LakeShore Biopharma (LSB) F-112 Apr 23Registration statement (foreign)Financial data

Company Profile

Cover Page

Cover Page	6 Months Ended
Cover Page	Sep. 30, 2022
Cover [Abstract]
Document Type	F-1
Entity Registrant Name	YS Biopharma Co., Ltd.
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001946399
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)		Sep. 30, 2021 CNY (¥)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 CNY (¥)		Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2020 USD ($)
Current Assets
Cash	¥ 226,765,500	$ 32,000,000	¥ 271,067,503	$ 42,700,000		¥ 49,521,897		¥ 390,457,084
Accounts receivable, net	468,359,388	65,967,969	308,555,105	48,605,133				214,502,737
Advance to suppliers	7,556,142	1,064,275	10,648,306	1,677,374				11,458,564
Amounts due from related party								30,088,833
Inventories, net	161,667,187	22,770,668	166,505,565	26,228,784				81,439,883
Prepaid expenses and other current assets	6,942,700	977,873	7,987,914	1,258,295				5,257,185
Total current assets	871,552,683	122,757,357	764,764,393	120,469,486				733,204,286
Non-current assets
Property, plant and equipment, net	557,366,853	78,504,585	550,153,110	86,662,851				236,204,959
Operating lease right-of-use assets, net	13,067,129	1,840,493	14,850,283	2,339,290				17,245,924
Deferred tax assets, net	2,473,459	348,384	3,039,084	478,732				7,976,206
Intangible assets, net	81,314,933	11,453,130	80,717,978	12,715,097				83,778,603
Other assets, non-current	22,663,063	3,192,071	28,228,293	4,446,661				88,765,094
Total non-current assets	676,885,437	95,338,663	676,988,748	106,642,631				433,970,786
Total Assets	1,548,438,120	218,096,020	1,441,753,141	227,112,117				1,167,175,072
Current liabilities
Bank loans and other borrowing - current	163,641,078	23,048,688	111,733,754	17,600,856
Accounts payable	37,394,178	5,266,934	30,811,100	4,853,518				16,383,236
Accrued expenses and other liabilities	367,283,321	51,731,502	326,751,353	51,471,496				322,750,471
Operating lease liabilities - current	3,524,558	496,431	4,322,252	680,863				3,785,642
Deferred government grants - current	3,495,701	492,366	2,295,701	361,630				2,121,645
Total current liabilities	575,338,836	81,035,921	475,914,160	74,968,363				345,040,994
Non-current liabilities
Bank loans and other borrowing - non-current	283,992,000	40,000,000	253,928,000	40,000,000				1,103,609
Operating lease liabilities - non-current	10,403,843	1,465,371	10,605,260	1,670,593				13,550,359
Deferred government grants - non-current	20,826,966	2,933,458	30,053,517	4,734,179				30,884,246
Total non-current liabilities	315,222,809	44,398,829	294,586,777	46,404,772				45,538,214
Total Liabilities	890,561,645	125,434,750	770,500,937	121,373,135				390,579,208
Mezzanine equity
Redeemable convertible preferred shares	1,608,561,727	226,564,371	1,370,221,392	215,844,081		897,869,523	$ 187,785,655	1,285,458,571		$ 181,055,603	¥ 440,585,213	$ 69,403,171
Total mezzanine equity	1,608,561,727	226,564,371	1,370,221,392	215,844,081				1,285,458,571
Commitments and Contingencies
Shareholders' Deficit
Common Stock	7,978	1,124	7,978	1,257	[1]			7,978	[1]
Additional paid-in capital	808,648,509	113,897,365	808,502,018	127,359,254				800,806,378
Accumulated deficit	(1,673,775,766)	(235,749,706)	(1,590,567,163)	(250,554,041)				(1,353,900,436)
Accumulated other comprehensive income	(85,565,973)	(12,051,884)	83,087,979	13,088,431				44,223,373
Total shareholders' Deficit	(950,685,252)	(133,903,101)	(698,969,188)	(110,105,099)		(604,517,882)	$ (85,145,762)	(508,862,707)			¥ (847,320,829)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit	1,548,438,120	218,096,020	1,441,753,141	227,112,117				1,167,175,072
Series A and Series A-1 redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	551,004,725	77,608,485	458,074,468	72,158,166				410,327,208
Series B redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	¥ 1,057,557,002	$ 148,955,886	¥ 912,146,924	$ 143,685,915		¥ 897,869,523		¥ 875,131,363

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

CONSOLIDATED BALANCE SHEETS (Pa

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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	6 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 CNY (¥) ¥ / shares shares	Sep. 30, 2021 CNY (¥) ¥ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2022 CNY (¥) ¥ / shares shares	Mar. 31, 2021 CNY (¥) ¥ / shares shares
Income Statement [Abstract]
Revenues	$ 56,274,081	¥ 399,534,723	¥ 269,433,426	$ 79,227,166	¥ 502,949,894	¥ 257,015,929
Cost of revenues	13,197,665	93,700,779	63,599,621	18,440,832	117,066,090	59,656,877
Gross profit	43,076,416	305,833,944	205,833,805	60,786,334	385,883,804	197,359,052
Operating expenses:
Selling	21,159,480	150,228,079	86,265,281	29,299,597	185,999,704	73,485,259
General and administrative expenses	6,984,283	49,587,013	51,664,591	16,952,916	107,620,500	155,334,386
Research and development	17,445,718	123,861,107	124,051,209	33,272,780	211,222,263	94,387,144
Total operating expenses	45,589,481	323,676,199	261,981,081	79,525,293	504,842,467	323,206,789
Loss from operations	(2,513,065)	(17,842,255)	(56,147,276)	(18,738,959)	(118,958,663)	(125,847,737)
Other income (expense):
Late fees related to income tax \| ¥						(11,464,741)
Late fees related to taxes other than income tax			(112,420)	(36,425)	(231,231)	(7,261,947)
Late fees related to social security insurance	(42,173)	(300,000)	(1,396,221)	(291,796)	(1,852,378)	(7,701,793)
Government grants	3,163,003	22,456,691	19,600,822	3,626,290	23,020,413	3,530,405
Financial expenses, net	(2,105,613)	(14,949,434)	(352,694)	(428,064)	(2,717,433)	(29,689,927)
Other income (expenses), net	10,518	74,675	(993,957)	(51,666)	(327,987)	4,063,743
Total other income, net	1,025,735	7,282,515	16,745,530	2,818,339	17,891,384	(48,524,260)
Loss before income taxes	(1,487,330)	(10,559,740)	(39,401,746)	(15,920,620)	(101,067,279)	(174,371,997)
Income tax expense	(79,668)	(565,625)	(5,689,586)	(777,720)	(4,937,122)	(17,454,245)
Net loss	(1,566,998)	(11,125,365)	(45,091,332)	(16,698,340)	(106,004,401)	(191,826,242)
Accretion to redemption value of convertible redeemable preferred shares	(10,152,855)	(72,083,238)	(65,013,751)	(20,582,579)	(130,662,326)	(16,610,297)
Net loss attributable to YishengBio Co. Ltd	(11,719,853)	(83,208,603)	(110,105,083)	(37,280,919)	(236,666,727)	(208,436,539)
Net loss	(1,566,998)	(11,125,365)	(45,091,332)	(16,698,340)	(106,004,401)	(191,826,242)
Other comprehensive income (loss): foreign currency translation gain (loss)	(23,754,747)	(168,653,952)	11,321,167	6,122,146	38,864,606	22,455,217
Total comprehensive loss	$ (25,321,745)	¥ (179,779,317)	¥ (33,770,165)	$ (10,576,194)	¥ (67,139,795)	¥ (169,371,025)
Loss per share:
Basic net income (loss) per ordinary share \| (per share)	$ (0.01)	¥ (0.05)	¥ (0.18)	$ (0.07)	¥ (0.43)	¥ (0.78)
Earnings Per Share, Diluted \| (per share)	$ (0.01)	¥ (0.05)	¥ (0.18)	$ (0.07)	¥ (0.43)	¥ (0.78)
Weighted average number of ordinary shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533
Weighted Average Number of Shares Outstanding, Diluted	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533

CONSOLIDATED STATEMENTS OF CHAN

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

CONSOLIDATED STATEMENTS OF CASH

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

ORGANIZATION AND BUSINESS DESCR

ORGANIZATION AND BUSINESS DESCRIPTION	12 Months Ended
ORGANIZATION AND BUSINESS DESCRIPTION	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS DESCRIPTION	NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION YishengBio Co., Ltd (“YS Biopharma”) was incorporated under the laws of Cayman Islands as an exempted company with limited liability in November 2020. It owns three companies and their subsidiaries that were incorporated in the United States of America (“US”), Singapore, Hong Kong and the People’s Republic of China (“China” or the “PRC”) (collectively, the “Company” or “YS Group”). YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. It developed a PIKA immunomodulating technology platform and a series of product candidates targeting rabies, hepatitis B, influenza and other indications. It is also conducting the production and sale of YSJA™ (依生君安™) rabies vaccine, the first aluminum-free lyophilized rabies vaccine that was launched in China. Prior to the business reorganization that was completed in February 2021, YS Group conducted its business under Yisheng Biopharma Co., Ltd (“Yisheng Biopharma”), a Cayman Islands company established in April 2010, as an offshore holding company used by its shareholders to hold and control its business operation. Before or after the reorganization, both YS Biopharma and Yisheng Biopharma are controlled by the same major shareholder, Yi Zhang, founder and chairman of YS Group and Yisheng Biopharma. In February 2021, YS Group’s business and technology segments were separated and spun-off from the parent company of Yisheng Biopharma Co., Ltd. by way of a series of corporate and business restructuring. In connection with such restructuring, YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”) and Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”) were established under the laws of Hong Kong in December 2020 and the PRC in February 2021, respectively. In January 2021 and February 2021, Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”) and Beijing Yisheng became wholly-owned subsidiaries of HK YishengBio. In December 2020, YS Biopharma issued shares and entered into shareholders agreement with the then shareholders of Yisheng Biopharma to substantially mirror their respective interests in Yisheng Biopharma to YS Biopharma. In January 2021, YS Biopharma acquired all the equity interests of Yisheng US Biopharma Inc. (“US Yisheng”) and Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”) from Yisheng Biopharma, both of which became wholly-owned subsidiaries of YS Biopharma. In February 2021, Beijing Yisheng acquired all the relevant assets and business from a subsidiary of Yisheng Biopharma. The restructuring was completed in February 2021. After the reorganization, there is no equity relationship, no business activities and no business relevance or competition between Yisheng Biopharma and YS Biopharma, and both are controlled by the same shareholder, Yi Zhang. YS Group’s current legal entity structure is as follows: As of the date of this report, YS Group is consisted of the following legal entities: Legal Entity Nature of Operations Date of Incorporation Place of Incorporation YishengBio Co., Ltd (“YS Biopharma”) Holding Company November 16, 2020 Cayman Islands YishengBio (Hong Kong) Holdings Limited (“ HK YishengBio ”) Holding Company December 28, 2020 Hong Kong Yisheng Biopharma (Singapore) Pte. Ltd. (“ Singapore Yisheng ”)* Research and development of vaccines and therapeutic biologics November 28, 2009 Singapore Yisheng US Biopharma Inc. (“ US Yisheng ”) Research of vaccines and therapeutic biologics September 29, 2009 US Liaoning Yisheng Bio-Pharma Co., Ltd. (“ Liaoning Yisheng ”)** Research and development, manufacturing and commercialization of vaccines and therapeutic biologics May 26, 1994 PRC Beijing Yisheng Biotechnology Co., Ltd. (“ Beijing Yisheng ”) Research and development of vaccines and therapeutic biologics February 4, 2021 PRC * Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011. ** Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

LIQUIDITY

LIQUIDITY	6 Months Ended	12 Months Ended
LIQUIDITY	Sep. 30, 2022	Mar. 31, 2022
LIQUIDITY
LIQUIDITY	NOTE 2 — LIQUIDITY As reflected in the accompanying unaudited condensed consolidated financial statements (“CFS”), YS Group reported net loss of RMB11,125,365 and RMB45,091,332 for six months ended September 30, 2022 and 2021, respectively. Cash used in operating activities was RMB107,395,153 and RMB176,984,374 for the six months ended September 30, 2022 and 2021, respectively. In assessing its liquidity, management monitors and analyzes YS Group’s cash, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. As of September 30, 2022, YS Group had cash and restricted cash of approximately RMB227.0 million ($32.0 million). As of September 30, 2022, YS Group had outstanding bank loans and other borrowing of approximately RMB447.6 million ($63.0 million) from various financial institutions. Currently, YS Group is working to improve its liquidity and capital sources primarily through cash flows from operations, debt and equity financing. Based on the Company’s current operating plan, management believes the above-mentioned measures collectively will provide sufficient liquidity for YS Group to meet its future liquidity and capital requirement for at least 12 months from the date of this report.	NOTE 2 — LIQUIDITY As reflected in the accompanying consolidated financial statements (“CFS”), the Company reported net loss of RMB106,004,401 and RMB191,826,242 for the fiscal years ended March 31, 2022 and 2021, respectively. Cash used in operating activities was RMB173,545,357 for the fiscal year ended March 31, 2022. In assessing its liquidity, management monitors and analyzes the Company’s cash, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. As of March 31, 2022, the Company had cash of approximately RMB271.07 million (US$42.7 million). As of March 31, 2022, the Company had outstanding bank loans and other borrowing of approximately RMB365.66 million (US$57.6 million) from various financial institutions. Currently, the Company is working to improve its liquidity and capital sources primarily through cash flows from operations, debt and equity financing. Based on the Company current operating plan, management believes the above-mentioned measures collectively will provide sufficient liquidity for YS Group to meet its future liquidity and capital requirement for at least 12 months from the date of this report.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2022	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim condensed CFS of YS Group were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited interim condensed CFS do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of YS Group’s management, the accompanying unaudited interim condensed CFS contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of YS Group for each of the periods presented. The results of operations for the six months ended September 30, 2022 are not necessarily indicative of results to be expected for any other interim periods or for the year ending March 31, 2023. These unaudited interim condensed CFS should be read in conjunction with YS Group’s audited CFS for the years ended March 31, 2022 and 2021. Basis of Consolidation The CFS include the financial statements of YS Group and its wholly-owned subsidiaries. All significant intercompany transactions and balances were eliminated in consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which were measured at fair value. The functional currency of YS Group and its Hong Kong subsidiary, US subsidiary is the United States dollars (“US$”). The functional currency of YS Group’s Singapore subsidiary is the Singapore dollars (“S$”). The functional currency of YS Group’s PRC subsidiaries is the Chinese Renminbi (“RMB”). The determination of functional currency is based on the criteria of Accounting Standard Codifications (“ASC”) as promulgated by the Financial Accounting Standards Board, ASC 830, Foreign Currency Matters (“ASC 830”). YS Group uses the RMB as its reporting currency. The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction. Use of Estimates The preparation of the CFS in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these CFS include, but are not limited to, the valuation of YS Group’s convertible redeemable preferred shares and ordinary shares, accrual of stock-based compensation expense, allowance for doubtful accounts and obsolete inventories, useful life of property, plant and equipment, income taxes and uncertain tax positions. Actual amounts could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in YS Group’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. Foreign Currency Translation YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect. The equity denominated in the functional currency is translated at the historical rate of exchange then in time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in YS Group’s consolidated statements of changes in shareholders’ deficit. Gains and losses from foreign currency transactions are included in YS Group’s consolidated statements of operations and comprehensive loss. The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions. The following table outlines the currency exchange rates used in preparing YS Group’s CFS: Six Months Ended September 30, September 30, 2022 March 31, 2022 2022 2021 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss RMB:1$ 7.0998 6.3482 6.7240 6.5284 RMB:1S$ 4.9717 4.6932 4.8325 4.8200 Convenience translation Amounts in $ are presented for the convenience of the reader and translated at $1.00 to RMB7.0998, the central parity rate release of the People’s Bank of China on September 30, 2022. No representation is made that the RMB amounts could have been, or converted, realized or settled into $ at such rate. Cash Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. YS Group maintains bank accounts in China. Cash balances in bank accounts in China are not insured by the Federal Deposit Insurance Corporation or other programs. Restricted Cash Restricted cash balances mainly relate to restrictions imposed on banks as cash deposits for the issuance of letters of credit. And it is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. Accounts Receivable, net Accounts receivable are presented net of allowance for doubtful accounts. YS Group reduces its accounts receivable by recording a bad debt allowance to account for the estimated impact of collection issues resulting from a client’s inability or unwillingness to pay valid obligations to YS Group. YS Group determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and best estimate of specific losses on individual exposures. YS Group establishes an allowance for doubtful accounts when there is objective evidence that YS Group may not be able to collect amounts due. Accounts receivable balances are written off after all collection efforts have been exhausted. Advance to Suppliers Advance to suppliers is amounts advanced to vendors or suppliers for providing raw materials to YS Group. The suppliers usually require advance payments when YS Group orders materials and the advance will be utilized to offset YS Group’s actual payment obligations. These amounts advanced are unsecured, non- interest bearing and generally short term in nature. YS Group will reduce its advance to suppliers by recording an allowance that approximates the extent of the advance that may not be realizable during the procurement process. YS Group did not record any allowance against its advance to suppliers as of September 30, 2022 or March 31, 2022. Inventories, net Inventories are stated at the lower of cost or net realizable value. Cost is determined on the weighted average basis and comprises all cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal. YS Group reviews the carrying amounts of the inventories on quarterly to determine whether the inventories are carried at lower of carrying amount or net realizable value. The net realizable value is estimated based on current market situation and historical experience. Adjustments are recorded to write down the cost of inventory based on the expiration date of raw materials and the estimate of future usage. Write-downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive loss. Property, Plant and Equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally expensed in the period in which it is incurred. When the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, YS Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life. Category Estimated useful life Plant and building 6 – 20 years Machinery and equipment 5 – 10 years Furniture and fixtures 3 – 7 years Motor vehicles 4 – 5 years Leasehold improvements Lesser of the lease term or life of assets Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each quarter end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of operations in the period the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. Intangible assets, net Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life is reviewed for appropriateness at each financial year end. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine licenses and patents with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis. Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight- line basis over their estimated useful lives of 15 years. Software and laboratory information systems are amortized on the straight-line basis over their estimated useful lives of 10 years. An intangible asset that is determined to have an indefinite useful life is not amortized until its useful life is determined to be no longer indefinite. Management evaluates the remaining useful life of an intangible asset that is not being amortized in each reporting period to determine whether events and circumstances continue to support an indefinite useful life. Indefinite-lived intangible assets are subject to impairment testing at least annually. Management believes that YS Group’s vaccine registration certificate that was granted by the Liaoning Food and Drug Administration (“FDA”) is an intangible asset with an indefinite useful life because the certificate may be renewed indefinitely at little cost and has historically been renewed by Liaoning Yisheng. Liaoning Yisheng intends to renew the certificate indefinitely, and has the ability to do so. Cash flows from the certificate are expected to continue indefinitely. Therefore, the vaccine registration certificate is not amortized until its estimated useful life is believed to be no longer indefinite. All research and development costs are expensed incurred. Expenditure incurred on projects to develop new products is capitalized and deferred only when YS Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when incurred. Land use rights: Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded net of accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 48.75 to 50 years. Impairment of Long-lived Assets YS Group reviews long-lived assets, including definitive-lived intangible assets and property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When such events occur, YS Group assesses the recoverability of the asset group based on the undiscounted future cash flows the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If YS Group identifies an impairment, YS Group reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values and the impairment loss, if any, is recognized in general and administrative expenses in the consolidated statements of operations. YS Group uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. YS Group did not record any impairment charges during the six months ended September 30, 2022 or during the fiscal year ended March 31, 2022. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of September 30, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of September 30, 2022 and 2021, there was no customer which accounted for more than 10% of YS Group’s accounts receivable balance. During the six months ended September 30, 2022 and 2021, there was no customer that accounted for more than 10% of YS Group’s net revenues. Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows: Six Months Ended September 30, 2022 (RMB) ($) (Unaudited) (Unaudited) Vendor A 21,661,500 $ 3,051,001 38.8 % Vendor B 10,053,600 1,416,040 18.0 % Vendor C 3,005,828 423,368 5.4 % Vendor D 2,009,315 283,010 3.6 % Vendor I 1,859,500 261,909 3.3 % Total 38,589,743 $ 5,435,328 69.1 % Six Months Ended September 30, 2021 (RMB) ($) (Unaudited) (Unaudited) Vendor A 11,283,000 $ 1,589,200 12.5 % Vendor F 9,028,170 1,271,609 10.0 % Vendor D 6,689,566 942,219 7.4 % Vendor G 6,063,000 853,968 6.7 % Vendor H 5,460,000 769,036 6.1 % Total 38,523,736 $ 5,426,032 42.7 % YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID — 19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China. Fair Value Measurements ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of YS Group’s financial instruments including cash, accounts receivable, advances to suppliers, amounts due from related parties, prepaid expenses and other current assets, short-term bank loans and other loans, accounts payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The fair value of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available. YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired. Social Security Insurance Employees of YS Group’s subsidiaries that operate in the PRC are required to participate in a central pension scheme operated by the local municipal government. According to the Social Insurance Law of the PRC (the “Social Security Insurance Law”) promulgated by the Standing Committee of the National People’s Congress (the “Standing Committee”) that became effective on December 29, 2018, there are five basic types of social security insurance, which include basic pension insurance, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance (collectively known as “Social Security Insurance”). Both employees and employers make contributions for the first three kinds of the social security insurances; and only employers make contributions for the latter two kinds, which means the employers must pay all or a portion of the social insurance premiums for their employees. If YS Group does not fully comply with the relevant requirements and dose not made social insurance contributions in full to the social insurance scheme for the employees of PRC affiliated entities, YS Group will be required to make up the social insurance contributions as well as to pay late fees at the rate of 0.05% per day of the outstanding amount from the due date. If YS Group fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities could impose a fine of one to three times the outstanding amount and file applications to competent courts for compulsory enforcement of payment and deposit. There was no fine or compulsory enforcement incurred by relevant authorities in connection with the delayed payment of YS Group. As of September 30, 2022 and March 31, 2022 (audited), YS Group’s had recorded late fee of RMB9.7 million and RMB9.5 million, respectively for its liabilities for social security insurance (see Note 12). During six months ended September 30, 2022 and 2021, YS Group’s recognized late fees related to social security insurance of approximately, RMB0.3 million and RMB1.4 million, respectively. Leases Under ASC Topic 842, Leases (“ASC 842”), YS Group determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, YS Group does not recognize a right-of-use (“ROU”) asset or lease liability. YS Group’s operating leases are recognized on its consolidated balance sheets as noncurrent assets, current liabilities and noncurrent liabilities. YS Group does not have any finance leases. ROU assets represent YS Group’s ROU an underlying asset for the lease term and lease liabilities represent YS Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As YS Group’s leases typically do not provide an implicit rate, YS Group uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that YS Group will exercise that option. Lease expense is recognized on a straight- line basis over the lease term. For leases with terms greater than 12 months, YS Group records the related asset and lease liability at the present value of lease payments over the lease term. For leases with terms less than 12 months, YS Group records rents in administrative expenses. Government Grants Government grants represent primarily subsidies received from PRC governments for operating a business in their jurisdictions and in compliance with specific policies promoted by the government authorities. YS Group’s PRC-based subsidiaries received specific subsidies and other subsidies from certain local governments. Specific subsidies are subsidies the local government set certain conditions. Other subsidies are subsidies the local government has not set any conditions and are not tied to future trends or performance of YS Group, receipt of such subsidy is not contingent upon any further actions or performance of YS Group and the amounts do not have to be refunded under any circumstances. Specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. Government grants for research and development (“R&D”) are recognized as a reduction to R&D expenses when the conditions attached to the grants are met or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated. Convertible Redeemable Preferred Shares YS Group has 2 classes of preferred shares: Series A and Series B with Series A consists of Series A and Series A-1 (collectively, the “Convertible Redeemable Preferred Shares”). These Convertible Redeemable Preferred Shares are considered “probable of becoming redeemable” as one of the redemption events depends solely on the passage of time, and the shares become redeemable following the respective anniversary of the issuance date. Since the Series A, Series A-1 and Series B Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, the Series A, they are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method from the issuance dates to the earliest possible redemption date. Revenue from Contracts with Customers YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from our contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services. Step 1: Identify the contract with the customer; Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price; Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when YS Group satisfies a performance obligation YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily are from sales of vaccines. The core principle underlying the revenue recognition ASC 606 is that YS Group recognizes revenue to represent the transfer of vaccines to customers in an amount that reflects the consideration to which YS Group expects to be entitled in such exchange. This requires YS Group to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. YS Group’s sales contracts of vaccines have one single performance obligation that is to sell vaccines to the customers. The sales contracts with customers do not involve variable considerations, such as discounts and rebates. And according to the historical operation, circumstance of discounts and rebates have never occurred. The customer pays after acceptance of the vaccines. According to ASC 606, the relevant revenue recognition is based on a point in time of customer acceptance confirmation. In accordance with ASC606-10-55-36 through 55-40, YS Group evaluates whether it is appropriate to record the gross amount of vaccines and related costs or the net amount earned as commissions. When the entity is a principal, that the entity obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the entity is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the entity earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value-added taxes. YS Group sells vaccines to the customers, and it obtains control of the vaccines before customer acceptance confirmation. Therefore, YS Group is a principal, and the revenues are recognized according to the gross method. Cost of Revenues Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories. General and Administrative Expenses General and administrative expenses consist mainly of payroll and related costs for employees involved in general corporate functions, including accounting, finance, tax, legal and human resources, professional fees, and provision for bad debts, value-added taxes and other general corporate expenses as well as costs associated with the use by these functions of facilities and equipment, such as depreciation and rental expenses. Selling Expenses Selling expenses consist mainly of payroll and benefits for employees involved in the sales and distribution functions, meeting/event fees, promotion fees, marketing and selling expenses that are related to events and activities at YS Group’s service centers designed to promote product sales as well as operating expenses related to the service centers. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development projects, primarily consist of salaries and other employee benefits, testing and clinical trial expenses, consulting service fees, depreciation and amortization, and office and leasing expenses. All costs associated with research and development are expensed as incurred. Other Income (Expenses), net Other income (expenses) consists of miscellaneous income and expenses not directly related to YS Group’s core business operations. Other income primarily consists of recovery of previously written-off accounts receivable, and write-off of payment obligations that are either more than three years old or no longer justifiable. Other expenses primarily consist of late fees related to YS Group’s income tax and social security insurance payment obligations, charitable donation, medical waste disposal fee and financial expenses. From December 2013 to June 2019, because YS Group did not have a certificate of Good Manufacturing Practice, YS Group stopped its production activities and did not pay any income taxes nor social security insurance for its employees. During the six months ended September 30, 2021, YS Group accrued RMB1.4 million of late fees related to its social security insurance. During the six months ended September 30, 2022, YS Group accrued RMB0.3 million of late fees related to its social security insurance. During the six months ended September 30, 2022 and 2021, YS Group paid RMB RMB0.1 million and RMB86.2 million of late fees for social security insurance and tax, respectively. Income Taxes Cayman Islands. Hong Kong. Singapore. China. United States. 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 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 recogniz	NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These CFS and related notes of YS Group were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented were made. Basis of Consolidation The CFS include the financial statements of YS Group and its wholly-owned subsidiaries. All significant intercompany transactions and balances were eliminated upon consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which have been measured at fair value. The functional currency of YS Group and its Hong Kong subsidiary, US subsidiary is the United States dollars (“US$”). The functional currency of YS Group’s Singapore subsidiary is the Singapore dollars (“S$”). The functional currency of YS Group’s PRC subsidiaries is the Chinese Renminbi (“RMB”). The determination of functional currency is based on the criteria of Accounting Standard Codifications (“ASC”) as promulgated by the Financial Accounting Standards Board, ASC 830, Foreign Currency Matters (“ASC 830”). YS Group uses the RMB as its reporting currency. The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction. Use of Estimates The preparation of the CFS in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these CFFS include, but are not limited to, the valuation of YS Group’s convertible redeemable preferred shares and ordinary shares, accrual of stock-based compensation expense, allowance for doubtful accounts and obsolete inventories, useful life of property, plant and equipment, income taxes and uncertain tax positions. Actual amounts could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in YS Group’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. Foreign Currency Translation YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in YS Group’s consolidated statements of changes in shareholders’ deficit. Gains and losses from foreign currency transactions are included in YS Group’s consolidated statements of operations and comprehensive loss. 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: For the Years Ended As of March 31, March 31, 2022 2021 2022 2021 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss RMB:1US$ 6.3482 6.5713 6.4598 6.8282 RMB:1S$ 4.6932 4.8768 4.7850 4.9246 Convenience translation Amounts in US$ are presented for the convenience of the reader and translated at US$1.00 to RMB6.3482, representing the central parity rate release of the People’s Bank of China on March 31, 2022. No representation is made that the RMB amounts could have been, or converted, realized or settled into US$ at such rate. Cash 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. Accounts Receivable, net Accounts receivable are presented net of allowance for doubtful accounts. YS Group reduces its accounts receivable by recording a bad debt allowance to account for the estimated impact of collection issues resulting from a client’s inability or unwillingness to pay valid obligations to YS Group. YS Group determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and best estimate of specific losses on individual exposures. YS Group establishes an allowance for doubtful accounts when there is objective evidence that YS Group may not be able to collect amounts due. Accounts receivable balances are written off after all collection efforts have been exhausted. Advance to Suppliers Advance to suppliers represent amounts advanced to vendors or suppliers for providing raw materials to YS Group. The suppliers usually require advance payments when YS Group orders materials and the advance will be utilized to offset YS Group’s actual payment obligations. These amounts advanced are unsecured, non- interest bearing and generally short term in nature. YS Group will reduce its advance to suppliers by recording an allowance that approximates the extent of the advance that may not be realizable during the procurement process. YS Group did not record any allowance against its advance to suppliers as of March 31, 2022, 2021. Inventories, net 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 whether the inventories are carried at lower of carrying amount or net realizable value. The net realizable value is estimated based on current market situation and historical experience. Adjustments are recorded to write down the cost of inventory based on the expiration date of raw materials and the estimate of future usage. Write-downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive loss. Property, Plant and Equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of operations in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, YS Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life. Category Estimated useful life Plant and building 6 – 20 years Machinery and equipment 5 – 10 years Furniture and fixtures 3 – 7 years Motor vehicle 4 – 5 years Leasehold improvement Lesser of the lease term or life of assets Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each quarter end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of operations in the period the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. Intangible assets, net Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life is reviewed for appropriateness at each financial year end. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine 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 vaccine registration certificate that was granted by the Liaoning Food and Drug Administration (“FDA”) is an intangible asset with an indefinite useful life because the certificate may be renewed indefinitely at little cost and has historically been renewed by Liaoning Yisheng. Liaoning Yisheng intends to renew the certificate indefinitely, and has the ability to do so. Cash flows from the certificate are expected to continue indefinitely. Therefore, the vaccine registration certificate is not amortized until its estimated useful life is believed to be no longer indefinite. All research and development costs are charged to the statement of operations as incurred. Expenditure incurred on projects to develop new products is capitalized and deferred only when YS Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when incurred. Land use rights: Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded net of accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 48.75 to 50 years. Impairment of Long-lived Assets YS Group reviews long-lived assets, including definitive-lived intangible assets and property and equipment, for impairment whenever events or changes in circumstances indicate that 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, 2022 and 2021. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of March 31, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of March 31, 2022 and 2021, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2022 and 2021, there were no customers that accounted for more than 10% of YS Group’s net revenues. Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows: For the Year Ended March 31, 2022 (RMB) (US$) Vendor A 35,172,250 $ 5,540,508 20.9 % Vendor B 16,227,146 2,556,181 9.6 % Vendor C 9,995,189 1,574,492 $ 5.9 % Vendor D 7,426,500 1,169,859 4.4 % Vendor E 6,621,300 1,043,020 3.9 % Total 75,442,385 $ 11,884,060 44.7 % For the Year Ended March 31, 2021 (RMB) (US$) Vendor A 32,063,500 $ 4,879,324 37.9 % Vendor F 5,781,888 879,870 6.8 % Vendor G 4,862,320 739,933 $ 5.7 % Vendor C 4,568,088 695,157 5.4 % Vendor H 3,199,200 486,844 3.8 % Total 50,474,996 $ 7,681,128 59.6 % Details of percentage of YS Group’s top 5 vendors accounting for accounts payable are as follows: As of March 31, 2022 (RMB) (US$) Vendor E 1,420,549 $ 223,772 4.6 % Total 1,420,549 $ 223,772 4.6 % As of March 31, 2021 (RMB) (US$) Vendor A 1,225,510 $ 186,494 8.3 % Total 1,225,510 $ 186,494 8.3 % YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID-19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China. Fair Value Measurements ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of YS Group’s financial instruments including cash, accounts receivable, advances to suppliers, amounts due from related parties, prepaid expenses and other current assets, short-term bank loans and other loans, accounts payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The fair value of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available. YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired. Social Security Insurance Employees of YS Group’s subsidiaries that operate in the PRC are required to participate in a central pension scheme operated by the local municipal government. According to the Social Insurance Law of the PRC (the “Social Security Insurance Law”) promulgated by the Standing Committee of the National People’s Congress (the “Standing Committee”) that became effective on December 29, 2018, there are five basic types of social security insurance, which include basic pension insurance, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance (collectively known as “social security insurance”). Both employees and employers make contributions for the first three kinds of the social security insurance; and only employers make contributions for the latter two kinds, which means the employers must pay all or a portion of the social security insurance premiums for their employees. If the YS Group does not fully comply with the relevant requirements and does not make social insurance contributions in full to the social insurance scheme for the employees of PRC affiliated entities, the YS Group will be required to make up the social insurance contributions as well as to pay late fees at the rate of 0.05% per day of the outstanding amount from the due date. If the YS Group fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities could impose a fine of one to three times the outstanding amount and file applications to competent courts for compulsory enforcement of payment and deposit. No fine or compulsory enforcement had been imposed by relevant authorities in connection with the delayed payment of the social security insurance premiums by the YS Group. As of March 31, 2022 and 2021, YS Group’s recorded late fees of RMB9.5 million and RMB29.4 million, respectively, for its liabilities related to social security insurance (see Note 10). During the years ended March 31, 2022 and 2021, the YS Group recognized late fees related to social security insurance of approximately, RMB1.9 million and RMB7.7 million, respectively. Leases 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 research and development (“R&D”) are recognized as a reduction to R&D expenses when the conditions attached to the grants are met or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated. Convertible Redeemable Preferred Shares YS Group has 2 classes of preferred shares: Series A and Series B with Series A consists of Series A and Series A-1 (collectively, the “Convertible Redeemable Preferred Shares”). These Convertible Redeemable Preferred Shares are considered “probable of becoming redeemable” as one of the redemption events depends solely on the passage of time, and the shares become redeemable following the respective anniversary of the issuance date. Since the Series A, Series A-1 and Series B Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, the Series A, they are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method from the issuance dates to the earliest possible redemption date. Revenue from Contracts with Customers YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from its contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services. Step 1: Identify the contract with the customer; Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price; Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when YS Group satisfies a performance obligation YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily streams from the sales of vaccines. The core principle underlying the revenue recognition ASC 606 is that YS Group recognizes revenue to represent the transfer of vaccines to customers in an amount that reflects the consideration to which YS Group expects to be entitled in such exchange. This requires YS Group to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. YS Group’s sales contracts of vaccines have one single performance obligation that is to sell vaccines to the customers. The sales contracts with customers do not involve variable considerations, such as discounts and rebates. And according to the historical operation, circumstance of discounts and rebates have never occurred. The customer pays after acceptance of the vaccines. According to ASC 606, the relevant revenue recognition is based on a point in time of customer acceptance confirmation. 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 Expenses Selling expenses consist mainly of payroll and benefits for employees involved in the sales and distribution functions, meeting/event fees, promotion fees, marketing and selling expenses that are related to events and activities at YS Group’s service centers designed to promote product sales as well as operating expenses related to the service centers. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development projects, primarily consist of salaries and other employee benefits, testing and clinical trial expenses, consulting service fees, depreciation and amortization, and office and leasing expenses. All costs associated with research and development are expensed as incurred. Other Income (Expenses), net Other income (expenses) consists of miscellaneous income and expenses not directly related to YS Group’s core business operations. Other income primarily consists of recovery of previously written-off accounts receivable, and write-off of payment obligations that are either more than three years old or no longer justifiable. Other expenses primarily consist of late fees related to YS Group’s income tax and social security insurance payment obligations, charitable donation, medical waste disposal fee and financial expenses. From December 2013 to June 2019, because YS Group was undergoing the construction and certification process of new manufacturing plant, YS Group didn’t produce and market its rabies vaccine and did not pay any income taxes nor social security insurance for its employees. During the fiscal year ended March 31, 2021, YS Group accrued RMB7.7 million of late fees related to its social security insurance and RMB18.7 million of late fees on its tax. During the fiscal year ended March 31, 2022, YS Group accrued RMB1.9 million of late fees related to its social security insurance and RMB0.2 million of late fees related to its tax. During the fiscal years ended March 31, 2022 and 2021, YS Group paid RMB86.2 million and RMB5.0 million of late fees related to on social security insurance and tax, respectively. Income Taxes Cayman Islands. Hong Kong. Singapore. China. United States. 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 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 deductib

