0001213900-23-064528 | POS AM | XBRL Viewer

¥ 193,736,563

$ 28,193,397

¥ 111,733,754

China Guangfa Bank Co., Ltd. – Shenyang Branch [Member]

293,790,596

42,753,699

253,928,000

Total bank loans

487,527,159

70,947,096

365,661,754

¥ 41,191,031

^[1]

$ 5,994,300

^[1]

46,456,142

^[1]

2023/10/13 –2023/12/16

^[1]

Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch [Member]

5.66%

^[1]

5.66%

^[1]

¥ 82,964,518

^[2]

$ 12,073,361

^[2]

64,647,870

^[2]

2023/6/29 –2023/12/12

^[2]

5.30%

^[2]

5.30%

^[2]

Citi Bank [Member]

^[3]

234,743

^[3]

2022/5/1

^[3]

R-Bridge Healthcare Fund, LP [Member]

1.00%

^[3]

1.00%

^[3]

^[4]

394,999

^[4]

2026/9/15

^[4]

4.00%

^[4]

4.00%

^[4]

¥ 274,868,000

^[4]

$ 40,000,000

^[4]

253,928,000

^[4]

Sep. 15, 2026

^[4]

Sep. 15, 2026

^[4]

China CITIC Bank Shenyang Tiexi Branch [Member]

4.00%

^[4]

4.00%

^[4]

¥ 23,596,350

^[5]

$ 3,433,845

^[5]

2023/10/13 –2023/11/9

^[5]

China CITIC Bank Shenyang Tiexi Branch2 [Member]

5.00%

^[5]

5.00%

^[5]

¥ 5,000,000

^[6]

$ 727,622

^[6]

2023/5/25 –2023/7/17

^[6]

China Construction Bank Shenyang Heping Branch [Member]

3.25%

^[6]

3.25%

^[6]

¥ 31,330,000

^[7]

$ 4,559,279

^[7]

2023/9/8 –2023/11/24

^[7]

China Construction Bank Shenyang Heping Branch [Member]

4.00%

^[7]

4.00%

^[7]

¥ 988,000

^[8]

$ 143,778

^[8]

2024/1/12

^[8]

Zhongguancun Technology Leasing Co., Ltd [Member]

3.90%

^[8]

3.90%

^[8]

¥ 8,666,664

^[9]

$ 1,261,212

^[9]

2025/11/7

^[9]

5.00%

^[9]

5.00%

^[9]

¥ 14,492,596

^[9]

$ 2,109,026

^[9]

Nov. 07, 2025

^[9]

Nov. 07, 2025

^[9]

China Construction Bank Shenyang Heping Branch [Member]

5.00%

^[9]

5.00%

^[9]

¥ 4,430,000

^[10]

$ 644,673

^[10]

Sep. 16, 2024

^[10]

Sep. 16, 2024

^[10]

Schedule of private warrants are accounted for as liabilities

4.00%

^[10]

4.00%

^[10]

[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 RMB41.2 million in total from October 14 2022 to January 13, 2023 with interest at 5.66%, which is due from October 13, 2023 to December 16, 2023. In June, 2023, YS Group repaid RMB31.7 million in advance.
[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. YS Group drew down RMB83.0 million from June 30, 2022 to December 13, 2022 with interest at 5.30%, which is due from June 29, 2023 to December 12, 2023. In April and July, 2023, YS Group repaid RMB20.9 million and RMB32.4 million in advance, respectively.
[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. 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 RMB274,868,000 (US$40,000,000) for 54 months with interest at 4.00%. 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:
[5]	On January 13, 2023, YS Group entered into a credit facility of RMB40 million with China CITIC Bank Shenyang Tiexi Branch, due on November 29, 2023, to finance its working capital requirements. YS Group drew RMB23.6 million from January 18, 2023 to February 17, 2023 with interest at 5.00%, which is due from October 13, 2023 to November 9, 2023.
[6]	On May 6, 2022, China CITIC Bank Shenyang Tiexi Branch issued one letter of credit of RMB5.0 million to YS Group with interest at 3.25%. As of March 31, 2023, YS Group had RMB4.7 million in letters of credit issued, which is due from May 19, 2023 to July 17, 2023. From May to July 2023, YS Group repaid RMB4.7 million.
[7]	From September 9, 2022 to November 25, 2022, YS Group borrowed RMB31.3 million in total with interest at 4.00% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due from September 8, 2023 to November 24, 2023. On June 5, 2023, YS Group repaid RMB9.7 million in advance.
[8]	On January 16, 2023, YS Group borrowed RMB988,000 with interest at 3.90% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due on January 12, 2024.
[9]	On November 8, 2022, YS Group borrowed RMB26.0 million with interest at 5.00% from Zhongguancun Technology Leasing Co., Ltd for 36 months. YS Group shall repay RMB722,222 monthly from December 15, 2022 to October 15, 2025 and pay the last repayment of RMB722,230 on November 7, 2025. YS Group repaid RMB2.9 million from December 2022 to March 2023. The balance of RMB23.1 million is outstanding, of which RMB8.6 million is due within one year. From April 13 to July 17, YS Group repaid RMB2.9 million according to the arrangement.
[10]	On March 17, 2023, YS Group borrowed RMB4.4 million with interest at 4.00% from China Construction Bank Shenyang Heping Branch for 18 months. The loan will be due on September 16, 2024.

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (145,479,105)	$ (21,170,758)	¥ (106,004,401)	¥ (191,826,242)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes	1,133,504	164,952	4,937,120	17,454,245
Depreciation of property, plant and equipment	29,735,024	4,327,171	24,475,736	22,240,060
Amortization of intangible assets	6,952,783	1,011,800	6,678,233	5,665,735
Loss on disposal of property, plant and equipment			273,982	24,876
Share-based compensation	3,505,001	510,063	7,764,448	76,756,500
Bad debt provision of accounts receivable	10,750,948	1,564,525	5,084,925	6,414,634
Write-down (reversal) of inventories to net realizable value	(723,583)	(105,299)	4,393,630	1,109,400
Non-cash lease expense	4,423,612	643,743	3,787,628	2,233,089
Fair value changes of warrant liability	(21,358)	(3,108)
Changes in operating assets and liabilities:
Inventories	(18,151,804)	(2,641,530)	(89,459,313)	(68,728,378)
Accounts receivable	(165,247,635)	(24,047,562)	(99,137,291)	(220,734,141)
Amounts due from related parties			30,088,833	(3,086,330)
Prepaid expenses and other current assets	8,992,574	1,308,639	59,229,801	146,767,686
Accounts payable	49,628,389	7,222,141	14,427,864	(4,424,337)
Amounts due to related parties				(245,808)
Accrued expenses and other liabilities	43,029,496	6,261,841	(35,633,487)	140,210
Deferred government grants	(6,447,010)	(938,197)	(656,673)	(44,290)
Income taxes payable				(34,105,055)
Operating lease liabilities	(4,550,232)	(662,170)	(3,796,392)	(2,222,291)
Net cash used in operating activities	(182,469,396)	(26,553,749)	(173,545,357)	(246,610,437)
Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment	68,001	9,896	8,000	644,842
Purchases of property, plant and equipment	(52,758,124)	(7,677,594)	(295,314,351)	(104,883,783)
Purchases of intangible assets	(4,291,597)	(624,532)	(3,617,607)
Net cash used in investing activities	(56,981,720)	(8,292,230)	(298,923,958)	(104,238,941)
Cash flows from financing activities:
Proceeds from issuance of mezzanine equity				729,412,999
Shareholders’ contribution				1,589,236
Proceeds from business combination	252,457,329	36,738,701
Offering cost	(35,884,661)	(5,222,094)
Proceeds from bank loans and other borrowings	247,387,392	36,000,901	414,116,587	32,253,609
Repayment of bank loans and other borrowings	(146,510,134)	(21,320,799)	(49,558,442)	(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	317,449,926	46,196,709	364,558,145	739,258,696
Effect of foreign exchange rate on cash	21,303,512	3,100,180	(11,478,411)	(2,674)
Net increase (decrease) in cash	99,302,322	14,450,910	(119,389,581)	388,406,644
Cash at the beginning of the year	271,067,503	39,446,935	390,457,084	2,050,440
Cash at the end of the year	370,369,825	53,897,845	271,067,503	390,457,084
Supplemental disclosures of cash flow information:
Income taxes paid				34,105,055
Interest paid	27,289,057	3,971,224	2,404,357	8,124,572
Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	137,991,697	20,081,159	130,662,326	16,610,297
Operating right-of-use assets recognized for related operating lease liabilities	331,218	48,200	1,516,478	15,048,446
Forgiveness of amounts due to related parties				446,092,527
Equity transaction from warrants	(8,870,007)	(1,290,802)
Equity transaction from preferred shares	¥ 1,636,897,084	$ 238,208,461

Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life	12 Months Ended
	Mar. 31, 2023
Plant and building [Member] \| Minimum [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Estimated useful life of property, plant and equipment	6 years
Plant and building [Member] \| Maximum [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Estimated useful life of property, plant and equipment	20 years
Machinery and Equipment [Member] \| Minimum [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Estimated useful life of property, plant and equipment	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Estimated useful life of property, plant and equipment	10 years
Furniture and Fixtures [Member] \| Minimum [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Estimated useful life of property, plant and equipment	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Estimated useful life of property, plant and equipment	7 years
Motor vehicle [Member] \| Minimum [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Estimated useful life of property, plant and equipment	4 years
Motor vehicle [Member] \| Maximum [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Estimated useful life of property, plant and equipment	5 years
Leasehold improvement [Member]
Schedule of Property, Plant and Equipment to its Residual Value Over its Estimated Useful Life [Abstract]
Leasehold improvement	Lesser of the lease term or life of assets

Warrants (Tables)

12 Months Ended

Mar. 31, 2023

Warrant [Abstract]

The Binomial Option Pricing Model with the following key assumptions is used for estimating the FV of private warrants.

