| Organization and principal activities | 1. Organization and principal activities
(a) Nature of operations QuantaSing Group
Limited (the “Company” or “QuantaSing”) was incorporated in the Cayman Islands on February 9, 2022 as an exempted
company with limited liability. The Company’s
predecessors were Witty network Limited (“Witty network”, or “WN”), and EW Technology Limited (“EW”)
(collectively referred to as the “Predecessors”), both of which were incorporated in the Cayman Islands. The Company (and
its Predecessors prior to the reorganization), through its subsidiaries and the consolidated variable interest entities (“VIEs”)
for which the Company (and its Predecessors) has a controlling financial interest and is the primary beneficiary (together, the “Group”),
is principally engaged in the operation of an online platform to provide individual online learning services to the individual learners
and enterprise services to financial intermediary enterprises (the “Listing Businesses”) in the People’s Republic of
China (the “PRC”, references to “PRC” are to the People’s Republic of China, excluding, for the purposes
of the financial statements only, Taiwan, Hong Kong and Macau). The Company became
the ultimate holding company of the subsidiaries and ultimate beneficial owner of the VIE comprising the Group upon the completion of
the reorganization as described in Note 1 (b).
(b) Reorganization In preparation for
the initial listing of the Company’s shares (the “Listing”), a group reorganization was undertaken pursuant to which
the Listing Businesses were transferred to a new holding structure under the Company (the “Reorganization”). Step 1
Reorganization WN was incorporated
on January 13, 2017 and undertook a series of financing activities by issuing preferred shares to institutional investors and granted
share options to its employees. WN operated its business in the PRC through its subsidiaries and the consolidated VIEs (collectively,
the “WN Group”). WN Group operated certain non-listing businesses (the “Old Business”) which was discontinued
by the end of June 2019. Since July 2019, WN Group shifted its business strategy and started to operate the Listing Businesses. Main subsidiaries and consolidated
VIEs of WN included:
Date of Place of Percentage Principal
Wholly owned subsidiaries:
Beijing Erwan Technology Limited (“Beijing Erwan”, or the “WN WFOE”) March 27, 2017 The PRC 100 % Investment holding
VIEs:
Feierlai (Beijing) Technology Limited (“Beijing Feierlai”, or the “VIE 1”, or the “VIE” after the Reorganization) July 27, 2016 The PRC 100 %* Listing Businesses
Beijing Dianfengtongdao Technology Limited (“Beijing Dianfeng”, or the “VIE 2”) April 25, 2017 The PRC 100 %* Listing Businesses, Old Business
* WN WFOE had 100% of beneficial interests in these consolidated
VIEs. EW was incorporated
on April 15, 2021. EW, together with its subsidiaries and the consolidated VIE (collectively, the “EW Group”) are established
to enable a reorganization, through which they assumed the Listing Businesses previously operated by WN Group (the “Step 1 Reorganization”). To effect the Step
1 Reorganization, the following steps were undertaken:
(a) During the period from February to May 2021, EW, through
its subsidiaries in the BVI and Hong Kong, created a subsidiary, Beijing Liangzizhige Technology Limited (“Beijing Liangzi”,
or the “EW WFOE”, or the “WFOE”) in the PRC.
(b) On May 20, 2021, the EW WFOE, VIE 1, and legal shareholder
of VIE 1, which is an entity controlled by Mr. Peng Li, the founder of the Group (the “Founder”), entered into a series of
new contractual arrangements, which enables EW WFOE to consolidate VIE 1.
(c) Certain key employees, contracts, operating assets and liabilities
of the WN WFOE, VIE 2 and its subsidiaries related to Listing Businesses were transferred to EW WFOE and VIE 1. However, there continued
to have small amount of Listing Businesses in WN Group after May 2021.
