share \| $ / shares		$ 2.0703
Proceeds from issuance of mezzanine equity \| $	$ 3,000,000	$ 88,000,000
Number of shares issued during period	1,231,679	36,129,245	0	37,360,924
Accretion to redemption value \| ¥			¥ 35,435,288

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Outstanding Convertible Redeemable Preferred Shares (Details)			1 Months Ended		6 Months Ended				12 Months Ended
	Sep. 04, 2020 shares	Dec. 10, 2012 shares	Feb. 28, 2021 shares	Jan. 31, 2021 shares	Sep. 30, 2022 CNY (¥) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 CNY (¥) shares	Sep. 30, 2021 USD ($) shares	Mar. 31, 2022 CNY (¥) shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 CNY (¥) shares	Mar. 31, 2021 USD ($) shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 1,370,221,392	$ 215,844,081	¥ 1,285,458,571	$ 181,055,603	¥ 1,285,458,571	$ 181,055,603	¥ 440,585,213	$ 69,403,171
Conversion of convertible notes											131,425,527	20,702,802
Call option under convertible notes											131,425,290	20,702,765
New insurance											597,987,709	94,197,995
Accretion to redemption value					72,083,238	10,152,855	65,013,751	9,157,124	130,662,326	20,582,579	16,610,297	2,616,536
Foreign currency translation adjustment					166,257,097	23,417,151	(17,231,727)	(2,427,072)	(45,899,505)	(7,230,318)	(32,575,465)	(5,131,449)
Balance at the end					1,608,561,727	226,564,371	897,869,523	$ 187,785,655	1,370,221,392	$ 215,844,081	1,285,458,571	$ 181,055,603
Series A and Series A-1 redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 458,074,468	$ 72,158,166	¥ 410,327,208		¥ 410,327,208
Balance at the beginning (in shares) \| shares					21,548,589	21,548,589	21,548,589	21,548,589	21,548,589	21,548,589
Balance at the end					¥ 551,004,725	$ 77,608,485			¥ 458,074,468	$ 72,158,166	¥ 410,327,208
Balance at the end (in shares) \| shares					21,548,589	21,548,589			21,548,589	21,548,589	21,548,589	21,548,589
Series A redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 389,563,659		¥ 344,661,893		¥ 344,661,893		¥ 440,585,213
Balance at the beginning (in shares) \| shares					15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	21,548,589	21,548,589
Number of shares issued during period \| shares		21,548,589			0	0
Shares transferred											¥ (68,232,451)
Number of shares transferred \| shares	6,014,313	6,014,313									(6,014,313)	(6,014,313)
Accretion to redemption value					¥ 33,793,180		¥ 28,042,858		¥ 57,598,340		¥ 1,758,690
Foreign currency translation adjustment					48,011,366		(4,690,126)		(12,696,574)		(29,449,559)
Balance at the end					¥ 471,368,205		¥ 368,014,625		¥ 389,563,659		¥ 344,661,893
Balance at the end (in shares) \| shares					15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276
Series A-1 redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 68,510,809		¥ 65,665,315		¥ 65,665,315
Balance at the beginning (in shares) \| shares					6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313
Shares transferred											¥ 68,232,451
Number of shares transferred \| shares											6,014,313	6,014,313
Accretion to redemption value					¥ 2,854,770		¥ 2,566,412		¥ 5,164,090
Foreign currency translation adjustment					8,270,941		(875,280)		(2,318,596)		¥ (2,567,136)
Balance at the end					¥ 79,636,520		¥ 67,356,447		¥ 68,510,809		¥ 65,665,315
Balance at the end (in shares) \| shares					6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313
Series B redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					¥ 912,146,924	$ 143,685,915	¥ 875,131,363		¥ 875,131,363
Balance at the beginning (in shares) \| shares					65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858
Conversion of convertible notes											¥ 131,425,527
Conversion of convertible notes (in shares) \| shares											18,393,610	18,393,610
Call option under convertible notes											¥ 131,425,290
Shares subscribed for call option under convertible notes \| shares				9,660,324							9,660,324	9,660,324
New insurance											¥ 597,987,709
Number of shares issued during period \| shares			1,231,679	36,129,245	0	0					37,360,924	37,360,924
Accretion to redemption value					¥ 35,435,288		¥ 34,404,481		¥ 67,899,896		¥ 14,851,607
Foreign currency translation adjustment					109,974,790		(11,666,321)		(30,884,335)		(558,770)
Balance at the end					¥ 1,057,557,002	$ 148,955,886	¥ 897,869,523		¥ 912,146,924	$ 143,685,915	¥ 875,131,363
Balance at the end (in shares) \| shares					65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Additional Information (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Initial conversion ratio	1	1
Dividends declared	$ 0	$ 0
Uncured breach term considered for shares redemption	30 days	30 days
Period to exercise redemption rights	18 months
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	17.00%	8.00%
Original Series A Issue Price plus a single interest rate	8.00%
Series A-1 redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	8.00%
Period to exercise redemption rights		18 months
Series B redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	8.00%	8.00%