	As of March 31, 2023
Fair value of the underlying asset as of the Valuation Date	1.6
Strike price	11.5
Life to expiration (Years.)	4.9
Volatility	62.9	%
Number of steps	100
Redemption price (per share)	0.1

Schedule of the aggregate value of the private warrants

The table below reflects the movement of warrant liabilities for the year ended March 31, 2023:

	April 1, 2022	Additions	Change in fair value		Foreign currency translation		March 31, 2023	March 31, 2023
	(RMB)	(RMB)	(RMB)		(RMB)		(RMB)	(US$)
Private Warrants	—	8,814,592	(21,358	)	(845	)	8,792,389	$	1,279,507
Total	—	8,814,592	(21,358	)	(845	)	8,792,389	$	1,279,507

Bank Loans and Other Borrowings (Details)																1 Months Ended		3 Months Ended	12 Months Ended
Bank Loans and Other Borrowings (Details)	Sep. 09, 2023 CNY (¥)	Jul. 31, 2023 CNY (¥)	Jun. 30, 2023 CNY (¥)	May 06, 2023 USD ($)	Apr. 30, 2023 CNY (¥)	Mar. 31, 2023 CNY (¥)	Mar. 17, 2023 CNY (¥)	Jan. 16, 2023 CNY (¥)	Jan. 13, 2023 CNY (¥)	Nov. 08, 2022 CNY (¥)	Nov. 08, 2022 USD ($)	Sep. 13, 2021 CNY (¥)	Jul. 12, 2021 CNY (¥)	May 02, 2020 CNY (¥)	May 02, 2020 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Jul. 17, 2023 CNY (¥)	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	May 06, 2023 CNY (¥)	Mar. 16, 2022 CNY (¥)	Mar. 16, 2022 USD ($)
Bank Loans and Other Borrowings (Details) [Line Items]
Credit facility									¥ 40,000,000															¥ 5,000,000
Amount drawn or borrowed																			¥ 247,387,392	$ 36,000,901	¥ 414,116,587		¥ 32,253,609
Annual interest rate									5.00%															3.25%
Repaid amount		¥ 32,400,000	¥ 31,700,000		¥ 20,900,000													¥ 2,900,000
Accrued interest on loan																			23,400,000	3,400,000
Repaid amount						¥ 2,900,000			¥ 23,600,000										146,510,134	$ 21,320,799	49,558,442		160,407,571
Debt instrument periodic payment (in Dollars) \| $				$ 4,700,000
Repayment of debt																								¥ 4,700,000
Interest expense																			¥ 32,000,000		2,800,000		¥ 5,800,000
China Guangfa Bank Co., Ltd. [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Credit facility												¥ 100,000,000
Term of credit facility												3 years
Amount drawn or borrowed												¥ 41,200,000
Annual interest rate												5.66%
Shanghai Pudong Development Bank Co., Ltd. [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Credit facility													¥ 140,000,000
Term of credit facility													3 years
Amount drawn or borrowed													¥ 83,000,000
Annual interest rate													5.30%
Citi Bank [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Amount drawn or borrowed														¥ 1,103,609	$ 166,400
Annual interest rate														1.00%	1.00%
Repayments of debt																¥ 869,000	$ 129,422				¥ 235,000	$ 36,978
R-Bridge Healthcare Fund, LP [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Credit facility																									¥ 274,868,000	$ 40,000,000
R-Bridge Healthcare Fund, LP [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Annual interest rate																									4.00%	4.00%
R-Bridge Healthcare Fund, LP [Member] \| Minimum [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Royalty rate																			1.50%	1.50%
R-Bridge Healthcare Fund, LP [Member] \| Maximum [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Royalty rate																			3.50%	3.50%
China Construction Bank Shenyang Heping Branch [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Amount drawn or borrowed	¥ 31,300,000						¥ 4,400,000	¥ 988,000
Annual interest rate	4.00%						4.00%	3.90%
Repaid amount	¥ 9,700,000
Zhongguancun Technology Leasing Co., Ltd [Member]
Bank Loans and Other Borrowings (Details) [Line Items]
Amount drawn or borrowed										¥ 26,000,000
Annual interest rate										5.00%
Debt instrument periodic payment (in Dollars) \| $											$ 722,222
Repayment of debt										¥ 722,230

Warrants Accounted as Equity-Method Instruments (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Warrants Accounted as Equity-Method Instruments (Details) [Line Items]
Public warrants (in Shares) \| shares	10,000,000
Sale in public warrants (in Shares) \| shares	750,000
Exercise price of warrants (in Dollars per share) \| $ / shares	$ 0.1
Ordinary price per share (in Dollars) \| $	$ 10
Warrant redemption period	30 days
Warrant, description	(1) may be less than the value the holders would have received if they had exercised their Warrants at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the warrants, including because the number of YS Biopharma Ordinary Shares received is capped at 0.361 YS Biopharma Ordinary Shares per warrant (subject to adjustment) irrespective of the remaining life of the warrants
Warrant [Member]
Warrants Accounted as Equity-Method Instruments (Details) [Line Items]
Warrant redemption period	30 days
Minimum [Member]
Warrants Accounted as Equity-Method Instruments (Details) [Line Items]
Trading days	20
Maximum [Member]
Warrants Accounted as Equity-Method Instruments (Details) [Line Items]
Trading days	30
Parent Company [Member]
Warrants Accounted as Equity-Method Instruments (Details) [Line Items]
Exercise price of warrants (in Dollars per share) \| $ / shares	$ 0.01
Parent Company [Member] \| Minimum [Member]
Warrants Accounted as Equity-Method Instruments (Details) [Line Items]
Trading days	20
Parent Company [Member] \| Maximum [Member]
Warrants Accounted as Equity-Method Instruments (Details) [Line Items]
Trading days	30
Business Combination [Member]
Warrants Accounted as Equity-Method Instruments (Details) [Line Items]
Ordinary price per share (in Dollars) \| $	$ 18

Accounts Receivable, Net (Details) - Schedule of analysis of the movements in the allowance for doubtful accounts	12 Months Ended
	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)
Schedule of analysis of the movements in the allowance for doubtful account [Abstract]
Balance at beginning of the year	¥ 13,615,875	$ 1,981,442	¥ 8,530,951
Additions	10,750,949	1,564,525	5,084,924
Balance at end of the year	¥ 24,366,824	$ 3,545,967	¥ 13,615,875

Commitments and Contingencies (Details) - CNY (¥)	12 Months Ended
Commitments and Contingencies (Details) - CNY (¥)	Mar. 31, 2023	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies (Details) [Line Items]
Amount pay	¥ 278,707
Hebei Defense Biological Products Supply Center [Member]
Commitments and Contingencies (Details) [Line Items]
Payment amount			¥ 2,465,807
Compensation received			1,636,755
Balance compensation			¥ 829,052
Chaoyang Center for Disease Control and Prevention [Member]
Commitments and Contingencies (Details) [Line Items]
Payment amount		¥ 416,900
Compensation received		380,000
Balance compensation		¥ 36,900

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies [Abstract]

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

The following table outlines the currency exchange rates used in preparing YS Group’s CFS:

Foreign currency	As of March 31,		Years Ended March 31,
	2022	2023	2021	2022	2023
	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss	Profit/Loss
RMB:1US$	6.3482	6.8717	6.8282	6.4598	6.6100
RMB:1S$	4.6932	5.1760	4.9246	4.7850	4.9346

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

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

Schedule of percentage of YS Group's top 5 vendors accounting for total purchases

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

	Year Ended March 31, 2023
	(RMB)	(US$)
Vendor A	48,006,500	$	6,986,117	37.9	%
Vendor F	15,178,020		2,208,772	12.0	%
Vendor G	10,053,600		1,463,044	7.9	%
Vendor H	6,846,214		996,291	5.4	%
Vendor C	4,746,530		690,736	3.7	%
Total	84,830,864	$	12,344,960	66.9	%

	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	%

	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	%

Schedule of percentage of YS Group’s top 5 vendors accounting for accounts payable

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

	As of March 31, 2023
	(RMB)	(US$)
Vendor A	3,220,000	$	468,589	4.0	%
Vendor F	420		61	0.0	%
Vendor H	16,118		2,346	0.0	%
Total	3,236,538	$	470,996	4.0	%