(d) EW issued ordinary shares and preferred shares on May 31,
2021 to mirror the number and terms of ordinary shares and preferred shares originally issued by WN. EW also issued share options to
mirror the number of the share options originally granted by WN (Refer to Note 13 for the modification of the vesting terms of the share
options). The Step 1 Reorganization
was completed on May 31, 2021. After the Step 1 Reorganization, EW
Group developed insurance brokerage business (the “Brokerage Business”) in addition to the Listing Businesses. Brokerage Business
was conducted through Beijing ChangYou Star Network Technology Co., Ltd. (“Changyou Star”), a subsidiary of VIE 1 established
for investment holding, and its subsidiary Beijing Baichuan Insurance Brokerage Co., Ltd. (collectively referred to as “Baichuan”). Step 2
Reorganization On February 9, 2022,
the Company was incorporated in the Cayman Islands. The Company was established to enable another reorganization, through which it assumed
the Listing Businesses previously operated by EW Group and WN Group (the “Step 2 Reorganization”). To effect the Step
2 Reorganization, the following steps were undertaken:
(a) On March 1, 2022, the VIE 1 disposed of its interest in Baichuan
to an entity controlled by the Founder, who in turn was holding the interest in this subsidiary on behalf of all shareholders of the
Company.
(b) On May 16, 2022, EW transferred all equity interest in its
BVI subsidiary, which holds EW WFOE and controlling financial interest in VIE 1 and its subsidiaries, to the Company. As a result, the
Company in return became the ultimate holding company of the subsidiaries and the consolidated VIE conducing the Listing Businesses.
(c) The portion of the Listing Businesses remained in WN Group
(including those operated through WN WFOE, VIE 2 and its subsidiaries) was also transferred to the Company’s subsidiaries and the
consolidated VIE (including its subsidiaries).
(d) On May 31, 2022, certain ordinary shares and preferred shares
of the Company were issued in connection with the Step 2 Reorganization to mirror the number and terms of ordinary shares and preferred
shares originally issued by EW. The share options of the Company were also issued in connection with the Step 2 Reorganization to mirror
the number and vesting terms of the share options originally granted by EW. The Step 2 Reorganization
was completed on May 31, 2022. As of June 30, 2023,
the Company’s major subsidiaries, the VIE and VIE’s subsidiaries are as follows:
Date of Place of Percentage economic Principal
Wholly owned subsidiaries (offshore):
Hundreds of Mountains Limited March 22, 2021 The BVI 100 % Investment holding
Witty Digital Technology Limited March 29, 2021 Hong Kong 100 % Investment holding
Wholly owned subsidiaries (onshore):
Beijing Liangzizhige Technology Limited (the “EW WFOE”, or the “WFOE” after the Reorganization) March 19, 2021 The PRC 100 % Listing Businesses
VIE:
Feierlai (Beijing) Technology Co., Ltd. (“Beijing Feierlai”, or the “VIE 1”, or the “VIE” after the Reorganization) July 27, 2016 The PRC 100 %* Listing Businesses
VIE’s subsidiaries:
Beijing Shijiwanhe Information Consulting Limited August 28, 2019 The PRC 100 %* Listing Businesses
Beijing Denggaoerge Network Technology Limited December 24, 2020 The PRC 100 %* Listing Businesses
Anhui Denggaoerge Network Technology Co., Ltd. February 12, 2023 The PRC 100 %* Listing Businesses
* The WFOE has 100% of beneficial interests in the consolidated
VIE (including its subsidiaries). Basis of
Presentation for the Reorganization The Reorganization
consists of transferring the Listing Businesses to the Group, which is owned by the same group of shareholders (collectively referred
to as the “Parent Company”) of the Company and the Predecessors immediately before and after the Reorganization. Both Step
1 Reorganization and Step 2 Reorganization are considered as a non-substantive capital transaction of the Listing Businesses, as the shareholder
ownership percentages immediately before and after these two steps of the Reorganizations were the same. Accordingly, the Reorganization
is accounted for in a manner similar to a common control transaction because it is determined that the transfers lack economic substance.