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	6 Months Ended	12 Months Ended
ACCOUNTS RECEIVABLE, NET	Sep. 30, 2022	Mar. 31, 2022
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	NOTE 4 — ACCOUNTS RECEIVABLE, NET Accounts receivable consists of the followings March 31,2022 September 30, 2022 September 30, 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) Trade receivables 322,170,980 488,422,373 $ 68,793,821 Allowance for doubtful accounts (13,615,875) (20,062,985) (2,825,852) Accounts receivable, net 308,555,105 468,359,388 $ 65,967,969 The allowance for doubtful accounts reflects YS Group’s best estimate of probable losses inherent in the accounts receivable balance. YS Group estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of YS Group’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. During the six months ended September 30, 2022 and 2021, YS Group recorded approximately RMB6.4 million and RMB2.9 million of bad debt expense, respectively. Below is an analysis of the movements in the allowance for doubtful account: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Balance at April 1, 8,530,951 13,615,875 $ 1,917,783 Additions 2,888,417 6,447,110 908,069 Balance at September 30 11,419,368 20,062,985 $ 2,825,852	NOTE 4 — ACCOUNTS RECEIVABLE, NET As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Trade receivables 223,033,688 322,170,980 $ 50,749,973 Allowance for doubtful accounts (8,530,951) (13,615,875) (2,144,840) Accounts receivable, net 214,502,737 308,555,105 $ 48,605,133 The allowance for doubtful accounts reflects YS Group’s best estimate of probable losses inherent in the accounts receivable balance. YS Group estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of YS Group’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. During the fiscal years ended March 31, 2022 and 2021, YS Group recorded approximately RMB5.1 million and RMB6.4 million bad debt expense, respectively. YS Group’s accounts receivable are not written off in the track period. Below is an analysis of the movements in the allowance for doubtful account: For the Fiscal Year Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Balance at beginning of the year 2,116,317 8,530,951 $ 1,343,838 Additions 6,414,634 5,084,924 801,002 Balance at end of the year 8,530,951 13,615,875 $ 2,144,840

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended	12 Months Ended
INVENTORIES, NET	Sep. 30, 2022	Mar. 31, 2022
INVENTORIES, NET
INVENTORIES, NET	NOTE 5 — INVENTORIES, NET YS Group’s inventories consist of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Raw materials 57,926,980 52,392,648 $ 7,379,454 Work in progress 40,795,744 39,148,872 5,514,081 Finished goods 73,285,870 71,235,067 10,033,391 Allowance for slow-moving or obsolete inventories (5,503,029) (1,109,400) (156,258) Inventories, net 166,505,565 161,667,187 $ 22,770,668 The movements in the allowance for slow-moving or obsolete inventories are as follows: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Balance at April 1, 41,301,797 5,503,029 $ 775,096 Inventories written off (40,192,397) (4,393,629) (618,838) Balance at September 30 1,109,400 1,109,400 $ 156,258 During the six months ended September 30, 2022 and 2021, the allowance for slow-moving or obsolete inventories was nil.	NOTE 5 — INVENTORIES, NET YS Group’s inventories consist of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Raw materials 20,865,093 57,926,980 $ 9,124,946 Work in progress 23,453,665 40,795,744 6,426,348 Finished goods 78,422,922 73,285,870 11,544,354 Allowance for slow-moving or obsolete inventories (41,301,797) (5,503,029) (866,864) Inventories, net 81,439,883 166,505,565 $ 26,228,784 The movements in the allowance for slow-moving or obsolete inventories are as follows: For the Fiscal Year Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Balance at beginning of the year 76,661,332 41,301,797 $ 6,506,064 Additions 950,261 4,393,629 692,106 Inventories written off (36,309,796) (40,192,397) (6,331,306) Balance at end of the year 41,301,797 5,503,029 $ 866,864

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET	Sep. 30, 2022	Mar. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consist of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) Cost (Unaudited) (Unaudited) Construction in progress 318,000,074 333,446,243 $ 46,965,583 Plant and buildings 170,206,987 183,372,813 25,827,884 Machinery and equipment 194,875,303 193,846,868 27,303,145 Electronic equipment 10,107,578 10,794,907 1,520,452 Motor vehicles 2,978,155 3,027,767 426,458 Office equipment and furniture 29,888,526 21,612,891 3,044,155 Leasehold improvements 4,390,980 4,626,927 651,698 Total Cost 730,447,603 750,728,416 105,739,375 Less: accumulated depreciation (150,402,597) (163,469,667) (23,024,545) Less: asset impairment (29,891,896) (29,891,896) (4,210,245) Property and equipment, net 550,153,110 557,366,853 $ 78,504,585 There are no events or changes in circumstances that indicate the carrying amount of an asset may not be fully recoverable by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition.	NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consist of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Cost Construction in progress 40,158,349 318,000,074 $ 50,092,951 Plant and buildings 153,845,452 170,206,987 26,811,850 Machinery and equipment 174,933,799 194,875,303 30,697,726 Electronic equipment 8,442,743 10,107,578 1,592,196 Motor vehicles 2,814,066 2,978,155 469,134 Office equipment and furniture 14,241,207 29,888,526 4,708,189 Leasehold improvements 3,889,957 4,390,980 691,689 Total Cost 398,325,573 730,447,603 115,063,735 Less: accumulated depreciation (132,228,718) (150,402,597) (23,692,164) Less: asset impairment (29,891,896) (29,891,896) (4,708,720) Property and equipment, net 236,204,959 550,153,110 $ 86,662,851 In fiscal 2014, based on an evaluation of the company’s related production plan and conditions of property, plant and equipment, the company recorded an asset impairment for approximately RMB29.9 million on those property, plant and equipment that could no longer be used for production. There is no events or changes in circumstances that indicate the carrying amount of an asset may not be fully recoverable by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET	6 Months Ended	12 Months Ended
PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET	Sep. 30, 2022	Mar. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET	NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Deposits (1) 2,807,847 1,622,616 $ 228,544 Staff advances (2) 383,251 303,767 42,785 Staff’s social security (3) 615,581 677,626 95,443 Value added tax recoverable (4) 3,442,733 3,920,265 552,166 Other receivable (5) 854,245 534,169 75,237 Allowance (6) (115,743) (115,743) (16,302) Total 7,987,914 6,942,700 $ 977,873 (1) Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs. (2) Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities. (3) Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly. (4) Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years. (5) Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees. (6) The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.	NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Loan receivable (1) 2,966,778 — $ — Deposits (2) 1,362,270 2,807,847 442,306 Staff advances (3) 290,024 383,251 60,372 Staff’s social security (4) 190,253 615,581 96,969 Value added tax recoverable (5) 148,705 3,442,733 542,316 Other receivable (6) 414,898 854,245 134,564 Allowance (7) (115,743) (115,743) (18,232) Total 5,257,185 7,987,914 $ 1,258,295 (1) Loan receivable primarily represented a short-term loan arrangement between Yisheng Biopharma Holdings Limited (Hong Kong) and Hong Kong Tang Hillcrest Investment Corporation, which is renewed annually since 2015. Yisheng Biopharma Holdings Limited (Hong Kong) provided an interest free loan of US$ 6.3 million to Hong Kong Tang Hillcrest Investment Corporation. As of March 31, 2021, Hong Kong Tang Hillcrest Investment Corporation made repayment of US$ 5.9 million in total. As part of reorganization, on December 17, 2020, after the establishment of YishengBio (Hong Kong) Holdings Limited, Yisheng Biopharma Holdings Limited (Hong Kong) transferred such loan receivable to YS Group without any compensation. As of March 31, 2021, the loan receivable denominated in USD is interest free with an outstanding balance of approximately RMB 2,967,000 (US $451,475 ). As of March 31, 2022, Hong Kong Tang Hillcrest Investment Corporation made full repayment of the loan. (2) Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs. (3) Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities. (4) Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly. (5) Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years. (6) Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees. (7) The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	6 Months Ended	12 Months Ended
INTANGIBLE ASSETS, NET	Sep. 30, 2022	Mar. 31, 2022
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	NOTE 8 — INTANGIBLE ASSETS, NET YS Group’s intangible assets are presented below: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Cost Patents 79,608,000 79,608,000 $ 11,212,710 Licenses, software and laboratory information system 6,143,880 10,150,478 1,429,685 Land use rights 67,181,860 67,181,860 9,462,500 Total Cost 152,933,740 156,940,338 22,104,895 Less: Accumulated Amortization (72,215,762) (75,625,405) (10,651,765) Intangible Assets, net 80,717,978 81,314,933 $ 11,453,130	NOTE 8 — INTANGIBLE ASSETS, NET YS Group’s intangible assets are presented below: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Cost Patents 79,608,000 79,608,000 $ 12,540,248 Licenses, software and laboratory information system 2,526,272 6,143,880 967,814 Land use rights 67,181,860 67,181,860 10,582,820 Total Cost 149,316,132 152,933,740 24,090,882 Less: Accumulated Amortization (65,537,529) (72,215,762) (11,375,785) Intangible Assets, net 83,778,603 80,717,978 $ 12,715,097

BANK LOANS AND OTHER BORROWINGS

BANK LOANS AND OTHER BORROWINGS	6 Months Ended	12 Months Ended
BANK LOANS AND OTHER BORROWINGS	Sep. 30, 2022	Mar. 31, 2022
BANK LOANS AND OTHER BORROWINGS
BANK LOANS AND OTHER BORROWINGS	NOTE 9 — BANK LOANS AND OTHER BORROWINGS March 31, September 30, September 30, 2022 2022 2022 Maturity Date Interest Rate (RMB) (RMB) ($) (Unaudited) (Unaudited) China Guangfa Bank Co.,Ltd. – Shenyang Branch (1) 46,456,142 35,509,492 $ 5,001,478 2022/11/17 – 2022/12/16 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) 64,647,870 81,486,261 11,477,261 2022/10/11 – 2023/09/22 5.30 % Citi Bank (3) 234,743 — — 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) 394,999 — — 2026/9/15 4.00 % China Citic Bank – Shenyang Branch (5) — 34,295,325 4,830,464 2023/3/16 – 2023/5/19 5.2% / 3.25 % China Construction Bank – Shenyang Branch (6) — 12,350,000 1,739,485 2023/9/8 – 2023/9/27 4.00 % Bank loans due within one year 111,733,754 163,641,078 $ 23,048,688 R-Bridge Healthcare Fund, LP (4) 253,928,000 283,992,000 40,000,000 2026/9/15 4.00 % Long-term bank loans 253,928,000 283,992,000 40,000,000 Total bank loans 365,661,754 447,633,078 $ 63,048,688 (1) On September 13, 2021, YS Group entered into a credit facility of RMB 100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group repaid approximately RMB 10.9 million on September 16, 2022 and drew approximately RMB 35.5 million from November 22, 2021 to March 10, 2022 with interest at 5.655% , which is due from November 17, 2022 to December 16, 2022. (2) On July 12, 2021, YS Group entered into a credit facility of RMB 140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. On July 8, 2022, YS Group entered into another credit facility of RMB 15 million with Shanghai Pudong Development Bank Co., Ltd. for two years to finance its working capital requirements. YS Group repaid about RMB 39.0 million from July 19, 2022 to September 26, 2022 and drew approximately RMB 55.9 million from May 12, 2022 to September 23, 2022 with interest at 5.3% . (3) On May 2, 2020, YS Group borrowed RMB 1,103,609 (US $166,400 ) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. The balance of RMB 234,742 ( $36,978 ) was repaid in full in May 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 ( $40,000,000 ) for 54 months with interest at 4% . YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below: Repayment Repayment Date Instalment April 7, 2025 $ 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total $ 40,000,000 Under the terms of the Facility Agreement, YS Group and Agent also entered into a Deed, pursuant to which YS Group will pay to agent, the royalties on the products as contingent interest in addition to the payments made to agent under the facility agreement, on the terms and subject to the conditions of the Deed. YS Group is obliged to pay royalties to such agent as contingent interest for the facility based upon YS Group’s annual net sales of rabies vaccines by multiplying the royalty rate from 1.5% to 3.5% by the corresponding amount incremental net sales for that financial year. YS Group shall pay accrued interest on the Loan on each payment date. For the six months ended September 30, 2022, YS Group accrued approximately RMB11.4 million ($1.7 million) of interest expenses and royalty fee. (5) On May 25, 2022, YS Group entered into a credit facility of RMB 30 million with China CITIC Bank and Industrial Bank for one year to finance its working capital requirements. YS Group drew about RMB 29.3 million from May 12, 2022 to July 22, 2022 with interest at 5.2% . And YS Group Also entered into a letter of credit facility of RMB 5 million with interest of 3.25% . (6) On September 6, 2022, YS Group entered into a credit facility of RMB 50 million with China Construction Bank for one year to finance its working capital requirements. YS Group drew approximately RMB 12.4 million from September 9, 2022 to September 28, 2022 with interest at 4 %. In addition, on March 5, 2021, YS Group entered into a credit facility of RMB 250 million with China CITIC Bank for three years to finance its working capital requirements. On September 7, 2021, YS Group entered into another credit facility of RMB 250 million with China CITIC Bank for three years to finance its working capital requirements. YS Group has not drawn any amounts from these two facilities as of date of this report. These two credit facilities are due to expire on March 4, 2024 and September 6, 2024, respectively. On April 13,2022, YS Group entered into credit facility of RMB70 million with China Everbright Bank for one year to finance its working capital requirements. YS Group has not drawn any amounts from this facility as of date of this report. The credit facility is due to expire on April 13, 2023. YS Group recorded RMB15.2 million and RMB0.4 million of interest expense for the six months ended September 30, 2022 and 2021, respectively.	NOTE 9 — BANK LOANS AND OTHER BORROWINGS As of March 31, 2021 2022 2022 Maturity Date Interest Rate (RMB) (RMB) (US$) China Guangfa Bank Co., Ltd. – Shenyang Branch (1) — 46,456,142 7,318,002 2022/9/16 – 2022/12/16 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) — 64,647,870 10,183,654 2022/7/19 – 2022/12/1 5.30 % Citi Bank (3) — 234,743 36,978 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) — 394,999 62,222 2026/9/15 4.00 % Bank loans due within one year — 111,733,754 17,600,856 Citi Bank (3) 1,103,609 — — 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) — 253,928,000 40,000,000 2026/9/15 4.00 % Long-term bank loans 1,103,609 253,928,000 40,000,000 Total bank loans 1,103,609 365,661,754 57,600,856 (1) On September 13, 2021, YS Group entered into a credit facility of RMB 100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB 46.5 million in total from September 22, 2021 to March 10, 2022 with an annual interest at 5.655% , which is due from September 16, 2022 to December 16, 2022. (2) On July 12, 2021, YS Group entered into a credit facility of RMB 140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew down RMB 64.6 million from July 20, 2021 to March 22, 2022 with an annual interest at 5.3% . (3) On May 2, 2020, YS Group borrowed RMB 1,103,609 (US $166,400 ) with an interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. Before March 31, 2022, YS Group repaid approximately RMB 869,000 (US $129,422 ). As of March 31, 2022, the balance of approximately RMB 235,000 (US $36,978 ) was outstanding, which amount was repaid in full in May, 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 (US $40,000,000 ) for 54 months with an annual interest at 4% . YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below: Repayment Date Repayment Instalment April 7, 2025 US$ 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total US$ 40,000,000 Under the terms of the Facility Agreement, YS Group and Agent are also entering into a Deed, pursuant to which YS Group will pay to Agent, the Royalties on the Products as contingent interest in addition to the payments made to Agent under the Facility Agreement, on the terms and subject to the conditions of the Deed. YS Group is obliged to pay royalties to such agent as contingent interest for the facility based upon YS Group’s annual net sales of rabies vaccines by multiplying the royalty rate ranging from 1.5% to 3.5% by the corresponding amount incremental net sales for that financial year. YS Group shall pay accrued interest on the Loan on each Payment Date. As of March 31, 2022, YS Group accrued approximately RMB395,000 (US$62,222) of interest. In addition, on March 5, 2021, YS Group entered into a credit facility of RMB 250 million with China CITIC Bank for three years three years YS Group recorded RMB 2.8 million and RMB5.8 million of interest expense for the years ended March 31, 2022 and 2021, respectively.

LEASES

LEASES	6 Months Ended	12 Months Ended
LEASES	Sep. 30, 2022	Mar. 31, 2022
LEASES
LEASES	NOTE 10 — LEASES A summary of YS Group’s operating leases as of March 31, 2022 and September 30, 2022 is as follows: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Operating lease ROU assets 14,850,283 13,067,129 $ 1,840,493 Operating lease liabilities – current 4,322,252 3,524,558 496,431 Operating lease liabilities – non-current 10,605,260 10,403,843 $ 1,465,371 Weighted average remaining lease term 3.4 3.0 3.0 Weighted average discount rate 4.8 % 4.8 % 4.8 % A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Operating lease cost 2,237,633 2,508,388 $ 373,050 Cash paid for operating leases 2,276,956 786,888 $ 110,832 Ys Group entered into an agreement of rent reduction from June 2022 to December 2022 for total amount RMB2,068,108. And YS Group recognized the rent reduction as a deduction of operating lease cost for RMB988,303 in the six months ended September 30, 2022. A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of September 30, 2022 is as follows: 12 months Ending September 30, As of September 30, 2022 (RMB) ($) 2023 5,748,070 $ 809,610 2024 5,029,426 708,390 2025 3,921,138 552,289 2026 158,029 22,257 Total lease payments 14,856,663 2,092,546 Less: Interest (928,262) (130,744) Present value of operating lease liabilities 13,928,401 $ 1,961,802 Operating lease liabilities – current 3,524,558 496,431 Operating lease liabilities – non-current 10,403,843 $ 1,465,371	NOTE 10 — LEASES A summary of YS Group’s operating leases as of March 31, 2022 and 2021 is as follows: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Operating lease ROU assets 17,245,924 14,850,283 $ 2,339,290 Operating lease liabilities – current 3,785,642 4,322,252 680,863 Operating lease liabilities – non-current 13,550,359 10,605,260 $ 1,670,593 Weighted average remaining lease term 4.4 3.4 3.4 Weighted average discount rate 5.0 % 4.8 % 4.8 % A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows: For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Operating lease cost 2,643,917 4,594,967 $ 723,822 Cash paid for operating leases 2,601,625 4,587,894 $ 722,708 A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of March 31, 2022 is as follows: Fiscal Year Ending March 31, As of March 31, 2022 (RMB) (US$) 2023 4,947,481 $ 779,352 2024 4,837,260 761,989 2025 4,922,251 775,377 2026 1,479,661 233,084 2027 and thereafter — — Total lease payments 16,186,653 2,549,802 Less: Interest (1,259,141) (198,346) Present value of operating lease liabilities 14,927,512 $ 2,351,456

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended	12 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Sep. 30, 2022	Mar. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities are consisted of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Salaries and social security insurance payable (1) 57,459,273 55,943,773 $ 7,879,627 Promotion service fee (2) 64,883,477 93,688,809 13,195,979 Taxes other than income tax 1,171,381 3,005,157 423,273 Late fees (3) 9,499,595 9,685,430 1,364,183 Payable for property, plant and equipment 48,774,134 49,128,153 6,919,653 CDC transportation and storage fee 35,023,095 48,656,533 6,853,226 Guarantee deposits (4) 94,528,659 94,733,524 13,343,126 Professional service fee (5) 7,758,448 2,226,221 313,561 Other payable (6) 7,653,291 10,215,721 1,438,874 Total 326,751,353 367,283,321 $ 51,731,502 (1) This payable includes primarily unpaid salaries and outstanding social security insurance. During the six months ended September 30, 2022, YS Group paid approximately RMB 1.5 million to reduce its payable related to salaries, social security insurance. Salaries and social security insurance payables are consisted of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Salaries 49,020,045 47,732,121 $ 6,723,023 Social security insurance 7,732,161 7,535,447 1,061,360 Union Fee 707,067 676,205 95,244 Total 57,459,273 55,943,773 $ 7,879,627 (2) Promotion service fee primarily are fees for vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax, social security insurance and housing reserve fund contributions because YS Group failed to pay the income tax for the period from calendar 2011 to calendar 2013, taxes other than income tax for the period from calendar 2014 to the beginning of calendar 2021 and social security insurance for the period from calendar 2015 to the beginning of calendar 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. During the six months ended September 30, 2022, the late fee is incurred from unpaid social insurance. The late fees consisted of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Late fee charge of social insurance 9,499,595 9,685,430 1,364,183 Total 9,499,595 9,685,430 $ 1,364,183 (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. Their professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services don’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from professional advisor. (6) Other payable primarily represented employees’ reimbursement and value added tax and the royalty fee to R-Bridge Healthcare Fund, LP. (See note 10)	NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities are consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Salaries and social security insurance payable (1) 86,818,418 57,459,273 $ 9,051,270 Promotion service fee (2) 58,358,838 64,883,477 10,220,768 Taxes other than income tax 1,615,475 1,171,381 184,522 Late fees (3) 93,890,390 9,499,595 1,496,423 Payable for property, plant and equipment 4,730,933 48,774,134 7,683,144 CDC transportation and storage fee 12,087,830 35,023,095 5,517,012 Guarantee deposits (4) 48,732,986 94,528,659 14,890,624 Professional service fee (5) 8,694,317 7,758,448 1,222,149 Other payable (6) 7,821,284 7,653,291 1,205,584 Total 322,750,471 326,751,353 51,471,496 (1) This payable includes primarily unpaid salaries and outstanding social security insurance. During the fiscal year ended March 31, 2022, YS Group paid approximately RMB 29.4 million to reduce its payable related to salaries, social security insurance. During the period from April 1, 2022 to the date of this report, YS Group paid approximately RMB 11.1 million to reduce this payables. Salaries and social security insurance payables are consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Salaries 46,263,007 49,020,045 7,721,881 Social security insurance 39,926,173 7,732,161 1,218,008 Union Fee 629,238 707,067 111,381 Total 86,818,418 57,459,273 9,051,270 (2) Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax and social security insurance and housing reserve fund contributions due to the fact that YS Group failed to pay the income tax related to the period from calendar year 2011 to calendar year 2013, taxes other than income tax related to the period from calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to the period from calendar year 2015 to the beginning of calendar year 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. In fiscal year 2022, the late fee is incurred from unpaid social insurance. The late fees consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Late fee charge of income tax 53,890,577 — — Late fee charge of taxes other than income tax 10,635,413 — — Late fee charge of social insurance 29,364,400 9,499,595 1,496,423 Total 93,890,390 9,499,595 1,496,423 (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. The external service providers’ professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services doesn’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from consultants and other advisors. (6) Other payable primarily represented employees’ reimbursement and value added tax.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	12 Months Ended
CONVERTIBLE NOTES	Mar. 31, 2022
CONVERTIBLE NOTES
CONVERTIBLE NOTES	NOTE 12 — CONVERTIBLE NOTES In July 2020, YS Biopharma raised RMB127.0 million (US$20 million) by way of issuance of convertible notes (the “Convertible Notes”) to (i) Adjuvant Global Health Technology Fund, L.P., and Adjuvant Global Health Technology Fund DE, L.P., both of which are affiliates of Adjuvant Capital L.P. (collectively, “Adjuvant”) and (ii) OrbiMed New Horizons Master Fund, L.P. (the “ONH”), OrbiMed Genesis Master Fund, L.P. (the “Genesis”) and the Biotech Growth Trust PLC (the “BIOG”), all of which are affiliates of OrbiMed Advisors LLC. As part of the Reorganization as described in Note 1 and based on arm’s length negotiation between the holders of the Convertible Notes and YS Group, all the Convertible Notes were assigned to YS Group in January 2021. In January 2021, the principal amount of Convertible Notes together with the accrued interest of US$ 20,389,315 were converted into 18,393,610 Series B Preferred Shares at US$1.1085 per share, and the Convertible Note holders also exercised their call option rights under the Convertible Notes and subscribed for 9,660,324 Series B Preferred shares at US$2.0703 per share.