STOCK-BASED COMPENSATION - 2010 Share Incentive Plan (Details) - shares				6 Months Ended	12 Months Ended
	Jan. 01, 2015	Jan. 01, 2014	Jun. 21, 2010	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
STOCK-BASED COMPENSATION
Granted during the period				0	0	10,254,198
Remaining employees
STOCK-BASED COMPENSATION
Vesting period based on term after the grantee terminates their employment				12 months	12 months
2010 Share Incentive Plan
STOCK-BASED COMPENSATION
Contractual term			10 years
Number of shares authorized and reserved for issuance			10,902,600
Maximum number of shares that may be granted as percentage of total issued and outstanding shares		1.50%
Vesting period				3 years	3 years
Equal quarterly instalments (as a percent)				0.08%	0.08%
Vesting percentage				100.00%	100.00%
Granted during the period	510,000
Vesting period based on term after the grantee terminates their employment				5 years	5 years
2010 Share Incentive Plan \| Senior executives
STOCK-BASED COMPENSATION
Contractual term				10 years	10 years
2010 Share Incentive Plan \| Remaining employees
STOCK-BASED COMPENSATION
Contractual term				10 years	10 years

STOCK-BASED COMPENSATION - Exercise prices and exercise periods of the share options outstanding (Details) - ¥ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
Number of share options
At the beginning	13,013,422	13,013,422	11,223,795
Granted during the period	0	0	10,254,198
Forfeited during the period	0	0	(298,117)
Exercised during the period	0	0	(8,103,671)
Expired during the period	0	0	(62,783)
At the end	13,013,422	13,013,422	13,013,422
Average exercise price per share option
At the beginning (in dollars per share)	¥ 7.3289	¥ 7.3289	¥ 3.8807
Granted during the period (in dollars per share)	0	0	8.4631
Forfeited during the period (in dollars per share)	0	0	6.4631
Exercised during the period (in dollars per share)	0	0
Expired during the period (in dollars per share)	0	0	6.4631
At the end (in dollars per share)	¥ 7.3289	¥ 7.3289	¥ 7.3289

STOCK-BASED COMPENSATION - Exercise prices and exercise periods (Details)	Sep. 30, 2022 ¥ / shares shares	Mar. 31, 2021 $ / shares shares
Exercise prices and exercise periods
Number of options	13,013,422	13,013,422
Exercise price 3.4845
Exercise prices and exercise periods
Number of options	6,133,005	6,133,005
Exercise price \| (per share)	¥ 3.4845	$ 3.4845
Exercise price 6.4631
Exercise prices and exercise periods
Number of options	2,453,049	2,453,049
Exercise price \| (per share)	¥ 6.4631	$ 6.4631
Exercise price 13.1344
Exercise prices and exercise periods
Number of options	4,427,368	4,427,368
Exercise price \| (per share)	¥ 13.1344	$ 13.1344

STOCK-BASED COMPENSATION - Bonus incentive plan (Details) - Bonus incentive plan	Jan. 01, 2015 period
STOCK-BASED COMPENSATION
Contractual term	6 years
Number of six-month periods in each calendar year the plan is divided	2
Term in each calendar year into which the plan is divided	6 months
Stated period of service for an independent performance condition	1 month