Therefore, the accompanying consolidated financial statements of the Group include the assets, liabilities, revenue, expenses, and cash
flows that are directly attributable to the Listing Businesses for the periods presented and are prepared as if the corporate structure
of the Company after the Reorganization had been in existence throughout the periods presented. The
assets and liabilities are generally stated at historical carrying amounts. Those assets and liabilities that are specifically related
to the Listing Businesses are included in the Group’s consolidated balance sheets. Income tax payable is calculated on a separate return
basis as if the Group had filed separate tax returns. The Group’s statement of operations and comprehensive loss consists of all the revenues,
costs, and expenses of the Listing Businesses, including allocations to the cost of revenues, sales and marketing expenses, research and
development expenses, and general and administrative expenses, which were incurred by the Predecessors but related to the Listing Businesses.
These allocated costs and expenses are primarily related to office rental expenses, office utilities, information technology support and
certain corporate functions, including senior management, finance, legal and human resources, as well as share-based compensation expenses. Generally,
the costs and expenses identified as relating to the Listing Businesses were allocated to the Group; the costs of shared employees were
allocated to the Group based on the Group’s headcount as a proportion of total headcount in the Predecessors group; share based compensation
expenses were allocated to the Group based on the compensation expenses attributable to employees of the Listing Businesses. These allocations
are made on a basis considered reasonable by management. Such presentation may not necessarily reflect the results of operations, financial
position and cash flows of the Group had it existed on a stand-alone basis during the period presented. The
following tables set forth the cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative
expenses allocated from the Predecessors for the years ended June 30, 2021 and 2022:
For the year ended June 30, 2021: Share based Others Total
RMB RMB RMB
Cost of revenues 6,277 169,440 175,717
Sales and marketing expenses 23,973 271,248 295,221
Research and development expenses 48,715 38,801 87,516
General and administrative expenses 22,865 34,355 57,220
Total 101,830 513,844 615,674 Out
of the total costs and expenses of RMB615,674 allocated from the Predecessors for the year ended June 30, 2021, RMB101,830 is for share
based compensation expenses which are recorded as a contribution from the Predecessors. The remaining allocated expenses of RMB513,844
were deemed to be a contribution from the Predecessors as they were agreed to be waived by Predecessors.
For the year ended June 30, 2022: Share based Others Total
RMB RMB RMB
Cost of revenues 10,984 77 11,061
Sales and marketing expenses 32,406 7,172 39,578
Research and development expenses 30,986 338 31,324
General and administrative expenses 26,612 2,065 28,677
Total 100,988 9,652 110,640 Out
of the total costs and expenses of RMB110,640 allocated from the Predecessors for the year ended June 30, 2022, RMB100,988 is for share
based compensation expenses which are recorded as a contribution from the Predecessors. The remaining allocated expenses of RMB9,652 were
deemed to be a contribution from the Predecessors as they were agreed to be waived by Predecessors. As the Reorganization
qualifies as a non-substantive transaction with high degree of common ownership, the carrying value of the equity of the Listing Businesses
immediately before the Step 2 Reorganization was carried forward to the total equity of the Company immediately after the Reorganization.
Considering that a material part of the Listing Businesses was a carve-out business of a larger entity, the Company has determined it
was most appropriate not to retrospectively adjust the equity structure for periods before the Step 2 Reorganization completion date,
and that the Company’s equity other than accumulated other comprehensive income/(loss) was presented as a single financial statement
line item as “Parent Company’s investment” in the balance sheets, and the contribution from or distribution to Predecessors
were presented as “Parent Company’s contribution” or “Distribution to Parent Company” in the statements
of changes in invested deficit. The Company did not record any ordinary shares or preferred shares on its balance sheet before the Step
2 Reorganization completion. Upon the date
of completion of the Step 2 Reorganization, the following equity line items were initially recognized as follows: (i) ordinary shares
based on par value of the shares; (ii) preferred shares based on the portion of the historical carrying value of the Predecessors’
preferred shares attributable to the Listing Businesses using a relative fair value method; (iii) the accumulated deficit was presented
based on Listing Businesses’ historical earnings or losses; and (iv) with the amounts allocated to ordinary shares and preferred
shares, the debit was recorded in the accumulated deficit. Refer to Note 14 and Note 15 for details of ordinary shares and preferred shares. In computing
basic and diluted loss per share for all of the periods presented, the Reorganization was accounted for in a manner similar to a stock
split or stock dividend. Thus, the number of the ordinary shares and preferred shares newly issued by the Company was retrospectively
included since the beginning of the earliest period presented or the original issuance date of particular classes of shares by Predecessors,
whichever is later, for the purpose of calculating the loss per ordinary share for the period before completion of the Reorganization.