CONVERTIBLE REDEEMABLE PREFERRE

CONVERTIBLE REDEEMABLE PREFERRED SHARES	6 Months Ended	12 Months Ended
CONVERTIBLE REDEEMABLE PREFERRED SHARES	Sep. 30, 2022	Mar. 31, 2022
Temporary Equity Disclosure [Abstract]
CONVERTIBLE REDEEMABLE PREFERRED SHARES	NOTE 12 — CONVERTIBLE REDEEMABLE PREFERRED SHARES YS Group has two classes of preferred shares: Series A and Series B (collectively, the “Convertible Redeemable Preferred Shares”) with Series A consists of Series A and A-1. These Convertible Redeemable Preferred Shares are classified outside of the shareholders’ equity section of YS Group’s consolidated balance sheets because these shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of YS Group. Series A On December 10, 2012, pursuant to the Series A redeemable convertible preferred share purchase agreement and shareholders agreement (“Preferred Shares Agreements”), YS Biopharma issued 21,548,589 Series A redeemable convertible preferred shares (“Series A Preferred Share”) to Asia Ventures II L.P., and Beacon Bioventures Fund III Limited Partnership (renamed as “F-Prime Capital Partners Healthcare Fund III LP” on December 30, 2015), collectively with any of their respective affiliates who holds Series A Preferred Shares, at $0.93 per share for total cash consideration of $20,000,000, of which 6,014,313 shares of Series A were transferred as Series A-1 on September 4, 2020. Series A-1 On September 4, 2020, pursuant to the share purchase agreement entered into by and among Asia Ventures II L.P., (“ Asia Ventures”), F-Prime Capital Partners Healthcare Fund III LP(“F-Prime”) and Haitong XuYu International Limited, Epiphron Capital (Hong Kong) Limited, 3W Global Investment Limited, OrbiMed New Horizons Master Fund, L.P. and HH SUM XXXVI Holdings Limited (collectively “Purchasers”), Asia Ventures and F-Prime transferred 6,014,313 Series A Preferred Shares to the Purchasers. As of September 30, 2022, 15,534,276 shares outstanding For the six months ended September 30, 2022, there were no new Series A preferred shares issued, and the accretion to redemption value was RMB36,647,950. Series B In January 2021, the principal amount of Convertible Notes together with the accrued interest of US $20,389,315 were converted into 18,393,610 Series B Preferred Shares at US $1.1085 per share, and the convertible note holders also exercised their call option rights under the Convertible Notes and converted into 9,660,324 Series B preferred shares at US $2.0703 per share. In January 2021, YS Group raised US $88,000,000 by way of issuance of 36,129,245 Series B Preferred Shares to Oceanpine Investment Fund II LP, AIHC Master Fund, 3W Global Fund, MSA Growth Fund II, L.P., Epiphron Capital (Hong Kong) Limited, Wudaokou Capital Limited and Gennex China Growth Fund. In February 2021, YS Group raised US $3,000,000 by way of issuance of 1,231,679 Series B Preferred Shares to Superstring Capital Master Fund LP. For the six months ended September 30, 2022, there were no new Series B preferred shares issued, and the accretion to redemption value was RMB35,435,288. The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares as of September 30, 2022: Series A Series A-1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) ($) As of March 31, 2021 15,534,276 344,661,893 6,014,313 65,665,315 65,414,858 875,131,363 1,285,458,571 $ 181,055,603 Accretion to redemption value — 28,042,858 — 2,566,412 — 34,404,481 65,013,751 9,157,124 Foreign currency translation adjustment — (4,690,126) — (875,280) — (11,666,321) (17,231,727) (2,427,072) As of September 30, 2021 15,534,276 368,014,625 6,014,313 67,356,447 65,414,858 897,869,523 1,333,240,595 $ 187,785,655 As of March 31, 2022 15,534,276 389,563,659 6,014,313 68,510,809 65,414,858 912,146,924 1,370,221,392 $ 192,994,365 Accretion to redemption value — 33,793,180 — 2,854,770 — 35,435,288 72,083,238 10,152,855 Foreign currency translation adjustment — 48,011,366 — 8,270,941 — 109,974,790 166,257,097 23,417,151 As of September 30, 2022 15,534,276 471,368,205 6,014,313 79,636,520 65,414,858 1,057,557,002 1,608,561,727 $ 226,564,371 Convertible Preferred Stock Rights and Preferences Conversion rights The Preferred Shares will be automatically converted into ordinary shares upon (i) the closing of an initial public offering (IPO) based on the applicable then-effective conversion price or (ii) upon the date specified by written consent or agreement of the holder of the majority of the then outstanding Preferred Shares, voting together as a single class on an as-converted basis. The initial conversion price and conversion ratio is the stated issuance price of the Preferred Shares and on a one-for-one basis, respectively. The above conversion prices are subject to adjustments in the event that YS Biopharma issues additional ordinary shares or additional deemed ordinary shares through options or convertible instruments for a consideration per share received by YS Biopharma less than the original respective conversion prices, as the case may be, in effect on the date of and immediately prior to such issue. In such event, the respective conversion price is reduced, concurrently with such issue, to a price as adjusted according to an agreed-upon formula. The above conversion prices are also subject to adjustments on a proportional basis upon other dilution events. Voting rights: Liquidation preference: Liquidation Preference”); if the assets available to be distributed among the Series B Holders shall be insufficient to permit the payment to such holders, then the assets of YS Biopharma legally available for distribution shall be all distributed to the Series B Holders that would otherwise be respectively qualified therefor and entitled thereon such Series B Liquidation Preference on a pro rata basis; (ii) after full payment of the Series B Liquidation Preference, each Series A Holder shall be entitled to receive, prior and in preference to any distribution of any of the assets of YS Biopharma to the Ordinary Holders, an amount per Series A Preferred Share held by such Series A Holder equal to the applicable Original Series A Issue Price plus a single interest at the rate of 8% of the applicable Original Series A Issue Price on an annum basis accumulated from the applicable Original Series A Issue Date to the date such Series A Holder actually receives such repayment, plus all declared and accrued but unpaid dividends on each such Series A Preferred Share (collectively, the “Series A Liquidation Preference”, together with the Series B Liquidation Preference, the “Liquidation Preference”); if the assets available to be distributed among the Series A Holders shall be insufficient to permit the payment to such holders, then the assets of YS Biopharma legally available for distribution shall be all distributed to the Series A Holders that would otherwise be respectively qualified therefor and entitled thereon such Series A Liquidation Preference on a pro rata basis; (iii) if there are assets of tYS Biopharma available for distribution after payment of the Liquidation Preference referred to in clauses (i) and (ii) above, the remaining assets of YS Biopharma available for distribution to the Shareholders shall be distributed ratably among the Ordinary Holders and Preferred Holders on an as- converted basis. Dividends Redemption right: ● The issuance date when YS Biopharma and its subsidiaries or any ordinary share holder has material default or breach of the Preferred Shares Agreements in terms of its representation, warranties, covenants and obligations and if such breach remains uncured for 30 days after holders of the Preferred Shares give a written request to YS Group; or ● the third (3rd) anniversary of the Original Series B Issue Date, if a Qualified IPO is not achieved; In respect of the Series A Preferred Shares held by Asia Ventures and F-Prime ,provided however that during the eighteen ( 18 ) months period after January 28, 2021, Asia Ventures and F-Prime shall not exercise its redemption rights pursuant to that if YS Group is still actively preparing for a Qualified IPO; In respect of the Series A Preferred Shares held by the Series A-1 Holders, at any time following the third (3rd) anniversary of January 28, 2021, if a Qualified IPO is not achieved; or ● When Mr. Zhang, the Chairman of YS Biopharma ceases to be employed or provide service to YS Biopharma. Since the Series A, Series A-1 and Series B Convertible Redeemable Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, these Convertible Redeemable Preferred Shares are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes for the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method (17% annual compound interest for Series A, 8% annual compound interest for Series A-1 and Series B) from the issuance dates to the earliest possible redemption date.	NOTE 13 — CONVERTIBLE REDEEMABLE PREFERRED SHARES YS Group has two classes of preferred shares: Series A and Series B (collectively, the “Convertible Redeemable Preferred Shares”) with Series A consists of Series A and A-1. These Convertible Redeemable Preferred Shares are classified outside of the shareholders’ equity section of YS Group’s consolidated balance sheets because these shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of YS Group. Series A On December 10, 2012, pursuant to the Series A redeemable convertible preferred share purchase agreement and shareholders agreement (“Preferred Shares Agreements”), YS Biopharma issued 21,548,589 Series A redeemable convertible preferred shares (“Series A Preferred Share”) to Asia Ventures II L.P., and Beacon Bioventures Fund III Limited Partnership (renamed as “F-Prime Capital Partners Healthcare Fund III LP” on December 30, 2015), collectively with any of their respective affiliates who holds Series A Preferred Shares, at US$0.93 per share for total cash consideration of US $20,000,000, of which 6,014,313 shares of Series A were transferred as Series A-1 on September 4, 2020. Series A-1 On September 4, 2020, pursuant to the share purchase agreement entered into by and among Asia Ventures II L.P., (“ Asia Ventures”), F-Prime Capital Partners Healthcare Fund III LP(“F-Prime”) and Haitong XuYu International Limited, Epiphron Capital (Hong Kong) Limited, 3W Global Investment Limited, OrbiMed New Horizons Master Fund, L.P. and HH SUM XXXVI Holdings Limited (collectively “Purchasers”), Asia Ventures and F-Prime transferred 6,014,313 Series A Preferred Shares to the Purchasers. As of March 31, 2022, 15,534,276 shares Series A and 6,014,313 shares Series A-1 were issued outstanding Series B In January 2021, the principal amount of Convertible Notes (see Note 12) together with the accrued interest of US $20,389,315 were converted into 18,393,610 Series B Preferred Shares at US $1.1085 per share, and the convertible note holders also exercised their call option rights under the Convertible Notes and converted into 9,660,324 Series B preferred shares at US $2.0703 per share. In January 2021, YS Group raised US $88,000,000 by way of issuance of 36,129,245 Series B Preferred Shares to Oceanpine Investment Fund II LP, AIHC Master Fund, 3W Global Fund, MSA Growth Fund II, L.P., Epiphron Capital (Hong Kong) Limited, Wudaokou Capital Limited and Gennex China Growth Fund. In February 2021, YS Group raised US $3,000,000 by way of issuance of 1,231,679 Series B Preferred Shares to Superstring Capital Master Fund LP. The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares as of March 31, 2022: Series A Series A ‑ 1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) (US$) As of March 31, 2020 21,548,589 440,585,213 — — — — 440,585,213 $ 69,403,171 Conversion of convertible notes — — — — 18,393,610 131,425,527 131,425,527 20,702,802 Call option under convertible notes — — — — 9,660,324 131,425,290 131,425,290 20,702,765 New insurance — — — — 37,360,924 597,987,709 597,987,709 94,197,995 Shares transferred (6,014,313) (68,232,451) 6,014,313 68,232,451 — — — — Accretion to redemption value — 1,758,690 — — — 14,851,607 16,610,297 2,616,536 Foreign currency translation adjustment — (29,449,559) — (2,567,136) — (558,770) (32,575,465) (5,131,449) As of March 31, 2021 15,534,276 344,661,893 6,014,313 65,665,315 65,414,858 875,131,363 1,285,458,571 $ 202,491,820 Accretion to redemption value — 57,598,340 — 5,164,090 — 67,899,896 130,662,326 20,582,579 Foreign currency translation adjustment — (12,696,574) — (2,318,596) — (30,884,335) (45,899,505) (7,230,318) As of March 31, 2022 15,534,276 389,563,659 6,014,313 68,510,809 65,414,858 912,146,924 1,370,221,392 $ 215,844,081 Convertible Preferred Stock Rights and Preferences Conversion rights The Preferred Shares will be automatically converted into ordinary shares upon (i) the closing of an initial public offering (IPO) based on the applicable then-effective conversion price or (ii) upon the date specified by written consent or agreement of the holder of the majority of the then outstanding Preferred Shares, voting together as a single class on an as-converted basis. The initial conversion price and conversion ratio is the stated issuance price of the Preferred Shares and on a one-for-one basis, respectively. The above conversion prices are subject to adjustments in the event that YS Biopharma issues additional ordinary shares or additional deemed ordinary shares through options or convertible instruments for a consideration per share received by YS Biopharma less than the original respective conversion prices, as the case may be, in effect on the date of and immediately prior to such issue. In such event, the respective conversion price is reduced, concurrently with such issue, to a price as adjusted according to an agreed-upon formula. The above conversion prices are also subject to adjustments on a proportional basis upon other dilution events. Voting rights: Liquidation preference: Dividends Redemption right: ● The issuance date when YS Biopharma and its subsidiaries or any ordinary share holder has material default or breach of the Preferred Shares Agreements in terms of its representation, warranties, covenants and obligations and if such breach remains uncured for 30 days after holders of the Preferred Shares give a written request to YS Group; or ● the third (3rd) anniversary of the Original Series B Issue Date, if a Qualified IPO is not achieved; In respect of the Series A Preferred Shares held by Asia Ventures and F-Prime ,provided however that during the eighteen ( 18 ) months period after January 28, 2021, Asia Ventures and F-Prime shall not exercise its redemption rights pursuant to that if YS Group is still actively preparing for a Qualified IPO; In respect of the Series A Preferred Shares held by the Series A-1 Holders, at any time following the third (3rd) anniversary of January 28, 2021, if a Qualified IPO is not achieved; or ● When Mr. Zhang, the Chairman of YS Biopharma ceases to be employed or provide service to YS Biopharma. Since the Series A, Series A-1 and Series B Convertible Redeemable Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, these Convertible Redeemable Preferred Shares are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes for the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method (17% annual compound interest for Series A, 8% annual

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended	12 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2022	Mar. 31, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 13 — STOCK-BASED COMPENSATION YS Group operates a share-based payment scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of YS Group’s operations. Eligible participants of the Scheme include YS Group’s directors, employees and consultants. The 2010 Share Incentive Plan On June 21, 2010, YS Group adopted the 2010 Share Incentive Plan (the “Plan”) that has a contractual term of 10 years The stock options granted to employees are accounted for as equity awards and measured at their grant date fair values. Options that vest based on service conditions generally will become vested over a three-year period in equal quarterly instalments of 0.08% each on the last day of every quarter that has elapsed until the options are 100% vested. On January 1, 2015, an annual grant of 510,000 options, which vest based on performance conditions, were granted to various employees. The annual grant was applicable for calendar years 2015, 2016, 2017, 2018, 2019 and 2020, respectively. The options become vested in equal quarterly instalments based on performance targets established on January 1 st For options granted to YS Group’s senior executives, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 5 years after the grantee terminates their employment if the vested option has not been exercised. For options granted to the remaining employees, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 12 months after the grantee terminates their employment if the vested option has not been exercised. For those awards, evaluations are made as of each reporting period to assess the likelihood of performance criteria being met. Share-based payment expenses are then adjusted to reflect the revision of original estimates. The exercise prices and exercise periods of the share options outstanding as at the end of each of the Relevant Periods are as follows: Average exercise Number of share price per share options option (RMB) At March 31, 2021 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At March 31, 2022 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At September 30, 2022 13,013,422 7.3289 The exercise prices and exercise periods of the share options outstanding as at the end of the reporting periods are as follows: Six Months Ended 30 September 2022 Number of options Exercise price Exercise period (RMB) 6,133,005 3.4845 2021 – 2031 2,453,049 6.4631 2021 – 2026 4,427,368 13.1344 2021 – 2026 13,013,422 Bonus incentive plan On January 1, 2015, YS Group launched a bonus incentive program effective for six years from launch date. The bonus incentive program is divided into two six-month periods each calendar year. The bonus incentive program specifies for each monthly tranche in the six-month period an independent performance condition for a stated period of service (i.e., one month Based on the above, the employee does not receive a number of ordinary shares with a fair value equal to a predominantly fixed dollar amount on the delivery date. Hence, the ordinary shares granted to employees are accounted for as equity awards. In addition, each monthly tranche should be accounted for as a separate award with its own service inception date, grant-date fair value, and respective requisite service period because the employee’s ability to retain (vest in) the award pertaining to the current month is not dependent on service beyond the current month. Restricted share units (“RSUs”) On February 1, 2018, YS Group granted 2,770,000 RSUs to employees under the Plan. The weighted average grant-date fair value of restricted shares units granted was $1.81, which was derived from the fair value of the underlying ordinary shares. 1,620,000 out of the 2,770,000 restricted share units were subject to service conditions vesting in six equal semi-annual instalments over three years four years As of September 30, 2022, all the granted options are vested, and there were no unrecognized share-based payment expenses related to unvested restricted shares. The remaining 1,150,000 RSUs will be vested only upon the successful closing of an IPO. Given that this constitutes a performance condition that is not considered probable until the IPO completion date, YS Group will not recognize any compensation expense until an IPO occurs. Upon the IPO completion date, YS Group will immediately recognize expenses associated with these RSUs. On July 25, 2018, YS Group granted 1,080,000 units of RSUs to three independent directors. Starting from the effective date of August 1, 2018, 120,000 RSUs will be awarded to each of the three directors annually, which shall be vested in equal portion of 30,000 units per three months The 2020 Share Incentive Plan On December 31, 2020, YS Group’s board of directors adopted the 2020 Share Incentive Plan for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with YS Group. Pursuant to such plan, YS Group is entitled to grant awards to directors, employees and consultants of YS Group with rights to subscribe for up to 35,000,000 underlying ordinary shares of YS Biopharma. As of the date of this report, (1) 8,373,671 shares as RSU incentive shares were fully vested and issued to the respective directors and employees of YS Group, and (2) 26,626,329 shares are reserved but not issued, among which, options to subscribe for 13,886,187 ordinary shares of YS Biopharma are granted to certain senior management and employees of YS Group but not exercised. Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows: Six Months Ended September 30, 2021 2022 2022 (Unaudited) (Unaudited) (Unaudited) Research and development expenses 492,764 (1,015,055) $ (142,970) General and administrative expenses 2,635,978 929,739 130,953 Total stock-based compensation 3,128,742 (85,316) $ (12,017) On August 15, 2022, unanimous written resolution of the board of director of YS Group accepted the notice from a former employee, for the surrender of 575,000 of issued shares with US$0.000005 each in YS Group registered in his name.	NOTE 14 — STOCK-BASED COMPENSATION YS Group operates a share-based payment scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of YS Group’s operations. Eligible participants of the Scheme include YS Group’s directors, employees and consultants. The 2010 Share Incentive Plan On June 21, 2010, YS Group adopted the 2010 Share Incentive Plan (the “Plan”) that has a contractual term of 10 years. The Plan provides for the granting of stock options and other stock-based awards to employees and directors. YS Group’s Board of Directors authorized and reserved for the issuance of up to 10,902,600 ordinary shares under the Plan for the period from 2010 to 2013. Starting from 1 January 2014, the maximum number of shares subject to awards that may be granted during any single calendar year is equal to 1.5% of total issued and outstanding shares as of the first business day of that calendar year. The stock options granted to employees are accounted for as equity awards and measured at their grant date fair values. Options that vest based on service conditions generally will become vested over a three-year period in equal quarterly instalments of 0.08% each on the last day of every quarter that has elapsed until the options are 100% vested. On January 1, 2015, an annual grant of 510,000 options, which vest based on performance conditions, were granted to various employees. The annual grant was applicable for calendar years 2015, 2016, 2017, 2018, 2019 and 2020, respectively. The options become vested in equal quarterly instalments based on performance targets established on January 1 st For options granted to YS Group’s senior executives, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 5 years after the grantee terminates their employment if the vested option has not been exercised. For options granted to the remaining employees, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 12 months after the grantee terminates their employment if the vested option has not been exercised. For those awards, evaluations are made as of each reporting period to assess the likelihood of performance criteria being met. Share-based payment expenses are then adjusted to reflect the revision of original estimates. The exercise prices and exercise periods of the share options outstanding as at the end of each of the Relevant Periods are as follows: Average exercise Number of share price per share options option (RMB) At March 31, 2020 11,223,795 3.8807 Granted during the period 10,254,198 8.4631 Forfeited during the period (298,117) 6.4631 Exercised during the period (8,103,671) — Expired during the period (62,783) 6.4631 At March 31, 2021 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At March 31, 2022 13,013,422 7.3289 The exercise prices and exercise periods of the share options outstanding as at the end of the reporting periods are as follows: Year ended 31 March 2021 Number of options Exercise price Exercise period (RMB) 6,133,005 3.4845 2021 – 2031 2,453,049 6.4631 2021 – 2026 4,427,368 13.1344 2021 – 2026 13,013,422 Bonus incentive plan On January 1, 2015, YS Group launched a bonus incentive program that is effective for six years from launch date. The bonus incentive program is divided into two six-month periods each calendar year. The bonus incentive program specifies for each monthly tranche in the six-month period an independent performance condition for a stated period of service (i.e., one month). The bonus amount is determined on a monthly basis at month-end by the human resources department based on a reasonably objective performance criteria that serves as a basis for promotion and other compensation decisions. A fixed conversion price is then applied to the employee’s month end bonus to determine the number of ordinary shares to be issued to the employee for each individual month. At the end of each respective six-month period, YS Group finalizes the vested ordinary shares to be issued to the employee. Based on the above, the employee does not receive a number of ordinary shares with a fair value equal to a predominantly fixed dollar amount on the delivery date. Hence, the ordinary shares granted to employees are accounted for as equity awards. In addition, each monthly tranche should be accounted for as a separate award with its own service inception date, grant-date fair value, and respective requisite service period because the employee’s ability to retain (vest in) the award pertaining to the current month is not dependent on service beyond the current month. Restricted share units (“RSU”) On February 1, 2018, YS Group granted 2,770,000 restricted share units to employees under the Plan. The weighted average grant-date fair value of restricted shares units granted was US$1.81, which was derived from the fair value of the underlying ordinary shares. 1,620,000 out of the 2,770,000 restricted share units were subject to service conditions vesting in six equal semi-annual instalments over three years or eight equal semi-annual instalments over four years, respectively. As of March 31, 2022, all the granted options are vested, and there were no unrecognized share-based payment expenses related to unvested restricted shares. The remaining 1,150,000 restricted share units will be vested only upon the successful closing of an IPO. Given that this constitutes a performance condition that is not considered probable until the IPO completion date, YS Group will not recognize any compensation expense until an IPO occurs. Upon the IPO completion date, YS Group will immediately recognize expenses associated with these restricted share units. On July 25, 2018, YS Group granted 1,080,000 units of restricted share units to three independent directors. Starting from the effective date of August 1, 2018, 120,000 RSUs will be awarded to each of the three directors annually, which shall be vested in equal portion of 30,000 units per three months’ Director services rendered by each director. For each of the new directors, 20,000 units will be vested for the two-month period starting from August 1, 2018, and the remaining are vested on quarterly basis starting from October 1, 2018 to July 31, 2021. The grant-date fair value of the restricted share units was US$1.84, which was derived from the fair value of the underlying ordinary shares. As of March 31, 2022, all the granted options are vested and there were no unrecognized share-based payment expenses related to unvested restricted shares. The 2020 Share Incentive Plan On December 31, 2020, YS Group’s board of directors adopted the 2020 Share Incentive Plan for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with YS Group. Pursuant to such plan, YS Group is entitled to grant awards to directors, employees and consultants of YS Group with rights to subscribe for up to 35,000,000 underlying ordinary shares of YS Biopharma. As of the date of this report, (1) 8,373,671 shares as RSU incentive shares were fully vested and issued to the respective directors and employees of YS Group, and (2) 26,626,329 shares are reserved but not issued, among which, options to subscribe for 13,886,187 ordinary shares of YS Biopharma are granted to certain senior management and employees of YS Group but not exercised. Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows: For the Fiscal Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Research and development expenses 4,200,464 975,171 $ 153,614 General and administrative expenses 72,501,943 6,789,277 1,069,481 Selling expenses 54,093 — — Total stock-based compensation 76,756,500 7,764,448 $ 1,223,094

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	6 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS AND BALANCES	Sep. 30, 2022	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND BALANCES	NOTE 14 — RELATED PARTY TRANSACTIONS AND BALANCES The following companies are related parties that had balances or transactions with YS Group as of and during the six months ended September 30, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang Transactions with related parties YS Group had the following transactions with related parties, all of which are interest-free during the six months ended September 30, 2022 and 2021: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 2,966,777 — $ — Repayment to YS Group 33,055,610 — $ — In fiscal 2021, YS Group lent RMB30,088,833 to Yisheng Biopharma Holdings Limited (Hong Kong) for its operating needs. In fiscal 2022, YS Group lent another RMB2,966,777 to Yisheng Biopharma Holdings Limited (Hong Kong), and Yisheng Biopharma Holdings Limited (Hong Kong) repaid RMB33,055,610 in full to YS Group. As of September 30, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil. From time to time, and prior to the business reorganization that completed in February 2021, YS Group borrowed or lent money to or form the following related parties that were under common control of Mr. Zhang for working capital purposes: Beijing Yisheng Xingye Technology Co., Ltd. (PRC) (“Beijing Yisheng Xingye”) In the six months ended September 30, 2021, Beijing Yisheng Xingye lent RMB46,970 to YS Group, and YS Group repaid it in full. As of September 30, 2022, the balance of amount due to Beijing Yisheng Xingye was RMB nil. Yisheng Biopharma Co., Ltd. (“Yisheng Biopharma “) In the six months ended September 30, 2021, Yisheng Biopharma lent RMB64,880 to YS Group, and YS Group repaid it in full during the same year. As of September 30, 2022, the amount due to Yisheng Biopharma was RMB nil.	NOTE 15 — RELATED PARTY TRANSACTIONS AND BALANCES The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Kaifeng Yisheng Pan-Asia Technology Co., Ltd An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang Changchun Bailong Biotechnology Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Huizhong Health Services Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Biopharma Co., Ltd. An entity controlled by Yi Zhang Name of related parties Relationship with YS Group Beijing Huaerdun Kangqi Biotechnology Co., Ltd. An entity controlled by Yi Zhang Liaoning Yisheng Pan-Asia An entity controlled by Yi Zhang Yi Zhang Chairman of Board of Directors Hui Shao Chief Executive Officer Zhongkai Shi* Chief Medical Officer Nan Zhang Daughter of the Chairman Xu Zhang Daughter of the Chairman * Zhongkai Shi resigned in September 2021. Outstanding balances with related parties As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holding Ltd (Hong Kong) 30,088,833 — $ — 30,088,833 — $ — During the year ended March 31, 2021, Yisheng Biopharma Holding Ltd (Hong Kong) received repayment of RMB30,088,833 (US$4.6 million) from Hong Kong Tang Hillcrest Investment Corporation on behalf of YS Group. The loan to Hong Kong Tang Hillcrest Investment Corporation is non-interest bearing and is renewed annually since 2015. During the year ended March 31, 2022, Yisheng Biopharma Holding Ltd (Hong Kong) transferred the repayment fully to YS Group. Transactions with related parties YS Group had the following transactions with related parties, all of which are interest-free during the fiscal years ended March 31, 2022 and 2021: For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 30,088,833 2,966,777 $ 459,412 Repayment to YS Group 33,055,610 $ 5,118,732 In fiscal 2021, YS Group lent RMB30,088,833 to Yisheng Biopharma Holdings Limited (Hong Kong) for its operating needs. In fiscal 2022, YS Group lent another RMB2,966,777 to Yisheng Biopharma Holdings Limited (Hong Kong), and Yisheng Biopharma Holdings Limited (Hong Kong) repaid RMB33,055,610 in full to YS Group. As of March 31, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil. From time to time, and prior to the business reorganization that completed in February 2021, YS Group borrowed or lent money to or form the following related parties that were under common control of Yi Zhang for working capital purposes: Henan Yisheng Biopharma Co., Ltd. (“Henan Yisheng Biopharma”) As of March 31, 2020, YS Group owed Henan Yisheng Biopharma was RMB102,868,404. In fiscal year 2021, Henan Yisheng Biopharma lent RMB 213,545,060 to YS Group for its operating needs, and YS Group repaid RMB147,375,441 to Henan Yisheng Biopharma. Henan Yisheng Biopharma forgave the remaining debts, RMB169,038,024 during the fiscal year ended March 31, 2021. Beijing Yisheng Xingye Technology Co., Ltd. (PRC) (“Beijing Yisheng Xingye”) As of March 31, 2020, YS Group owned Beijing Yisheng Xingye Technology Co., Ltd. (PRC) RMB204,218,333. In fiscal year 2021, Beijing Yisheng Xingye lent RMB155,014,765 to YS Group for its operating needs, and YS Group repaid RMB47,360,000 to Beijing Yisheng Xingye. Beijing Yisheng Xingye forgave the remaining debts, RMB311,873,098. As of March 31, 2021, the balance of amount due to Beijing Yisheng Xingye was RMB nil. In fiscal year 2022, Beijing Yisheng Xingye lent RMB46,970 to YS Group, and YS Group repaid it in full. As of March 31, 2022, the balance of amount due to Beijing Yisheng Xingye was RMB nil. Henan Yisheng Pan-Asia Co., Ltd. (“Henan Yisheng Pan-Asia”) As of March 31, 2020, YS Group owed Henan Yisheng Pan-Asia Co., Ltd. RMB8,000. In fiscal 2021, YS Group repaid RMB8,000 in full to Henan Yisheng Pan-Asia. Other Related Parties As of March 31, 2020, YS Group owed RMB7,792,152 in total to the following individual: Xu Zhang, Hui Shao, Zhongkai Shi, Yi Zhang and Nan Zhang. In fiscal year 2021, these individuals lent RMB445,833 in total to YS Group, and YS Group repaid RMB8,237,985 in full to these individuals. Liaoning Yisheng Pan-Asia Co., Ltd. (“Liaoning Yisheng Pan-Asia”) As of March 31, 2020, the Liaoning Yisheng Pan-Asia owed YS Group RMB30,780,298. In fiscal 2021, YS Group lent RMB8,423,885 to Liaoning Yisheng Pan-Asia, and Liaoning Yisheng Pan-Asia repaid RMB6,700,388 to YS Group. YS Group forgave the remaining RMB32,503,795. As of March 31, 2021, the amount due from Liaoning Yisheng Pan-Asia was RMB nil. Henan Yisheng Huizhong Co., Ltd. (“Henan Yisheng Huizhong”) As of March 31, 2020, Henan Yisheng Huizhong owed YS Group RMB1,744,800. In fiscal 2021, YS Group lent RMB570,000 to Henan Yisheng Huizhong. YS Group forgave Henan Yisheng Huizhong’s debts of RMB2,314,800. As of March 31, 2021, the amount due from Henan Yisheng Huizhong was RMB nil. Yisheng Biopharma Co., Ltd. (“Yisheng Biopharma”) In fiscal 2022, Yisheng Biopharma lent RMB64,880 to YS Group, and YS Group repaid it in full during the same year. As of March 31, 2022, the amount due to Yisheng Biopharma was RMB nil.

INCOME TAX

INCOME TAX	6 Months Ended	12 Months Ended
INCOME TAX	Sep. 30, 2022	Mar. 31, 2022
INCOME TAX
INCOME TAX	NOTE 15 — INCOME TAX Cayman Islands. Hong Kong. Singapore. China. United States. The provision for income tax consisted of the following: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Current income tax — — $ — Deferred tax 5,689,586 565,625 79,668 Income tax 5,689,586 565,625 $ 79,668 The following table reconciles the statutory rate to YS Group’s effective tax rate: Six Months Ended September 30, 2021 2022 (Unaudited) (Unaudited) PRC statutory income tax rate 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (26.82) % (182.62) % Effect of PRC preferential tax rate 11.98 % (100.49) % Effect of research and development expenses deduction and Others 30.97 % 80.56 % Temporary differences* 13.42 % 5.03 % Change in valuation allowance (41.02) % 177.88 % Effective tax rate 13.53 % 5.36 % * Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants. Net deferred tax assets as of September, 2022 and March 31, 2022, consist of the following key components: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Deferred tax assets: Write-down of inventories to net realizable value 825,454 166,410 $ 23,439 Impairment of property, plant and building 2,031,460 1,900,433 267,674 Deferred government grants 4,852,383 4,680,205 659,202 Losses available for offsetting against future taxable profits 58,257,270 47,805,830 6,733,405 Less: valuation allowance (58,257,270) (47,805,830) (6,733,405) Total deferred tax assets, net 7,709,297 6,747,048 950,315 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (4,670,213) (4,273,589) (601,931) Total deferred tax liabilities (4,670,213) (4,273,589) (601,931) Net deferred tax asset 3,039,084 2,473,459 $ 348,384 In assessing the realizability of the net deferred tax assets, YS Group considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income in the future. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, YS Group provided valuation allowance of RMB47.8 million as of September 30, 2022 and RMB58.3 million as of March 31, 2022, respectively. The amount of the deferred tax asset is considered unrealizable because it is more likely than not that YS Group will not generate sufficient future taxable income to utilize this portion of the net operating loss. Uncertain tax positions There were no uncertain tax positions as of September 30, 2022 and 2021 and management does not anticipate any potential future adjustments which would result in a material change to its tax positions.	NOTE 16 — INCOME TAX Cayman Islands. Hong Kong. Singapore. China. United States. The provision for income tax consisted of the following: For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Current income tax — — $ — Deferred tax 17,454,245 4,937,122 777,720 Income tax 17,454,245 4,937,122 $ 777,720 The following table reconciles the statutory rate to YS Group’s effective tax rate: For the Years Ended March 31, 2021 2022 PRC statutory income tax rate 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (20.56) % (18.26) % Effect of PRC preferential tax rate (0.77) % 4.56 % Effect of research and development expenses deduction and others 7.8 % 33.2 % Temporary differences* 10.01 % 4.88 % Change in valuation allowance (11.49) % (44.47) % Effective tax rate 10.01 % 4.88 % * Net deferred tax assets as of March 31, 2022 and 2021, consist of the following key components: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Deferred tax assets: Write-down of inventories to net realizable value 6,195,269 825,454 $ 130,030 Impairment of property, plant and building 2,293,516 2,031,460 320,006 Deferred government grants 4,950,884 4,852,383 764,371 Losses available for offsetting against future taxable profits 32,495,322 58,257,270 9,176,975 Less: valuation allowance (32,495,322) (58,257,270) (9,176,975) Total deferred tax assets, net 13,439,669 7,709,297 1,214,407 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (5,463,463) (4,670,213) (735,675) Total deferred tax liabilities (5,463,463) (4,670,213) (735,675) Net deferred tax asset 7,976,206 3,039,084 $ 478,732 In assessing the realizability of the net deferred tax assets, YS Group considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income in the future. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, YS Group provided valuation allowance of RMB58.3 million and RMB32.5 million as of March 31, 2022 and 2021, respectively. The amount of the deferred tax asset is considered unrealizable because it is more likely than not that YS Group will not generate sufficient future taxable income to utilize this portion of the net operating loss. Uncertain tax positions There were no uncertain tax positions as of March 31, 2022 and 2021 and management does not anticipate any potential future adjustments which would result in a material change to its tax positions.