STOCK-BASED COMPENSATION - Restricted share units to employees (Details) - Restricted share units			6 Months Ended	12 Months Ended
	Aug. 01, 2018 shares	Feb. 01, 2018 installment $ / shares shares	Sep. 30, 2022 CNY (¥) shares	Mar. 31, 2022 CNY (¥) shares
Remaining employees
STOCK-BASED COMPENSATION
Number of units granted		2,770,000
Weighted average grant-date fair value \| $ / shares		$ 1.81
Unrecognized share-based payment expenses \| ¥			¥ 0	¥ 0
Service conditions vesting
STOCK-BASED COMPENSATION
Number of units vested	30,000
Vesting period	3 months
Service conditions vesting \| Remaining employees
STOCK-BASED COMPENSATION
Number of units vested		1,620,000
Service conditions vesting in six equal semi-annual instalments over three years \| Remaining employees
STOCK-BASED COMPENSATION
Number of equal semi-annual instalments \| installment		6
Vesting period		3 years
Service conditions vesting in eight equal semi-annual instalments over four years \| Remaining employees
STOCK-BASED COMPENSATION
Number of equal semi-annual instalments \| installment		8
Vesting period		4 years
Performance condition vesting
STOCK-BASED COMPENSATION
Number of units vested	20,000
Vesting period	2 months
Performance condition vesting \| Remaining employees
STOCK-BASED COMPENSATION
Number of units vested			1,150,000	1,150,000

STOCK-BASED COMPENSATION - Restricted share units to independent directors (Details) - Restricted share units	Aug. 01, 2018 director shares	Jul. 25, 2018 CNY (¥) director $ / shares shares	Sep. 30, 2022 CNY (¥)
Independent directors
STOCK-BASED COMPENSATION
Number of units granted		1,080,000
Number of grantees \| director	3	3
Number of units granted to each director annually	120,000
Weighted average grant-date fair value \| $ / shares		$ 1.84
Unrecognized share-based payment expenses \| ¥		$ 0	¥ 0
Vested for three months
STOCK-BASED COMPENSATION
Number of units vested	30,000
Vesting period	3 months
Vested for two months
STOCK-BASED COMPENSATION
Number of units vested	20,000
Vesting period	2 months

STOCK-BASED COMPENSATION - 2020 Share Incentive Plan (Details ) - 2020 Share Incentive Plan - shares	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
STOCK-BASED COMPENSATION
Number of shares authorized and reserved for issuance	35,000,000	35,000,000
Number of shares fully vested and issued	8,373,671	8,373,671
Number of shares reserved but not issued	26,626,329	26,626,329
Number of shares granted but not exercised	13,886,187	13,886,187

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
STOCK-BASED COMPENSATION
Total stock-based compensation	¥ (85,316)	$ (12,017)	¥ 3,128,742	¥ 7,764,448	$ 1,223,094	¥ 76,756,500
Research and development expenses
STOCK-BASED COMPENSATION
Total stock-based compensation	(1,015,055)	(142,970)	492,764	975,171	153,614	4,200,464
General and administrative expenses
STOCK-BASED COMPENSATION
Total stock-based compensation	¥ 929,739	$ 130,953	¥ 2,635,978	¥ 6,789,277	$ 1,069,481	72,501,943
Selling expenses
STOCK-BASED COMPENSATION
Total stock-based compensation						¥ 54,093

STOCK-BASED COMPENSATION - Additional Information (Details)	Aug. 15, 2022 $ / shares shares
STOCK-BASED COMPENSATION
Number of shares surrendered \| shares	575,000
Price per share surrendered \| $ / shares	$ 0.000005

RELATED PARTY TRANSACTIONS AND BALANCES - Transactions with related parties (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 CNY (¥)
Related Party Transaction
Amount lent to related party				¥ 30,088,833
Amounts due from related party				30,088,833
Yisheng Biopharma Holding Ltd (Hong Kong)
Related Party Transaction
Amount lent to related party		¥ 2,966,777		30,088,833
Loan repaid by related party		33,055,610
Amounts due from related party		0		30,088,833		¥ 0
Yisheng Biopharma Holding Ltd (Hong Kong) \| Receivable collected on behalf of YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 2,966,777	2,966,777	$ 459,412	¥ 30,088,833	$ 4,600,000
Yisheng Biopharma Holding Ltd (Hong Kong) \| Repayment to YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 33,055,610	¥ 33,055,610	$ 5,118,732