Accretion and deemed dividend incurred by Predecessors’ preferred shares were allocated to the Listing Businesses based on the relative
fair value of the Listing Businesses and the Predecessors group. Refer to Note 16 for details. For
purposes of presentation in the consolidated statements of cash flows, the cash flow from Predecessors to support the Listing Businesses
is presented as contribution from Predecessors or Proceeds from loans from Predecessors depending on whether they were agreed to be waived
by Predecessors, which is included in cash flows from financing activities.
(c) Variable interest entity (including the portion of Listing
Businesses in the VIE 2 before the Reorganization)
(1) Summary of the VIE contractual arrangements (the “VIE
Contractual Agreements”) The Company’s subsidiary Beijing
Liangzizhige Technology Limited, or the WFOE, has entered into contractual arrangements with the VIE and its shareholder described below,
which are referred to as the VIE Contractual Agreements. Through the VIE Contractual Agreements, the Company is able to consolidate the
financial statements of the VIE and receives substantially all its economic benefits and residual returns. The VIE Contractual Agreements
was effective on May 20, 2021. Prior to the VIE Contractual Agreements, the WN WFOE also entered into similar contractual arrangements
with the VIE 1 and VIE 2, and their shareholders, the terms of which are substantially the same as the VIE Contractual Agreements. The
contractual agreements among WN WFOE, VIE 1 and its shareholder were terminated immediately before the effectiveness of the VIE Contractual
Agreements. Voting Rights
Proxy Agreement Pursuant to the voting
rights proxy agreement entered into by and among the WFOE, the VIE and its shareholder, the shareholder of the VIE irrevocably appointed
and authorized the WFOE or its designee(s) to act on its behalf as exclusive agent and attorney, to the extent permitted by PRC law, with
respect to all matters concerning all equity interests held by such shareholder in the VIE, including but not limited to the power to
(1) attend shareholders’ meetings, (2) exercise all shareholder’s rights and shareholder’s voting rights that it is
entitled under relevant PRC laws and regulations and the articles of association of the VIE, including but not limited to the right to
sell, transfer, pledge or dispose of all the equity interests held in part or in whole, and (3) designate and appoint on its behalf the
legal representative, directors, supervisors, chief executive officer and other senior management members of the VIE. The voting rights
proxy agreement is irrevocable and continuously effective from the execution date until the entire equity interests in the VIE have been
transferred to the WFOE or its designee pursuant to the exclusive option agreement or unless otherwise agreed to with written consent
by all parties. Exclusive
consultancy and service agreement Pursuant to the exclusive
consultancy and service agreement entered into by and between the WFOE and the VIE, the WFOE has the exclusive right, during the term
of the exclusive consultancy and service agreement, to provide or designate its affiliates to provide complete business support and technical
and consulting services to the VIE. In exchange, the VIE shall pay the WFOE in an amount equals to the VIE’s revenues minus any
turnover tax, total costs incurred by the VIE, any provisions for statutory reserves and retained earnings, which should be paid on a
quarterly basis. The retained earnings should be zero unless the WFOE agrees in writing for any other amount. The WFOE has the right to
adjust the above service fee at its sole discretion without prior consent of the VIE. The WFOE shall have exclusive and proprietary rights
and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of the
agreement. The exclusive consultancy and service agreements shall remain effective for ten years from the execution date and shall be
extended for another ten years unless confirmed otherwise in writing by the WFOE within three months prior to the expiration date. Exclusive
option agreement Under the exclusive