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

Leases (Details) - Schedule of operating leases	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)
Schedule of Summary of Operating Leases [Abstract]
Operating lease ROU assets	¥ 11,132,428	$ 1,620,040	¥ 14,850,283
Operating lease liabilities – current	4,753,547	691,757	4,322,252
Operating lease liabilities – non-current	¥ 6,348,890	$ 923,918	¥ 10,605,260
Weighted average remaining lease term	2 years 6 months	2 years 6 months	3 years 4 months 24 days
Weighted average discount rate	4.70%	4.70%	4.80%

Intangible Assets, Net (Tables)

12 Months Ended

Mar. 31, 2023

Intangible Assets, Net [Abstract]

Schedule of intangible assets

YS Group’s intangible assets are presented below:

	As of March 31,
	2022		2023		2023
	(RMB)		(RMB)		(US$)
Cost
Patents	79,608,000		79,608,000		$	11,584,906
Licenses, software and laboratory information system	6,143,880		10,435,478			1,518,617
Land use rights	67,181,860		67,181,860			9,776,600
Total Cost	152,933,740		157,225,338			22,880,123
Less: Accumulated Amortization	(72,215,762	)	(79,168,546	)		(11,520,955	)
Intangible Assets, net	80,717,978		78,056,792		$	11,359,168

Leases (Details) - Schedule of lease cost recognized supplemental cash flow information related to operating leases	12 Months Ended
	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 CNY (¥)
Schedule of Summary of Lease Cost Recognized in YS Group’s CFS and Supplemental Cash Flow Information Related to Operating Leases [Abstract]
Operating lease cost	¥ 5,002,684	$ 728,013	¥ 4,594,967	¥ 2,643,917
Cash paid for operating leases	¥ 3,349,856	$ 487,486	¥ 4,587,894	¥ 2,601,625

Bank Loans and Other Borrowings

12 Months Ended

Mar. 31, 2023

Bank Loans and Other Borrowings [Abstract]

BANK LOANS AND OTHER BORROWINGS

NOTE 9 — BANK LOANS AND OTHER BORROWINGS

	As of March 31,				Maturity Date	Interest Rate
	2022	2023	2023		Maturity Date	Interest Rate
	(RMB)	(RMB)	(US$)
China Guangfa Bank Co., Ltd. – Shenyang Branch(1)	46,456,142	41,191,031	$	5,994,300	2023/10/13 – 2023/12/16	5.66	%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch(2)	64,647,870	82,964,518		12,073,361	2023/6/29 – 2023/12/12	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 Tiexi Branch(5)	—	23,596,350		3,433,845	2023/10/13 – 2023/11/9	5.00	%
China CITIC Bank Shenyang Tiexi Branch(6)	—	5,000,000		727,622	2023/5/25 – 2023/7/17	3.25	%
China Construction Bank Shenyang Heping Branch(7)	—	31,330,000		4,559,279	2023/9/8 – 2023/11/24	4.00	%
China Construction Bank Shenyang Heping Branch(8)	—	988,000		143,778	2024/1/12	3.90	%
Zhongguancun Technology Leasing Co., Ltd(10)	—	8,666,664		1,261,212	2025/11/7	5.00	%
Bank loans due within one year	111,733,754	193,736,563	$	28,193,397

R-Bridge Healthcare Fund, LP(4)	253,928,000	274,868,000		40,000,000	2026/9/15	4.00	%
China Construction Bank Shenyang Heping Branch(9)	—	4,430,000		644,673	2024/9/16	4.00	%
Zhongguancun Technology Leasing Co., Ltd(10)		14,492,596		2,109,026	2025/11/7	5.00	%
Long-term bank loans	253,928,000	293,790,596	$	42,753,699
Total bank loans	365,661,754	487,527,159	$	70,947,096

(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 RMB41.2 million in total from October 14 2022 to January 13, 2023 with interest at 5.66%, which is due from October 13, 2023 to December 16, 2023. In June, 2023, YS Group repaid RMB31.7 million in advance.

(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. YS Group drew down RMB83.0 million from June 30, 2022 to December 13, 2022 with interest at 5.30%, which is due from June 29, 2023 to December 12, 2023. In April and July, 2023, YS Group repaid RMB20.9 million and RMB32.4 million in advance, respectively.

(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. 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 RMB274,868,000 (US$40,000,000) for 54 months with interest at 4.00%. 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		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 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, 2023, YS Group accrued approximately RMB23.4 million (US$3.4 million) of interest.

(5) On January 13, 2023, YS Group entered into a credit facility of RMB40 million with China CITIC Bank Shenyang Tiexi Branch, due on November 29, 2023, to finance its working capital requirements. YS Group drew RMB23.6 million from January 18, 2023 to February 17, 2023 with interest at 5.00%, which is due from October 13, 2023 to November 9, 2023.

(6) On May 6, 2022, China CITIC Bank Shenyang Tiexi Branch issued one letter of credit of RMB5.0 million to YS Group with interest at 3.25%. As of March 31, 2023, YS Group had RMB4.7 million in letters of credit issued, which is due from May 19, 2023 to July 17, 2023. From May to July 2023, YS Group repaid RMB4.7 million.

(7) From September 9, 2022 to November 25, 2022, YS Group borrowed RMB31.3 million in total with interest at 4.00% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due from September 8, 2023 to November 24, 2023. On June 5, 2023, YS Group repaid RMB9.7 million in advance.

(8) On January 16, 2023, YS Group borrowed RMB988,000 with interest at 3.90% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due on January 12, 2024.

(9) On March 17, 2023, YS Group borrowed RMB4.4 million with interest at 4.00% from China Construction Bank Shenyang Heping Branch for 18 months. The loan will be due on September 16, 2024.

(10) On November 8, 2022, YS Group borrowed RMB26.0 million with interest at 5.00% from Zhongguancun Technology Leasing Co., Ltd for 36 months. YS Group shall repay RMB722,222 monthly from December 15, 2022 to October 15, 2025 and pay the last repayment of RMB722,230 on November 7, 2025. YS Group repaid RMB2.9 million from December 2022 to March 2023. The balance of RMB23.1 million is outstanding, of which RMB8.6 million is due within one year. From April 13 to July 17, YS Group repaid RMB2.9 million according to the arrangement.

YS Group recorded RMB32.0 million, RMB2.8 million and RMB5.8 million of interest expense for the years ended March 31, 2023, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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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
-Topic 470
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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 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
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Parent Company Only Condensed Financial Information (Unaudited) [Abstract]

Summary of Significant Accounting Policies (Details) - Schedule of percentage of YS Group’s top 5 vendors accounting for accounts payable - Accounts Payable [Member] - Vendors concentration risk [Member]	12 Months Ended
	Mar. 31, 2023 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Vendor A [Member]
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract]
Accounts payable	¥ 3,220,000		$ 468,589
Concentration risk	4.00%
Vendor F [Member]
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract]
Accounts payable	¥ 420		61
Concentration risk	0.00%
Vendor H [Member]
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract]
Accounts payable	¥ 16,118		2,346
Concentration risk	0.00%
Vendors [Member]
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract]
Accounts payable	¥ 3,236,538	¥ 1,420,549	$ 470,996	$ 223,772
Concentration risk	4.00%	4.60%
Vendor E [Member]
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract]
Accounts payable		¥ 1,420,549		$ 223,772
Concentration risk		4.60%

Stock-Based Compensation

12 Months Ended

Mar. 31, 2023

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE 15 — 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 2,725,650 ordinary shares under the Plan for the period from 2010 to 2013, giving retroactive effect of combination in March 2023. 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 127,500 options, giving retroactive effect of combination in March 2023, 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 1st 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, giving retroactive effect of combination in March 2023, of the share options outstanding as at the end of each of the Relevant Periods are as follows:

	Number of shares options	Average exercise price per share option
		(RMB)
As of March 31, 2021	3,253,565	29.3156
Granted during the period	—	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
As of March 31, 2022	3,253,565	29.3156
Granted during the period	—
Forfeited during the period	—	—
Exercised during the period	—	—
Expired during the period	—	—
As of March 31, 2023	3,253,565	32.4020

The exercise prices and exercise periods, giving retroactive effect of combination in March 2023, of the share options outstanding as at the end of the reporting periods are as follows:

Year Ended 31 March 2023 Number of options	Exercise price	Exercise period
	(RMB)
1,533,252	13.938	2021 – 2031
613,369	25.8524	2021 – 2026
1,106,944	52.5376	2021 – 2026
3,253,565

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 FV 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 FV, 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 (“RSU”)

Giving retroactive effect of combination in March 2023, on February 1, 2018, YS Group granted 692,500 RSUs to employees under the Plan. The weighted average grant-date FV of restricted shares units granted was $7.24, which was derived from the FV of the underlying ordinary shares. 405,000 out of the 692,500 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. The remaining 287,500 RSUs had been vested on March 16, 2023 due to the successful closing of the public offering. YS Group recognized expenses associated with these RSUs immediately in fiscal 2023. As of March 31, 2023, all the granted options are vested, and there were no unrecognized share-based payment expenses related to unvested restricted shares.