DEFERRED GOVERNMENT GRANTS

DEFERRED GOVERNMENT GRANTS	6 Months Ended	12 Months Ended
DEFERRED GOVERNMENT GRANTS	Sep. 30, 2022	Mar. 31, 2022
DEFERRED GOVERNMENT GRANTS.
DEFERRED GOVERNMENT GRANTS	NOTE 16 — DEFERRED GOVERNMENT GRANTS Deferred government grants represent funds received from the PRC government for research and development, investment in building or improvement in YS Group’s production facilities. These specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. YS Group received government grants that were deferred in the amount of RMB 1.2 million and RMB1.5 million in the six months of 2022 and 2021, respectively. In addition, YS Group received RMB13.2 million and RMB18.5 million other subsidies that the government has not set any conditions and are not tied to future trends or performance of YS Group and were recognized in other income in 2022 and 2021, respectively. Deferred government grants included the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Government grants for property, plant and equipment Balance at beginning of the year 21,847,340 22,030,690 $ 3,103,001 Addition 1,552,000 1,200,000 169,019 Recognized as income (1,368,650) (727,839) (102,515) Subtotal 22,030,690 22,502,851 $ 3,169,505 Government grants for research and development Balance at beginning of the year 11,158,551 10,318,528 $ 1,453,355 Addition — Recognized as income (840,023) (8,498,712) (1,197,036) Subtotal 10,318,528 1,819,816 $ 256,319 Total deferred government grants 32,349,218 24,322,667 $ 3,425,824 Less: current portion (2,295,701) (3,495,701) (492,366) Non-current portion 30,053,517 20,826,966 $ 2,933,458 Government grants for property, plant and equipment YS Group has seven deferred government grants related to property, plant and equipment, and fulfilled the conditions attached to all the grants. RMB0.6 million was amortized from deferred government grant into government grant recognized in income in the six months ended September 30, 2022, and RMB1.4 million for the six months ended September 30, 2021. RMB2.7 million will be amortized in next 12 months end September 30, 2023, which was included in the current deferred government grant and RMB19.8 million will be amortized after September 2023 which was included in the non-current portion of deferred government grants. Government grants for research and development YS Group has two deferred government grants related to various research and development projects, and fulfilled the conditions attached to one grant in 2010. RMB8.5 million was amortized from deferred government grant into government grant recognized in income in six months ended September 30, 2022, and RMB0.8 million for the six months ended September 30, 2021. RMB0.8 million will be amortized in next 12 months ended September 30, 2023 which was included in the current deferred government grant and RMB 1.0 million will be amortized after September 2023 which was included in the non-current portion of deferred government grants. The remaining grant’s condition is expected to be fulfilled after 2022 and RMB 1.0 million is recorded in the non-current portion of deferred government grants.	NOTE 17 — DEFERRED GOVERNMENT GRANTS Deferred government grants represent funds received from the PRC government for research and development, investment in building or improvement in YS Group’s production facilities. These specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. YS Group received government grants that were deferred in the amount of RMB3.6 million and RMB1.6 million in fiscal 2022 and 2021, respectively. In addition, YS Group received RMB20.8 million and RMB1.44 million other subsidies that the government has not set any conditions and are not tied to future trends or performance of YS Group and were recognized in other income in 2022 and 2021, respectively. Deferred government grants included the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Government grants for property, plant and equipment Balance at beginning of the year 21,096,442 21,847,340 $ 3,441,502 Addition 2,000,000 1,552,000 244,479 Recognized as income (1,249,102) (1,368,650) (215,597) Subtotal 21,847,340 22,030,690 $ 3,470,384 Government grants for research and development Balance at beginning of the year 10,387,874 11,158,551 $ 1,757,750 Addition 1,610,700 — — Recognized as income (840,023) (840,023) (132,325) Subtotal 11,158,551 10,318,528 $ 1,625,425 Total deferred government grants 33,005,891 32,349,218 $ 5,095,809 Less: current portion (2,121,645) (2,295,701) (361,630) Non-current portion 30,884,246 30,053,517 $ 4,734,179 Government grants for property, plant and equipment YS Group has seven deferred government grants related to property, plant and equipment, and has fulfilled the conditions attached to all the grants. RMB1.4 million was amortized from deferred government grant into government grant recognized in income in fiscal 2022, as compared to RMB1.2 million for the fiscal year ended March 31, 2021. RMB1.5 million will be amortized in fiscal 2023 which was included in the current deferred government grant and RMB 20.6 million will be amortized after 2023 which was included in the non-current portion of deferred government grants. RMB18.5 million was recorded as government grant recognized in income for the fiscal year ended March 31, 2022, as compared to nil for the fiscal years ended March 31, 2021. Government grants for research and development YS Group has two deferred government grants related to various research and development projects, and fulfilled the conditions attached to one grant in 2010. RMB0.8 million was amortized from deferred government grant into government grant recognized in income in fiscal 2022, same as that for the year ended March 31, 2021. RMB0.8 million will be amortized in fiscal 2023 which was included in the current deferred government grant and RMB1.4 million will be amortized after 2023 which was included in the non-current portion of deferred government grants. The remaining grant’s condition is expected to be fulfilled after 2022 and RMB8.1 million is recorded in the non-current portion of deferred government grants. RMB2.0 million was recorded as government grant recognized in income for the year ended March 31, 2022, as compared to nil for the years ended March 31, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 17 — COMMITMENTS AND CONTINGENCIES As of September 30, 2022, YS Group has the following commitments to purchase raw materials or services: As of September 30, 2022 2022 (RMB) ($) Construction of vaccine production facilities Office of Life Sciences 1,580,000 $ 222,541 Research and development 6,001,375 845,288 Purchase raw materials 20,236,200 2,850,249 Total 27,817,575 $ 3,918,078 In 2018, Liaoning Yisheng filed a sales contract dispute with Hebei Defense Biological Products Supply Center. The Supreme People’s Court of Liaoning supported Liaoning Yisheng’s claim that the defendant Hebei Weifang should pay RMB2,465,807 for Liaoning Yisheng vaccine within 20 days after the judgment came into effect. As of the date of this report, YS Group received RMB1,636,755 compensation from Hebei Defense Biological Products Supply Center and the balance of RMB829,052 compensation may be received in fiscal 2024. In 2019, Liaoning Yisheng filed a sales contract dispute with Chaoyang Center for Disease Control and Prevention. The Supreme People’s Court of Liaoning supported Liaoning Yisheng’s claim that the defendant Chaoyang Center for Disease Control and Prevention should pay RMB416,900 for Liaoning Yisheng vaccine. To the date, YS Group received RMB300,000 from Chaoyang Center for Disease Control and Prevention, and the balance of RMB116,900 may be received in fiscal 2023. YS Group was also involved in certain other labor disputes as of September 30, 2022. As the proceedings are in the early stages, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made.	NOTE 18 — COMMITMENTS AND CONTINGENCIES As of March 31, 2022, YS Group has the following commitments to purchase raw materials or services: As of March 31, 2022 2022 (RMB) (US$) Other professional service fee 7,617,840 $ 1,200,000 Research and development 73,894,705 11,640,261 Purchase raw materials 17,664,500 17,664,500 Total 99,177,045 $ 30,504,761 In year 2018, Liaoning Yisheng filed a sales contract dispute with Hebei Defense Biological Products Supply Center. The Supreme People’s Court of Liaoning supported the Liaoning Yisheng’s claim that the defendant Hebei Weifang should pay RMB2,465,807 for Liaoning Yisheng vaccine within 20 days after the judgment came into effect. As of the date of this report, YS Group received RMB1,636,755 compensation from Hebei Defense Biological Products Supply Center and the balance of RMB829,052 compensation may be received in fiscal 2024. In year 2019, Liaoning Yisheng filed a sales contract dispute with Chaoyang Center for Disease Control and Prevention. The Supreme People’s Court of Liaoning supported the Liaoning Yisheng’s claim that the defendant Chaoyang Center for Disease Control and Prevention should pay RMB416,900 for Liaoning Yisheng vaccine. To the date, YS Group received RMB300,000 from Chaoyang Center for Disease Control and Prevention, and the balance of RMB116,900 may be received in fiscal 2023. YS Group was also involved in certain other labor disputes as of March 31, 2022. As the proceedings are in the early stages, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended	12 Months Ended
SEGMENT INFORMATION	Sep. 30, 2022	Mar. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 18 — SEGMENT INFORMATION Based on management’s assessment, YS Group has one operating segment, which is the development, production, marketing and sale of biopharmaceutical products. No operating segments were aggregated to form the reportable operating segment. YS Group’s non-current assets are located in the PRC and other countries, such as Singapore and United States. The location of these non-current assets can be aggregated to form the reportable geographical segment. March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) PRC 604,094,049 613,613,563 $ 86,426,880 Other countries/regions 26,777,039 25,068,223 $ 3,530,835 The non-current asset information above is based on the location of the assets and excludes financial instruments and deferred tax assets.	NOTE 19 — SEGMENT INFORMATION Based on management’s assessment, YS Group has one operating segment, which is the development, production, marketing and sale of biopharmaceutical products. No operating segments were aggregated to form the reportable operating segment. YS Group’s non-current assets are located in the PRC and other countries, such as Singapore and United States. The location of these non-current assets can be aggregated to form the reportable geographical segment. As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) PRC 288,637,839 604,094,049 $ 95,159,896 Other countries/regions 31,345,723 26,777,039 $ 4,218,052 The non-current asset information above is based on the location of the assets and excludes financial instruments and deferred tax assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended	12 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19 — SUBSEQUENT EVENTS YS Group performed an evaluation of events and transactions for potential recognition or disclosure through the date of this report. YS Group is not aware of any material subsequent events other than those disclosed below and elsewhere in the notes to the CFS. On November 8, 2022, YS Group entered into a sale-leaseback agreement of RMB26 million for 3 years, from November 8, 2022 to November 7, 2025, with a 5% interest rate. YS Group repaid approximately RMB36 million to China Guangfa Bank Co., Ltd. Shenyang Branch, and approximately RMB28 million to Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch from October 1, 2022 to December 16, 2022. And YS Group drew another approximately RMB13 million with interest at 5.655% from China Guangfa Bank Co., Ltd. Shenyang Branch, approximately RMB30 million with interest at 5.3% from Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch, and approximately RMB19 million with interest at 4.0% from China Construction Bank — Shenyang Branch.	NOTE 20 — SUBSEQUENT EVENTS YS Group performed an evaluation of events and transactions for potential recognition or disclosure through the date of this report. YS Group is not aware of any material subsequent events other than those disclosed below and elsewhere in the notes to the consolidated financial statements. On August 15, 2022, Oceanview Bioscience Acquisition Co., Ltd. (“Oceanview Bioscience”) and Hudson Biomedical Group Co., Ltd. (“Hudson Biomedical”) were incorporated under the laws of Cayman Islands as exempted companies with limited liability. The companies were incorporated for the purpose of effecting a merger with Summit Healthcare Acquisition Corp, a Special Purpose Acquisition Company (“SPAC”). On August 15, 2022, unanimous written resolutions of the board of directors of YS Group accepted the notice from a former employee, relating to the surrender of 575,000 of issued shares with US$0.000005 each in YS Group registered in his name.

PARENT COMPANY ONLY CONDENSED F

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)	NOTE 20 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. YS Group performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to YS Group as the restricted net assets of YS Group’s PRC subsidiaries exceeded 25% of the consolidated net assets of YS Group. Therefore, the condensed financial statements of the parent company are included herein. PARENT COMPANY BALANCE SHEETS March 31, September 30, September 30, 2022 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 252,611,535 3,943,175 $ 555,392 Amounts due from related parties 519,236,876 848,379,306 119,493,409 Total current assets 771,848,411 852,322,481 120,048,801 Non-current assets Long-term investments, net 146,641,652 164,003,403 23,099,722 Total non-current assets 146,641,652 164,003,403 23,099,722 Total Assets 918,490,063 1,016,325,884 $ 143,148,523 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 244,082,463 354,920,428 $ 49,990,201 Amounts due to related parties 3,155,395 3,528,981 497,054 Total current liabilities 247,237,858 358,449,409 50,487,255 Total Liabilities 247,237,858 358,449,409 50,487,255 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding) 458,074,468 551,004,725 77,608,485 Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding) 912,146,924 1,057,557,002 148,955,886 Total mezzanine equity 1,370,221,392 1,608,561,727 226,564,371 Shareholders’ deficit: Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding outstanding 7,978 7,978 1,124 Additional paid-in capital 808,502,018 808,648,509 113,897,365 Accumulated deficit (1,590,567,163) (1,673,775,766) (235,749,706) Accumulated other comprehensive income (loss) 83,087,980 (85,565,973) (12,051,886) Total shareholders’ deficit (698,969,187) (950,685,252) (133,903,103) Total liabilities, mezzanine equity and shareholders’ deficit 918,490,063 1,016,325,884 $ 143,148,523 PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (27,562,274) (5,703,582) $ (803,346) Operating expenses: Selling General and administrative 17,037,618 6,356,204 895,265 Research and development 492,764 (934,367) (131,605) Total operating expenses 17,530,382 5,421,837 763,660 Loss from operations (45,092,656) (11,125,419) (1,567,006) Other income: Financial income, net 1,324 54 8 Total other income, net 1,324 54 8 Net loss (45,091,332) (11,125,365) (1,566,998) Accretion to redemption value of convertible redeemable preferred shares (65,013,751) (72,083,238) (10,152,855) Net loss attributable to YS Biopharma (110,105,083) (83,208,603) (11,719,853) Net loss (45,091,332) (11,125,365) (1,566,998) Feign currency translation gain 11,321,167 (168,653,952) (23,754,747) Total comprehensive loss (33,770,165) (179,779,317) $ (25,321,745) Loss per share: – Basic and Diluted (0.18) (0.04) $ (0.01) Weighted average number of ordinary shares outstanding: – Basic and Diluted 247,311,533 247,311,533 247,311,533 * Gives retroactive effect to reflect the reorganization in February 2021. PARENT COMPANY STATEMENTS OF CASH FLOWS Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Net loss (45,091,332) (11,125,365) $ (1,566,998) Equity loss of subsidiaries 27,562,274 5,703,582 803,346 Share-based compensation 3,128,741 (85,316) (12,017) Changes in operating assets and liabilities: Amounts due from related parties (298,261,642) (328,910,623) (46,326,745) Amounts due to related parties (42,697) 373,586 52,619 Accrued expenses and other liabilities (7,357,523) 55,467,639 7,812,564 Net cash used in operating activities (320,062,179) (278,576,497) (39,237,231) Effect of exchange rate on cash (4,446,303) 29,908,137 4,212,531 Net decrease in cash (324,508,482) (248,668,360) (35,024,700) Cash at the beginning of the period 330,296,949 252,611,535 35,580,092 Cash at the end of the period 5,788,467 3,943,175 $ 555,392 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 65,013,751 72,083,238 $ 10,152,855	NOTE 21 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) 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, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 330,296,949 252,611,535 $ 39,792,624 Amounts due from related parties 495,937,171 519,236,876 81,792,772 Total current assets 826,234,120 771,848,411 121,585,396 Non-current assets Long-term investments, net 150,952,826 146,641,652 23,099,721 Total non-current assets 150,952,826 146,641,652 23,099,721 Total Assets 977,186,946 918,490,063 $ 144,685,117 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 197,324,794 244,082,463 $ 38,449,082 Amounts due to related parties 3,266,288 3,155,395 497,053 Total current liabilities 200,591,082 247,237,858 38,946,135 Total Liabilities 200,591,082 247,237,858 38,946,135 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding as of March 31, 2022 and 2021) 410,327,208 458,074,468 72,158,166 Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding as of March 31, 2022 and 2021) 875,131,363 912,146,924 143,685,915 Total mezzanine equity 1,285,458,571 1,370,221,392 215,844,081 Shareholders’ deficit: Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021* 7,978 7,978 1,257 Additional paid-in capital 800,806,378 808,502,018 127,359,254 Retained earnings (1,353,900,436) (1,590,567,163) (250,554,041) Accumulated other comprehensive income 44,223,373 83,087,980 13,088,431 Total shareholders’ deficit (508,862,707) (698,969,187) (110,105,099) Total liabilities, mezzanine equity and shareholders’ deficit 977,186,946 918,490,063 $ 144,685,117 * PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (60,903,713) (75,864,722) $ (11,950,588) Operating expenses: Selling expenses 54,278 — — General and administrative expenses 104,562,058 29,178,255 4,596,304 Research and development expenses 4,352,356 988,531 155,718 Total operating expenses 108,968,692 30,166,786 4,752,022 Loss from operations (169,872,405) (106,031,508) (16,702,610) Other income (expenses) Financial income/(expenses), net (21,953,837) 27,107 4,270 Total other income/(expenses), net (21,953,837) 27,107 4,270 Net loss (191,826,242) (106,004,401) (16,698,340) Accretion to redemption value of convertible redeemable preferred shares (16,610,297) (130,662,326) (20,582,579) Net loss attributable to YS Biopharma (208,436,538) (236,666,727) (37,280,919) Net loss (191,826,242) (106,004,401) (16,698,340) Feign currency translation gain 22,455,217 38,864,607 6,122,146 Total comprehensive loss (169,371,025) (67,139,794) $ (10,576,194) Loss per share: – Basic and Diluted (0.78) (0.43) $ (0.07) Weighted average number of ordinary shares outstanding: – Basic and Diluted 247,311,533 247,311,533 247,311,533 * PARENT COMPANY STATEMENTS OF CASH FLOWS For the Fiscal Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) Net loss (191,826,242) (106,004,401) $ (16,698,340) Equity loss of subsidiaries 60,903,713 75,864,722 11,950,588 Share-based compensation 76,756,500 7,764,448 1,223,094 Changes in operating assets and liabilities: Amounts due from related parties (421,125,633) (23,299,705) (3,670,285) Amounts due to related parties 2,906,881 (110,893) (17,468) Accrued expenses and other liabilities 77,228,629 (24,732,348) (3,895,962) Net cash used in operating activities (395,156,152) (70,518,177) (11,108,373) Cash flows from investing activities: Payment for long-term investment (7,658,738) (813,776) (128,190) Net cash used in investing activities (7,658,738) (813,776) (128,190) Cash flows from financing activities: Proceeds from issuance of mezzanine equity 729,412,999 — — Shareholders’ contributions 1,589,236 — — Net cash provided by financing activities 731,002,235 — — Effect of exchange rate on cash 2,109,604 (6,353,461) (1,000,829) Net (decrease) increase in cash 330,296,949 (77,685,414) (12,237,392) Cash at the beginning of the year — 330,296,949 52,030,016 Cash at the end of the year 330,296,949 252,611,535 $ 39,792,624 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 16,610,297 130,662,326 $ 20,582,579 Forgiveness from related parties 446,092,527 — $ —

SUMMARY OF SIGNIFICANT ACCOUN_2

ORGANIZATION AND BUSINESS DES_2

ORGANIZATION AND BUSINESS DESCRIPTION (Tables)	6 Months Ended	12 Months Ended
ORGANIZATION AND BUSINESS DESCRIPTION (Tables)	Sep. 30, 2022	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of YS group's current legal entity	‘Legal Entity Nature of Operations Date of Incorporation Place of Incorporation YishengBio Co., Ltd (“YS Biopharma”) Holding Company November 16, 2020 Cayman Islands YishengBio (Hong Kong) Holdings Limited (“ HK YishengBio ”) Holding Company December 28, 2020 Hong Kong Yisheng Biopharma (Singapore) Pte. Ltd. (“ Singapore Yisheng ”)* Research and development of vaccines and therapeutic biologics November 28, 2009 Singapore Yisheng US Biopharma Inc. (“ US Yisheng ”) Research of vaccines and therapeutic biologics September 29, 2009 US Oceanview Bioscience Acquisition Co., Ltd (“ Oceanview Bioscience ”) For acquisition August 17, 2022 Cayman Islands Hudson Biomedical Group Co.,Ltd (“ Hudson Biomedical ”) For acquisition August 17, 2022 Cayman Islands Liaoning Yisheng Bio-Pharma Co., Ltd. (“ Liaoning Yisheng ”)** Research and development, manufacturing and commercialization of vaccines and therapeutic biologics May 26, 1994 PRC Beijing Yisheng Biotechnology Co., Ltd. (“ Beijing Yisheng ”) Research and development of vaccines and therapeutic biologics February 4, 2021 PRC	Legal Entity Nature of Operations Date of Incorporation Place of Incorporation YishengBio Co., Ltd (“YS Biopharma”) Holding Company November 16, 2020 Cayman Islands YishengBio (Hong Kong) Holdings Limited (“ HK YishengBio ”) Holding Company December 28, 2020 Hong Kong Yisheng Biopharma (Singapore) Pte. Ltd. (“ Singapore Yisheng ”)* Research and development of vaccines and therapeutic biologics November 28, 2009 Singapore Yisheng US Biopharma Inc. (“ US Yisheng ”) Research of vaccines and therapeutic biologics September 29, 2009 US Liaoning Yisheng Bio-Pharma Co., Ltd. (“ Liaoning Yisheng ”)** Research and development, manufacturing and commercialization of vaccines and therapeutic biologics May 26, 1994 PRC Beijing Yisheng Biotechnology Co., Ltd. (“ Beijing Yisheng ”) Research and development of vaccines and therapeutic biologics February 4, 2021 PRC * Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011. ** Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2022	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of currency exchange rates used in preparing YS Group's CFS	Six Months Ended September 30, September 30, 2022 March 31, 2022 2022 2021 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss RMB:1$ 7.0998 6.3482 6.7240 6.5284 RMB:1S$ 4.9717 4.6932 4.8325 4.8200	For the Years Ended As of March 31, March 31, 2022 2021 2022 2021 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss RMB:1US$ 6.3482 6.5713 6.4598 6.8282 RMB:1S$ 4.6932 4.8768 4.7850 4.9246
Summary of property, plant and equipment to its residual value over its estimated useful life	Category Estimated useful life Plant and building 6 – 20 years Machinery and equipment 5 – 10 years Furniture and fixtures 3 – 7 years Motor vehicles 4 – 5 years Leasehold improvements Lesser of the lease term or life of assets	Category Estimated useful life Plant and building 6 – 20 years Machinery and equipment 5 – 10 years Furniture and fixtures 3 – 7 years Motor vehicle 4 – 5 years Leasehold improvement Lesser of the lease term or life of assets
Summary of percentage of YS Group's top 5 vendors accounting for total purchases and accounts payable	Six Months Ended September 30, 2022 (RMB) ($) (Unaudited) (Unaudited) Vendor A 21,661,500 $ 3,051,001 38.8 % Vendor B 10,053,600 1,416,040 18.0 % Vendor C 3,005,828 423,368 5.4 % Vendor D 2,009,315 283,010 3.6 % Vendor I 1,859,500 261,909 3.3 % Total 38,589,743 $ 5,435,328 69.1 % Six Months Ended September 30, 2021 (RMB) ($) (Unaudited) (Unaudited) Vendor A 11,283,000 $ 1,589,200 12.5 % Vendor F 9,028,170 1,271,609 10.0 % Vendor D 6,689,566 942,219 7.4 % Vendor G 6,063,000 853,968 6.7 % Vendor H 5,460,000 769,036 6.1 % Total 38,523,736 $ 5,426,032 42.7 %	For the Year Ended March 31, 2022 (RMB) (US$) Vendor A 35,172,250 $ 5,540,508 20.9 % Vendor B 16,227,146 2,556,181 9.6 % Vendor C 9,995,189 1,574,492 $ 5.9 % Vendor D 7,426,500 1,169,859 4.4 % Vendor E 6,621,300 1,043,020 3.9 % Total 75,442,385 $ 11,884,060 44.7 % For the Year Ended March 31, 2021 (RMB) (US$) Vendor A 32,063,500 $ 4,879,324 37.9 % Vendor F 5,781,888 879,870 6.8 % Vendor G 4,862,320 739,933 $ 5.7 % Vendor C 4,568,088 695,157 5.4 % Vendor H 3,199,200 486,844 3.8 % Total 50,474,996 $ 7,681,128 59.6 % As of March 31, 2022 (RMB) (US$) Vendor E 1,420,549 $ 223,772 4.6 % Total 1,420,549 $ 223,772 4.6 % As of March 31, 2021 (RMB) (US$) Vendor A 1,225,510 $ 186,494 8.3 % Total 1,225,510 $ 186,494 8.3 %

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended	12 Months Ended
ACCOUNTS RECEIVABLE, NET (Tables)	Sep. 30, 2022	Mar. 31, 2022
ACCOUNTS RECEIVABLE, NET
Summary of accounts receivable, net	March 31,2022 September 30, 2022 September 30, 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) Trade receivables 322,170,980 488,422,373 $ 68,793,821 Allowance for doubtful accounts (13,615,875) (20,062,985) (2,825,852) Accounts receivable, net 308,555,105 468,359,388 $ 65,967,969	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Trade receivables 223,033,688 322,170,980 $ 50,749,973 Allowance for doubtful accounts (8,530,951) (13,615,875) (2,144,840) Accounts receivable, net 214,502,737 308,555,105 $ 48,605,133
Summary of analysis of the movements in the allowance for doubtful account	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Balance at April 1, 8,530,951 13,615,875 $ 1,917,783 Additions 2,888,417 6,447,110 908,069 Balance at September 30 11,419,368 20,062,985 $ 2,825,852	For the Fiscal Year Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Balance at beginning of the year 2,116,317 8,530,951 $ 1,343,838 Additions 6,414,634 5,084,924 801,002 Balance at end of the year 8,530,951 13,615,875 $ 2,144,840

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	6 Months Ended	12 Months Ended
INVENTORIES, NET (Tables)	Sep. 30, 2022	Mar. 31, 2022
INVENTORIES, NET
Summary of inventories	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Raw materials 57,926,980 52,392,648 $ 7,379,454 Work in progress 40,795,744 39,148,872 5,514,081 Finished goods 73,285,870 71,235,067 10,033,391 Allowance for slow-moving or obsolete inventories (5,503,029) (1,109,400) (156,258) Inventories, net 166,505,565 161,667,187 $ 22,770,668	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Raw materials 20,865,093 57,926,980 $ 9,124,946 Work in progress 23,453,665 40,795,744 6,426,348 Finished goods 78,422,922 73,285,870 11,544,354 Allowance for slow-moving or obsolete inventories (41,301,797) (5,503,029) (866,864) Inventories, net 81,439,883 166,505,565 $ 26,228,784
Summary of movements in the allowance for slow-moving or obsolete inventories	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Balance at April 1, 41,301,797 5,503,029 $ 775,096 Inventories written off (40,192,397) (4,393,629) (618,838) Balance at September 30 1,109,400 1,109,400 $ 156,258	For the Fiscal Year Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Balance at beginning of the year 76,661,332 41,301,797 $ 6,506,064 Additions 950,261 4,393,629 692,106 Inventories written off (36,309,796) (40,192,397) (6,331,306) Balance at end of the year 41,301,797 5,503,029 $ 866,864

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	Sep. 30, 2022	Mar. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
Summary of property, plant and equipment	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) Cost (Unaudited) (Unaudited) Construction in progress 318,000,074 333,446,243 $ 46,965,583 Plant and buildings 170,206,987 183,372,813 25,827,884 Machinery and equipment 194,875,303 193,846,868 27,303,145 Electronic equipment 10,107,578 10,794,907 1,520,452 Motor vehicles 2,978,155 3,027,767 426,458 Office equipment and furniture 29,888,526 21,612,891 3,044,155 Leasehold improvements 4,390,980 4,626,927 651,698 Total Cost 730,447,603 750,728,416 105,739,375 Less: accumulated depreciation (150,402,597) (163,469,667) (23,024,545) Less: asset impairment (29,891,896) (29,891,896) (4,210,245) Property and equipment, net 550,153,110 557,366,853 $ 78,504,585	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Cost Construction in progress 40,158,349 318,000,074 $ 50,092,951 Plant and buildings 153,845,452 170,206,987 26,811,850 Machinery and equipment 174,933,799 194,875,303 30,697,726 Electronic equipment 8,442,743 10,107,578 1,592,196 Motor vehicles 2,814,066 2,978,155 469,134 Office equipment and furniture 14,241,207 29,888,526 4,708,189 Leasehold improvements 3,889,957 4,390,980 691,689 Total Cost 398,325,573 730,447,603 115,063,735 Less: accumulated depreciation (132,228,718) (150,402,597) (23,692,164) Less: asset impairment (29,891,896) (29,891,896) (4,708,720) Property and equipment, net 236,204,959 550,153,110 $ 86,662,851

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Tables)	6 Months Ended	12 Months Ended
PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Tables)	Sep. 30, 2022	Mar. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Summary of prepaid expenses and other current assets	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Deposits (1) 2,807,847 1,622,616 $ 228,544 Staff advances (2) 383,251 303,767 42,785 Staff’s social security (3) 615,581 677,626 95,443 Value added tax recoverable (4) 3,442,733 3,920,265 552,166 Other receivable (5) 854,245 534,169 75,237 Allowance (6) (115,743) (115,743) (16,302) Total 7,987,914 6,942,700 $ 977,873 (1) Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs. (2) Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities. (3) Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly. (4) Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years. (5) Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees. (6) The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Loan receivable (1) 2,966,778 — $ — Deposits (2) 1,362,270 2,807,847 442,306 Staff advances (3) 290,024 383,251 60,372 Staff’s social security (4) 190,253 615,581 96,969 Value added tax recoverable (5) 148,705 3,442,733 542,316 Other receivable (6) 414,898 854,245 134,564 Allowance (7) (115,743) (115,743) (18,232) Total 5,257,185 7,987,914 $ 1,258,295 (1) Loan receivable primarily represented a short-term loan arrangement between Yisheng Biopharma Holdings Limited (Hong Kong) and Hong Kong Tang Hillcrest Investment Corporation, which is renewed annually since 2015. Yisheng Biopharma Holdings Limited (Hong Kong) provided an interest free loan of US$ 6.3 million to Hong Kong Tang Hillcrest Investment Corporation. As of March 31, 2021, Hong Kong Tang Hillcrest Investment Corporation made repayment of US$ 5.9 million in total. As part of reorganization, on December 17, 2020, after the establishment of YishengBio (Hong Kong) Holdings Limited, Yisheng Biopharma Holdings Limited (Hong Kong) transferred such loan receivable to YS Group without any compensation. As of March 31, 2021, the loan receivable denominated in USD is interest free with an outstanding balance of approximately RMB 2,967,000 (US $451,475 ). As of March 31, 2022, Hong Kong Tang Hillcrest Investment Corporation made full repayment of the loan. (2) Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs. (3) Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities. (4) Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly. (5) Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years. (6) Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees. (7) The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.