option agreement entered into by and between the WFOE, the VIE and its shareholder, the shareholder of the VIE irrevocably granted the
WFOE an exclusive right to purchase, or designate any third-party to purchase, all of its equity interests in the VIE at any time in part
or in whole at the sole and absolute discretion of the WFOE to the extent permitted by PRC law and at a purchase price equal to the lowest
price permitted by the then-applicable PRC law and regulations at the time of exercise of the options. The shareholder of the VIE shall
give all considerations it received within 10 days from the exercise of the options to the WFOE or its designee(s). Without the prior
written consent of the WFOE, the VIE and/or its shareholder shall not, among others (1) transfer or otherwise dispose of any equity, assets
or business of the VIE, or create any pledge or encumbrance on any equity, assets or business of the VIE, (2) increase or decrease the
VIE’s registered capital or change its structure of registered capital, (3) sell, transfer, mortgage, or dispose of in any other
manner outside of ordinary course of business any assets of the VIE or any legal or beneficial interests in the material business or revenues
of the VIE, or allow any encumbrances thereon of any security interests, (4) enter into any major contracts or terminate any material
contracts to which the VIE is a party, or enter into any other contract that may result in any conflicts with the VIE’s existing
materials contacts, (5) carry out any transactions that may substantially affect the VIE’s assets, business operations, shareholding
structure, or equity investment in third-party entities, (6) appointment or replacement of any director, supervisor, or any management
who could be appointed or dismissed by shareholder of the VIE, (7) declare or distribute dividends, (8) dissolute or liquate or terminate
the VIE, (9) amend the VIE’s articles of association, or (10) allow the VIE to incur any borrowings or loans. This agreement shall
remain in effect until all equity interests in the VIE have been transferred to the WFOE and/or its designee(s) pursuant to this agreement. Equity pledge
agreement Under the equity
pledge agreement entered into by and among the WFOE, the VIE and its shareholder, the shareholder of the VIE agrees to pledge all of its
equity interests in the VIE to the WFOE as security for performance of the respective obligations of the VIE and its shareholder hereunder
and under the exclusive option agreement, the voting rights proxy agreement and the exclusive consultancy and service agreement, and for
payment of all the losses and losses of anticipated profits suffered by the WFOE as a result of the VIE or its shareholder’s defaults.
If any of the VIE or its shareholder breach its contractual obligations, such WFOE, as the pledgees, may, upon issuing written notice,
exercise certain remedy measures, including but not limited to being paid in priority with all pledged equity interests based on monetary
evaluation or from the proceeds from auction or sale. The shareholder of the VIE agrees that, without the WFOE’s prior written consent,
the shareholder of the VIE shall not transfer the pledged equity interests or place or permit the existence of any security interests
or other encumbrances over the pledged equity interest. The WFOE may assign all or any of its rights and obligations under the share pledge
agreement to its designee(s) at any time. The equity pledge agreement pledge will become effective on the date thereof and will remain
in effect until the fulfillment of all the obligations hereunder and under the exclusive option agreement, the voting rights proxy agreement
and the exclusive consultancy and service agreement and the full payment of all the losses and losses of anticipated profits suffered
by the relevant WFOE as a result the VIE or its shareholder’s default.
(2) Risks in relation to the VIE structure The Group’s
business is conducted through the VIE (including its subsidiaries, and including the portion of Listing Businesses in the VIE 2 and its
subsidiaries) of the Group, of which the Company (and its Predecessors before the Reorganization) is the ultimate primary beneficiary.