Giving retroactive effect of combination in March 2023, on July 25, 2018, YS Group granted 270,000 units of RSUs to three independent directors. Starting from the effective date of August 1, 2018, 30,000 RSUs will be awarded to each of the three directors annually, which shall be vested in equal portion of 7,500 units per three months’ Director services rendered by each director. For each of the new directors, 5,000 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 FV of the restricted share units was $1.84, which was derived from the FV of the underlying ordinary shares. As of March 31, 2023, 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 8,750,000 underlying ordinary shares of YS Biopharma. As of the date of this report, (1) 2,093,418 shares as RSU incentive shares have been fully vested and issued to the respective directors and employees of YS Group, and (2) 6,656,582 shares are reserved but not issued, among which, options to subscribe for 3,471,546 ordinary shares of YS Biopharma are granted to certain senior management and employees of YS Group but not exercised, giving retroactive effect of combination in March 2023.

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

	Years Ended March 31,
	2021	2022	2023		2023
	(RMB)	(RMB)	(RMB)		(US$)
Research and development	4,200,464	975,171	(997,846	)	$	(145,211	)
General and administrative	72,501,943	6,789,277	4,502,847			655,274
Selling and marketing	54,093	—	—			—
Total stock-based compensation	76,756,500	7,764,448	3,505,001		$	510,063

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 143,750 of issued shares with US$0.00002 each in YS Group registered in his name, giving retroactive effect of combination in March 2023.

Accounts Receivable, Net

12 Months Ended

Mar. 31, 2023

Accounts Receivable, Net [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 4 — ACCOUNTS RECEIVABLE, NET

	As of March 31,
	2022		2023		2023
	(RMB)		(RMB)		(US$)
Trade receivables	322,170,980		487,418,616		$	70,931,300
Allowance for doubtful accounts	(13,615,875	)	(24,366,824	)		(3,545,967	)
Accounts receivable, net	308,555,105		463,051,792		$	67,385,333

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 years ended March 31, 2021, 2022 and 2023, no YS Group’s accounts receivable had been written off.

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

	Year Ended March 31,
	2022	2023	2023
	(RMB)	(RMB)	(US$)
Balance at beginning of the year	8,530,951	13,615,875	$	1,981,442
Additions	5,084,924	10,750,949		1,564,525
Balance at end of the year	13,615,875	24,366,824	$	3,545,967

Parent Company Only Condensed Financial Information (Unaudited) (Tables)

12 Months Ended

Mar. 31, 2023

Schedule of parent company balance sheets

PARENT COMPANY BALANCE SHEETS

	As of March 31,
	2022		2023		2023
	(RMB)		(RMB)		(US$)
	(Unaudited)		(Unaudited)		(Unaudited)
ASSETS
Current Assets
Cash	252,611,535		3,045,660		$	443,218
Amounts due from related parties	519,236,876		1,039,986,896			151,343,466
Total current assets	771,848,411		1,043,032,556			151,786,684

Non-current assets
Long-term investments, net	146,641,652		158,734,357			23,099,722
Total non-current assets	146,641,652		158,734,357			23,099,722
Total Assets	918,490,063		1,201,766,913		$	174,886,406

LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	244,082,464		461,105,636		$	67,102,120
Warrants liability	—		8,792,389			1,279,507
Amounts due to related parties	3,155,395		3,415,603			497,054
Total current liabilities	247,237,859		473,313,628			68,878,681
Total Liabilities	247,237,859		473,313,628			68,878,681

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		—			—
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		—			—
Total mezzanine equity	1,370,221,392		—			—

Shareholders’ (deficit)/equity:
Ordinary shares, par value US$0.00002 per share; 9,950,000,000 shares authorized; 61,827,883 and 93,058,197 shares issued and outstanding as of March 31, 2022 and 2023, respectively;*	7,978		12,297			1,790
Additional paid-in capital	808,502,018		2,656,891,036			386,642,466
Accumulated deficit	(1,590,567,163	)	(1,874,037,965	)		(272,718,245	)
Accumulated other comprehensive income/(loss)	83,087,979		(54,412,083	)		(7,918,286	)
Total shareholders’ (deficit)/equity	(698,969,188	)	728,453,285			106,007,725
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity	918,490,063		1,201,766,913		$	174,886,406

* Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023.

Schedule of parent company statements of operations and comprehensive loss

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Years Ended March 31,
	2021		2022		2023		2023
	(RMB)		(RMB)		(RMB)		(US$)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Equity loss of subsidiaries	(60,903,713	)	(75,864,722	)	(138,758,136	)	$	(20,192,694	)

Operating expenses:
Selling and marketing	54,278		—		—			—
General and administrative	104,562,058		29,178,255		7,630,726			1,110,456
Research and development	4,352,356		988,531		(887,280	)		(129,121	)
Total operating expenses	108,968,692		30,166,786		6,743,446			981,335

Loss from operations	(169,872,405	)	(106,031,508	)	(145,501,582	)		(21,174,029	)

Other income (expenses):
Financial income/(expenses)	(21,953,837	)	27,107		1,119			163
Fair value changes of warrant liability	—		—		21,358			3,108
Total other income/(expense), net	(21,953,837	)	27,107		22,477			3,271

Net income/(loss)	(191,826,242	)	(106,004,401	)	(145,479,105	)		(21,170,758	)
Accretion to redemption value of convertible redeemable preferred shares	(16,610,297	)	(130,662,326	)	(137,991,697	)		(20,081,159	)
Net loss attributable to YS Biopharma	(208,436,538	)	(236,666,727	)	(283,470,802	)		(41,251,917	)

Net loss	(191,826,242	)	(106,004,401	)	(145,479,105	)		(21,170,758	)
Foreign currency translation gain(loss)	22,455,217		38,864,606		(137,500,062	)		(20,009,614	)
Total comprehensive loss	(169,371,025	)	(67,139,795	)	(282,979,167	)	$	(41,180,372	)

Loss per share*:
– Basic and Diluted	(3.10	)	(1.71	)	(1.56	)	$	(0.23	)
Weighted average number of ordinary shares outstanding*:
– Basic and Diluted	61,827,883		61,827,883		93,058,197			93,058,197

* Gives retroactive effect to reflect the reorganization in February 2021 and combination in March 2023.

Schedule of parent company statements of cash flows

PARENT COMPANY STATEMENTS OF CASH FLOWS

	Years Ended March 31,
	2021		2022		2023		2023
	(RMB)		(RMB)		(RMB)		(US$)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net loss	(191,826,242	)	(106,004,401	)	(145,479,105	)	$	(21,170,758	)
Equity loss of subsidiaries	60,903,713		75,864,722		138,758,136			20,192,694
Share-based compensation	76,756,500		7,764,448		3,505,001			510,063
Fair value changes of warrant liability	—		—		(21,358	)		(3,108	)
Changes in operating assets and liabilities:
Amounts due from related parties	(421,125,633	)	(23,299,705	)	(520,750,020	)		(75,781,833	)
Amounts due to related parties	2,906,881		(110,893	)	260,208			37,867
Accrued expenses and other liabilities	77,228,629		(24,732,348	)	48,377,785			7,040,148
Net cash used in operating activities	(395,156,152	)	(70,518,177	)	(475,349,353	)		(69,174,927	)

Cash flows from investing activities:
Payment for long-term investment	(7,658,738	)	(813,776	)	—			—
Net cash used in investing activities	(7,658,738	)	(813,776	)	—			—

Cash flows from financing activities:
Proceeds from issuance of mezzanine equity	729,412,999		—		—			—
Shareholders’ contributions	1,589,236		—		—			—
Proceeds from acquisition	—		—		252,457,329			36,738,701
Offering cost					(35,884,661	)		(5,222,094	)
Net cash provided by financing activities	731,002,235		—		216,572,668			31,516,607

Effect of exchange rate on cash	2,109,604		(6,353,461	)	9,210,810			1,340,397
Net (decrease) increase in cash	330,296,949		(77,685,414	)	(249,565,875	)		(36,317,923	)
Cash at the beginning of the year	—		330,296,949		252,611,535			36,761,141
Cash at the end of the year	330,296,949		252,611,535		3,045,660		$	443,218

Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	16,610,297		130,662,326		(137,991,697	)	$	(20,081,159	)
Forgiveness from related parties	446,092,527		—		—			—
Equity transaction from warrants	—		—		(8,870,007	)	$	(1,290,802	)
Equity transaction from preferred shares	—		—		1,636,897,084		$	238,208,461

Property, Plant and Equipment, Net (Details) - Summary of property, plant and equipment	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)
Cost
Total Cost	¥ 780,512,580	$ 113,583,622	¥ 730,447,603
Less: accumulated depreciation	(178,864,241)	(26,029,112)	(150,402,597)
Less: asset impairment	(29,891,896)	(4,349,998)	(29,891,896)
Property and equipment, net	571,756,443	83,204,512	550,153,110
Construction in Progress [Member]
Cost
Total Cost	309,948,621	45,105,086	318,000,074
Plant and Buildings [Member]
Cost
Total Cost	178,756,490	26,013,430	170,206,987
Machinery and Equipment [Member]
Cost
Total Cost	237,637,928	34,582,116	194,875,303
Electronic Equipment [Member]
Cost
Total Cost	11,117,440	1,617,859	10,107,578
Motor Vehicles [Member]
Cost
Total Cost	3,031,087	441,097	2,978,155
Office Equipment and Furniture [Member]
Cost
Total Cost	34,423,995	5,009,531	29,888,526
Leasehold Improvements [Member]
Cost
Total Cost	¥ 5,597,019	$ 814,503	¥ 4,390,980