RELATED PARTY TRANSACTIONS AND BALANCES - Additional information (Details) - CNY (¥)	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2022	Mar. 31, 2020
Related Party Transaction
Amount lent by related party			¥ 299,757,219
Amount repaid to related party			163,346,796
Forgiveness of amounts due to related parties			446,092,527
Amounts due from related party			30,088,833
Amount lent to related party			30,088,833
Henan Yisheng Biopharma
Related Party Transaction
Due to related party					¥ 102,868,404
Amount repaid to related party			147,375,441
Forgiveness of amounts due to related parties			169,038,024
Beijing Yisheng Xingye
Related Party Transaction
Due to related party			0		204,218,333
Amount repaid to related party			47,360,000
Forgiveness of amounts due to related parties			311,873,098
Amounts due from related party		¥ 0		¥ 0
Amount lent to related party	¥ 46,970	46,970
Henan Yisheng Pan-Asia
Related Party Transaction
Due to related party					8,000
Amount repaid to related party			8,000
Other Related Parties
Related Party Transaction
Due to related party					7,792,152
Amount repaid to related party			8,237,985
Liaoning Yisheng Pan-Asia
Related Party Transaction
Amounts due from related party			0		30,780,298
Amount lent to related party			8,423,885
Forgiveness of amounts due from related parties			32,503,795
Henan Yisheng Huizhong
Related Party Transaction
Amounts due from related party			0		¥ 1,744,800
Amount lent to related party			570,000
Forgiveness of amounts due from related parties			¥ 2,314,800
Yisheng Biopharma
Related Party Transaction
Due to related party		¥ 0		¥ 0
Amount lent by related party	¥ 64,880

INCOME TAX - Tax rate (Details)	1 Months Ended	6 Months Ended		12 Months Ended
INCOME TAX - Tax rate (Details)	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
INCOME TAX
Statutory federal corporate income tax		25.00%	25.00%	25.00%	25.00%
Singapore
INCOME TAX
Statutory federal corporate income tax		17.00%		17.00%
China
INCOME TAX
Statutory federal corporate income tax		25.00%		25.00%
Enterprise income tax rate		25.00%		25.00%
High and New Technology Enterprises, income tax rate	15.00%	15.00%		15.00%
Term for High and New Technology Enterprises status	3 years	3 years		3 years
United States
INCOME TAX
Statutory federal corporate income tax		21.00%		21.00%
State income tax rate		8.25%		8.25%

INCOME TAX - Provision for income tax (Details)	6 Months Ended			12 Months Ended
INCOME TAX - Provision for income tax (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Provision for income tax
Deferred income taxes	¥ 565,625	$ 79,668	¥ 5,689,586	¥ 4,937,120	$ 777,720	¥ 17,454,245
Income tax	¥ 565,625	$ 79,668	¥ 5,689,586	¥ 4,937,122	$ 777,720	¥ 17,454,245

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAX - Reconciliation of statutory rate to effective tax rate (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of statutory rate to effective tax rate
Statutory federal income tax rate	25.00%	25.00%	25.00%	25.00%
Effect of different tax rates in different jurisdictions	(182.62%)	(26.82%)	(18.26%)	(20.56%)
Effect of PRC preferential tax rate	(100.49%)	11.98%	4.56%	(0.77%)
Effect of research and development expenses deduction and others	80.56%	30.97%	33.20%	7.80%
Temporary differences	5.03%	13.42%	4.88%	10.01%
Change in valuation allowance	177.88%	(41.02%)	(44.47%)	(11.49%)
Effective tax rate	5.36%	13.53%	4.88%	10.01%

INCOME TAX - Net deferred assets (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Deferred tax assets:
Write-down of inventories to net realizable value	¥ 166,410	$ 23,439	¥ 825,454	$ 130,030	¥ 6,195,269
Impairment of property, plant and building	1,900,433	267,674	2,031,460	320,006	2,293,516
Deferred government grants	4,680,205	659,202	4,852,383	764,371	4,950,884
Losses available for offsetting against future taxable profits	47,805,830	6,733,405	58,257,270	9,176,975	32,495,322
Less: valuation allowance	(47,800,000)	(6,733,405)	(58,257,270)	(9,176,975)	(32,495,322)
Total deferred tax assets, net	6,747,048	950,315	7,709,297	1,214,407	13,439,669
Deferred tax liabilities:
Fair value adjustments arising from historical acquisition of subsidiaries	(4,273,589)	(601,931)	(4,670,213)	(735,675)	(5,463,463)
Total deferred tax liabilities	(4,273,589)	(601,931)	(4,670,213)	(735,675)	(5,463,463)
Net deferred tax asset	¥ 2,473,459	$ 348,384	¥ 3,039,084	$ 478,732	¥ 7,976,206