The Company has concluded that (i) the ownership structure of the VIE is not in violation of any applicable PRC laws or regulations currently
in effect and (ii) each of the VIE Contractual Agreements is valid, binding, and enforceable in accordance with their terms and applicable
PRC laws or regulations currently in effect. However, uncertainties in the PRC legal system could cause the relevant regulatory authorities
to find the current VIE Contractual Agreements and the legal structure to be in violation of any existing or future PRC laws or regulations. On March 15, 2019,
the National People’s Congress adopted the Foreign Investment Law of the PRC, which became effective on January 1, 2020, together
with their implementation rules and ancillary regulations. The Foreign Investment Law does not explicitly classify contractual arrangements
as a form of foreign investment, but it contains a catch-all provision under the definition of “foreign investment”, which
includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed
by the State Council. It is unclear whether the Group’s corporate structure will be seen as violating the foreign investment rules
as the Group is currently leveraging the contractual arrangements to operate certain business in which foreign investors are prohibited
from or restricted to investing. If variable interest entities fall within the definition of foreign investment entities, the Group’s
ability to use the contractual arrangements with the VIE and the Group’s ability to conduct business through the VIE could be severely
limited. In addition, if the
Group’s corporate structure and the contractual arrangements with the VIE through which the Group conducts its business in the PRC
were found to be in violation of any existing or future PRC laws and regulations, the Group’s relevant PRC regulatory authorities
could:
● revoke the business licenses and/or operating licenses of
the Group’s PRC entities;
● impose fines;
● confiscate any income that they deem to be obtained through
illegal operations, or impose other requirements with which the Group may not be able to comply;
● discontinue or place restrictions or onerous conditions on
the Group’s operations;
● place restrictions on the right to collect revenues;
● shut down the Group’s servers or block the Group’s
mobile app;
● require the Group to restructure ownership structure or operations,
including terminating the contractual arrangements with the VIE and deregistering the equity pledges of the VIE, which in turn would
affect the ability to consolidate, derive economic interests from the VIE and their subsidiaries;
● restrict or prohibit the use of the proceeds from financing
activities to finance the business and operations of the VIE and their subsidiaries; or
● take other regulatory or enforcement actions that could be
harmful to the Group’s business. The imposition of
any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business.
In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIE or the
right to receive its economic benefits, the Group would no longer be able to consolidate the VIE. The management believes that the likelihood
for the Group to lose such ability is remote based on current facts and circumstances. However, the interpretation and implementation
of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts
are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take
the same position as the Group herein in respect of the legality, binding effect, and enforceability of each of the contractual arrangements.
Meanwhile, since the PRC legal system continues to rapidly evolve, it may lead to changes in PRC laws, regulations, and policies or in
the interpretation and application of existing laws, regulations, and policies, which may limit legal protections available to the Group
to enforce the contractual arrangements should the VIE or the shareholder of the VIE fail to perform their obligations under those arrangements.