INTANGIBLE ASSETS, NET (Tables)

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

BANK LOANS AND OTHER BORROWIN_2

BANK LOANS AND OTHER BORROWINGS (Tables)	6 Months Ended	12 Months Ended
BANK LOANS AND OTHER BORROWINGS (Tables)	Sep. 30, 2022	Mar. 31, 2022
BANK LOANS AND OTHER BORROWINGS
Summary of total bank loans	March 31, September 30, September 30, 2022 2022 2022 Maturity Date Interest Rate (RMB) (RMB) ($) (Unaudited) (Unaudited) China Guangfa Bank Co.,Ltd. – Shenyang Branch (1) 46,456,142 35,509,492 $ 5,001,478 2022/11/17 – 2022/12/16 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) 64,647,870 81,486,261 11,477,261 2022/10/11 – 2023/09/22 5.30 % Citi Bank (3) 234,743 — — 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) 394,999 — — 2026/9/15 4.00 % China Citic Bank – Shenyang Branch (5) — 34,295,325 4,830,464 2023/3/16 – 2023/5/19 5.2% / 3.25 % China Construction Bank – Shenyang Branch (6) — 12,350,000 1,739,485 2023/9/8 – 2023/9/27 4.00 % Bank loans due within one year 111,733,754 163,641,078 $ 23,048,688 R-Bridge Healthcare Fund, LP (4) 253,928,000 283,992,000 40,000,000 2026/9/15 4.00 % Long-term bank loans 253,928,000 283,992,000 40,000,000 Total bank loans 365,661,754 447,633,078 $ 63,048,688 (1) On September 13, 2021, YS Group entered into a credit facility of RMB 100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group repaid approximately RMB 10.9 million on September 16, 2022 and drew approximately RMB 35.5 million from November 22, 2021 to March 10, 2022 with interest at 5.655% , which is due from November 17, 2022 to December 16, 2022. (2) On July 12, 2021, YS Group entered into a credit facility of RMB 140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. On July 8, 2022, YS Group entered into another credit facility of RMB 15 million with Shanghai Pudong Development Bank Co., Ltd. for two years to finance its working capital requirements. YS Group repaid about RMB 39.0 million from July 19, 2022 to September 26, 2022 and drew approximately RMB 55.9 million from May 12, 2022 to September 23, 2022 with interest at 5.3% . (3) On May 2, 2020, YS Group borrowed RMB 1,103,609 (US $166,400 ) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. The balance of RMB 234,742 ( $36,978 ) was repaid in full in May 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 ( $40,000,000 ) for 54 months with interest at 4% . YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below: (5) On May 25, 2022, YS Group entered into a credit facility of RMB 30 million with China CITIC Bank and Industrial Bank for one year to finance its working capital requirements. YS Group drew about RMB 29.3 million from May 12, 2022 to July 22, 2022 with interest at 5.2% . And YS Group Also entered into a letter of credit facility of RMB 5 million with interest of 3.25% . (6) On September 6, 2022, YS Group entered into a credit facility of RMB 50 million with China Construction Bank for one year to finance its working capital requirements. YS Group drew approximately RMB 12.4 million from September 9, 2022 to September 28, 2022 with interest at 4 %.	As of March 31, 2021 2022 2022 Maturity Date Interest Rate (RMB) (RMB) (US$) China Guangfa Bank Co., Ltd. – Shenyang Branch (1) — 46,456,142 7,318,002 2022/9/16 – 2022/12/16 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) — 64,647,870 10,183,654 2022/7/19 – 2022/12/1 5.30 % Citi Bank (3) — 234,743 36,978 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) — 394,999 62,222 2026/9/15 4.00 % Bank loans due within one year — 111,733,754 17,600,856 Citi Bank (3) 1,103,609 — — 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) — 253,928,000 40,000,000 2026/9/15 4.00 % Long-term bank loans 1,103,609 253,928,000 40,000,000 Total bank loans 1,103,609 365,661,754 57,600,856 (1) On September 13, 2021, YS Group entered into a credit facility of RMB 100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB 46.5 million in total from September 22, 2021 to March 10, 2022 with an annual interest at 5.655% , which is due from September 16, 2022 to December 16, 2022. (2) On July 12, 2021, YS Group entered into a credit facility of RMB 140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew down RMB 64.6 million from July 20, 2021 to March 22, 2022 with an annual interest at 5.3% . (3) On May 2, 2020, YS Group borrowed RMB 1,103,609 (US $166,400 ) with an interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. Before March 31, 2022, YS Group repaid approximately RMB 869,000 (US $129,422 ). As of March 31, 2022, the balance of approximately RMB 235,000 (US $36,978 ) was outstanding, which amount was repaid in full in May, 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 (US $40,000,000 ) for 54 months with an annual interest at 4% . YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below:
Summary of repayment instalment	Repayment Repayment Date Instalment April 7, 2025 $ 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total $ 40,000,000	Repayment Date Repayment Instalment April 7, 2025 US$ 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total US$ 40,000,000

LEASES (Tables)

LEASES (Tables)	6 Months Ended	12 Months Ended
LEASES (Tables)	Sep. 30, 2022	Mar. 31, 2022
LEASES
Summary of operating leases	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Operating lease ROU assets 14,850,283 13,067,129 $ 1,840,493 Operating lease liabilities – current 4,322,252 3,524,558 496,431 Operating lease liabilities – non-current 10,605,260 10,403,843 $ 1,465,371 Weighted average remaining lease term 3.4 3.0 3.0 Weighted average discount rate 4.8 % 4.8 % 4.8 %	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Operating lease ROU assets 17,245,924 14,850,283 $ 2,339,290 Operating lease liabilities – current 3,785,642 4,322,252 680,863 Operating lease liabilities – non-current 13,550,359 10,605,260 $ 1,670,593 Weighted average remaining lease term 4.4 3.4 3.4 Weighted average discount rate 5.0 % 4.8 % 4.8 %
Summary of lease cost recognized in YS Group's CFS and supplemental cash flow information related to operating leases	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Operating lease cost 2,237,633 2,508,388 $ 373,050 Cash paid for operating leases 2,276,956 786,888 $ 110,832	For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Operating lease cost 2,643,917 4,594,967 $ 723,822 Cash paid for operating leases 2,601,625 4,587,894 $ 722,708
Summary of maturity of operating lease liabilities under the non-cancelable operating leases	12 months Ending September 30, As of September 30, 2022 (RMB) ($) 2023 5,748,070 $ 809,610 2024 5,029,426 708,390 2025 3,921,138 552,289 2026 158,029 22,257 Total lease payments 14,856,663 2,092,546 Less: Interest (928,262) (130,744) Present value of operating lease liabilities 13,928,401 $ 1,961,802 Operating lease liabilities – current 3,524,558 496,431 Operating lease liabilities – non-current 10,403,843 $ 1,465,371	Fiscal Year Ending March 31, As of March 31, 2022 (RMB) (US$) 2023 4,947,481 $ 779,352 2024 4,837,260 761,989 2025 4,922,251 775,377 2026 1,479,661 233,084 2027 and thereafter — — Total lease payments 16,186,653 2,549,802 Less: Interest (1,259,141) (198,346) Present value of operating lease liabilities 14,927,512 $ 2,351,456

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	Mar. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Summary of accrued expenses and other current liabilities	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Salaries and social security insurance payable (1) 86,818,418 57,459,273 $ 9,051,270 Promotion service fee (2) 58,358,838 64,883,477 10,220,768 Taxes other than income tax 1,615,475 1,171,381 184,522 Late fees (3) 93,890,390 9,499,595 1,496,423 Payable for property, plant and equipment 4,730,933 48,774,134 7,683,144 CDC transportation and storage fee 12,087,830 35,023,095 5,517,012 Guarantee deposits (4) 48,732,986 94,528,659 14,890,624 Professional service fee (5) 8,694,317 7,758,448 1,222,149 Other payable (6) 7,821,284 7,653,291 1,205,584 Total 322,750,471 326,751,353 51,471,496 (1) This payable includes primarily unpaid salaries and outstanding social security insurance. During the fiscal year ended March 31, 2022, YS Group paid approximately RMB 29.4 million to reduce its payable related to salaries, social security insurance. During the period from April 1, 2022 to the date of this report, YS Group paid approximately RMB 11.1 million to reduce this payables. Salaries and social security insurance payables are consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Salaries 46,263,007 49,020,045 7,721,881 Social security insurance 39,926,173 7,732,161 1,218,008 Union Fee 629,238 707,067 111,381 Total 86,818,418 57,459,273 9,051,270 (2) Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax and social security insurance and housing reserve fund contributions due to the fact that YS Group failed to pay the income tax related to the period from calendar year 2011 to calendar year 2013, taxes other than income tax related to the period from calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to the period from calendar year 2015 to the beginning of calendar year 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. In fiscal year 2022, the late fee is incurred from unpaid social insurance. The late fees consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Late fee charge of income tax 53,890,577 — — Late fee charge of taxes other than income tax 10,635,413 — — Late fee charge of social insurance 29,364,400 9,499,595 1,496,423 Total 93,890,390 9,499,595 1,496,423 (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. The external service providers’ professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services doesn’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from consultants and other advisors. (6) Other payable primarily represented employees’ reimbursement and value added tax.

CONVERTIBLE REDEEMABLE PREFER_2

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)	6 Months Ended	12 Months Ended
CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)	Sep. 30, 2022	Mar. 31, 2022
Temporary Equity Disclosure [Abstract]
Summary of outstanding Convertible Redeemable Preferred Shares	Series A Series A-1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) ($) As of March 31, 2021 15,534,276 344,661,893 6,014,313 65,665,315 65,414,858 875,131,363 1,285,458,571 $ 181,055,603 Accretion to redemption value — 28,042,858 — 2,566,412 — 34,404,481 65,013,751 9,157,124 Foreign currency translation adjustment — (4,690,126) — (875,280) — (11,666,321) (17,231,727) (2,427,072) As of September 30, 2021 15,534,276 368,014,625 6,014,313 67,356,447 65,414,858 897,869,523 1,333,240,595 $ 187,785,655 As of March 31, 2022 15,534,276 389,563,659 6,014,313 68,510,809 65,414,858 912,146,924 1,370,221,392 $ 192,994,365 Accretion to redemption value — 33,793,180 — 2,854,770 — 35,435,288 72,083,238 10,152,855 Foreign currency translation adjustment — 48,011,366 — 8,270,941 — 109,974,790 166,257,097 23,417,151 As of September 30, 2022 15,534,276 471,368,205 6,014,313 79,636,520 65,414,858 1,057,557,002 1,608,561,727 $ 226,564,371	Series A Series A ‑ 1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) (US$) As of March 31, 2020 21,548,589 440,585,213 — — — — 440,585,213 $ 69,403,171 Conversion of convertible notes — — — — 18,393,610 131,425,527 131,425,527 20,702,802 Call option under convertible notes — — — — 9,660,324 131,425,290 131,425,290 20,702,765 New insurance — — — — 37,360,924 597,987,709 597,987,709 94,197,995 Shares transferred (6,014,313) (68,232,451) 6,014,313 68,232,451 — — — — Accretion to redemption value — 1,758,690 — — — 14,851,607 16,610,297 2,616,536 Foreign currency translation adjustment — (29,449,559) — (2,567,136) — (558,770) (32,575,465) (5,131,449) As of March 31, 2021 15,534,276 344,661,893 6,014,313 65,665,315 65,414,858 875,131,363 1,285,458,571 $ 202,491,820 Accretion to redemption value — 57,598,340 — 5,164,090 — 67,899,896 130,662,326 20,582,579 Foreign currency translation adjustment — (12,696,574) — (2,318,596) — (30,884,335) (45,899,505) (7,230,318) As of March 31, 2022 15,534,276 389,563,659 6,014,313 68,510,809 65,414,858 912,146,924 1,370,221,392 $ 215,844,081

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2022	Mar. 31, 2022
STOCK-BASED COMPENSATION
Summary of exercise prices and exercise periods of the share options outstanding	Average exercise Number of share price per share options option (RMB) At March 31, 2021 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At March 31, 2022 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At September 30, 2022 13,013,422 7.3289	Average exercise Number of share price per share options option (RMB) At March 31, 2020 11,223,795 3.8807 Granted during the period 10,254,198 8.4631 Forfeited during the period (298,117) 6.4631 Exercised during the period (8,103,671) — Expired during the period (62,783) 6.4631 At March 31, 2021 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At March 31, 2022 13,013,422 7.3289
Summary of exercise price range and exercise periods of the share options outstanding	Six Months Ended 30 September 2022 Number of options Exercise price Exercise period (RMB) 6,133,005 3.4845 2021 – 2031 2,453,049 6.4631 2021 – 2026 4,427,368 13.1344 2021 – 2026 13,013,422	Year ended 31 March 2021 Number of options Exercise price Exercise period (RMB) 6,133,005 3.4845 2021 – 2031 2,453,049 6.4631 2021 – 2026 4,427,368 13.1344 2021 – 2026 13,013,422
Summary of stock-based compensation expense	Six Months Ended September 30, 2021 2022 2022 (Unaudited) (Unaudited) (Unaudited) Research and development expenses 492,764 (1,015,055) $ (142,970) General and administrative expenses 2,635,978 929,739 130,953 Total stock-based compensation 3,128,742 (85,316) $ (12,017)	For the Fiscal Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Research and development expenses 4,200,464 975,171 $ 153,614 General and administrative expenses 72,501,943 6,789,277 1,069,481 Selling expenses 54,093 — — Total stock-based compensation 76,756,500 7,764,448 $ 1,223,094

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	6 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	Sep. 30, 2022	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of companies that are related parties	The following companies are related parties that had balances or transactions with YS Group as of and during the six months ended September 30, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang	The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Kaifeng Yisheng Pan-Asia Technology Co., Ltd An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang Changchun Bailong Biotechnology Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Huizhong Health Services Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Biopharma Co., Ltd. An entity controlled by Yi Zhang Name of related parties Relationship with YS Group Beijing Huaerdun Kangqi Biotechnology Co., Ltd. An entity controlled by Yi Zhang Liaoning Yisheng Pan-Asia An entity controlled by Yi Zhang Yi Zhang Chairman of Board of Directors Hui Shao Chief Executive Officer Zhongkai Shi* Chief Medical Officer Nan Zhang Daughter of the Chairman Xu Zhang Daughter of the Chairman * Zhongkai Shi resigned in September 2021.
Summary of outstanding balances with related parties		As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holding Ltd (Hong Kong) 30,088,833 — $ — 30,088,833 — $ —
Summary of transactions with related parties	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 2,966,777 — $ — Repayment to YS Group 33,055,610 — $ —	For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 30,088,833 2,966,777 $ 459,412 Repayment to YS Group 33,055,610 $ 5,118,732

INCOME TAX (Tables)

INCOME TAX (Tables)	6 Months Ended	12 Months Ended
INCOME TAX (Tables)	Sep. 30, 2022	Mar. 31, 2022
INCOME TAX
Summary of provision for income tax	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Current income tax — — $ — Deferred tax 5,689,586 565,625 79,668 Income tax 5,689,586 565,625 $ 79,668	For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Current income tax — — $ — Deferred tax 17,454,245 4,937,122 777,720 Income tax 17,454,245 4,937,122 $ 777,720
Summary of reconciliation of statutory rate to YS Group's effective tax rate	Six Months Ended September 30, 2021 2022 (Unaudited) (Unaudited) PRC statutory income tax rate 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (26.82) % (182.62) % Effect of PRC preferential tax rate 11.98 % (100.49) % Effect of research and development expenses deduction and Others 30.97 % 80.56 % Temporary differences* 13.42 % 5.03 % Change in valuation allowance (41.02) % 177.88 % Effective tax rate 13.53 % 5.36 %	For the Years Ended March 31, 2021 2022 PRC statutory income tax rate 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (20.56) % (18.26) % Effect of PRC preferential tax rate (0.77) % 4.56 % Effect of research and development expenses deduction and others 7.8 % 33.2 % Temporary differences* 10.01 % 4.88 % Change in valuation allowance (11.49) % (44.47) % Effective tax rate 10.01 % 4.88 % *
Summary of net deferred tax assets	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Deferred tax assets: Write-down of inventories to net realizable value 825,454 166,410 $ 23,439 Impairment of property, plant and building 2,031,460 1,900,433 267,674 Deferred government grants 4,852,383 4,680,205 659,202 Losses available for offsetting against future taxable profits 58,257,270 47,805,830 6,733,405 Less: valuation allowance (58,257,270) (47,805,830) (6,733,405) Total deferred tax assets, net 7,709,297 6,747,048 950,315 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (4,670,213) (4,273,589) (601,931) Total deferred tax liabilities (4,670,213) (4,273,589) (601,931) Net deferred tax asset 3,039,084 2,473,459 $ 348,384	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Deferred tax assets: Write-down of inventories to net realizable value 6,195,269 825,454 $ 130,030 Impairment of property, plant and building 2,293,516 2,031,460 320,006 Deferred government grants 4,950,884 4,852,383 764,371 Losses available for offsetting against future taxable profits 32,495,322 58,257,270 9,176,975 Less: valuation allowance (32,495,322) (58,257,270) (9,176,975) Total deferred tax assets, net 13,439,669 7,709,297 1,214,407 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (5,463,463) (4,670,213) (735,675) Total deferred tax liabilities (5,463,463) (4,670,213) (735,675) Net deferred tax asset 7,976,206 3,039,084 $ 478,732

DEFERRED GOVERNMENT GRANTS (Tab

DEFERRED GOVERNMENT GRANTS (Tables)	6 Months Ended	12 Months Ended
DEFERRED GOVERNMENT GRANTS (Tables)	Sep. 30, 2022	Mar. 31, 2022
DEFERRED GOVERNMENT GRANTS.
Summary of deferred government grants	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Government grants for property, plant and equipment Balance at beginning of the year 21,847,340 22,030,690 $ 3,103,001 Addition 1,552,000 1,200,000 169,019 Recognized as income (1,368,650) (727,839) (102,515) Subtotal 22,030,690 22,502,851 $ 3,169,505 Government grants for research and development Balance at beginning of the year 11,158,551 10,318,528 $ 1,453,355 Addition — Recognized as income (840,023) (8,498,712) (1,197,036) Subtotal 10,318,528 1,819,816 $ 256,319 Total deferred government grants 32,349,218 24,322,667 $ 3,425,824 Less: current portion (2,295,701) (3,495,701) (492,366) Non-current portion 30,053,517 20,826,966 $ 2,933,458	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Government grants for property, plant and equipment Balance at beginning of the year 21,096,442 21,847,340 $ 3,441,502 Addition 2,000,000 1,552,000 244,479 Recognized as income (1,249,102) (1,368,650) (215,597) Subtotal 21,847,340 22,030,690 $ 3,470,384 Government grants for research and development Balance at beginning of the year 10,387,874 11,158,551 $ 1,757,750 Addition 1,610,700 — — Recognized as income (840,023) (840,023) (132,325) Subtotal 11,158,551 10,318,528 $ 1,625,425 Total deferred government grants 33,005,891 32,349,218 $ 5,095,809 Less: current portion (2,121,645) (2,295,701) (361,630) Non-current portion 30,884,246 30,053,517 $ 4,734,179

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of commitments to purchase raw materials or services	As of March 31, 2022 2022 (RMB) (US$) Other professional service fee 7,617,840 $ 1,200,000 Research and development 73,894,705 11,640,261 Purchase raw materials 17,664,500 17,664,500 Total 99,177,045 $ 30,504,761

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended	12 Months Ended
SEGMENT INFORMATION (Tables)	Sep. 30, 2022	Mar. 31, 2022
SEGMENT INFORMATION
Summary of non-current assets aggregated to form reportable geographical segment	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) PRC 604,094,049 613,613,563 $ 86,426,880 Other countries/regions 26,777,039 25,068,223 $ 3,530,835	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) PRC 288,637,839 604,094,049 $ 95,159,896 Other countries/regions 31,345,723 26,777,039 $ 4,218,052

PARENT COMPANY ONLY CONDENSED_2

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) (Tables)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)
Summary of parent company balance sheet	March 31, September 30, September 30, 2022 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 252,611,535 3,943,175 $ 555,392 Amounts due from related parties 519,236,876 848,379,306 119,493,409 Total current assets 771,848,411 852,322,481 120,048,801 Non-current assets Long-term investments, net 146,641,652 164,003,403 23,099,722 Total non-current assets 146,641,652 164,003,403 23,099,722 Total Assets 918,490,063 1,016,325,884 $ 143,148,523 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 244,082,463 354,920,428 $ 49,990,201 Amounts due to related parties 3,155,395 3,528,981 497,054 Total current liabilities 247,237,858 358,449,409 50,487,255 Total Liabilities 247,237,858 358,449,409 50,487,255 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding) 458,074,468 551,004,725 77,608,485 Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding) 912,146,924 1,057,557,002 148,955,886 Total mezzanine equity 1,370,221,392 1,608,561,727 226,564,371 Shareholders’ deficit: Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding outstanding 7,978 7,978 1,124 Additional paid-in capital 808,502,018 808,648,509 113,897,365 Accumulated deficit (1,590,567,163) (1,673,775,766) (235,749,706) Accumulated other comprehensive income (loss) 83,087,980 (85,565,973) (12,051,886) Total shareholders’ deficit (698,969,187) (950,685,252) (133,903,103) Total liabilities, mezzanine equity and shareholders’ deficit 918,490,063 1,016,325,884 $ 143,148,523	PARENT COMPANY BALANCE SHEETS As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 330,296,949 252,611,535 $ 39,792,624 Amounts due from related parties 495,937,171 519,236,876 81,792,772 Total current assets 826,234,120 771,848,411 121,585,396 Non-current assets Long-term investments, net 150,952,826 146,641,652 23,099,721 Total non-current assets 150,952,826 146,641,652 23,099,721 Total Assets 977,186,946 918,490,063 $ 144,685,117 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 197,324,794 244,082,463 $ 38,449,082 Amounts due to related parties 3,266,288 3,155,395 497,053 Total current liabilities 200,591,082 247,237,858 38,946,135 Total Liabilities 200,591,082 247,237,858 38,946,135 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding as of March 31, 2022 and 2021) 410,327,208 458,074,468 72,158,166 Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding as of March 31, 2022 and 2021) 875,131,363 912,146,924 143,685,915 Total mezzanine equity 1,285,458,571 1,370,221,392 215,844,081 Shareholders’ deficit: Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021* 7,978 7,978 1,257 Additional paid-in capital 800,806,378 808,502,018 127,359,254 Retained earnings (1,353,900,436) (1,590,567,163) (250,554,041) Accumulated other comprehensive income 44,223,373 83,087,980 13,088,431 Total shareholders’ deficit (508,862,707) (698,969,187) (110,105,099) Total liabilities, mezzanine equity and shareholders’ deficit 977,186,946 918,490,063 $ 144,685,117 *
Summary of parent company statement of operations and comprehensive loss	For the Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (27,562,274) (5,703,582) $ (803,346) Operating expenses: Selling General and administrative 17,037,618 6,356,204 895,265 Research and development 492,764 (934,367) (131,605) Total operating expenses 17,530,382 5,421,837 763,660 Loss from operations (45,092,656) (11,125,419) (1,567,006) Other income: Financial income, net 1,324 54 8 Total other income, net 1,324 54 8 Net loss (45,091,332) (11,125,365) (1,566,998) Accretion to redemption value of convertible redeemable preferred shares (65,013,751) (72,083,238) (10,152,855) Net loss attributable to YS Biopharma (110,105,083) (83,208,603) (11,719,853) Net loss (45,091,332) (11,125,365) (1,566,998) Feign currency translation gain 11,321,167 (168,653,952) (23,754,747) Total comprehensive loss (33,770,165) (179,779,317) $ (25,321,745) Loss per share: – Basic and Diluted (0.18) (0.04) $ (0.01) Weighted average number of ordinary shares outstanding: – Basic and Diluted 247,311,533 247,311,533 247,311,533 * Gives retroactive effect to reflect the reorganization in February 2021.	PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (60,903,713) (75,864,722) $ (11,950,588) Operating expenses: Selling expenses 54,278 — — General and administrative expenses 104,562,058 29,178,255 4,596,304 Research and development expenses 4,352,356 988,531 155,718 Total operating expenses 108,968,692 30,166,786 4,752,022 Loss from operations (169,872,405) (106,031,508) (16,702,610) Other income (expenses) Financial income/(expenses), net (21,953,837) 27,107 4,270 Total other income/(expenses), net (21,953,837) 27,107 4,270 Net loss (191,826,242) (106,004,401) (16,698,340) Accretion to redemption value of convertible redeemable preferred shares (16,610,297) (130,662,326) (20,582,579) Net loss attributable to YS Biopharma (208,436,538) (236,666,727) (37,280,919) Net loss (191,826,242) (106,004,401) (16,698,340) Feign currency translation gain 22,455,217 38,864,607 6,122,146 Total comprehensive loss (169,371,025) (67,139,794) $ (10,576,194) Loss per share: – Basic and Diluted (0.78) (0.43) $ (0.07) Weighted average number of ordinary shares outstanding: – Basic and Diluted 247,311,533 247,311,533 247,311,533 *
Summary of parent company statement of cash flows	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Net loss (45,091,332) (11,125,365) $ (1,566,998) Equity loss of subsidiaries 27,562,274 5,703,582 803,346 Share-based compensation 3,128,741 (85,316) (12,017) Changes in operating assets and liabilities: Amounts due from related parties (298,261,642) (328,910,623) (46,326,745) Amounts due to related parties (42,697) 373,586 52,619 Accrued expenses and other liabilities (7,357,523) 55,467,639 7,812,564 Net cash used in operating activities (320,062,179) (278,576,497) (39,237,231) Effect of exchange rate on cash (4,446,303) 29,908,137 4,212,531 Net decrease in cash (324,508,482) (248,668,360) (35,024,700) Cash at the beginning of the period 330,296,949 252,611,535 35,580,092 Cash at the end of the period 5,788,467 3,943,175 $ 555,392 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 65,013,751 72,083,238 $ 10,152,855	PARENT COMPANY STATEMENTS OF CASH FLOWS For the Fiscal Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) Net loss (191,826,242) (106,004,401) $ (16,698,340) Equity loss of subsidiaries 60,903,713 75,864,722 11,950,588 Share-based compensation 76,756,500 7,764,448 1,223,094 Changes in operating assets and liabilities: Amounts due from related parties (421,125,633) (23,299,705) (3,670,285) Amounts due to related parties 2,906,881 (110,893) (17,468) Accrued expenses and other liabilities 77,228,629 (24,732,348) (3,895,962) Net cash used in operating activities (395,156,152) (70,518,177) (11,108,373) Cash flows from investing activities: Payment for long-term investment (7,658,738) (813,776) (128,190) Net cash used in investing activities (7,658,738) (813,776) (128,190) Cash flows from financing activities: Proceeds from issuance of mezzanine equity 729,412,999 — — Shareholders’ contributions 1,589,236 — — Net cash provided by financing activities 731,002,235 — — Effect of exchange rate on cash 2,109,604 (6,353,461) (1,000,829) Net (decrease) increase in cash 330,296,949 (77,685,414) (12,237,392) Cash at the beginning of the year — 330,296,949 52,030,016 Cash at the end of the year 330,296,949 252,611,535 $ 39,792,624 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 16,610,297 130,662,326 $ 20,582,579 Forgiveness from related parties 446,092,527 — $ —

ORGANIZATION AND BUSINESS DES_3

ORGANIZATION AND BUSINESS DESCRIPTION (Details) - company	6 Months Ended	12 Months Ended
ORGANIZATION AND BUSINESS DESCRIPTION (Details) - company	Sep. 30, 2022	Mar. 31, 2022
Organization consolidation and presentation of financial statements
Number of companies and their subsidiaries owned	5	3
US Yisheng
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)	100%	100%
Singapore Yisheng
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)	100%	100%
UK YishengBio
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)		100%
Liaoning Yisheng
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)	100%	100%
Beijing Yisheng
Organization consolidation and presentation of financial statements
Ownership interest (as a percent)	100%	100%

LIQUIDITY (Details)

LIQUIDITY (Details)	6 Months Ended		12 Months Ended
LIQUIDITY (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
LIQUIDITY
Net income (loss)	¥ (11,125,365)	¥ (45,091,332)	¥ (106,004,401)		¥ (191,826,242)
Cash used in operating activities	(107,395,153)	(176,984,374)	(173,545,357)	$ (27,337,727)	(246,610,437)
Cash	226,765,500	¥ 49,521,897	271,067,503		390,457,084	$ 32,000,000	$ 42,700,000
Outstanding bank loans and other borrowing	¥ 447,633,078		¥ 365,661,754		¥ 1,103,609	$ 63,048,688	$ 57,600,856

SUMMARY OF SIGNIFICANT ACCOUN_4

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

SUMMARY OF SIGNIFICANT ACCOUN_5

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

SUMMARY OF SIGNIFICANT ACCOUN_6

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

SUMMARY OF SIGNIFICANT ACCOUN_7

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

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Social Security Insurance (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Social Security Insurance
Late fees related to social security insurance (as a percent)			0.05%	0.05%	0.05%
Late fees for its liabilities related to social security insurance	¥ 9,685,430		¥ 9,500,000	¥ 9,499,595		¥ 29,364,400	$ 1,364,183	$ 1,496,423
Late fees related to social security insurance	¥ 300,000	$ 42,173	¥ 1,396,221	¥ 1,852,378	$ 291,796	¥ 7,701,793

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Expenses), net (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Other Income (Expenses), net
Late fees related to social security insurance	¥ 300,000	$ 42,173	¥ 1,396,221	¥ 1,852,378	$ 291,796	¥ 7,701,793
Tax on late fees related to its social security insurance				200,000		18,700,000
Payments of late fees related to social security insurance and tax	¥ 100,000		¥ 86,200,000	¥ 86,200,000		¥ 5,000,000

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax
Statutory federal income tax rate	25%	25%	25%	25%
SINGAPORE
Income Tax
Statutory federal income tax rate	17%		17%
PRC
Income Tax
Statutory federal income tax rate	25%		25%
UNITED STATES
Income Tax
Statutory federal income tax rate	21%		21%
State income tax rate	8.25%		8.25%

SUMMARY OF SIGNIFICANT ACCOU_11

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

ACCOUNTS RECEIVABLE, NET (Detai

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

ACCOUNTS RECEIVABLE, NET - Bad

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

ACCOUNTS RECEIVABLE, NET - Move

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

INVENTORIES, NET - Inventories

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

INVENTORIES, NET- Movements in

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

PROPERTY, PLANT AND EQUIPMENT_3

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

PROPERTY, PLANT AND EQUIPMENT_4

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

PREPAID EXPENSES AND OTHER CU_3

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

PREPAID EXPENSES AND OTHER CU_4

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

INTANGIBLE ASSETS, NET (Details

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

BANK LOANS AND OTHER BORROWIN_3

BANK LOANS AND OTHER BORROWINGS (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 23, 2022	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 16, 2022	Mar. 10, 2022	Sep. 13, 2021	Jul. 12, 2021	Mar. 31, 2021 CNY (¥)	May 02, 2020
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current	¥ 163,641,078	$ 23,048,688		¥ 111,733,754	$ 17,600,856
Bank loans and other borrowing - non-current	283,992,000	40,000,000		253,928,000	40,000,000					¥ 1,103,609
Total bank loans	447,633,078	63,048,688		365,661,754	57,600,856					1,103,609
China Guangfa Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current	¥ 35,509,492	$ 5,001,478		¥ 46,456,142	$ 7,318,002
Interest Rate	5.66%	5.66%		5.66%	5.66%		5.655%	5.655%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current	¥ 81,486,261	$ 11,477,261		¥ 64,647,870	$ 10,183,654
Interest Rate	5.30%	5.30%	5.30%	5.30%	5.30%				5.30%
Citi Bank
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current				¥ 234,743	$ 36,978
Bank loans and other borrowing - non-current										¥ 1,103,609
Interest Rate	1%	1%		1%	1%						1%
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Bank loans and other borrowing - current				¥ 394,999	$ 62,222
Bank loans and other borrowing - non-current	¥ 283,992,000	$ 40,000,000		¥ 253,928,000	$ 40,000,000
Interest Rate	4%	4%		4%	4%	4%