Related Party Transactions and Balances (Details) - Yisheng Biopharma Holding Ltd (Hong Kong) [Member] - CNY (¥)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions and Balances (Details) [Line Items]
Amount lent to related party	¥ 2,966,777	¥ 30,088,833
Loan repaid	33,055,610
Amounts due from related party

Deferred Government Grants (Tables)

12 Months Ended

Mar. 31, 2023

Deferred Government Grants [Abstract]

Schedule of deferred government grants

Deferred government grants included the following:

	As of March 31,
	2022		2023		2023
	(RMB)		(RMB)		(US$)
Government grants for property, plant and equipment
Balance at beginning of the year	21,847,340		22,030,690		$	3,206,003
Addition	1,552,000		—			—
Recognized as income	(1,368,650	)	(1,455,678	)		(211,837	)
Subtotal	22,030,690		20,575,012		$	2,994,166

Government grants for research and development
Balance at beginning of the year	11,158,551		10,318,528		$	1,501,598
Addition	—		4,000,000			582,098
Recognized as income	(840,023	)	(8,991,332	)		(1,308,458	)
Subtotal	10,318,528		5,327,196		$	775,238
Total deferred government grants	32,349,218		25,902,208		$	3,769,404

Less: current portion	2,295,701		2,295,701		$	334,081

Non-current portion	30,053,517		23,606,507		$	3,435,323

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 in consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which were measured at fair value (“FV”). 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 when 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.

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:

Foreign currency	As of March 31,		Years Ended March 31,
	2022	2023	2021	2022	2023
	Balance Sheet	Balance Sheet	Profit/Loss	Profit/Loss	Profit/Loss
RMB:1US$	6.3482	6.8717	6.8282	6.4598	6.6100
RMB:1S$	4.6932	5.1760	4.9246	4.7850	4.9346

Convenience translation

Amounts in US$ are presented for the convenience of the reader and translated at US$1.00 to RMB6.8717, representing the central parity rate release of the People’s Bank of China on March 31, 2023. No representation is made that the RMB amounts could have been, or converted, realized or settled into US$ 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 is 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, net

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 recorded nil, nil and RMB54,870 allowance against its advance to suppliers as of March 31, 2021, 2022 and 2023.

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 a quarterly basis to determine if the inventories are carried at lower of cost or net realizable value. The net realizable value is estimated based on current market conditions 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, are expensed when incurred. In situations where the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized 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

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 FV 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 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.

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 Drug Manufacturing License 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 Drug Manufacturing License is not amortized until its estimated useful life is believed to be no longer indefinite.

All R&D costs are expensed 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 expenditures which do not meet these criteria are expensed when incurred.

Land use rights: Land lease payments are amounts paid for the rights to use land in the PRC and are 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 years ended March 31, 2021, 2022 and 2023.

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, 2023, 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 2023, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2021, 2022 and 2023, 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:

	Year Ended March 31, 2023
	(RMB)	(US$)
Vendor A	48,006,500	$	6,986,117	37.9	%
Vendor F	15,178,020		2,208,772	12.0	%
Vendor G	10,053,600		1,463,044	7.9	%
Vendor H	6,846,214		996,291	5.4	%
Vendor C	4,746,530		690,736	3.7	%
Total	84,830,864	$	12,344,960	66.9	%

	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	%

	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, 2023
	(RMB)	(US$)
Vendor A	3,220,000	$	468,589	4.0	%
Vendor F	420		61	0.0	%
Vendor H	16,118		2,346	0.0	%
Total	3,236,538	$	470,996	4.0	%

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

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 FV of financial instruments. FV 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 FV hierarchy prioritizes the inputs used to measure FV. 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 FV 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 FV 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, warrant liabilities, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The FV 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 FV 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 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, basic medical, unemployment, work-related injury and maternity insurance (collectively known as “social security insurance”). Both employees and employers make contributions for the first three kinds of 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 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, YS Group will be required to make up the social insurance contributions as well as to pay late fees at 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. No fine or compulsory enforcement had been imposed by relevant authorities in connection with the delayed payment of the social security insurance premiums by YS Group. As of March 31, 2023, 2022 and 2021, YS Group’s recorded late fees of RMB9.9 million, RMB9.5 million and RMB29.4 million, respectively, for its liabilities related to social security insurance (see Note 11).

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 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.

Government grants for 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 two classes of preferred shares: Series A and Series B and 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.

Upon the completion of YS Group’s business combination on March 16, 2023, all the outstanding Convertible Redeemable Preferred Shares were converted into Ordinary Shares. No mezzanine equity was recognized as of March 31, 2023.

Warrants

YS Group accounts for warrants as either equity-method or liability-method instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. Warrants recorded as equity are recorded at their relative FV determined at the issuance date and remeasurement is not required. Warrants recorded as liabilities are recorded at their FV, within warrant liabilities on the consolidated balance sheets and are remeasured on each reporting date with changes recorded in FV changes of warrant liabilities on the consolidated statements of operations and comprehensive loss.

Upon the consummation of the Business Combination, each Summit Warrant outstanding immediately prior had ceased to be a warrant with respect to Summit Public Shares and was assumed by YS Biopharma and converted into a YS Biopharma Warrant entitling the holder thereof to purchase such number of Ordinary Share on a one-on-one basis. After the merger with Summit, the Company accounts for the 10,750,000 public warrants as equity and 6,000,000 private warrants as liabilities.

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 YS Group’s 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.

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 should be 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 and Marketing Expenses

Selling and marketing 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

R&D expenses include costs directly attributable to the conduct of R&D 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 R&D 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 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. It accounts for late fees as disclosed in the statements of operations.

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 25% on the taxable income.

United States. The subsidiary incorporated in Maryland, United States is subject to statutory United States federal corporate income tax at 21% and state income tax in Maryland at 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 to provide 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 FV of the equity instruments at the date when they are granted. The FV 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 FV of awards, but the likelihood of the conditions being met is assessed as part of YS Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date FV. 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 FV 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 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. When an equity-settled award is surrendered, any expense recognized for the award is reversed immediately.

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, cash donations from shareholders and offering. YS Group recorded the forgiveness and donations as an increase in additional paid-in capital.

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 operations 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.

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 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

Currently, YS Group involves significant operation 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 that 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 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

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 did 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.

Liquidity (Details)	12 Months Ended
Liquidity (Details)	Mar. 31, 2023 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2023 USD ($)
Liquidity [Abstract]
Company reported net loss	¥ 145,479,105	¥ 106,004,401	¥ 191,826,242
Accumulated deficit	(1,874,037,965)	¥ (1,590,567,163)		$ (272,718,245)
Cash	370,400,000			53,900,000
Outstanding bank loans and other borrowing	¥ 487,500,000			$ 70,900,000

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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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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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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Parent Company Only Condensed Financial Information (Unaudited) [Abstract]

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Parent Company Only Condensed Financial Information (Unaudited)

12 Months Ended

Mar. 31, 2023

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)

NOTE 22 — 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

	As of March 31,
	2022		2023		2023
	(RMB)		(RMB)		(US$)
	(Unaudited)		(Unaudited)		(Unaudited)
ASSETS
Current Assets
Cash	252,611,535		3,045,660		$	443,218
Amounts due from related parties	519,236,876		1,039,986,896			151,343,466
Total current assets	771,848,411		1,043,032,556			151,786,684

Non-current assets
Long-term investments, net	146,641,652		158,734,357			23,099,722
Total non-current assets	146,641,652		158,734,357			23,099,722
Total Assets	918,490,063		1,201,766,913		$	174,886,406

LIABILITIES AND EQUITY
Current Liabilities
Accrued expenses and other liabilities	244,082,464		461,105,636		$	67,102,120
Warrants liability	—		8,792,389			1,279,507
Amounts due to related parties	3,155,395		3,415,603			497,054
Total current liabilities	247,237,859		473,313,628			68,878,681
Total Liabilities	247,237,859		473,313,628			68,878,681

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		—			—
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		—			—
Total mezzanine equity	1,370,221,392		—			—

Shareholders’ (deficit)/equity:
Ordinary shares, par value US$0.00002 per share; 9,950,000,000 shares authorized; 61,827,883 and 93,058,197 shares issued and outstanding as of March 31, 2022 and 2023, respectively;*	7,978		12,297			1,790
Additional paid-in capital	808,502,018		2,656,891,036			386,642,466
Accumulated deficit	(1,590,567,163	)	(1,874,037,965	)		(272,718,245	)
Accumulated other comprehensive income/(loss)	83,087,979		(54,412,083	)		(7,918,286	)
Total shareholders’ (deficit)/equity	(698,969,188	)	728,453,285			106,007,725
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity	918,490,063		1,201,766,913		$	174,886,406

* Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023.