In addition, shareholder of the VIE is a PRC holding entity beneficially owned by the Founder, chairman of the board of directors and
chief executive officer of the Company. The enforceability, and therefore the benefits, of the contractual agreements between the Company
and the VIE depend on shareholder enforcing the contracts. There is a risk that shareholder of VIE, who in some cases is also shareholder
of the Company may have conflict of interests with the Company in the future or fails to perform their contractual obligations. Given
the significance and importance of the VIE, there would be a significant negative impact to the Company if these contracts were not enforced. The Group’s
operations depend on the VIE to honor their contractual agreements with the Group and the enforceability, and therefore the benefits,
of the contractual agreements also depends on the authorization by the shareholder of the VIE to exercise voting rights on all matters
requiring shareholder approval in the VIE. The Company believes that the agreements on authorization to exercise shareholder’s voting
power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect
and the possibility that it will no longer be able to be the primary beneficiary and consolidate the VIE as a result of the aforementioned
risks and uncertainties is remote. In accordance with
VIE Contractual Agreements, the Company (1) could exercise all shareholder’s rights of the VIE and has power to direct the activities
that most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant
to the VIE. Accordingly, the Company is considered as the ultimate primary beneficiary of the VIE and has consolidated the VIE’s
financial results of operations, assets, and liabilities in the Company’s consolidated financial statements. Therefore, the Company
considers that there are no assets in the VIE that can be used only to settle obligations of the VIE, except for the paid-in capital of
the VIE amounting to approximately nil nil nil The VIE holds assets
with no carrying value in the consolidated balance sheet that are important to the Company’s ability to produce revenue (referred
to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIE include self-developed App named QiNiu
(rebranded from KuaiCai), QianChi (rebranded from BanCai) and JiangZhen, self-developed courses. The following
consolidated financial information of the VIE after the elimination of inter-company transactions between the VIE and the subsidiaries
of the VIE, and including the portion of Listing Businesses in the VIE 2 and its subsidiaries, was included in the accompanying consolidated
financial statements of the Group as follows:
As of June 30,
2022 2023
RMB RMB
ASSETS
Current assets:
Cash and cash equivalents 83,449 422,076
Short-term investments 54,375 50,213
Accounts receivable, net 1,937 12,203
Amounts due from related parties 47,394 29,116
Amounts due from intra-Group companies 155,960 -
Prepayments and other current assets 111,790 123,734
Total current assets 454,905 637,342
Property and equipment, net 3,669 2,646
Operating lease right-of-use assets 21,437 41,654
Deferred tax assets - 2,084
Other non-current assets 9,612 12,347
Total non-current assets 34,718 58,731
TOTAL ASSETS 489,623 696,073
Accounts payables 45,178 62,094
Accrued expenses and other current liabilities 77,616 124,532
Amounts due to intra-Group companies - 17,000
Income tax payable 7,298 8,794
Contract liabilities, current portion 384,729 517,213
Advance from customers 151,089 144,397
Operating lease liabilities, current portion 14,875 21,425
Total current liabilities 680,785 895,455
Contract liabilities, non-current portion 8,869 7
Operating lease liabilities, non-current portion 6,522 23,786
Total non-current liabilities 15,391 23,793
TOTAL LIABILITIES 696,176 919,248
For the years ended June 30,
2021 2022 2023
RMB RMB RMB
Revenues:
- 1,759,793 2,822,508 2,933,413
- - 44,710 147,921
Total revenues 1,759,793 2,867,218 3,081,334
Cost of revenues and operating expenses
- (1,814,446 ) (2,576,144 ) (2,701,287 )
- (185,036 ) (230,281 ) (392,174 )
Total cost of revenues and operating expenses (1,999,482 ) (2,806,425 ) (3,093,461 )
Net (loss)/income (225,042 ) 62,712 (15,092 )
For the years ended June 30,
2021 2022 2023
RMB RMB RMB
Cash flows from operating activities:
Net cash provided by transactions with third parties 253,874 495,719 548,728
Net cash used in transactions with intra-Group companies related to technical consulting and related service under VIE Contractual Agreements (204,121 ) (239,597 ) (415,703 )
Net cash provided by operating activities 49,753 256,122 133,025
Cash flows from investing activities:
Net cash (used in)/provided by transactions with third parties (53,384 ) (31,836 ) 9,786
Net cash (used in)/provided by transactions with related parties (1,253 ) (5,912 ) 24,386
Net cash (used in)/provided by transactions with intra-Group companies* - (155,960 ) 155,960
Net cash (used in)/provided by investing activities (54,637 ) (193,708 ) 190,132
Cash flows from financing activities:
Net cash provided by/(used in) transactions with Predecessors 488 (3,691 ) -
Net cash used in transactions with third parties - - (1,530 )
Net cash provided by/ (used in) transactions with intra-Group companies - - 17,000
Net cash provided by/ (used in) financing activities 488 (3,691 ) 15,470
* During the year ended June 30, 2022, the VIE transferred RMB155,960
of its excess cash to the WFOE for cash management purpose, which have been fully collected during the year ended June 30, 2023. |