INCOME TAX - Additional information (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 CNY (¥)
INCOME TAX
Valuation allowance	¥ 47,800,000	$ 6,733,405	¥ 58,257,270	$ 9,176,975		¥ 32,495,322
Uncertain tax positions	¥ 0		¥ 0		¥ 0	¥ 0

DEFERRED GOVERNMENT GRANTS (Details)	6 Months Ended			12 Months Ended
DEFERRED GOVERNMENT GRANTS (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Government grants received that were deferred	¥ 1,200,000		¥ 1,500,000	¥ 3,600,000		¥ 1,600,000
Government grants	22,456,691	$ 3,163,003	19,600,822	23,020,413	$ 3,626,290	3,530,405
Subsidies that the government has not set any conditions and are not tied to future trends or performance
DEFERRED GOVERNMENT GRANTS
Government grants	¥ 13,200,000		¥ 18,500,000	¥ 20,800,000		¥ 1,440,000

DEFERRED GOVERNMENT GRANTS - Property, plant and equipment & Research and development (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	¥ 32,349,218	$ 5,095,809	¥ 33,005,891	¥ 33,005,891
Addition	1,200,000		1,500,000	3,600,000		¥ 1,600,000
Recognized as income	(600,000)
Total deferred government grants	24,322,667	3,425,824		32,349,218	$ 5,095,809	33,005,891
Less: current portion	(3,495,701)			(2,295,701)		(2,121,645)	$ (492,366)	$ (361,630)
Non-current portion	20,826,966			30,053,517		30,884,246	$ 2,933,458	$ 4,734,179
Government grants for property, plant and equipment
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	22,030,690	3,103,001	21,847,340	21,847,340	3,441,502	21,096,442
Addition	1,200,000	169,019		1,552,000	244,479	2,000,000
Recognized as income	(727,839)	(102,515)	(1,400,000)	(1,368,650)	(215,597)	(1,249,102)
Total deferred government grants	22,502,851	3,169,505		22,030,690	3,103,001	21,847,340
Government grants for research and development
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	10,318,528	1,453,355	11,158,551	11,158,551	1,757,750	10,387,874
Addition						1,610,700
Recognized as income	(8,500,000)	(1,197,036)	¥ (800,000)	(840,023)	(132,325)	(840,023)
Total deferred government grants	¥ 1,819,816	$ 256,319		¥ 10,318,528	$ 1,453,355	¥ 11,158,551

DEFERRED GOVERNMENT GRANTS - Additional information (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥) item	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥) item	Mar. 31, 2022 USD ($) item	Mar. 31, 2021 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Amount amortized from deferred government grant into government grant recognized in income	¥ 600,000
Government grants for property, plant and equipment
DEFERRED GOVERNMENT GRANTS
Number of deferred government grants	7	7		7	7
Amount amortized from deferred government grant into government grant recognized in income	¥ 727,839	$ 102,515	¥ 1,400,000	¥ 1,368,650	$ 215,597	¥ 1,249,102
Amount that will be amortized in fiscal 2023	2,700,000			1,500,000
Amount that will be amortized after fiscal 2023	¥ 19,800,000			¥ 20,600,000
Government grants for research and development
DEFERRED GOVERNMENT GRANTS
Number of deferred government grants \| item	2	2		2	2
Amount amortized from deferred government grant into government grant recognized in income	¥ 8,500,000	$ 1,197,036	¥ 800,000	¥ 840,023	$ 132,325	¥ 840,023
Amount that will be amortized in fiscal 2023	800,000			800,000
Amount that will be amortized after fiscal 2023	1,000,000.0			1,400,000
Amount that is expected to be fulfilled after 2022	¥ 1,000,000.0			¥ 8,100,000