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Years Ended March 31,
	2021		2022		2023		2023
	(RMB)		(RMB)		(RMB)		(US$)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Equity loss of subsidiaries	(60,903,713	)	(75,864,722	)	(138,758,136	)	$	(20,192,694	)

Operating expenses:
Selling and marketing	54,278		—		—			—
General and administrative	104,562,058		29,178,255		7,630,726			1,110,456
Research and development	4,352,356		988,531		(887,280	)		(129,121	)
Total operating expenses	108,968,692		30,166,786		6,743,446			981,335

Loss from operations	(169,872,405	)	(106,031,508	)	(145,501,582	)		(21,174,029	)

Other income (expenses):
Financial income/(expenses)	(21,953,837	)	27,107		1,119			163
Fair value changes of warrant liability	—		—		21,358			3,108
Total other income/(expense), net	(21,953,837	)	27,107		22,477			3,271

Net income/(loss)	(191,826,242	)	(106,004,401	)	(145,479,105	)		(21,170,758	)
Accretion to redemption value of convertible redeemable preferred shares	(16,610,297	)	(130,662,326	)	(137,991,697	)		(20,081,159	)
Net loss attributable to YS Biopharma	(208,436,538	)	(236,666,727	)	(283,470,802	)		(41,251,917	)

Net loss	(191,826,242	)	(106,004,401	)	(145,479,105	)		(21,170,758	)
Foreign currency translation gain(loss)	22,455,217		38,864,606		(137,500,062	)		(20,009,614	)
Total comprehensive loss	(169,371,025	)	(67,139,795	)	(282,979,167	)	$	(41,180,372	)

Loss per share*:
– Basic and Diluted	(3.10	)	(1.71	)	(1.56	)	$	(0.23	)
Weighted average number of ordinary shares outstanding*:
– Basic and Diluted	61,827,883		61,827,883		93,058,197			93,058,197

* Gives retroactive effect to reflect the reorganization in February 2021 and combination in March 2023.

PARENT COMPANY STATEMENTS OF CASH FLOWS

	Years Ended March 31,
	2021		2022		2023		2023
	(RMB)		(RMB)		(RMB)		(US$)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net loss	(191,826,242	)	(106,004,401	)	(145,479,105	)	$	(21,170,758	)
Equity loss of subsidiaries	60,903,713		75,864,722		138,758,136			20,192,694
Share-based compensation	76,756,500		7,764,448		3,505,001			510,063
Fair value changes of warrant liability	—		—		(21,358	)		(3,108	)
Changes in operating assets and liabilities:
Amounts due from related parties	(421,125,633	)	(23,299,705	)	(520,750,020	)		(75,781,833	)
Amounts due to related parties	2,906,881		(110,893	)	260,208			37,867
Accrued expenses and other liabilities	77,228,629		(24,732,348	)	48,377,785			7,040,148
Net cash used in operating activities	(395,156,152	)	(70,518,177	)	(475,349,353	)		(69,174,927	)

Cash flows from investing activities:
Payment for long-term investment	(7,658,738	)	(813,776	)	—			—
Net cash used in investing activities	(7,658,738	)	(813,776	)	—			—

Cash flows from financing activities:
Proceeds from issuance of mezzanine equity	729,412,999		—		—			—
Shareholders’ contributions	1,589,236		—		—			—
Proceeds from acquisition	—		—		252,457,329			36,738,701
Offering cost					(35,884,661	)		(5,222,094	)
Net cash provided by financing activities	731,002,235		—		216,572,668			31,516,607

Effect of exchange rate on cash	2,109,604		(6,353,461	)	9,210,810			1,340,397
Net (decrease) increase in cash	330,296,949		(77,685,414	)	(249,565,875	)		(36,317,923	)
Cash at the beginning of the year	—		330,296,949		252,611,535			36,761,141
Cash at the end of the year	330,296,949		252,611,535		3,045,660		$	443,218

Non-cash transactions:
Accretion to redemption value of convertible redeemable preferred shares	16,610,297		130,662,326		(137,991,697	)	$	(20,081,159	)
Forgiveness from related parties	446,092,527		—		—			—
Equity transaction from warrants	—		—		(8,870,007	)	$	(1,290,802	)
Equity transaction from preferred shares	—		—		1,636,897,084		$	238,208,461

Inventories, Net (Details) - Schedule of inventories	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)
Schedule of inventories [Abstract]
Raw materials	¥ 50,453,180	$ 7,342,169	¥ 57,926,980
Work in progress	61,275,177	8,917,033	40,795,744
Finished goods	78,432,041	11,413,775	73,285,870
Allowance for slow-moving or obsolete inventories	(4,779,446)	(695,526)	(5,503,029)
Inventories, net	¥ 185,380,952	$ 26,977,451	¥ 166,505,565

Commitments and Contingencies (Details) - Schedule of commitments to purchase raw materials or services - Mar. 31, 2023	CNY (¥)	USD ($)
Schedule of Commitments to Purchase Raw Materials or Services [Abstract]
Other professional service fee	¥ 3,229,699	$ 470,000
Research and development	185,648,604	27,016,401
Purchase raw materials	15,528,566	2,259,785
Total	¥ 204,406,869	$ 29,746,186

Segment Information (Details) - Schedule of non-current assets can be aggregated to form the reportable geographical segment	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)
PRC [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	¥ 645,210,788	$ 93,893,911	¥ 604,094,049
Other Countries/Regions [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	¥ 4,602,447	$ 669,769	¥ 26,777,039

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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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Organization and Business Description [Abstract]

Income Tax (Details) - CNY (¥)	1 Months Ended	12 Months Ended
Income Tax (Details) - CNY (¥)	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax (Details) [Line Items]
Statutory federal corporate income tax		25.00%	25.00%	25.00%
Uncertain tax positions (in Yuan Renminbi)
Singapore [Member]
Income Tax (Details) [Line Items]
Statutory federal corporate income tax		17.00%
China [Member]
Income Tax (Details) [Line Items]
Statutory federal corporate income tax		25.00%
Enterprise income tax rate		25.00%
High and new technology enterprises, income tax rate	15.00%	15.00%
Term for high and new technology enterprises status		3 years
United States [Member]
Income Tax (Details) [Line Items]
Statutory federal corporate income tax		21.00%
State income tax rate		8.25%

Organization and Business Description

12 Months Ended

Mar. 31, 2023

ORGANIZATION AND BUSINESS DESCRIPTION

NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION

YS Biopharma Co., Ltd (“YS Biopharma”), formerly known as Yisheng Bio Co., Ltd (with the name changed March 16, 2023), was incorporated under the laws of the Cayman Islands as an exempted company with limited liability in November 2020. It owns four companies and their subsidiaries that were incorporated in the Cayman Islands, 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 launched in China.

Business Reorganization

Prior to the business reorganization 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 a series of corporate and business restructurings. In connection with such restructurings, YishengBio (Hong Kong) Holdings Limited (“HK Yisheng”) 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 Biopharma Co., Ltd. (“Liaoning Yisheng”) and Beijing Yisheng became wholly-owned subsidiaries of HK Yisheng 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 Beijing 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.

After the reorganization completed in February 2021, YS Group’s legal entity structure was as follows:

Business Combination

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”). YS Group’s legal entity structure was as follows:

On September 29, 2022, YS Biopharma entered into the Business Combination Agreement with Summit Healthcare Acquisition Corp (“Summit”), Oceanview Bioscience Acquisition Co., Ltd., (“Merger Sub I”) and Hudson Biomedical Group Co., Ltd., (“Merger Sub II”). The Business Combination Agreement provides for (1) the merger of Merger Sub I with and into Summit (the “First Merger”), with Summit surviving the First Merger as the surviving entity (the “Surviving Entity”) and becoming a wholly-owned subsidiary of YS Biopharma, and (2) the merger of the Surviving Entity with and into Merger Sub II (the “Second Merger,” and together with the First Merger, the “Mergers,” together with other transactions contemplated by the Business Combination Agreement, the “Business Combination”), with Merger Sub II surviving the Second Merger as the surviving company (the “Surviving Company”) and remaining as a wholly-owned subsidiary of YS Biopharma.

In accordance with the Business Combination Agreement, on the date of closing of the Mergers (“First Merger and Second Merger”), (1) each YS Biopharma’s preferred share was converted into one pre-consolidation Ordinary Share; (2) every four of the pre-consolidation Ordinary Shares and every four pre-consolidation options of YS Biopharma was consolidated into one Ordinary Share and one option of YS Biopharma, respectively, subject to rounding up to the nearest whole number of Ordinary Shares.