BANK LOANS AND OTHER BORROWIN_4

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

BANK LOANS AND OTHER BORROWIN_5

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

LEASES - Summary of operating l

LEASES - Summary of operating leases - (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
LEASES
Operating lease ROU assets	¥ 13,067,129	$ 1,840,493	¥ 14,850,283	$ 2,339,290	¥ 17,245,924
Operating lease liabilities - current	3,524,558	496,431	4,322,252	680,863	3,785,642
Operating lease liabilities - non-current	¥ 10,403,843	$ 1,465,371	¥ 10,605,260	$ 1,670,593	¥ 13,550,359
Weighted average remaining lease term	3 years	3 years	3 years 4 months 24 days	3 years 4 months 24 days	4 years 4 months 24 days
Weighted average discount rate	4.80%	4.80%	4.80%	4.80%	5%

LEASES - Summary of lease cost

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

LEASES - Summary of maturity of

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

ACCRUED EXPENSES AND OTHER CU_3

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

ACCRUED EXPENSES AND OTHER CU_4

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

ACCRUED EXPENSES AND OTHER CU_5

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

CONVERTIBLE NOTES (Details)

CONVERTIBLE NOTES (Details) $ / shares in Units, ¥ in Millions	1 Months Ended			12 Months Ended
	Jan. 31, 2021 USD ($) $ / shares shares	Jul. 31, 2020 CNY (¥)	Jul. 31, 2020 USD ($)	Mar. 31, 2021 shares
Total bank loans and other borrowings
Proceeds from issuance of convertible notes		¥ 127	$ 20,000,000
Principal amount of Convertible Notes together with the accrued interest converted \| $	$ 20,389,315
Number of shares issued upon conversion of notes	18,393,610
Series B redeemable convertible preferred shares
Total bank loans and other borrowings
Principal amount of Convertible Notes together with the accrued interest converted \| $	$ 20,389,315
Number of shares issued upon conversion of notes	18,393,610
Conversion price per share \| $ / shares	$ 1.1085
Shares subscribed for call option under convertible notes	9,660,324			9,660,324
Price per share \| $ / shares	$ 2.0703

CONVERTIBLE REDEEMABLE PREFER_3

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

CONVERTIBLE REDEEMABLE PREFER_4

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

CONVERTIBLE REDEEMABLE PREFER_5

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

CONVERTIBLE REDEEMABLE PREFER_6

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

CONVERTIBLE REDEEMABLE PREFER_7

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Additional Information (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Initial conversion ratio	1	1
Dividends declared	$ 0	$ 0
Uncured breach term considered for shares redemption	30 days	30 days
Period to exercise redemption rights	18 months
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	17%	8%
Annual interest rate		17%
Series A-1 redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	8%
Period to exercise redemption rights		18 months
Annual interest rate		8%
Series B redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	8%	8%
Annual interest rate		8%

STOCK-BASED COMPENSATION - 2010

STOCK-BASED COMPENSATION - 2010 Share Incentive Plan (Details) - shares				6 Months Ended	12 Months Ended
	Jan. 01, 2015	Jan. 01, 2014	Jun. 21, 2010	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
STOCK-BASED COMPENSATION
Granted during the period				0	0	10,254,198
Remaining employees
STOCK-BASED COMPENSATION
Vesting period based on term after the grantee terminates their employment				12 months	12 months
2010 Share Incentive Plan
STOCK-BASED COMPENSATION
Contractual term			10 years
Number of shares authorized and reserved for issuance			10,902,600
Maximum number of shares that may be granted as percentage of total issued and outstanding shares		1.50%
Vesting period				3 years	3 years
Equal quarterly instalments (as a percent)				0.08%	0.08%
Vesting percentage				100%	100%
Granted during the period	510,000
Vesting period based on term after the grantee terminates their employment				5 years	5 years
2010 Share Incentive Plan \| Senior executives
STOCK-BASED COMPENSATION
Contractual term				10 years	10 years
2010 Share Incentive Plan \| Remaining employees
STOCK-BASED COMPENSATION
Contractual term				10 years	10 years

STOCK-BASED COMPENSATION - Exer

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

STOCK-BASED COMPENSATION - Ex_2

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

STOCK-BASED COMPENSATION - Bonu

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

STOCK-BASED COMPENSATION - Rest

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

STOCK-BASED COMPENSATION - Re_2

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

STOCK-BASED COMPENSATION - 2020

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

STOCK-BASED COMPENSATION - Stoc

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

RELATED PARTY TRANSACTIONS AN_3

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

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND BALANCES - Transactions with related parties (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 CNY (¥)
Related Party Transaction
Amount lent to related party				¥ 30,088,833
Amounts due from related party				30,088,833
Yisheng Biopharma Holding Ltd (Hong Kong)
Related Party Transaction
Amount lent to related party		¥ 2,966,777		30,088,833
Loan repaid by related party		33,055,610
Amounts due from related party		0		30,088,833		¥ 0
Yisheng Biopharma Holding Ltd (Hong Kong) \| Receivable collected on behalf of YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 2,966,777	2,966,777	$ 459,412	¥ 30,088,833	$ 4,600,000
Yisheng Biopharma Holding Ltd (Hong Kong) \| Repayment to YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 33,055,610	¥ 33,055,610	$ 5,118,732

RELATED PARTY TRANSACTIONS AN_5

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

INCOME TAX - Tax rate (Details)

INCOME TAX - Tax rate (Details)	1 Months Ended	6 Months Ended		12 Months Ended
INCOME TAX - Tax rate (Details)	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
INCOME TAX
Statutory federal corporate income tax		25%	25%	25%	25%
Singapore
INCOME TAX
Statutory federal corporate income tax		17%		17%
China
INCOME TAX
Statutory federal corporate income tax		25%		25%
Enterprise income tax rate		25%		25%
high and new technology enterprises, income tax rate	15%	15%		15%
Term for high and new technology enterprises status	3 years	3 years		3 years
United States
INCOME TAX
Statutory federal corporate income tax		21%		21%
State income tax rate		8.25%		8.25%

INCOME TAX - Provision for inco

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

INCOME TAX - Reconciliation of

INCOME TAX - Reconciliation of statutory rate to effective tax rate (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of statutory rate to effective tax rate
Statutory federal income tax rate	25%	25%	25%	25%
Effect of different tax rates in different jurisdictions	(182.62%)	(26.82%)	(18.26%)	(20.56%)
Effect of PRC preferential tax rate	(100.49%)	11.98%	4.56%	(0.77%)
Effect of research and development expenses deduction and others	80.56%	30.97%	33.20%	7.80%
Temporary differences	5.03%	13.42%	4.88%	10.01%
Change in valuation allowance	177.88%	(41.02%)	(44.47%)	(11.49%)
Effective tax rate	5.36%	13.53%	4.88%	10.01%

INCOME TAX - Net deferred asset

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

INCOME TAX - Additional informa

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

DEFERRED GOVERNMENT GRANTS (Det

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

DEFERRED GOVERNMENT GRANTS - Pr

DEFERRED GOVERNMENT GRANTS - Property, plant and equipment & Research and development (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	$ 5,095,809	¥ 32,349,218	¥ 33,005,891		¥ 33,005,891
Addition		1,200,000	1,500,000		3,600,000	¥ 1,600,000
Recognized as income		(600,000)
Total deferred government grants	3,425,824	24,322,667		$ 5,095,809	32,349,218	33,005,891
Less: current portion	(492,366)			(361,630)		(2,121,645)	¥ (3,495,701)	¥ (2,295,701)
Non-current portion	2,933,458			4,734,179		30,884,246	¥ 20,826,966	¥ 30,053,517
Government grants for property, plant and equipment
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	3,103,001	22,030,690	21,847,340	3,441,502	21,847,340	21,096,442
Addition	169,019	1,200,000		244,479	1,552,000	2,000,000
Recognized as income	(102,515)	(727,839)	(1,400,000)	(215,597)	(1,368,650)	(1,249,102)
Total deferred government grants	3,169,505	22,502,851		3,103,001	22,030,690	21,847,340
Government grants for research and development
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	1,453,355	10,318,528	11,158,551	1,757,750	11,158,551	10,387,874
Addition						1,610,700
Recognized as income	(1,197,036)	(8,498,712)	¥ (800,000)	(132,325)	(840,023)	(840,023)
Total deferred government grants	$ 256,319	¥ 1,819,816		$ 1,453,355	¥ 10,318,528	¥ 11,158,551

DEFERRED GOVERNMENT GRANTS - Ad

DEFERRED GOVERNMENT GRANTS - Additional information (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥) item	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥) item	Mar. 31, 2022 USD ($) item	Mar. 31, 2021 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Amount amortized from deferred government grant into government grant recognized in income	¥ 600,000
Government grants	¥ 22,456,691	$ 3,163,003	¥ 19,600,822	¥ 23,020,413	$ 3,626,290	¥ 3,530,405
Government grants for property, plant and equipment
DEFERRED GOVERNMENT GRANTS
Number of deferred government grants	7	7		7	7
Amount amortized from deferred government grant into government grant recognized in income	¥ 727,839	$ 102,515	1,400,000	¥ 1,368,650	$ 215,597	1,249,102
Amount that will be amortized in fiscal 2023	2,700,000			1,500,000
Amount that will be amortized after fiscal 2023	¥ 19,800,000			20,600,000
Government grants				¥ 18,500,000		0
Government grants for research and development
DEFERRED GOVERNMENT GRANTS
Number of deferred government grants \| item	2	2		2	2
Amount amortized from deferred government grant into government grant recognized in income	¥ 8,498,712	$ 1,197,036	¥ 800,000	¥ 840,023	$ 132,325	840,023
Amount that will be amortized in fiscal 2023	800,000			800,000
Amount that will be amortized after fiscal 2023	1,000,000			1,400,000
Amount that is expected to be fulfilled after 2022	¥ 1,000,000			8,100,000
Government grants				¥ 2,000,000		¥ 0

COMMITMENTS AND CONTINGENCIES -

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

COMMITMENTS AND CONTINGENCIES_2

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

SEGMENT INFORMATION - Non-curre

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

SUBSEQUENT EVENTS (Details)

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

PARENT COMPANY ONLY CONDENSED_3

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) - PARENT COMPANY BALANCE SHEETS (Details)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CNY (¥)	Mar. 31, 2022 USD ($)		Mar. 31, 2022 CNY (¥)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 CNY (¥)		Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)
Current Assets
Cash	$ 32,000,000	¥ 226,765,500	$ 42,700,000		¥ 271,067,503		¥ 49,521,897		¥ 390,457,084
Amounts due from related parties									30,088,833
Total current assets	122,757,357	871,552,683	120,469,486		764,764,393				733,204,286
Non-current assets
Total non-current assets	95,338,663	676,885,437	106,642,631		676,988,748				433,970,786
Total Assets	218,096,020	1,548,438,120	227,112,117		1,441,753,141				1,167,175,072
Current liabilities
Accrued expenses and other liabilities	51,731,502	367,283,321	51,471,496		326,751,353				322,750,471
Total current liabilities	81,035,921	575,338,836	74,968,363		475,914,160				345,040,994
Total Liabilities	125,434,750	890,561,645	121,373,135		770,500,937				390,579,208
Mezzanine equity
Redeemable convertible preferred shares	226,564,371	1,608,561,727	215,844,081		1,370,221,392	$ 187,785,655	897,869,523	$ 181,055,603	1,285,458,571		$ 69,403,171	¥ 440,585,213
Shareholders' (Deficit) Equity:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021	1,124	7,978	1,257	[1]	7,978				7,978	[1]
Additional paid-in capital	113,897,365	808,648,509	127,359,254		808,502,018				800,806,378
Accumulated deficit	(235,749,706)	(1,673,775,766)	(250,554,041)		(1,590,567,163)				(1,353,900,436)
Accumulated other comprehensive income	(12,051,884)	(85,565,973)	13,088,431		83,087,979				44,223,373
Total shareholders' Deficit	(133,903,101)	(950,685,252)	(110,105,099)		(698,969,188)	$ (85,145,762)	(604,517,882)		(508,862,707)			¥ (847,320,829)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit	218,096,020	1,548,438,120	227,112,117		1,441,753,141				1,167,175,072
Series A and Series A-1 redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	77,608,485	551,004,725	72,158,166		458,074,468				410,327,208
Series B redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	148,955,886	1,057,557,002	143,685,915		912,146,924		¥ 897,869,523		875,131,363
Parent company \| Reportable legal entities
Current Assets
Cash	555,392	3,943,175	39,792,624		252,611,535				330,296,949
Amounts due from related parties	119,493,409	848,379,306	81,792,772		519,236,876				495,937,171
Total current assets	120,048,801	852,322,481	121,585,396		771,848,411				826,234,120
Non-current assets
Long-term investments, net	23,099,722	164,003,403	23,099,721		146,641,652				150,952,826
Total non-current assets	23,099,722	164,003,403	23,099,721		146,641,652				150,952,826
Total Assets	143,148,523	1,016,325,884	144,685,117		918,490,063				977,186,946
Current liabilities
Accrued expenses and other liabilities	49,990,201	354,920,428	38,449,082		244,082,463				197,324,794
Due to related party	497,054	3,528,981	497,053		3,155,395				3,266,288
Total current liabilities	50,487,255	358,449,409	38,946,135		247,237,858				200,591,082
Total Liabilities	50,487,255	358,449,409	38,946,135		247,237,858				200,591,082
Mezzanine equity
Total mezzanine equity	226,564,371	1,608,561,727	215,844,081		1,370,221,392				1,285,458,571
Shareholders' (Deficit) Equity:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021	1,124	7,978	1,257		7,978				7,978
Additional paid-in capital	113,897,365	808,648,509	127,359,254		808,502,018				800,806,378
Accumulated deficit	(235,749,706)	(1,673,775,766)	(250,554,041)		(1,590,567,163)				(1,353,900,436)
Accumulated other comprehensive income	(12,051,886)	(85,565,973)	13,088,431		83,087,980				44,223,373
Total shareholders' Deficit	(133,903,103)	(950,685,252)	(110,105,099)		(698,969,187)				(508,862,707)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit	143,148,523	1,016,325,884	144,685,117		918,490,063				977,186,946
Parent company \| Reportable legal entities \| Series A and Series A-1 redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	77,608,485	551,004,725	72,158,166		458,074,468				410,327,208
Parent company \| Reportable legal entities \| Series B redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	$ 148,955,886	¥ 1,057,557,002	$ 143,685,915		¥ 912,146,924				¥ 875,131,363

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

PARENT COMPANY ONLY CONDENSED_4

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

PARENT COMPANY ONLY CONDENSED_5

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

PARENT COMPANY ONLY CONDENSED_6

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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)		Sep. 30, 2021 CNY (¥)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 CNY (¥)		Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2020 USD ($)
Current Assets
Cash	¥ 226,765,500	$ 32,000,000	¥ 271,067,503	$ 42,700,000		¥ 49,521,897		¥ 390,457,084
Restricted cash	261,766	36,869
Accounts receivable, net	468,359,388	65,967,969	308,555,105	48,605,133				214,502,737
Advance to suppliers	7,556,142	1,064,275	10,648,306	1,677,374				11,458,564
Inventories, net	161,667,187	22,770,668	166,505,565	26,228,784				81,439,883
Prepaid expenses and other current assets	6,942,700	977,873	7,987,914	1,258,295				5,257,185
Total current assets	871,552,683	122,757,357	764,764,393	120,469,486				733,204,286
Non-current assets
Property, plant and equipment, net	557,366,853	78,504,585	550,153,110	86,662,851				236,204,959
Operating lease right-of-use assets, net	13,067,129	1,840,493	14,850,283	2,339,290				17,245,924
Deferred tax assets, net	2,473,459	348,384	3,039,084	478,732				7,976,206
Intangible assets, net	81,314,933	11,453,130	80,717,978	12,715,097				83,778,603
Other assets, non-current	22,663,063	3,192,071	28,228,293	4,446,661				88,765,094
Total non-current assets	676,885,437	95,338,663	676,988,748	106,642,631				433,970,786
Total Assets	1,548,438,120	218,096,020	1,441,753,141	227,112,117				1,167,175,072
Current liabilities:
Bank loans and other borrowing - current	163,641,078	23,048,688	111,733,754	17,600,856
Accounts payable	37,394,178	5,266,934	30,811,100	4,853,518				16,383,236
Accrued expenses and other liabilities	367,283,321	51,731,502	326,751,353	51,471,496				322,750,471
Operating lease liabilities - current	3,524,558	496,431	4,322,252	680,863				3,785,642
Deferred government grants - current	3,495,701	492,366	2,295,701	361,630				2,121,645
Total current liabilities	575,338,836	81,035,921	475,914,160	74,968,363				345,040,994
Non-current Liabilities
Bank loans and other borrowing - non-current	283,992,000	40,000,000	253,928,000	40,000,000				1,103,609
Operating lease liabilities - non-current	10,403,843	1,465,371	10,605,260	1,670,593				13,550,359
Deferred government grants - non-current	20,826,966	2,933,458	30,053,517	4,734,179				30,884,246
Total non-current liabilities	315,222,809	44,398,829	294,586,777	46,404,772				45,538,214
Total Liabilities	890,561,645	125,434,750	770,500,937	121,373,135				390,579,208
Mezzanine equity
Redeemable convertible preferred shares	1,608,561,727	226,564,371	1,370,221,392	215,844,081		897,869,523	$ 187,785,655	1,285,458,571		$ 181,055,603	¥ 440,585,213	$ 69,403,171
Total mezzanine equity	1,608,561,727	226,564,371	1,370,221,392	215,844,081				1,285,458,571
Commitments and Contingencies
Shareholders' Deficit
Common Stock	7,978	1,124	7,978	1,257	[1]			7,978	[1]
Additional paid-in capital	808,648,509	113,897,365	808,502,018	127,359,254				800,806,378
Accumulated deficit	(1,673,775,766)	(235,749,706)	(1,590,567,163)	(250,554,041)				(1,353,900,436)
Accumulated other comprehensive income (loss)	(85,565,973)	(12,051,884)	83,087,979	13,088,431				44,223,373
Total shareholders' Deficit	(950,685,252)	(133,903,101)	(698,969,188)	(110,105,099)		(604,517,882)	$ (85,145,762)	(508,862,707)			¥ (847,320,829)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit	1,548,438,120	218,096,020	1,441,753,141	227,112,117				1,167,175,072
Series A and Series A-1 redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	551,004,725	77,608,485	458,074,468	72,158,166				410,327,208
Series B redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	¥ 1,057,557,002	$ 148,955,886	¥ 912,146,924	$ 143,685,915		¥ 897,869,523		¥ 875,131,363

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

CONDENSED CONSOLIDATED BALANC_2

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

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	6 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 CNY (¥) ¥ / shares shares	Sep. 30, 2021 CNY (¥) ¥ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2022 CNY (¥) ¥ / shares shares	Mar. 31, 2021 CNY (¥) ¥ / shares shares
Income Statement [Abstract]
Revenues	$ 56,274,081	¥ 399,534,723	¥ 269,433,426	$ 79,227,166	¥ 502,949,894	¥ 257,015,929
Cost of revenues	13,197,665	93,700,779	63,599,621	18,440,832	117,066,090	59,656,877
Gross profit	43,076,416	305,833,944	205,833,805	60,786,334	385,883,804	197,359,052
Operating expenses:
Selling	21,159,480	150,228,079	86,265,281	29,299,597	185,999,704	73,485,259
General and administrative expenses	6,984,283	49,587,013	51,664,591	16,952,916	107,620,500	155,334,386
Research and development	17,445,718	123,861,107	124,051,209	33,272,780	211,222,263	94,387,144
Total operating expenses	45,589,481	323,676,199	261,981,081	79,525,293	504,842,467	323,206,789
Loss from operations	(2,513,065)	(17,842,255)	(56,147,276)	(18,738,959)	(118,958,663)	(125,847,737)
Other income (expense):
Late fees related to tax other than income tax \| ¥						(11,464,741)
Late fees related to tax other than income tax			(112,420)	(36,425)	(231,231)	(7,261,947)
Late fee related to social security insurance	(42,173)	(300,000)	(1,396,221)	(291,796)	(1,852,378)	(7,701,793)
Government grants	3,163,003	22,456,691	19,600,822	3,626,290	23,020,413	3,530,405
Financial expenses, net	(2,105,613)	(14,949,434)	(352,694)	(428,064)	(2,717,433)	(29,689,927)
Other (expense) income, net	10,518	74,675	(993,957)	(51,666)	(327,987)	4,063,743
Total other income, net	1,025,735	7,282,515	16,745,530	2,818,339	17,891,384	(48,524,260)
Loss before income taxes	(1,487,330)	(10,559,740)	(39,401,746)	(15,920,620)	(101,067,279)	(174,371,997)
Income tax expense	(79,668)	(565,625)	(5,689,586)	(777,720)	(4,937,122)	(17,454,245)
Net loss	(1,566,998)	(11,125,365)	(45,091,332)	(16,698,340)	(106,004,401)	(191,826,242)
Accretion to redemption value of convertible redeemable preferred shares	(10,152,855)	(72,083,238)	(65,013,751)	(20,582,579)	(130,662,326)	(16,610,297)
Net loss attributable to YishengBio Co. Ltd	(11,719,853)	(83,208,603)	(110,105,083)	(37,280,919)	(236,666,727)	(208,436,539)
Net loss	(1,566,998)	(11,125,365)	(45,091,332)	(16,698,340)	(106,004,401)	(191,826,242)
Other comprehensive income (loss): foreign currency translation gain (loss)	(23,754,747)	(168,653,952)	11,321,167	6,122,146	38,864,606	22,455,217
Total comprehensive loss	$ (25,321,745)	¥ (179,779,317)	¥ (33,770,165)	$ (10,576,194)	¥ (67,139,795)	¥ (169,371,025)
Loss per share:
Basic net income (loss) per ordinary share \| (per share)	$ (0.01)	¥ (0.05)	¥ (0.18)	$ (0.07)	¥ (0.43)	¥ (0.78)
Earnings Per Share, Diluted \| (per share)	$ (0.01)	¥ (0.05)	¥ (0.18)	$ (0.07)	¥ (0.43)	¥ (0.78)
Weighted average number of ordinary shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533
Weighted Average Number of Shares Outstanding, Diluted	247,141,861	247,141,861	247,311,533	247,311,533	247,311,533	247,311,533

UNAUDITED CONDENSED CONSOLIDA_2

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

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	6 Months Ended
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)
Cash flows from operating activities:
Net loss	$ (1,566,998)	¥ (11,125,365)	¥ (45,091,332)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes	79,668	565,625	5,689,586
Depreciation of property, plant and equipment	1,946,306	13,818,386	11,560,041
Amortization of intangible assets	480,245	3,409,643	3,326,419
Loss on disposal of property, plant and equipment	9,040	64,179	238,279
Share-based compensation	12,017	85,316	(3,128,741)
Impairment of accounts receivable	908,069	6,447,109	2,888,417
Non-cash lease expense	339,346	2,409,286	1,805,910
Changes in operating assets and liabilities:
Inventories	681,481	4,838,379	(40,481,983)
Accounts receivable	(23,416,349)	(166,251,393)	(96,243,492)
Amounts due from related parties			30,088,833
Prepaid expenses and other current assets	577,893	4,102,924	(31,314,821)
Accounts payable	(927,220)	(6,583,078)	(16,697,346)
Accrued expenses and other liabilities	5,252,252	37,289,942	(37,906,402)
Deferred government grants	(1,130,532)	(8,026,551)	491,177
Income taxes payable	(202,129)	(1,435,079)	(1,861,093)
Operating lease liabilities	(15,126,504)	(107,395,153)	(176,984,374)
Net cash used in operating activities		(107,395,153)	(176,984,374)
Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment			8,000
Purchases of property, plant and equipment	(2,115,236)	(15,017,753)	(202,828,177)
Purchases of intangible assets	(564,325)	(4,006,598)	(570,200)
Net cash used in investing activities	2,679,561	19,024,351	203,390,377
Cash flows from financing activities:
Proceeds from issuance of debt	14,438,988	102,513,927	92,719,786
Repayment of bank and other borrowings	(7,127,891)	(50,606,602)	(48,833,921)
Net cash provided by financing activities	(7,311,097)	(51,907,325)	(43,885,865)
Effect of foreign exchange rate on cash	4,291,943	30,471,942	(4,446,301)
Net change in cash	(6,203,025)	(44,040,237)	(340,935,187)
Cash, beginning of the period	38,179,597	271,067,503	390,457,084
Cash	32,000,000		49,521,897
Restricted cash	36,869
Cash, end of the period	31,976,572	227,027,266	49,521,897
Total cash and restricted cash shown in the statements of cash flows	31,976,572		49,521,897
Supplemental disclosures of cash flow information:
Interest paid	1,792,030	12,723,051	402,617
Supplemental disclosure of non-cash investing and financing activity
Accretion to redemption value of convertible redeemable preferred shares	$ 10,152,855	¥ 72,083,238	¥ 65,013,751

ORGANIZATION AND BUSINESS DES_4

ORGANIZATION AND BUSINESS DESCRIPTION	12 Months Ended
ORGANIZATION AND BUSINESS DESCRIPTION	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS DESCRIPTION	NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION YishengBio Co., Ltd (“YS Biopharma”) was incorporated under the laws of Cayman Islands as an exempted company with limited liability in November 2020. It owns three companies and their subsidiaries that were incorporated in the United States of America (“US”), Singapore, Hong Kong and the People’s Republic of China (“China” or the “PRC”) (collectively, the “Company” or “YS Group”). YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. It developed a PIKA immunomodulating technology platform and a series of product candidates targeting rabies, hepatitis B, influenza and other indications. It is also conducting the production and sale of YSJA™ (依生君安™) rabies vaccine, the first aluminum-free lyophilized rabies vaccine that was launched in China. Prior to the business reorganization that was completed in February 2021, YS Group conducted its business under Yisheng Biopharma Co., Ltd (“Yisheng Biopharma”), a Cayman Islands company established in April 2010, as an offshore holding company used by its shareholders to hold and control its business operation. Before or after the reorganization, both YS Biopharma and Yisheng Biopharma are controlled by the same major shareholder, Yi Zhang, founder and chairman of YS Group and Yisheng Biopharma. In February 2021, YS Group’s business and technology segments were separated and spun-off from the parent company of Yisheng Biopharma Co., Ltd. by way of a series of corporate and business restructuring. In connection with such restructuring, YishengBio (Hong Kong) Holdings Limited (“HK YishengBio”) and Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”) were established under the laws of Hong Kong in December 2020 and the PRC in February 2021, respectively. In January 2021 and February 2021, Liaoning Yisheng Bio-Pharma Co., Ltd. (“Liaoning Yisheng”) and Beijing Yisheng became wholly-owned subsidiaries of HK YishengBio. In December 2020, YS Biopharma issued shares and entered into shareholders agreement with the then shareholders of Yisheng Biopharma to substantially mirror their respective interests in Yisheng Biopharma to YS Biopharma. In January 2021, YS Biopharma acquired all the equity interests of Yisheng US Biopharma Inc. (“US Yisheng”) and Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”) from Yisheng Biopharma, both of which became wholly-owned subsidiaries of YS Biopharma. In February 2021, Beijing Yisheng acquired all the relevant assets and business from a subsidiary of Yisheng Biopharma. The restructuring was completed in February 2021. After the reorganization, there is no equity relationship, no business activities and no business relevance or competition between Yisheng Biopharma and YS Biopharma, and both are controlled by the same shareholder, Yi Zhang. YS Group’s current legal entity structure is as follows: As of the date of this report, YS Group is consisted of the following legal entities: Legal Entity Nature of Operations Date of Incorporation Place of Incorporation YishengBio Co., Ltd (“YS Biopharma”) Holding Company November 16, 2020 Cayman Islands YishengBio (Hong Kong) Holdings Limited (“ HK YishengBio ”) Holding Company December 28, 2020 Hong Kong Yisheng Biopharma (Singapore) Pte. Ltd. (“ Singapore Yisheng ”)* Research and development of vaccines and therapeutic biologics November 28, 2009 Singapore Yisheng US Biopharma Inc. (“ US Yisheng ”) Research of vaccines and therapeutic biologics September 29, 2009 US Liaoning Yisheng Bio-Pharma Co., Ltd. (“ Liaoning Yisheng ”)** Research and development, manufacturing and commercialization of vaccines and therapeutic biologics May 26, 1994 PRC Beijing Yisheng Biotechnology Co., Ltd. (“ Beijing Yisheng ”) Research and development of vaccines and therapeutic biologics February 4, 2021 PRC * Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011. ** Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

LIQUIDITY_2

LIQUIDITY	6 Months Ended	12 Months Ended
LIQUIDITY	Sep. 30, 2022	Mar. 31, 2022
LIQUIDITY
LIQUIDITY	NOTE 2 — LIQUIDITY As reflected in the accompanying unaudited condensed consolidated financial statements (“CFS”), YS Group reported net loss of RMB11,125,365 and RMB45,091,332 for six months ended September 30, 2022 and 2021, respectively. Cash used in operating activities was RMB107,395,153 and RMB176,984,374 for the six months ended September 30, 2022 and 2021, respectively. In assessing its liquidity, management monitors and analyzes YS Group’s cash, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. As of September 30, 2022, YS Group had cash and restricted cash of approximately RMB227.0 million ($32.0 million). As of September 30, 2022, YS Group had outstanding bank loans and other borrowing of approximately RMB447.6 million ($63.0 million) from various financial institutions. Currently, YS Group is working to improve its liquidity and capital sources primarily through cash flows from operations, debt and equity financing. Based on the Company’s current operating plan, management believes the above-mentioned measures collectively will provide sufficient liquidity for YS Group to meet its future liquidity and capital requirement for at least 12 months from the date of this report.	NOTE 2 — LIQUIDITY As reflected in the accompanying consolidated financial statements (“CFS”), the Company reported net loss of RMB106,004,401 and RMB191,826,242 for the fiscal years ended March 31, 2022 and 2021, respectively. Cash used in operating activities was RMB173,545,357 for the fiscal year ended March 31, 2022. In assessing its liquidity, management monitors and analyzes the Company’s cash, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. As of March 31, 2022, the Company had cash of approximately RMB271.07 million (US$42.7 million). As of March 31, 2022, the Company had outstanding bank loans and other borrowing of approximately RMB365.66 million (US$57.6 million) from various financial institutions. Currently, the Company is working to improve its liquidity and capital sources primarily through cash flows from operations, debt and equity financing. Based on the Company current operating plan, management believes the above-mentioned measures collectively will provide sufficient liquidity for YS Group to meet its future liquidity and capital requirement for at least 12 months from the date of this report.