COMMITMENTS AND CONTINGENCIES - Commitments to purchase raw materials or services (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other professional service fee			¥ 7,617,840	$ 1,200,000
Construction of vaccine production facilities Office of Life Sciences	¥ 1,580,000	$ 222,541
Research and development	6,001,375	845,288	73,894,705	11,640,261
Purchase raw materials	20,236,200	2,850,249	17,664,500	17,664,500
Total	¥ 27,817,575	$ 3,918,078	¥ 99,177,045	$ 30,504,761

COMMITMENTS AND CONTINGENCIES - Sales contract dispute (Details) - CNY (¥)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Hebei Defense Biological Products Supply Center
COMMITMENTS AND CONTINGENCIES
Gain contingency, amount awarded to defendant		¥ 2,465,807
Term within which the amount to be paid by defendant		20 days
Compensation received		¥ 1,636,755
Expected compensation receivable		¥ 829,052
Chaoyang Center for Disease Control and Prevention
COMMITMENTS AND CONTINGENCIES
Gain contingency, amount awarded to defendant	¥ 416,900
Compensation received	300,000
Expected compensation receivable	¥ 116,900

SEGMENT INFORMATION - Non-current assets aggregated to form reportable geographical segment (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 CNY (¥) segment	Mar. 31, 2022 CNY (¥) segment	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Non-current assets aggregated to form reportable geographical segment
Number of operating segment	1	1
Non-current assets	¥ 676,885,437	¥ 676,988,748	$ 95,338,663	$ 106,642,631	¥ 433,970,786
PRC
Non-current assets aggregated to form reportable geographical segment
Non-current assets	613,613,563	604,094,049	86,426,880	95,159,896	288,637,839
Other countries/regions
Non-current assets aggregated to form reportable geographical segment
Non-current assets	¥ 25,068,223	¥ 26,777,039	$ 3,530,835	$ 4,218,052	¥ 31,345,723

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

SUBSEQUENT EVENTS (Details)					1 Months Ended		2 Months Ended	4 Months Ended		6 Months Ended			12 Months Ended
SUBSEQUENT EVENTS (Details)	Nov. 08, 2022 CNY (¥)	Sep. 16, 2022 CNY (¥)	Sep. 13, 2021 CNY (¥)	Jul. 12, 2021 CNY (¥)	Oct. 16, 2022 CNY (¥)	Sep. 28, 2022 CNY (¥)	Sep. 26, 2022 CNY (¥)	Sep. 23, 2022 CNY (¥)	Mar. 10, 2022 CNY (¥)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
SUBSEQUENT EVENTS
Repayments of debt										¥ 50,606,602	$ 7,127,891	¥ 48,833,921	¥ 49,558,442	$ 7,806,692	¥ 160,407,571
Amount drawn or borrowed										¥ 102,513,927	$ 14,438,988	¥ 92,719,786	¥ 414,116,587	$ 65,233,702	¥ 32,253,609
China Guangfa Bank Co., Ltd. Shenyang Branch
SUBSEQUENT EVENTS
Repayments of debt		¥ 10,900,000
Amount drawn or borrowed			¥ 46,500,000						¥ 35,500,000
Interest Rate			5.655%						5.655%	5.66%	5.66%		5.66%	5.66%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
SUBSEQUENT EVENTS
Repayments of debt							¥ 39,000,000.0
Amount drawn or borrowed				¥ 64,600,000				¥ 55,900,000
Interest Rate				5.30%				5.30%		5.30%	5.30%		5.30%	5.30%
China Construction Bank - Shenyang Branch
SUBSEQUENT EVENTS
Amount drawn or borrowed						¥ 12,400,000
Interest Rate						4.00%				4.00%	4.00%
Subsequent Event
SUBSEQUENT EVENTS
Amount of sale-leaseback agreement	¥ 26,000,000
Term of sale-leaseback agreement	3 years
Interest rate of sale-leaseback agreement	5.00%
Subsequent Event \| China Guangfa Bank Co., Ltd. Shenyang Branch
SUBSEQUENT EVENTS
Repayments of debt					¥ 36,000,000
Amount drawn or borrowed					¥ 13,000,000
Interest Rate					5.655%
Subsequent Event \| Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
SUBSEQUENT EVENTS
Repayments of debt					¥ 28,000,000
Amount drawn or borrowed					¥ 30,000,000
Interest Rate					5.30%
Subsequent Event \| China Construction Bank - Shenyang Branch
SUBSEQUENT EVENTS
Amount drawn or borrowed					¥ 19,000,000
Interest Rate					4.00%