On March 16, 2023 (the “Closing Date”), YS Biopharma announced the completion of its business combination with Summit pursuant to the above Business Combination Agreement. YS Group’s current legal entity structure is as follows:

As of March 31, 2023, YS Group consists of the following legal entities:

Legal Entity	Nature of Operations	Date of Incorporation	Place of Incorporation
YS Biopharma Co., Ltd. (“YS Biopharma”)***	Holding Company	November 16, 2020	Cayman Islands
YishengBio (Hong Kong) Holdings Limited (“HK Yisheng”)	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 Biopharma 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
Hudson Biomedical Group Co., Ltd.	Purpose of effecting a merger	August 15, 2022	Cayman Islands

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

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

*** YS Biopharma, formerly known as Yisheng Bio Co., Ltd with the name changed on March 16, 2023.

Consolidated Statements of Changes in Shareholders’ (Deficit)/Equity

Ordinary shares

CNY (¥)

Ordinary shares

USD ($)

Additional paid-in capital

CNY (¥)

Additional paid-in capital

USD ($)

Deficit

CNY (¥)

Deficit

USD ($)

Accumulated other comprehensive income/(loss)

CNY (¥)

Accumulated other comprehensive income/(loss)

USD ($)

CNY (¥)

USD ($)

Balance at Mar. 31, 2020

¥ 6,797

^[1]

¥ 276,368,115

¥ (1,145,463,897)

¥ 21,768,156

¥ (847,320,829)

Balance (in Shares) at Mar. 31, 2020 | shares

^[1]

53,220,905

Shareholders’ contribution

¥ 1,181

^[1]

447,681,763

447,682,944

Shareholders’ contribution (in Shares) | shares

^[1]

8,606,978

Accretion to redemption value of convertible redeemable preferred shares

(16,610,297)

Net loss

(191,826,242)

Share-based compensation

76,756,500

Foreign currency translation adjustment

22,455,217

Balance at Mar. 31, 2021

¥ 7,978

^[1]

800,806,378

(1,353,900,436)

44,223,373

(508,862,707)

Balance (in Shares) at Mar. 31, 2021 | shares

^[1]

61,827,883

Accretion to redemption value of convertible redeemable preferred shares

(130,662,326)

Net loss

(106,004,401)

Share-based compensation

7,764,448

Foreign currency translation adjustment

(68,808)

38,864,606

38,795,798

Balance at Mar. 31, 2022

¥ 7,978

^[1]

808,502,018

(1,590,567,163)

83,087,979

(698,969,188)

Balance (in Shares) at Mar. 31, 2022 | shares

^[1]

61,827,883

Accretion to redemption value of convertible redeemable preferred shares

(137,991,697)

$ (20,081,159)

Net loss

(145,479,105)

(21,170,758)

Share-based compensation

¥ (20)

^[1]

3,505,021

3,505,001

Share-based compensation (in Shares) | shares

^[1]

(143,750)

Foreign currency translation adjustment

(137,500,062)

Conversion of mezzanine equity

¥ 3,007

^[1]

1,636,894,077

1,636,897,084

Conversion of mezzanine equity (in Shares) | shares

^[1]

21,740,862

Issuance of common stock

¥ 1,332

^[1]

216,376,861

216,378,193

Issuance of common stock (in Shares) | shares

^[1]

9,633,202

Warrant from business combination

(8,870,007)

Additional paid-in capital from business combination

483,066

Balance at Mar. 31, 2023

¥ 12,297

^[1]

¥ 2,656,891,036

¥ (1,874,037,965)

¥ (54,412,083)

¥ 728,453,285

106,007,725

Balance (in Shares) at Mar. 31, 2023 | shares

^[1]

93,058,197

Balance (in Dollars) at Mar. 31, 2023 | $

$ 1,790

^[1]

$ 386,642,466

$ (272,718,245)

$ (7,918,286)

$ 106,007,725

Balance (in Shares) | shares

^[1]

93,058,197

[1]	Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023.

Organization and Business Description (Details) - Schedule of YS group's current legal entity

12 Months Ended

Mar. 31, 2023

YS Biopharma Co., Ltd. (“YS Biopharma”) [Member]

Schedule of YS Group's Current Legal Entity [Abstract]

Holding Company

^[1]

Nov. 16, 2020

^[1]

YishengBio (Hong Kong) Holdings Limited (“HK Yisheng”) [Member]

Cayman Islands

^[1]

Schedule of YS Group's Current Legal Entity [Abstract]

Holding Company

Dec. 28, 2020

Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”) [Member]

Hong Kong

Schedule of YS Group's Current Legal Entity [Abstract]

Research and development of vaccines and therapeutic biologics

^[2]

Nov. 28, 2009

^[2]

Yisheng US Biopharma Inc. (“US Yisheng”) [Member]

Singapore

^[2]

Schedule of YS Group's Current Legal Entity [Abstract]

Research of vaccines and therapeutic biologics

Sep. 29, 2009

Liaoning Yisheng Biopharma Co., Ltd. (“Liaoning Yisheng”) [Member]

Schedule of YS Group's Current Legal Entity [Abstract]

Research and development, manufacturing and commercialization of vaccines and therapeutic biologics

^[3]

May 26, 1994

^[3]

Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”) [Member]

PRC

^[3]

Schedule of YS Group's Current Legal Entity [Abstract]

Research and development of vaccines and therapeutic biologics

Feb. 04, 2021

Hudson Biomedical Group Co., Ltd. [Member]

PRC

Schedule of YS Group's Current Legal Entity [Abstract]

Purpose of effecting a merger

Aug. 15, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Cayman Islands

[1]	YS Biopharma, formerly known as Yisheng Bio Co., Ltd with the name changed on March 16, 2023.
[2]	Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011
[3]	Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Mar. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

	As of March 31,
	2022	2023	2023
	(RMB)	(RMB)	(US$)
Salaries and social security insurance payable(1)	57,459,273	55,188,497	$	8,031,273
Promotion service fee(2)	64,883,477	87,567,459		12,743,202
Taxes other than income tax	1,171,381	379,595		55,240
Late fees(3)	9,499,595	9,927,056		1,444,629
Payable for property, plant and equipment	48,774,134	47,579,463		6,923,973
CDC transportation and storage fee	35,023,095	49,976,200		7,272,756
Guarantee deposits(4)	94,528,659	108,795,884		15,832,455
Professional service fee(5)	7,758,448	5,121,970		745,372
Interest payable(6)	—	6,055,245		881,186
Other payable(7)	7,653,291	6,945,275		1,010,707
Total	326,751,353	377,536,644	$	54,940,793

(1) This payable includes unpaid salaries and outstanding social security insurance. During fiscal 2023, YS Group paid approximately RMB2.3 million to reduce its payable for salaries and social security insurance. During the period from April 1, 2023 to the date of this report, YS Group paid approximately RMB10.2 million to reduce this payable. Salaries and social security insurance payables consist of the following:

	As of March 31,
	2022	2023	2023
	(RMB)	(RMB)	(US$)
Salaries	49,020,045	47,390,831	$	6,896,522
Social security insurance	7,732,161	7,179,828		1,044,840
Union Fee	707,067	617,838		89,911
Total	57,459,273	55,188,497	$	8,031,273

(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 calendar year 2011 to calendar year 2013, taxes other than income tax related to calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to 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. From fiscal year 2022, the late fee is incurred for unpaid social insurance.

(4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee YS Group that external service providers will provide YS Group 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 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 consultants and other advisors.

(6) Interest payable primarily represented interest and royalties payable to R-Bridge Healthcare Fund, LP.

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

Stock-Based Compensation (Details) - Schedule of stock-based compensation expense	12 Months Ended
	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 CNY (¥)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	¥ 3,505,001	$ 510,063	¥ 7,764,448	¥ 76,756,500
Research and development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	(997,846)	(145,211)	975,171	4,200,464
General and administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	4,502,847	655,274	6,789,277	72,501,943
Selling and marketing [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation				¥ 54,093

Warrants (Details) - Schedule of private warrants are accounted for as liabilities	12 Months Ended
	Mar. 31, 2023 $ / shares $ / item shares
Schedule of private warrants are accounted for as liabilities [Abstract]
Fair value of the underlying asset as of the Valuation Date	$ 1.6
Strike price (in Dollars per Item) \| $ / item	11.5
Life to expiration (Years.)	4 years 10 months 24 days
Volatility	62.90%
Number of steps (in Shares) \| shares	100
Redemption price (per share)	$ 0.1

Stock-Based Compensation (Details) - Schedule of exercise prices and exercise periods, giving retroactive effect of combination	12 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options (in Shares)	3,253,565
Exercise Price One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options (in Shares)	1,533,252
Exercise price (in Dollars per share) \| $ / shares	$ 13.938
Exercise Price One [Member] \| Minimum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise period	2021 years
Exercise Price One [Member] \| Maximum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise period	2031 years
Exercise Price Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options (in Shares)	613,369
Exercise price (in Dollars per share) \| $ / shares	$ 25.8524
Exercise Price Two [Member] \| Minimum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise period	2021 years
Exercise Price Two [Member] \| Maximum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise period	2026 years
Exercise Price Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options (in Shares)	1,106,944
Exercise price (in Dollars per share) \| $ / shares	$ 52.5376
Exercise Price Three [Member] \| Minimum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise period	2021 years
Exercise Price Three [Member] \| Maximum [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise period	2026 years

Summary of Significant Accounting Policies (Details) - Schedule of currency exchange rates used in preparing YS Group's CFS	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
United States of America, Dollars [Member]
Schedule of Currency Exchange Rates Used in Preparing YS Group's CFS [Abstract]
Currency exchange rates as of Balance Sheet	6.8717	6.3482
Currency exchange rates, Profit/Loss	6.61	6.4598	6.8282
Singapore, Dollars [Member]
Schedule of Currency Exchange Rates Used in Preparing YS Group's CFS [Abstract]
Currency exchange rates as of Balance Sheet	5.176	4.6932
Currency exchange rates, Profit/Loss	4.9346	4.785	4.9246

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities

12 Months Ended

Mar. 31, 2023

CNY (¥)

Mar. 31, 2023

USD ($)

Mar. 31, 2022

CNY (¥)

Mar. 31, 2023

USD ($)

Schedule of Accrued Expenses and Other Current Liabilities [Abstract]

Salaries and social security insurance payable

^[1]