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2022	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim condensed CFS of YS Group were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited interim condensed CFS do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of YS Group’s management, the accompanying unaudited interim condensed CFS contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of YS Group for each of the periods presented. The results of operations for the six months ended September 30, 2022 are not necessarily indicative of results to be expected for any other interim periods or for the year ending March 31, 2023. These unaudited interim condensed CFS should be read in conjunction with YS Group’s audited CFS for the years ended March 31, 2022 and 2021. Basis of Consolidation The CFS include the financial statements of YS Group and its wholly-owned subsidiaries. All significant intercompany transactions and balances were eliminated in consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which were measured at fair value. The functional currency of YS Group and its Hong Kong subsidiary, US subsidiary is the United States dollars (“US$”). The functional currency of YS Group’s Singapore subsidiary is the Singapore dollars (“S$”). The functional currency of YS Group’s PRC subsidiaries is the Chinese Renminbi (“RMB”). The determination of functional currency is based on the criteria of Accounting Standard Codifications (“ASC”) as promulgated by the Financial Accounting Standards Board, ASC 830, Foreign Currency Matters (“ASC 830”). YS Group uses the RMB as its reporting currency. The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction. Use of Estimates The preparation of the CFS in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these CFS include, but are not limited to, the valuation of YS Group’s convertible redeemable preferred shares and ordinary shares, accrual of stock-based compensation expense, allowance for doubtful accounts and obsolete inventories, useful life of property, plant and equipment, income taxes and uncertain tax positions. Actual amounts could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in YS Group’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. Foreign Currency Translation YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect. The equity denominated in the functional currency is translated at the historical rate of exchange then in time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in YS Group’s consolidated statements of changes in shareholders’ deficit. Gains and losses from foreign currency transactions are included in YS Group’s consolidated statements of operations and comprehensive loss. The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions. The following table outlines the currency exchange rates used in preparing YS Group’s CFS: Six Months Ended September 30, September 30, 2022 March 31, 2022 2022 2021 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss RMB:1$ 7.0998 6.3482 6.7240 6.5284 RMB:1S$ 4.9717 4.6932 4.8325 4.8200 Convenience translation Amounts in $ are presented for the convenience of the reader and translated at $1.00 to RMB7.0998, the central parity rate release of the People’s Bank of China on September 30, 2022. No representation is made that the RMB amounts could have been, or converted, realized or settled into $ at such rate. Cash Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. YS Group maintains bank accounts in China. Cash balances in bank accounts in China are not insured by the Federal Deposit Insurance Corporation or other programs. Restricted Cash Restricted cash balances mainly relate to restrictions imposed on banks as cash deposits for the issuance of letters of credit. And it is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. Accounts Receivable, net Accounts receivable are presented net of allowance for doubtful accounts. YS Group reduces its accounts receivable by recording a bad debt allowance to account for the estimated impact of collection issues resulting from a client’s inability or unwillingness to pay valid obligations to YS Group. YS Group determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and best estimate of specific losses on individual exposures. YS Group establishes an allowance for doubtful accounts when there is objective evidence that YS Group may not be able to collect amounts due. Accounts receivable balances are written off after all collection efforts have been exhausted. Advance to Suppliers Advance to suppliers is amounts advanced to vendors or suppliers for providing raw materials to YS Group. The suppliers usually require advance payments when YS Group orders materials and the advance will be utilized to offset YS Group’s actual payment obligations. These amounts advanced are unsecured, non- interest bearing and generally short term in nature. YS Group will reduce its advance to suppliers by recording an allowance that approximates the extent of the advance that may not be realizable during the procurement process. YS Group did not record any allowance against its advance to suppliers as of September 30, 2022 or March 31, 2022. Inventories, net Inventories are stated at the lower of cost or net realizable value. Cost is determined on the weighted average basis and comprises all cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal. YS Group reviews the carrying amounts of the inventories on quarterly to determine whether the inventories are carried at lower of carrying amount or net realizable value. The net realizable value is estimated based on current market situation and historical experience. Adjustments are recorded to write down the cost of inventory based on the expiration date of raw materials and the estimate of future usage. Write-downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive loss. Property, Plant and Equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally expensed in the period in which it is incurred. When the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, YS Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life. Category Estimated useful life Plant and building 6 – 20 years Machinery and equipment 5 – 10 years Furniture and fixtures 3 – 7 years Motor vehicles 4 – 5 years Leasehold improvements Lesser of the lease term or life of assets Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each quarter end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of operations in the period the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. Intangible assets, net Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life is reviewed for appropriateness at each financial year end. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine licenses and patents with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis. Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight- line basis over their estimated useful lives of 15 years. Software and laboratory information systems are amortized on the straight-line basis over their estimated useful lives of 10 years. An intangible asset that is determined to have an indefinite useful life is not amortized until its useful life is determined to be no longer indefinite. Management evaluates the remaining useful life of an intangible asset that is not being amortized in each reporting period to determine whether events and circumstances continue to support an indefinite useful life. Indefinite-lived intangible assets are subject to impairment testing at least annually. Management believes that YS Group’s vaccine registration certificate that was granted by the Liaoning Food and Drug Administration (“FDA”) is an intangible asset with an indefinite useful life because the certificate may be renewed indefinitely at little cost and has historically been renewed by Liaoning Yisheng. Liaoning Yisheng intends to renew the certificate indefinitely, and has the ability to do so. Cash flows from the certificate are expected to continue indefinitely. Therefore, the vaccine registration certificate is not amortized until its estimated useful life is believed to be no longer indefinite. All research and development costs are expensed incurred. Expenditure incurred on projects to develop new products is capitalized and deferred only when YS Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when incurred. Land use rights: Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded net of accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 48.75 to 50 years. Impairment of Long-lived Assets YS Group reviews long-lived assets, including definitive-lived intangible assets and property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When such events occur, YS Group assesses the recoverability of the asset group based on the undiscounted future cash flows the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If YS Group identifies an impairment, YS Group reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values and the impairment loss, if any, is recognized in general and administrative expenses in the consolidated statements of operations. YS Group uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. YS Group did not record any impairment charges during the six months ended September 30, 2022 or during the fiscal year ended March 31, 2022. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of September 30, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of September 30, 2022 and 2021, there was no customer which accounted for more than 10% of YS Group’s accounts receivable balance. During the six months ended September 30, 2022 and 2021, there was no customer that accounted for more than 10% of YS Group’s net revenues. Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows: Six Months Ended September 30, 2022 (RMB) ($) (Unaudited) (Unaudited) Vendor A 21,661,500 $ 3,051,001 38.8 % Vendor B 10,053,600 1,416,040 18.0 % Vendor C 3,005,828 423,368 5.4 % Vendor D 2,009,315 283,010 3.6 % Vendor I 1,859,500 261,909 3.3 % Total 38,589,743 $ 5,435,328 69.1 % Six Months Ended September 30, 2021 (RMB) ($) (Unaudited) (Unaudited) Vendor A 11,283,000 $ 1,589,200 12.5 % Vendor F 9,028,170 1,271,609 10.0 % Vendor D 6,689,566 942,219 7.4 % Vendor G 6,063,000 853,968 6.7 % Vendor H 5,460,000 769,036 6.1 % Total 38,523,736 $ 5,426,032 42.7 % YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID — 19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China. Fair Value Measurements ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of YS Group’s financial instruments including cash, accounts receivable, advances to suppliers, amounts due from related parties, prepaid expenses and other current assets, short-term bank loans and other loans, accounts payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The fair value of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available. YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired. Social Security Insurance Employees of YS Group’s subsidiaries that operate in the PRC are required to participate in a central pension scheme operated by the local municipal government. According to the Social Insurance Law of the PRC (the “Social Security Insurance Law”) promulgated by the Standing Committee of the National People’s Congress (the “Standing Committee”) that became effective on December 29, 2018, there are five basic types of social security insurance, which include basic pension insurance, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance (collectively known as “Social Security Insurance”). Both employees and employers make contributions for the first three kinds of the social security insurances; and only employers make contributions for the latter two kinds, which means the employers must pay all or a portion of the social insurance premiums for their employees. If YS Group does not fully comply with the relevant requirements and dose not made social insurance contributions in full to the social insurance scheme for the employees of PRC affiliated entities, YS Group will be required to make up the social insurance contributions as well as to pay late fees at the rate of 0.05% per day of the outstanding amount from the due date. If YS Group fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities could impose a fine of one to three times the outstanding amount and file applications to competent courts for compulsory enforcement of payment and deposit. There was no fine or compulsory enforcement incurred by relevant authorities in connection with the delayed payment of YS Group. As of September 30, 2022 and March 31, 2022 (audited), YS Group’s had recorded late fee of RMB9.7 million and RMB9.5 million, respectively for its liabilities for social security insurance (see Note 12). During six months ended September 30, 2022 and 2021, YS Group’s recognized late fees related to social security insurance of approximately, RMB0.3 million and RMB1.4 million, respectively. Leases Under ASC Topic 842, Leases (“ASC 842”), YS Group determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, YS Group does not recognize a right-of-use (“ROU”) asset or lease liability. YS Group’s operating leases are recognized on its consolidated balance sheets as noncurrent assets, current liabilities and noncurrent liabilities. YS Group does not have any finance leases. ROU assets represent YS Group’s ROU an underlying asset for the lease term and lease liabilities represent YS Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As YS Group’s leases typically do not provide an implicit rate, YS Group uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that YS Group will exercise that option. Lease expense is recognized on a straight- line basis over the lease term. For leases with terms greater than 12 months, YS Group records the related asset and lease liability at the present value of lease payments over the lease term. For leases with terms less than 12 months, YS Group records rents in administrative expenses. Government Grants Government grants represent primarily subsidies received from PRC governments for operating a business in their jurisdictions and in compliance with specific policies promoted by the government authorities. YS Group’s PRC-based subsidiaries received specific subsidies and other subsidies from certain local governments. Specific subsidies are subsidies the local government set certain conditions. Other subsidies are subsidies the local government has not set any conditions and are not tied to future trends or performance of YS Group, receipt of such subsidy is not contingent upon any further actions or performance of YS Group and the amounts do not have to be refunded under any circumstances. Specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. Government grants for research and development (“R&D”) are recognized as a reduction to R&D expenses when the conditions attached to the grants are met or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated. Convertible Redeemable Preferred Shares YS Group has 2 classes of preferred shares: Series A and Series B with Series A consists of Series A and Series A-1 (collectively, the “Convertible Redeemable Preferred Shares”). These Convertible Redeemable Preferred Shares are considered “probable of becoming redeemable” as one of the redemption events depends solely on the passage of time, and the shares become redeemable following the respective anniversary of the issuance date. Since the Series A, Series A-1 and Series B Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, the Series A, they are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method from the issuance dates to the earliest possible redemption date. Revenue from Contracts with Customers YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from our contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services. Step 1: Identify the contract with the customer; Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price; Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when YS Group satisfies a performance obligation YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily are from sales of vaccines. The core principle underlying the revenue recognition ASC 606 is that YS Group recognizes revenue to represent the transfer of vaccines to customers in an amount that reflects the consideration to which YS Group expects to be entitled in such exchange. This requires YS Group to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. YS Group’s sales contracts of vaccines have one single performance obligation that is to sell vaccines to the customers. The sales contracts with customers do not involve variable considerations, such as discounts and rebates. And according to the historical operation, circumstance of discounts and rebates have never occurred. The customer pays after acceptance of the vaccines. According to ASC 606, the relevant revenue recognition is based on a point in time of customer acceptance confirmation. In accordance with ASC606-10-55-36 through 55-40, YS Group evaluates whether it is appropriate to record the gross amount of vaccines and related costs or the net amount earned as commissions. When the entity is a principal, that the entity obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the entity is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the entity earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value-added taxes. YS Group sells vaccines to the customers, and it obtains control of the vaccines before customer acceptance confirmation. Therefore, YS Group is a principal, and the revenues are recognized according to the gross method. Cost of Revenues Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories. General and Administrative Expenses General and administrative expenses consist mainly of payroll and related costs for employees involved in general corporate functions, including accounting, finance, tax, legal and human resources, professional fees, and provision for bad debts, value-added taxes and other general corporate expenses as well as costs associated with the use by these functions of facilities and equipment, such as depreciation and rental expenses. Selling Expenses Selling expenses consist mainly of payroll and benefits for employees involved in the sales and distribution functions, meeting/event fees, promotion fees, marketing and selling expenses that are related to events and activities at YS Group’s service centers designed to promote product sales as well as operating expenses related to the service centers. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development projects, primarily consist of salaries and other employee benefits, testing and clinical trial expenses, consulting service fees, depreciation and amortization, and office and leasing expenses. All costs associated with research and development are expensed as incurred. Other Income (Expenses), net Other income (expenses) consists of miscellaneous income and expenses not directly related to YS Group’s core business operations. Other income primarily consists of recovery of previously written-off accounts receivable, and write-off of payment obligations that are either more than three years old or no longer justifiable. Other expenses primarily consist of late fees related to YS Group’s income tax and social security insurance payment obligations, charitable donation, medical waste disposal fee and financial expenses. From December 2013 to June 2019, because YS Group did not have a certificate of Good Manufacturing Practice, YS Group stopped its production activities and did not pay any income taxes nor social security insurance for its employees. During the six months ended September 30, 2021, YS Group accrued RMB1.4 million of late fees related to its social security insurance. During the six months ended September 30, 2022, YS Group accrued RMB0.3 million of late fees related to its social security insurance. During the six months ended September 30, 2022 and 2021, YS Group paid RMB RMB0.1 million and RMB86.2 million of late fees for social security insurance and tax, respectively. Income Taxes Cayman Islands. Hong Kong. Singapore. China. United States. 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 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 recogniz	NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These CFS and related notes of YS Group were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented were made. Basis of Consolidation The CFS include the financial statements of YS Group and its wholly-owned subsidiaries. All significant intercompany transactions and balances were eliminated upon consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which have been measured at fair value. The functional currency of YS Group and its Hong Kong subsidiary, US subsidiary is the United States dollars (“US$”). The functional currency of YS Group’s Singapore subsidiary is the Singapore dollars (“S$”). The functional currency of YS Group’s PRC subsidiaries is the Chinese Renminbi (“RMB”). The determination of functional currency is based on the criteria of Accounting Standard Codifications (“ASC”) as promulgated by the Financial Accounting Standards Board, ASC 830, Foreign Currency Matters (“ASC 830”). YS Group uses the RMB as its reporting currency. The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction. Use of Estimates The preparation of the CFS in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these CFFS include, but are not limited to, the valuation of YS Group’s convertible redeemable preferred shares and ordinary shares, accrual of stock-based compensation expense, allowance for doubtful accounts and obsolete inventories, useful life of property, plant and equipment, income taxes and uncertain tax positions. Actual amounts could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in YS Group’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. Foreign Currency Translation YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in YS Group’s consolidated statements of changes in shareholders’ deficit. Gains and losses from foreign currency transactions are included in YS Group’s consolidated statements of operations and comprehensive loss. 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: For the Years Ended As of March 31, March 31, 2022 2021 2022 2021 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss RMB:1US$ 6.3482 6.5713 6.4598 6.8282 RMB:1S$ 4.6932 4.8768 4.7850 4.9246 Convenience translation Amounts in US$ are presented for the convenience of the reader and translated at US$1.00 to RMB6.3482, representing the central parity rate release of the People’s Bank of China on March 31, 2022. No representation is made that the RMB amounts could have been, or converted, realized or settled into US$ at such rate. Cash 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. Accounts Receivable, net Accounts receivable are presented net of allowance for doubtful accounts. YS Group reduces its accounts receivable by recording a bad debt allowance to account for the estimated impact of collection issues resulting from a client’s inability or unwillingness to pay valid obligations to YS Group. YS Group determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and best estimate of specific losses on individual exposures. YS Group establishes an allowance for doubtful accounts when there is objective evidence that YS Group may not be able to collect amounts due. Accounts receivable balances are written off after all collection efforts have been exhausted. Advance to Suppliers Advance to suppliers represent amounts advanced to vendors or suppliers for providing raw materials to YS Group. The suppliers usually require advance payments when YS Group orders materials and the advance will be utilized to offset YS Group’s actual payment obligations. These amounts advanced are unsecured, non- interest bearing and generally short term in nature. YS Group will reduce its advance to suppliers by recording an allowance that approximates the extent of the advance that may not be realizable during the procurement process. YS Group did not record any allowance against its advance to suppliers as of March 31, 2022, 2021. Inventories, net 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 whether the inventories are carried at lower of carrying amount or net realizable value. The net realizable value is estimated based on current market situation and historical experience. Adjustments are recorded to write down the cost of inventory based on the expiration date of raw materials and the estimate of future usage. Write-downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive loss. Property, Plant and Equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of operations in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, YS Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life. Category Estimated useful life Plant and building 6 – 20 years Machinery and equipment 5 – 10 years Furniture and fixtures 3 – 7 years Motor vehicle 4 – 5 years Leasehold improvement Lesser of the lease term or life of assets Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each quarter end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of operations in the period the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. Intangible assets, net Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life is reviewed for appropriateness at each financial year end. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine 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 vaccine registration certificate that was granted by the Liaoning Food and Drug Administration (“FDA”) is an intangible asset with an indefinite useful life because the certificate may be renewed indefinitely at little cost and has historically been renewed by Liaoning Yisheng. Liaoning Yisheng intends to renew the certificate indefinitely, and has the ability to do so. Cash flows from the certificate are expected to continue indefinitely. Therefore, the vaccine registration certificate is not amortized until its estimated useful life is believed to be no longer indefinite. All research and development costs are charged to the statement of operations as incurred. Expenditure incurred on projects to develop new products is capitalized and deferred only when YS Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when incurred. Land use rights: Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded net of accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 48.75 to 50 years. Impairment of Long-lived Assets YS Group reviews long-lived assets, including definitive-lived intangible assets and property and equipment, for impairment whenever events or changes in circumstances indicate that 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, 2022 and 2021. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of March 31, 2022, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of March 31, 2022 and 2021, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2022 and 2021, there were no customers that accounted for more than 10% of YS Group’s net revenues. Details of percentage of YS Group’s top 5 vendors accounting for total purchases are as follows: For the Year Ended March 31, 2022 (RMB) (US$) Vendor A 35,172,250 $ 5,540,508 20.9 % Vendor B 16,227,146 2,556,181 9.6 % Vendor C 9,995,189 1,574,492 $ 5.9 % Vendor D 7,426,500 1,169,859 4.4 % Vendor E 6,621,300 1,043,020 3.9 % Total 75,442,385 $ 11,884,060 44.7 % For the Year Ended March 31, 2021 (RMB) (US$) Vendor A 32,063,500 $ 4,879,324 37.9 % Vendor F 5,781,888 879,870 6.8 % Vendor G 4,862,320 739,933 $ 5.7 % Vendor C 4,568,088 695,157 5.4 % Vendor H 3,199,200 486,844 3.8 % Total 50,474,996 $ 7,681,128 59.6 % Details of percentage of YS Group’s top 5 vendors accounting for accounts payable are as follows: As of March 31, 2022 (RMB) (US$) Vendor E 1,420,549 $ 223,772 4.6 % Total 1,420,549 $ 223,772 4.6 % As of March 31, 2021 (RMB) (US$) Vendor A 1,225,510 $ 186,494 8.3 % Total 1,225,510 $ 186,494 8.3 % YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID-19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China. Fair Value Measurements ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of YS Group’s financial instruments including cash, accounts receivable, advances to suppliers, amounts due from related parties, prepaid expenses and other current assets, short-term bank loans and other loans, accounts payable, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The fair value of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available. YS Group’s non-financial assets, such as property and equipment would be measured at fair value only if they were determined to be impaired. Social Security Insurance Employees of YS Group’s subsidiaries that operate in the PRC are required to participate in a central pension scheme operated by the local municipal government. According to the Social Insurance Law of the PRC (the “Social Security Insurance Law”) promulgated by the Standing Committee of the National People’s Congress (the “Standing Committee”) that became effective on December 29, 2018, there are five basic types of social security insurance, which include basic pension insurance, basic medical insurance, unemployment insurance, work-related injury insurance and maternity insurance (collectively known as “social security insurance”). Both employees and employers make contributions for the first three kinds of the social security insurance; and only employers make contributions for the latter two kinds, which means the employers must pay all or a portion of the social security insurance premiums for their employees. If the YS Group does not fully comply with the relevant requirements and does not make social insurance contributions in full to the social insurance scheme for the employees of PRC affiliated entities, the YS Group will be required to make up the social insurance contributions as well as to pay late fees at the rate of 0.05% per day of the outstanding amount from the due date. If the YS Group fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities could impose a fine of one to three times the outstanding amount and file applications to competent courts for compulsory enforcement of payment and deposit. No fine or compulsory enforcement had been imposed by relevant authorities in connection with the delayed payment of the social security insurance premiums by the YS Group. As of March 31, 2022 and 2021, YS Group’s recorded late fees of RMB9.5 million and RMB29.4 million, respectively, for its liabilities related to social security insurance (see Note 10). During the years ended March 31, 2022 and 2021, the YS Group recognized late fees related to social security insurance of approximately, RMB1.9 million and RMB7.7 million, respectively. Leases 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 research and development (“R&D”) are recognized as a reduction to R&D expenses when the conditions attached to the grants are met or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the property, plant and equipment are depreciated. Convertible Redeemable Preferred Shares YS Group has 2 classes of preferred shares: Series A and Series B with Series A consists of Series A and Series A-1 (collectively, the “Convertible Redeemable Preferred Shares”). These Convertible Redeemable Preferred Shares are considered “probable of becoming redeemable” as one of the redemption events depends solely on the passage of time, and the shares become redeemable following the respective anniversary of the issuance date. Since the Series A, Series A-1 and Series B Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, the Series A, they are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method from the issuance dates to the earliest possible redemption date. Revenue from Contracts with Customers YS Group follows ASC 606 — “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from its contracts to provide services to customers. Based on the following five steps analysis, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration YS Group expects to be entitled in exchange for those goods or services. Step 1: Identify the contract with the customer; Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price; Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when YS Group satisfies a performance obligation YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. YS Group’s revenues primarily streams from the sales of vaccines. The core principle underlying the revenue recognition ASC 606 is that YS Group recognizes revenue to represent the transfer of vaccines to customers in an amount that reflects the consideration to which YS Group expects to be entitled in such exchange. This requires YS Group to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. YS Group’s sales contracts of vaccines have one single performance obligation that is to sell vaccines to the customers. The sales contracts with customers do not involve variable considerations, such as discounts and rebates. And according to the historical operation, circumstance of discounts and rebates have never occurred. The customer pays after acceptance of the vaccines. According to ASC 606, the relevant revenue recognition is based on a point in time of customer acceptance confirmation. 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 Expenses Selling expenses consist mainly of payroll and benefits for employees involved in the sales and distribution functions, meeting/event fees, promotion fees, marketing and selling expenses that are related to events and activities at YS Group’s service centers designed to promote product sales as well as operating expenses related to the service centers. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development projects, primarily consist of salaries and other employee benefits, testing and clinical trial expenses, consulting service fees, depreciation and amortization, and office and leasing expenses. All costs associated with research and development are expensed as incurred. Other Income (Expenses), net Other income (expenses) consists of miscellaneous income and expenses not directly related to YS Group’s core business operations. Other income primarily consists of recovery of previously written-off accounts receivable, and write-off of payment obligations that are either more than three years old or no longer justifiable. Other expenses primarily consist of late fees related to YS Group’s income tax and social security insurance payment obligations, charitable donation, medical waste disposal fee and financial expenses. From December 2013 to June 2019, because YS Group was undergoing the construction and certification process of new manufacturing plant, YS Group didn’t produce and market its rabies vaccine and did not pay any income taxes nor social security insurance for its employees. During the fiscal year ended March 31, 2021, YS Group accrued RMB7.7 million of late fees related to its social security insurance and RMB18.7 million of late fees on its tax. During the fiscal year ended March 31, 2022, YS Group accrued RMB1.9 million of late fees related to its social security insurance and RMB0.2 million of late fees related to its tax. During the fiscal years ended March 31, 2022 and 2021, YS Group paid RMB86.2 million and RMB5.0 million of late fees related to on social security insurance and tax, respectively. Income Taxes Cayman Islands. Hong Kong. Singapore. China. United States. 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 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 deductib

ACCOUNTS RECEIVABLE, NET_2

ACCOUNTS RECEIVABLE, NET	6 Months Ended	12 Months Ended
ACCOUNTS RECEIVABLE, NET	Sep. 30, 2022	Mar. 31, 2022
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	NOTE 4 — ACCOUNTS RECEIVABLE, NET Accounts receivable consists of the followings March 31,2022 September 30, 2022 September 30, 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) Trade receivables 322,170,980 488,422,373 $ 68,793,821 Allowance for doubtful accounts (13,615,875) (20,062,985) (2,825,852) Accounts receivable, net 308,555,105 468,359,388 $ 65,967,969 The allowance for doubtful accounts reflects YS Group’s best estimate of probable losses inherent in the accounts receivable balance. YS Group estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of YS Group’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. During the six months ended September 30, 2022 and 2021, YS Group recorded approximately RMB6.4 million and RMB2.9 million of bad debt expense, respectively. Below is an analysis of the movements in the allowance for doubtful account: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Balance at April 1, 8,530,951 13,615,875 $ 1,917,783 Additions 2,888,417 6,447,110 908,069 Balance at September 30 11,419,368 20,062,985 $ 2,825,852	NOTE 4 — ACCOUNTS RECEIVABLE, NET As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Trade receivables 223,033,688 322,170,980 $ 50,749,973 Allowance for doubtful accounts (8,530,951) (13,615,875) (2,144,840) Accounts receivable, net 214,502,737 308,555,105 $ 48,605,133 The allowance for doubtful accounts reflects YS Group’s best estimate of probable losses inherent in the accounts receivable balance. YS Group estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of YS Group’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. During the fiscal years ended March 31, 2022 and 2021, YS Group recorded approximately RMB5.1 million and RMB6.4 million bad debt expense, respectively. YS Group’s accounts receivable are not written off in the track period. Below is an analysis of the movements in the allowance for doubtful account: For the Fiscal Year Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Balance at beginning of the year 2,116,317 8,530,951 $ 1,343,838 Additions 6,414,634 5,084,924 801,002 Balance at end of the year 8,530,951 13,615,875 $ 2,144,840

INVENTORIES, NET_2

INVENTORIES, NET	6 Months Ended	12 Months Ended
INVENTORIES, NET	Sep. 30, 2022	Mar. 31, 2022
INVENTORIES, NET
INVENTORIES, NET	NOTE 5 — INVENTORIES, NET YS Group’s inventories consist of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Raw materials 57,926,980 52,392,648 $ 7,379,454 Work in progress 40,795,744 39,148,872 5,514,081 Finished goods 73,285,870 71,235,067 10,033,391 Allowance for slow-moving or obsolete inventories (5,503,029) (1,109,400) (156,258) Inventories, net 166,505,565 161,667,187 $ 22,770,668 The movements in the allowance for slow-moving or obsolete inventories are as follows: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Balance at April 1, 41,301,797 5,503,029 $ 775,096 Inventories written off (40,192,397) (4,393,629) (618,838) Balance at September 30 1,109,400 1,109,400 $ 156,258 During the six months ended September 30, 2022 and 2021, the allowance for slow-moving or obsolete inventories was nil.	NOTE 5 — INVENTORIES, NET YS Group’s inventories consist of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Raw materials 20,865,093 57,926,980 $ 9,124,946 Work in progress 23,453,665 40,795,744 6,426,348 Finished goods 78,422,922 73,285,870 11,544,354 Allowance for slow-moving or obsolete inventories (41,301,797) (5,503,029) (866,864) Inventories, net 81,439,883 166,505,565 $ 26,228,784 The movements in the allowance for slow-moving or obsolete inventories are as follows: For the Fiscal Year Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Balance at beginning of the year 76,661,332 41,301,797 $ 6,506,064 Additions 950,261 4,393,629 692,106 Inventories written off (36,309,796) (40,192,397) (6,331,306) Balance at end of the year 41,301,797 5,503,029 $ 866,864

PROPERTY, PLANT AND EQUIPMENT_5

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET	Sep. 30, 2022	Mar. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consist of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) Cost (Unaudited) (Unaudited) Construction in progress 318,000,074 333,446,243 $ 46,965,583 Plant and buildings 170,206,987 183,372,813 25,827,884 Machinery and equipment 194,875,303 193,846,868 27,303,145 Electronic equipment 10,107,578 10,794,907 1,520,452 Motor vehicles 2,978,155 3,027,767 426,458 Office equipment and furniture 29,888,526 21,612,891 3,044,155 Leasehold improvements 4,390,980 4,626,927 651,698 Total Cost 730,447,603 750,728,416 105,739,375 Less: accumulated depreciation (150,402,597) (163,469,667) (23,024,545) Less: asset impairment (29,891,896) (29,891,896) (4,210,245) Property and equipment, net 550,153,110 557,366,853 $ 78,504,585 There are no events or changes in circumstances that indicate the carrying amount of an asset may not be fully recoverable by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition.	NOTE 6 — PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consist of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Cost Construction in progress 40,158,349 318,000,074 $ 50,092,951 Plant and buildings 153,845,452 170,206,987 26,811,850 Machinery and equipment 174,933,799 194,875,303 30,697,726 Electronic equipment 8,442,743 10,107,578 1,592,196 Motor vehicles 2,814,066 2,978,155 469,134 Office equipment and furniture 14,241,207 29,888,526 4,708,189 Leasehold improvements 3,889,957 4,390,980 691,689 Total Cost 398,325,573 730,447,603 115,063,735 Less: accumulated depreciation (132,228,718) (150,402,597) (23,692,164) Less: asset impairment (29,891,896) (29,891,896) (4,708,720) Property and equipment, net 236,204,959 550,153,110 $ 86,662,851 In fiscal 2014, based on an evaluation of the company’s related production plan and conditions of property, plant and equipment, the company recorded an asset impairment for approximately RMB29.9 million on those property, plant and equipment that could no longer be used for production. There is no events or changes in circumstances that indicate the carrying amount of an asset may not be fully recoverable by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition.

PREPAID EXPENSES AND OTHER CU_5

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended	12 Months Ended
PREPAID EXPENSES AND OTHER CURRENT ASSETS	Sep. 30, 2022	Mar. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Deposits (1) 2,807,847 1,622,616 $ 228,544 Staff advances (2) 383,251 303,767 42,785 Staff’s social security (3) 615,581 677,626 95,443 Value added tax recoverable (4) 3,442,733 3,920,265 552,166 Other receivable (5) 854,245 534,169 75,237 Allowance (6) (115,743) (115,743) (16,302) Total 7,987,914 6,942,700 $ 977,873 (1) Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs. (2) Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities. (3) Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly. (4) Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years. (5) Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees. (6) The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.	NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Loan receivable (1) 2,966,778 — $ — Deposits (2) 1,362,270 2,807,847 442,306 Staff advances (3) 290,024 383,251 60,372 Staff’s social security (4) 190,253 615,581 96,969 Value added tax recoverable (5) 148,705 3,442,733 542,316 Other receivable (6) 414,898 854,245 134,564 Allowance (7) (115,743) (115,743) (18,232) Total 5,257,185 7,987,914 $ 1,258,295 (1) Loan receivable primarily represented a short-term loan arrangement between Yisheng Biopharma Holdings Limited (Hong Kong) and Hong Kong Tang Hillcrest Investment Corporation, which is renewed annually since 2015. Yisheng Biopharma Holdings Limited (Hong Kong) provided an interest free loan of US$ 6.3 million to Hong Kong Tang Hillcrest Investment Corporation. As of March 31, 2021, Hong Kong Tang Hillcrest Investment Corporation made repayment of US$ 5.9 million in total. As part of reorganization, on December 17, 2020, after the establishment of YishengBio (Hong Kong) Holdings Limited, Yisheng Biopharma Holdings Limited (Hong Kong) transferred such loan receivable to YS Group without any compensation. As of March 31, 2021, the loan receivable denominated in USD is interest free with an outstanding balance of approximately RMB 2,967,000 (US $451,475 ). As of March 31, 2022, Hong Kong Tang Hillcrest Investment Corporation made full repayment of the loan. (2) Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs. (3) Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities. (4) Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly. (5) Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years. (6) Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees. (7) The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.