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) (Details - PARENT COMPANY BALANCE SHEETS)

Sep. 30, 2022

CNY (¥)

Sep. 30, 2022

USD ($)

Mar. 31, 2022

CNY (¥)

Mar. 31, 2022

USD ($)

Sep. 30, 2021

CNY (¥)

Sep. 30, 2021

USD ($)

Mar. 31, 2021

CNY (¥)

Mar. 31, 2021

USD ($)

Mar. 31, 2020

CNY (¥)

Mar. 31, 2020

USD ($)

¥ 227,000,000

$ 32,000,000

¥ 271,067,503

$ 42,700,000

¥ 49,521,897

¥ 390,457,084

30,088,833

871,552,683

122,757,357

764,764,393

120,469,486

733,204,286

676,885,437

95,338,663

676,988,748

106,642,631

433,970,786

1,548,438,120

218,096,020

1,441,753,141

227,112,117

1,167,175,072

Current liabilities:

367,283,321

51,731,502

326,751,353

51,471,496

322,750,471

575,338,836

81,035,921

475,914,160

74,968,363

345,040,994

890,561,645

125,434,750

770,500,937

121,373,135

390,579,208

1,608,561,727

226,564,371

1,370,221,392

215,844,081

897,869,523

$ 187,785,655

1,285,458,571

$ 181,055,603

¥ 440,585,213

$ 69,403,171

Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021

7,978

1,124

7,978

1,257

^[1]

7,978

^[1]

808,648,509

113,897,365

808,502,018

127,359,254

800,806,378

Accumulated other comprehensive income (loss)

(1,673,775,766)

(235,749,706)

(1,590,567,163)

(250,554,041)

(1,353,900,436)

(85,565,973)

(12,051,884)

83,087,979

13,088,431

44,223,373

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit

(950,685,252)

(133,903,101)

(698,969,188)

(110,105,099)

(604,517,882)

$ (85,145,762)

(508,862,707)

¥ (847,320,829)

1,548,438,120

218,096,020

1,441,753,141

227,112,117

1,167,175,072

Series A and Series A-1 redeemable convertible preferred shares

551,004,725

77,608,485

458,074,468

72,158,166

410,327,208

Parent company | Reportable legal entities

1,057,557,002

148,955,886

912,146,924

143,685,915

¥ 897,869,523

875,131,363

3,943,175

555,392

252,611,535

39,792,624

330,296,949

848,379,306

119,493,409

519,236,876

81,792,772

495,937,171

852,322,481

120,048,801

771,848,411

121,585,396

826,234,120

Long-term investments, net

164,003,403

23,099,722

146,641,652

23,099,721

150,952,826

164,003,403

23,099,722

146,641,652

23,099,721

150,952,826

1,016,325,884

143,148,523

918,490,063

144,685,117

977,186,946

Current liabilities:

354,920,428

49,990,201

244,082,463

38,449,082

197,324,794

Due to related party

3,528,981

497,054

3,155,395

497,053

3,266,288

358,449,409

50,487,255

247,237,858

38,946,135

200,591,082

358,449,409

50,487,255

247,237,858

38,946,135

200,591,082

Class A ordinary shares subject to possible redemption, $0.0001 par value; 20,000,000 shares and -0- shares issued and outstanding at redemption value of $10.00 per share

1,608,561,727

226,564,371

1,370,221,392

215,844,081

1,285,458,571

Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021

7,978

1,124

7,978

1,257

7,978

808,648,509

113,897,365

808,502,018

127,359,254

800,806,378

Accumulated other comprehensive income (loss)

(1,673,775,766)

(235,749,706)

(1,590,567,163)

(250,554,041)

(1,353,900,436)

(85,565,973)

(12,051,886)

83,087,980

13,088,431

44,223,373

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit

(950,685,252)

(133,903,103)

(698,969,187)

(110,105,099)

(508,862,707)

1,016,325,884

143,148,523

918,490,063

144,685,117

977,186,946

Parent company | Reportable legal entities | Series A and Series A-1 redeemable convertible preferred shares

Parent company | Reportable legal entities | Series B redeemable convertible preferred shares

551,004,725

77,608,485

458,074,468

72,158,166

410,327,208