¥ 55,188,497

¥ 57,459,273

$ 8,031,273

Promotion service fee

^[2]

87,567,459

64,883,477

12,743,202

Taxes other than income tax

379,595

1,171,381

55,240

Late fees

^[3]

9,927,056

9,499,595

1,444,629

Payable for property, plant and equipment

47,579,463

48,774,134

6,923,973

CDC transportation and storage fee

49,976,200

35,023,095

7,272,756

Guarantee deposits

^[4]

108,795,884

94,528,659

15,832,455

Professional service fee

^[5]

5,121,970

7,758,448

745,372

Interest payable

^[6]

6,055,245

881,186

Other payable

^[7]

6,945,275

7,653,291

$ 1,010,707

Total

¥ 377,536,644

$ 54,940,793

¥ 326,751,353

[1]	This payable includes unpaid salaries and outstanding social security insurance. During fiscal 2023, YS Group paid approximately RMB2.3 million to reduce its payable for salaries and social security insurance. During the period from April 1, 2023 to the date of this report, YS Group paid approximately RMB10.2 million to reduce this payable. Salaries and social security insurance payables consist of the following:
[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 calendar year 2011 to calendar year 2013, taxes other than income tax related to calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to 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. From fiscal year 2022, the late fee is incurred for unpaid social insurance.
[4]	Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee YS Group that external service providers will provide YS Group 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 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 consultants and other advisors.
[6]	Interest payable primarily represented interest and royalties payable to R-Bridge Healthcare Fund, LP.
[7]	Other payable primarily represented employees’ reimbursement and value added tax.

Accounts Receivable, Net (Details) - Schedule of accounts receivable, net	Mar. 31, 2023 CNY (¥)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 CNY (¥)
Schedule of Accounts Receivable, Net [Abstract]
Trade receivables	¥ 487,418,616	$ 70,931,300	¥ 322,170,980
Allowance for doubtful accounts	(24,366,824)	(3,545,967)	(13,615,875)
Accounts receivable, net	¥ 463,051,792	$ 67,385,333	¥ 308,555,105

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Mar. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:

	As of March 31,
	2022	2023	2023
	(RMB)	(RMB)	(US$)
Salaries and social security insurance payable(1)	57,459,273	55,188,497	$	8,031,273
Promotion service fee(2)	64,883,477	87,567,459		12,743,202
Taxes other than income tax	1,171,381	379,595		55,240
Late fees(3)	9,499,595	9,927,056		1,444,629
Payable for property, plant and equipment	48,774,134	47,579,463		6,923,973
CDC transportation and storage fee	35,023,095	49,976,200		7,272,756
Guarantee deposits(4)	94,528,659	108,795,884		15,832,455
Professional service fee(5)	7,758,448	5,121,970		745,372
Interest payable(6)	—	6,055,245		881,186
Other payable(7)	7,653,291	6,945,275		1,010,707
Total	326,751,353	377,536,644	$	54,940,793

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

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

(6) Interest payable primarily represented interest and royalties payable to R-Bridge Healthcare Fund, LP.

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

Schedule of salaries and social security insurance payables

Salaries and social security insurance payables consist of the following:

	As of March 31,
	2022	2023	2023
	(RMB)	(RMB)	(US$)
Salaries	49,020,045	47,390,831	$	6,896,522
Social security insurance	7,732,161	7,179,828		1,044,840
Union Fee	707,067	617,838		89,911
Total	57,459,273	55,188,497	$	8,031,273

Subsequent Events (Details) - CNY (¥) ¥ in Millions		1 Months Ended				2 Months Ended
Subsequent Events (Details) - CNY (¥) ¥ in Millions	Jul. 13, 2023	Jul. 11, 2023	Jun. 07, 2023	May 29, 2023	Apr. 28, 2023	Jul. 18, 2023
Shanghai Pudong Development Bank Co., Ltd. [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Interest borrowings value					¥ 6.7
Interest borrowing rate					5.30%
Loan expired term					December 23, 2023
China Construction Bank Shenyang Heping Branch [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Interest borrowings value			¥ 10.3
Interest borrowing rate			4.00%
Loan expired term			November and December, 2024
YS Group [Member] \| Forecast [Member]
Subsequent Events (Details) [Line Items]
Interest borrowings value						¥ 16.4
Interest borrowing rate						5.00%
China CITIC Bank Shenyang Tiexi Branch [Member] \| Forecast [Member]
Subsequent Events (Details) [Line Items]
Interest borrowings value						¥ 3.6
Interest borrowing rate						4.75%
Loan expired term						February, 2024 to May 2024
CITIC Financial Leasing Co., Ltd [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Interest borrowings value				¥ 40.0
Interest borrowing rate				4.80%
Loan expired term				May 29, 2026
China Guangfa Bank Co., Ltd. [Member] \| Forecast [Member]
Subsequent Events (Details) [Line Items]
Interest borrowings value		¥ 13.3
Interest borrowing rate		5.66%
Loan expired term		December 16, 2023
Minsheng Bank Shenyang Huanghe Street Branch [Member] \| Forecast [Member]
Subsequent Events (Details) [Line Items]
Interest borrowings value	¥ 11.3
Interest borrowing rate	4.00%
Loan expired term	July, 2024.

Stock-Based Compensation (Details)								12 Months Ended
Stock-Based Compensation (Details)	Aug. 15, 2022 shares	Aug. 01, 2018 shares	Jul. 25, 2018 CNY (¥) $ / shares shares	Feb. 01, 2018 $ / shares shares	Jan. 01, 2015 shares	Jan. 01, 2014	Jun. 21, 2010 shares	Mar. 31, 2023 shares	Mar. 31, 2022 CNY (¥) shares	Mar. 31, 2020 shares
Stock-Based Compensation (Details) [Line Items]
Annual grant
Divided into six month periods					6 months
YS Group registered shares	143,750
Share-Based Payment Arrangement, Employee [Member]
Stock-Based Compensation (Details) [Line Items]
Grantee terminates									12 months
Share Incentive Plan 2010 [Member]
Stock-Based Compensation (Details) [Line Items]
Contractual term							10 years
Ordinary shares							2,725,650
Maximum number of shares percentage						1.50%
Vested over a period								3 years
Equal quarterly instalments								0.08%
Option vested								100.00%
Annual grant					127,500
Grantee terminates									5 years
Share Incentive Plan 2010 [Member] \| Share-Based Payment Arrangement, Nonemployee [Member]
Stock-Based Compensation (Details) [Line Items]
Contractual term									10 years
Share Incentive Plan 2010 [Member] \| Share-Based Payment Arrangement, Employee [Member]
Stock-Based Compensation (Details) [Line Items]
Contractual term									10 years
Bonus Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Contractual term					6 years
Divided periods					2
Divided into six month periods					6 months
Independent performance					1 month
Share Incentive Plan 2020 [Member]
Stock-Based Compensation (Details) [Line Items]
Ordinary shares										8,750,000
Fair value of the underlying ordinary shares										2,093,418
Shares reserved but not issued										6,656,582
Subscribe for ordinary shares										3,471,546
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Details) [Line Items]
Group granted				692,500
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Nonemployee [Member]
Stock-Based Compensation (Details) [Line Items]
Group granted			270,000
Per share granted (in Dollars per share) \| $ / shares			$ 1.84
Unrecognized shares (in Yuan Renminbi) \| ¥
Independent directors		3	3
Awarded		7,500
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Employee [Member]
Stock-Based Compensation (Details) [Line Items]
Group granted				692,500
Per share granted (in Dollars per share) \| $ / shares				$ 7.24
Unrecognized shares (in Yuan Renminbi) \| ¥
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Stock-Based Compensation (Details) [Line Items]
Vested over a period		3 months
Fair value of the underlying ordinary shares		30,000
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Share-Based Payment Arrangement, Employee [Member]
Stock-Based Compensation (Details) [Line Items]
Fair value of the underlying ordinary shares				405,000
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One, Vesting in Six Equal Semi-annual Installments [Member] \| Share-Based Payment Arrangement, Employee [Member]
Stock-Based Compensation (Details) [Line Items]
Vested over a period				3 years
Service conditions vesting				6
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One, Vesting in Eight Equal Semi-annual Installments [Member] \| Share-Based Payment Arrangement, Employee [Member]
Stock-Based Compensation (Details) [Line Items]
Vested over a period				4 years
Service conditions vesting				8
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Stock-Based Compensation (Details) [Line Items]
Vested over a period		2 months
Fair value of the underlying ordinary shares		5,000
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Two [Member] \| Share-Based Payment Arrangement, Employee [Member]
Stock-Based Compensation (Details) [Line Items]
Fair value of the underlying ordinary shares									287,500
Share-Based Payment Arrangement [Member]
Stock-Based Compensation (Details) [Line Items]
YS Group registered shares	0.00002

Related Party Transactions and Balances

12 Months Ended

Mar. 31, 2023

RELATED PARTY TRANSACTIONS AND BALANCES

NOTE 16 — 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, 2021, 2022 and 2023:

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
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.

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, 2021, 2022 and 2023:

	Years Ended March 31,
	2021	2022	2023	2023
	(RMB)	(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	—	—
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 March 31, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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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 5: 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 11: http://www.xbrl.org/2003/role/disclosureRef
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