INTANGIBLE ASSETS, NET_2

INTANGIBLE ASSETS, NET	6 Months Ended	12 Months Ended
INTANGIBLE ASSETS, NET	Sep. 30, 2022	Mar. 31, 2022
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	NOTE 8 — INTANGIBLE ASSETS, NET YS Group’s intangible assets are presented below: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Cost Patents 79,608,000 79,608,000 $ 11,212,710 Licenses, software and laboratory information system 6,143,880 10,150,478 1,429,685 Land use rights 67,181,860 67,181,860 9,462,500 Total Cost 152,933,740 156,940,338 22,104,895 Less: Accumulated Amortization (72,215,762) (75,625,405) (10,651,765) Intangible Assets, net 80,717,978 81,314,933 $ 11,453,130	NOTE 8 — INTANGIBLE ASSETS, NET YS Group’s intangible assets are presented below: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Cost Patents 79,608,000 79,608,000 $ 12,540,248 Licenses, software and laboratory information system 2,526,272 6,143,880 967,814 Land use rights 67,181,860 67,181,860 10,582,820 Total Cost 149,316,132 152,933,740 24,090,882 Less: Accumulated Amortization (65,537,529) (72,215,762) (11,375,785) Intangible Assets, net 83,778,603 80,717,978 $ 12,715,097

BANK LOANS AND OTHER BORROWIN_6

BANK LOANS AND OTHER BORROWINGS	6 Months Ended	12 Months Ended
BANK LOANS AND OTHER BORROWINGS	Sep. 30, 2022	Mar. 31, 2022
BANK LOANS AND OTHER BORROWINGS
BANK LOANS AND OTHER BORROWINGS	NOTE 9 — BANK LOANS AND OTHER BORROWINGS March 31, September 30, September 30, 2022 2022 2022 Maturity Date Interest Rate (RMB) (RMB) ($) (Unaudited) (Unaudited) China Guangfa Bank Co.,Ltd. – Shenyang Branch (1) 46,456,142 35,509,492 $ 5,001,478 2022/11/17 – 2022/12/16 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) 64,647,870 81,486,261 11,477,261 2022/10/11 – 2023/09/22 5.30 % Citi Bank (3) 234,743 — — 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) 394,999 — — 2026/9/15 4.00 % China Citic Bank – Shenyang Branch (5) — 34,295,325 4,830,464 2023/3/16 – 2023/5/19 5.2% / 3.25 % China Construction Bank – Shenyang Branch (6) — 12,350,000 1,739,485 2023/9/8 – 2023/9/27 4.00 % Bank loans due within one year 111,733,754 163,641,078 $ 23,048,688 R-Bridge Healthcare Fund, LP (4) 253,928,000 283,992,000 40,000,000 2026/9/15 4.00 % Long-term bank loans 253,928,000 283,992,000 40,000,000 Total bank loans 365,661,754 447,633,078 $ 63,048,688 (1) On September 13, 2021, YS Group entered into a credit facility of RMB 100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group repaid approximately RMB 10.9 million on September 16, 2022 and drew approximately RMB 35.5 million from November 22, 2021 to March 10, 2022 with interest at 5.655% , which is due from November 17, 2022 to December 16, 2022. (2) On July 12, 2021, YS Group entered into a credit facility of RMB 140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. On July 8, 2022, YS Group entered into another credit facility of RMB 15 million with Shanghai Pudong Development Bank Co., Ltd. for two years to finance its working capital requirements. YS Group repaid about RMB 39.0 million from July 19, 2022 to September 26, 2022 and drew approximately RMB 55.9 million from May 12, 2022 to September 23, 2022 with interest at 5.3% . (3) On May 2, 2020, YS Group borrowed RMB 1,103,609 (US $166,400 ) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. The balance of RMB 234,742 ( $36,978 ) was repaid in full in May 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 ( $40,000,000 ) for 54 months with interest at 4% . YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below: Repayment Repayment Date Instalment April 7, 2025 $ 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total $ 40,000,000 Under the terms of the Facility Agreement, YS Group and Agent also entered into a Deed, pursuant to which YS Group will pay to agent, the royalties on the products as contingent interest in addition to the payments made to agent under the facility agreement, on the terms and subject to the conditions of the Deed. YS Group is obliged to pay royalties to such agent as contingent interest for the facility based upon YS Group’s annual net sales of rabies vaccines by multiplying the royalty rate from 1.5% to 3.5% by the corresponding amount incremental net sales for that financial year. YS Group shall pay accrued interest on the Loan on each payment date. For the six months ended September 30, 2022, YS Group accrued approximately RMB11.4 million ($1.7 million) of interest expenses and royalty fee. (5) On May 25, 2022, YS Group entered into a credit facility of RMB 30 million with China CITIC Bank and Industrial Bank for one year to finance its working capital requirements. YS Group drew about RMB 29.3 million from May 12, 2022 to July 22, 2022 with interest at 5.2% . And YS Group Also entered into a letter of credit facility of RMB 5 million with interest of 3.25% . (6) On September 6, 2022, YS Group entered into a credit facility of RMB 50 million with China Construction Bank for one year to finance its working capital requirements. YS Group drew approximately RMB 12.4 million from September 9, 2022 to September 28, 2022 with interest at 4 %. In addition, on March 5, 2021, YS Group entered into a credit facility of RMB 250 million with China CITIC Bank for three years to finance its working capital requirements. On September 7, 2021, YS Group entered into another credit facility of RMB 250 million with China CITIC Bank for three years to finance its working capital requirements. YS Group has not drawn any amounts from these two facilities as of date of this report. These two credit facilities are due to expire on March 4, 2024 and September 6, 2024, respectively. On April 13,2022, YS Group entered into credit facility of RMB70 million with China Everbright Bank for one year to finance its working capital requirements. YS Group has not drawn any amounts from this facility as of date of this report. The credit facility is due to expire on April 13, 2023. YS Group recorded RMB15.2 million and RMB0.4 million of interest expense for the six months ended September 30, 2022 and 2021, respectively.	NOTE 9 — BANK LOANS AND OTHER BORROWINGS As of March 31, 2021 2022 2022 Maturity Date Interest Rate (RMB) (RMB) (US$) China Guangfa Bank Co., Ltd. – Shenyang Branch (1) — 46,456,142 7,318,002 2022/9/16 – 2022/12/16 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) — 64,647,870 10,183,654 2022/7/19 – 2022/12/1 5.30 % Citi Bank (3) — 234,743 36,978 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) — 394,999 62,222 2026/9/15 4.00 % Bank loans due within one year — 111,733,754 17,600,856 Citi Bank (3) 1,103,609 — — 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) — 253,928,000 40,000,000 2026/9/15 4.00 % Long-term bank loans 1,103,609 253,928,000 40,000,000 Total bank loans 1,103,609 365,661,754 57,600,856 (1) On September 13, 2021, YS Group entered into a credit facility of RMB 100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB 46.5 million in total from September 22, 2021 to March 10, 2022 with an annual interest at 5.655% , which is due from September 16, 2022 to December 16, 2022. (2) On July 12, 2021, YS Group entered into a credit facility of RMB 140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew down RMB 64.6 million from July 20, 2021 to March 22, 2022 with an annual interest at 5.3% . (3) On May 2, 2020, YS Group borrowed RMB 1,103,609 (US $166,400 ) with an interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. Before March 31, 2022, YS Group repaid approximately RMB 869,000 (US $129,422 ). As of March 31, 2022, the balance of approximately RMB 235,000 (US $36,978 ) was outstanding, which amount was repaid in full in May, 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 (US $40,000,000 ) for 54 months with an annual interest at 4% . YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below: Repayment Date Repayment Instalment April 7, 2025 US$ 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total US$ 40,000,000 Under the terms of the Facility Agreement, YS Group and Agent are also entering into a Deed, pursuant to which YS Group will pay to Agent, the Royalties on the Products as contingent interest in addition to the payments made to Agent under the Facility Agreement, on the terms and subject to the conditions of the Deed. YS Group is obliged to pay royalties to such agent as contingent interest for the facility based upon YS Group’s annual net sales of rabies vaccines by multiplying the royalty rate ranging from 1.5% to 3.5% by the corresponding amount incremental net sales for that financial year. YS Group shall pay accrued interest on the Loan on each Payment Date. As of March 31, 2022, YS Group accrued approximately RMB395,000 (US$62,222) of interest. In addition, on March 5, 2021, YS Group entered into a credit facility of RMB 250 million with China CITIC Bank for three years three years YS Group recorded RMB 2.8 million and RMB5.8 million of interest expense for the years ended March 31, 2022 and 2021, respectively.

LEASES_2

LEASES	6 Months Ended	12 Months Ended
LEASES	Sep. 30, 2022	Mar. 31, 2022
LEASES
LEASES	NOTE 10 — LEASES A summary of YS Group’s operating leases as of March 31, 2022 and September 30, 2022 is as follows: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Operating lease ROU assets 14,850,283 13,067,129 $ 1,840,493 Operating lease liabilities – current 4,322,252 3,524,558 496,431 Operating lease liabilities – non-current 10,605,260 10,403,843 $ 1,465,371 Weighted average remaining lease term 3.4 3.0 3.0 Weighted average discount rate 4.8 % 4.8 % 4.8 % A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Operating lease cost 2,237,633 2,508,388 $ 373,050 Cash paid for operating leases 2,276,956 786,888 $ 110,832 Ys Group entered into an agreement of rent reduction from June 2022 to December 2022 for total amount RMB2,068,108. And YS Group recognized the rent reduction as a deduction of operating lease cost for RMB988,303 in the six months ended September 30, 2022. A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of September 30, 2022 is as follows: 12 months Ending September 30, As of September 30, 2022 (RMB) ($) 2023 5,748,070 $ 809,610 2024 5,029,426 708,390 2025 3,921,138 552,289 2026 158,029 22,257 Total lease payments 14,856,663 2,092,546 Less: Interest (928,262) (130,744) Present value of operating lease liabilities 13,928,401 $ 1,961,802 Operating lease liabilities – current 3,524,558 496,431 Operating lease liabilities – non-current 10,403,843 $ 1,465,371	NOTE 10 — LEASES A summary of YS Group’s operating leases as of March 31, 2022 and 2021 is as follows: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Operating lease ROU assets 17,245,924 14,850,283 $ 2,339,290 Operating lease liabilities – current 3,785,642 4,322,252 680,863 Operating lease liabilities – non-current 13,550,359 10,605,260 $ 1,670,593 Weighted average remaining lease term 4.4 3.4 3.4 Weighted average discount rate 5.0 % 4.8 % 4.8 % A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows: For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Operating lease cost 2,643,917 4,594,967 $ 723,822 Cash paid for operating leases 2,601,625 4,587,894 $ 722,708 A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of March 31, 2022 is as follows: Fiscal Year Ending March 31, As of March 31, 2022 (RMB) (US$) 2023 4,947,481 $ 779,352 2024 4,837,260 761,989 2025 4,922,251 775,377 2026 1,479,661 233,084 2027 and thereafter — — Total lease payments 16,186,653 2,549,802 Less: Interest (1,259,141) (198,346) Present value of operating lease liabilities 14,927,512 $ 2,351,456

ACCRUED EXPENSES AND OTHER CU_6

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended	12 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Sep. 30, 2022	Mar. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities are consisted of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Salaries and social security insurance payable (1) 57,459,273 55,943,773 $ 7,879,627 Promotion service fee (2) 64,883,477 93,688,809 13,195,979 Taxes other than income tax 1,171,381 3,005,157 423,273 Late fees (3) 9,499,595 9,685,430 1,364,183 Payable for property, plant and equipment 48,774,134 49,128,153 6,919,653 CDC transportation and storage fee 35,023,095 48,656,533 6,853,226 Guarantee deposits (4) 94,528,659 94,733,524 13,343,126 Professional service fee (5) 7,758,448 2,226,221 313,561 Other payable (6) 7,653,291 10,215,721 1,438,874 Total 326,751,353 367,283,321 $ 51,731,502 (1) This payable includes primarily unpaid salaries and outstanding social security insurance. During the six months ended September 30, 2022, YS Group paid approximately RMB 1.5 million to reduce its payable related to salaries, social security insurance. Salaries and social security insurance payables are consisted of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Salaries 49,020,045 47,732,121 $ 6,723,023 Social security insurance 7,732,161 7,535,447 1,061,360 Union Fee 707,067 676,205 95,244 Total 57,459,273 55,943,773 $ 7,879,627 (2) Promotion service fee primarily are fees for vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax, social security insurance and housing reserve fund contributions because YS Group failed to pay the income tax for the period from calendar 2011 to calendar 2013, taxes other than income tax for the period from calendar 2014 to the beginning of calendar 2021 and social security insurance for the period from calendar 2015 to the beginning of calendar 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. During the six months ended September 30, 2022, the late fee is incurred from unpaid social insurance. The late fees consisted of the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Late fee charge of social insurance 9,499,595 9,685,430 1,364,183 Total 9,499,595 9,685,430 $ 1,364,183 (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. Their professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services don’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from professional advisor. (6) Other payable primarily represented employees’ reimbursement and value added tax and the royalty fee to R-Bridge Healthcare Fund, LP. (See note 10)	NOTE 11 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities are consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Salaries and social security insurance payable (1) 86,818,418 57,459,273 $ 9,051,270 Promotion service fee (2) 58,358,838 64,883,477 10,220,768 Taxes other than income tax 1,615,475 1,171,381 184,522 Late fees (3) 93,890,390 9,499,595 1,496,423 Payable for property, plant and equipment 4,730,933 48,774,134 7,683,144 CDC transportation and storage fee 12,087,830 35,023,095 5,517,012 Guarantee deposits (4) 48,732,986 94,528,659 14,890,624 Professional service fee (5) 8,694,317 7,758,448 1,222,149 Other payable (6) 7,821,284 7,653,291 1,205,584 Total 322,750,471 326,751,353 51,471,496 (1) This payable includes primarily unpaid salaries and outstanding social security insurance. During the fiscal year ended March 31, 2022, YS Group paid approximately RMB 29.4 million to reduce its payable related to salaries, social security insurance. During the period from April 1, 2022 to the date of this report, YS Group paid approximately RMB 11.1 million to reduce this payables. Salaries and social security insurance payables are consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Salaries 46,263,007 49,020,045 7,721,881 Social security insurance 39,926,173 7,732,161 1,218,008 Union Fee 629,238 707,067 111,381 Total 86,818,418 57,459,273 9,051,270 (2) Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax and social security insurance and housing reserve fund contributions due to the fact that YS Group failed to pay the income tax related to the period from calendar year 2011 to calendar year 2013, taxes other than income tax related to the period from calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to the period from calendar year 2015 to the beginning of calendar year 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. In fiscal year 2022, the late fee is incurred from unpaid social insurance. The late fees consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Late fee charge of income tax 53,890,577 — — Late fee charge of taxes other than income tax 10,635,413 — — Late fee charge of social insurance 29,364,400 9,499,595 1,496,423 Total 93,890,390 9,499,595 1,496,423 (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. The external service providers’ professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services doesn’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from consultants and other advisors. (6) Other payable primarily represented employees’ reimbursement and value added tax.

CONVERTIBLE REDEEMABLE PREFER_8

CONVERTIBLE REDEEMABLE PREFERRED SHARES	6 Months Ended	12 Months Ended
CONVERTIBLE REDEEMABLE PREFERRED SHARES	Sep. 30, 2022	Mar. 31, 2022
Temporary Equity Disclosure [Abstract]
CONVERTIBLE REDEEMABLE PREFERRED SHARES	NOTE 12 — CONVERTIBLE REDEEMABLE PREFERRED SHARES YS Group has two classes of preferred shares: Series A and Series B (collectively, the “Convertible Redeemable Preferred Shares”) with Series A consists of Series A and A-1. These Convertible Redeemable Preferred Shares are classified outside of the shareholders’ equity section of YS Group’s consolidated balance sheets because these shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of YS Group. Series A On December 10, 2012, pursuant to the Series A redeemable convertible preferred share purchase agreement and shareholders agreement (“Preferred Shares Agreements”), YS Biopharma issued 21,548,589 Series A redeemable convertible preferred shares (“Series A Preferred Share”) to Asia Ventures II L.P., and Beacon Bioventures Fund III Limited Partnership (renamed as “F-Prime Capital Partners Healthcare Fund III LP” on December 30, 2015), collectively with any of their respective affiliates who holds Series A Preferred Shares, at $0.93 per share for total cash consideration of $20,000,000, of which 6,014,313 shares of Series A were transferred as Series A-1 on September 4, 2020. Series A-1 On September 4, 2020, pursuant to the share purchase agreement entered into by and among Asia Ventures II L.P., (“ Asia Ventures”), F-Prime Capital Partners Healthcare Fund III LP(“F-Prime”) and Haitong XuYu International Limited, Epiphron Capital (Hong Kong) Limited, 3W Global Investment Limited, OrbiMed New Horizons Master Fund, L.P. and HH SUM XXXVI Holdings Limited (collectively “Purchasers”), Asia Ventures and F-Prime transferred 6,014,313 Series A Preferred Shares to the Purchasers. As of September 30, 2022, 15,534,276 shares outstanding For the six months ended September 30, 2022, there were no new Series A preferred shares issued, and the accretion to redemption value was RMB36,647,950. Series B In January 2021, the principal amount of Convertible Notes together with the accrued interest of US $20,389,315 were converted into 18,393,610 Series B Preferred Shares at US $1.1085 per share, and the convertible note holders also exercised their call option rights under the Convertible Notes and converted into 9,660,324 Series B preferred shares at US $2.0703 per share. In January 2021, YS Group raised US $88,000,000 by way of issuance of 36,129,245 Series B Preferred Shares to Oceanpine Investment Fund II LP, AIHC Master Fund, 3W Global Fund, MSA Growth Fund II, L.P., Epiphron Capital (Hong Kong) Limited, Wudaokou Capital Limited and Gennex China Growth Fund. In February 2021, YS Group raised US $3,000,000 by way of issuance of 1,231,679 Series B Preferred Shares to Superstring Capital Master Fund LP. For the six months ended September 30, 2022, there were no new Series B preferred shares issued, and the accretion to redemption value was RMB35,435,288. The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares as of September 30, 2022: Series A Series A-1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) ($) As of March 31, 2021 15,534,276 344,661,893 6,014,313 65,665,315 65,414,858 875,131,363 1,285,458,571 $ 181,055,603 Accretion to redemption value — 28,042,858 — 2,566,412 — 34,404,481 65,013,751 9,157,124 Foreign currency translation adjustment — (4,690,126) — (875,280) — (11,666,321) (17,231,727) (2,427,072) As of September 30, 2021 15,534,276 368,014,625 6,014,313 67,356,447 65,414,858 897,869,523 1,333,240,595 $ 187,785,655 As of March 31, 2022 15,534,276 389,563,659 6,014,313 68,510,809 65,414,858 912,146,924 1,370,221,392 $ 192,994,365 Accretion to redemption value — 33,793,180 — 2,854,770 — 35,435,288 72,083,238 10,152,855 Foreign currency translation adjustment — 48,011,366 — 8,270,941 — 109,974,790 166,257,097 23,417,151 As of September 30, 2022 15,534,276 471,368,205 6,014,313 79,636,520 65,414,858 1,057,557,002 1,608,561,727 $ 226,564,371 Convertible Preferred Stock Rights and Preferences Conversion rights The Preferred Shares will be automatically converted into ordinary shares upon (i) the closing of an initial public offering (IPO) based on the applicable then-effective conversion price or (ii) upon the date specified by written consent or agreement of the holder of the majority of the then outstanding Preferred Shares, voting together as a single class on an as-converted basis. The initial conversion price and conversion ratio is the stated issuance price of the Preferred Shares and on a one-for-one basis, respectively. The above conversion prices are subject to adjustments in the event that YS Biopharma issues additional ordinary shares or additional deemed ordinary shares through options or convertible instruments for a consideration per share received by YS Biopharma less than the original respective conversion prices, as the case may be, in effect on the date of and immediately prior to such issue. In such event, the respective conversion price is reduced, concurrently with such issue, to a price as adjusted according to an agreed-upon formula. The above conversion prices are also subject to adjustments on a proportional basis upon other dilution events. Voting rights: Liquidation preference: Liquidation Preference”); if the assets available to be distributed among the Series B Holders shall be insufficient to permit the payment to such holders, then the assets of YS Biopharma legally available for distribution shall be all distributed to the Series B Holders that would otherwise be respectively qualified therefor and entitled thereon such Series B Liquidation Preference on a pro rata basis; (ii) after full payment of the Series B Liquidation Preference, each Series A Holder shall be entitled to receive, prior and in preference to any distribution of any of the assets of YS Biopharma to the Ordinary Holders, an amount per Series A Preferred Share held by such Series A Holder equal to the applicable Original Series A Issue Price plus a single interest at the rate of 8% of the applicable Original Series A Issue Price on an annum basis accumulated from the applicable Original Series A Issue Date to the date such Series A Holder actually receives such repayment, plus all declared and accrued but unpaid dividends on each such Series A Preferred Share (collectively, the “Series A Liquidation Preference”, together with the Series B Liquidation Preference, the “Liquidation Preference”); if the assets available to be distributed among the Series A Holders shall be insufficient to permit the payment to such holders, then the assets of YS Biopharma legally available for distribution shall be all distributed to the Series A Holders that would otherwise be respectively qualified therefor and entitled thereon such Series A Liquidation Preference on a pro rata basis; (iii) if there are assets of tYS Biopharma available for distribution after payment of the Liquidation Preference referred to in clauses (i) and (ii) above, the remaining assets of YS Biopharma available for distribution to the Shareholders shall be distributed ratably among the Ordinary Holders and Preferred Holders on an as- converted basis. Dividends Redemption right: ● The issuance date when YS Biopharma and its subsidiaries or any ordinary share holder has material default or breach of the Preferred Shares Agreements in terms of its representation, warranties, covenants and obligations and if such breach remains uncured for 30 days after holders of the Preferred Shares give a written request to YS Group; or ● the third (3rd) anniversary of the Original Series B Issue Date, if a Qualified IPO is not achieved; In respect of the Series A Preferred Shares held by Asia Ventures and F-Prime ,provided however that during the eighteen ( 18 ) months period after January 28, 2021, Asia Ventures and F-Prime shall not exercise its redemption rights pursuant to that if YS Group is still actively preparing for a Qualified IPO; In respect of the Series A Preferred Shares held by the Series A-1 Holders, at any time following the third (3rd) anniversary of January 28, 2021, if a Qualified IPO is not achieved; or ● When Mr. Zhang, the Chairman of YS Biopharma ceases to be employed or provide service to YS Biopharma. Since the Series A, Series A-1 and Series B Convertible Redeemable Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, these Convertible Redeemable Preferred Shares are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes for the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method (17% annual compound interest for Series A, 8% annual compound interest for Series A-1 and Series B) from the issuance dates to the earliest possible redemption date.	NOTE 13 — CONVERTIBLE REDEEMABLE PREFERRED SHARES YS Group has two classes of preferred shares: Series A and Series B (collectively, the “Convertible Redeemable Preferred Shares”) with Series A consists of Series A and A-1. These Convertible Redeemable Preferred Shares are classified outside of the shareholders’ equity section of YS Group’s consolidated balance sheets because these shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of YS Group. Series A On December 10, 2012, pursuant to the Series A redeemable convertible preferred share purchase agreement and shareholders agreement (“Preferred Shares Agreements”), YS Biopharma issued 21,548,589 Series A redeemable convertible preferred shares (“Series A Preferred Share”) to Asia Ventures II L.P., and Beacon Bioventures Fund III Limited Partnership (renamed as “F-Prime Capital Partners Healthcare Fund III LP” on December 30, 2015), collectively with any of their respective affiliates who holds Series A Preferred Shares, at US$0.93 per share for total cash consideration of US $20,000,000, of which 6,014,313 shares of Series A were transferred as Series A-1 on September 4, 2020. Series A-1 On September 4, 2020, pursuant to the share purchase agreement entered into by and among Asia Ventures II L.P., (“ Asia Ventures”), F-Prime Capital Partners Healthcare Fund III LP(“F-Prime”) and Haitong XuYu International Limited, Epiphron Capital (Hong Kong) Limited, 3W Global Investment Limited, OrbiMed New Horizons Master Fund, L.P. and HH SUM XXXVI Holdings Limited (collectively “Purchasers”), Asia Ventures and F-Prime transferred 6,014,313 Series A Preferred Shares to the Purchasers. As of March 31, 2022, 15,534,276 shares Series A and 6,014,313 shares Series A-1 were issued outstanding Series B In January 2021, the principal amount of Convertible Notes (see Note 12) together with the accrued interest of US $20,389,315 were converted into 18,393,610 Series B Preferred Shares at US $1.1085 per share, and the convertible note holders also exercised their call option rights under the Convertible Notes and converted into 9,660,324 Series B preferred shares at US $2.0703 per share. In January 2021, YS Group raised US $88,000,000 by way of issuance of 36,129,245 Series B Preferred Shares to Oceanpine Investment Fund II LP, AIHC Master Fund, 3W Global Fund, MSA Growth Fund II, L.P., Epiphron Capital (Hong Kong) Limited, Wudaokou Capital Limited and Gennex China Growth Fund. In February 2021, YS Group raised US $3,000,000 by way of issuance of 1,231,679 Series B Preferred Shares to Superstring Capital Master Fund LP. The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares as of March 31, 2022: Series A Series A ‑ 1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) (US$) As of March 31, 2020 21,548,589 440,585,213 — — — — 440,585,213 $ 69,403,171 Conversion of convertible notes — — — — 18,393,610 131,425,527 131,425,527 20,702,802 Call option under convertible notes — — — — 9,660,324 131,425,290 131,425,290 20,702,765 New insurance — — — — 37,360,924 597,987,709 597,987,709 94,197,995 Shares transferred (6,014,313) (68,232,451) 6,014,313 68,232,451 — — — — Accretion to redemption value — 1,758,690 — — — 14,851,607 16,610,297 2,616,536 Foreign currency translation adjustment — (29,449,559) — (2,567,136) — (558,770) (32,575,465) (5,131,449) As of March 31, 2021 15,534,276 344,661,893 6,014,313 65,665,315 65,414,858 875,131,363 1,285,458,571 $ 202,491,820 Accretion to redemption value — 57,598,340 — 5,164,090 — 67,899,896 130,662,326 20,582,579 Foreign currency translation adjustment — (12,696,574) — (2,318,596) — (30,884,335) (45,899,505) (7,230,318) As of March 31, 2022 15,534,276 389,563,659 6,014,313 68,510,809 65,414,858 912,146,924 1,370,221,392 $ 215,844,081 Convertible Preferred Stock Rights and Preferences Conversion rights The Preferred Shares will be automatically converted into ordinary shares upon (i) the closing of an initial public offering (IPO) based on the applicable then-effective conversion price or (ii) upon the date specified by written consent or agreement of the holder of the majority of the then outstanding Preferred Shares, voting together as a single class on an as-converted basis. The initial conversion price and conversion ratio is the stated issuance price of the Preferred Shares and on a one-for-one basis, respectively. The above conversion prices are subject to adjustments in the event that YS Biopharma issues additional ordinary shares or additional deemed ordinary shares through options or convertible instruments for a consideration per share received by YS Biopharma less than the original respective conversion prices, as the case may be, in effect on the date of and immediately prior to such issue. In such event, the respective conversion price is reduced, concurrently with such issue, to a price as adjusted according to an agreed-upon formula. The above conversion prices are also subject to adjustments on a proportional basis upon other dilution events. Voting rights: Liquidation preference: Dividends Redemption right: ● The issuance date when YS Biopharma and its subsidiaries or any ordinary share holder has material default or breach of the Preferred Shares Agreements in terms of its representation, warranties, covenants and obligations and if such breach remains uncured for 30 days after holders of the Preferred Shares give a written request to YS Group; or ● the third (3rd) anniversary of the Original Series B Issue Date, if a Qualified IPO is not achieved; In respect of the Series A Preferred Shares held by Asia Ventures and F-Prime ,provided however that during the eighteen ( 18 ) months period after January 28, 2021, Asia Ventures and F-Prime shall not exercise its redemption rights pursuant to that if YS Group is still actively preparing for a Qualified IPO; In respect of the Series A Preferred Shares held by the Series A-1 Holders, at any time following the third (3rd) anniversary of January 28, 2021, if a Qualified IPO is not achieved; or ● When Mr. Zhang, the Chairman of YS Biopharma ceases to be employed or provide service to YS Biopharma. Since the Series A, Series A-1 and Series B Convertible Redeemable Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, these Convertible Redeemable Preferred Shares are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes for the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method (17% annual compound interest for Series A, 8% annual

STOCK-BASED COMPENSATION_2

STOCK-BASED COMPENSATION	6 Months Ended	12 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2022	Mar. 31, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 13 — STOCK-BASED COMPENSATION YS Group operates a share-based payment scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of YS Group’s operations. Eligible participants of the Scheme include YS Group’s directors, employees and consultants. The 2010 Share Incentive Plan On June 21, 2010, YS Group adopted the 2010 Share Incentive Plan (the “Plan”) that has a contractual term of 10 years The stock options granted to employees are accounted for as equity awards and measured at their grant date fair values. Options that vest based on service conditions generally will become vested over a three-year period in equal quarterly instalments of 0.08% each on the last day of every quarter that has elapsed until the options are 100% vested. On January 1, 2015, an annual grant of 510,000 options, which vest based on performance conditions, were granted to various employees. The annual grant was applicable for calendar years 2015, 2016, 2017, 2018, 2019 and 2020, respectively. The options become vested in equal quarterly instalments based on performance targets established on January 1 st For options granted to YS Group’s senior executives, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 5 years after the grantee terminates their employment if the vested option has not been exercised. For options granted to the remaining employees, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 12 months after the grantee terminates their employment if the vested option has not been exercised. For those awards, evaluations are made as of each reporting period to assess the likelihood of performance criteria being met. Share-based payment expenses are then adjusted to reflect the revision of original estimates. The exercise prices and exercise periods of the share options outstanding as at the end of each of the Relevant Periods are as follows: Average exercise Number of share price per share options option (RMB) At March 31, 2021 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At March 31, 2022 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At September 30, 2022 13,013,422 7.3289 The exercise prices and exercise periods of the share options outstanding as at the end of the reporting periods are as follows: Six Months Ended 30 September 2022 Number of options Exercise price Exercise period (RMB) 6,133,005 3.4845 2021 – 2031 2,453,049 6.4631 2021 – 2026 4,427,368 13.1344 2021 – 2026 13,013,422 Bonus incentive plan On January 1, 2015, YS Group launched a bonus incentive program effective for six years from launch date. The bonus incentive program is divided into two six-month periods each calendar year. The bonus incentive program specifies for each monthly tranche in the six-month period an independent performance condition for a stated period of service (i.e., one month Based on the above, the employee does not receive a number of ordinary shares with a fair value equal to a predominantly fixed dollar amount on the delivery date. Hence, the ordinary shares granted to employees are accounted for as equity awards. In addition, each monthly tranche should be accounted for as a separate award with its own service inception date, grant-date fair value, and respective requisite service period because the employee’s ability to retain (vest in) the award pertaining to the current month is not dependent on service beyond the current month. Restricted share units (“RSUs”) On February 1, 2018, YS Group granted 2,770,000 RSUs to employees under the Plan. The weighted average grant-date fair value of restricted shares units granted was $1.81, which was derived from the fair value of the underlying ordinary shares. 1,620,000 out of the 2,770,000 restricted share units were subject to service conditions vesting in six equal semi-annual instalments over three years four years As of September 30, 2022, all the granted options are vested, and there were no unrecognized share-based payment expenses related to unvested restricted shares. The remaining 1,150,000 RSUs will be vested only upon the successful closing of an IPO. Given that this constitutes a performance condition that is not considered probable until the IPO completion date, YS Group will not recognize any compensation expense until an IPO occurs. Upon the IPO completion date, YS Group will immediately recognize expenses associated with these RSUs. On July 25, 2018, YS Group granted 1,080,000 units of RSUs to three independent directors. Starting from the effective date of August 1, 2018, 120,000 RSUs will be awarded to each of the three directors annually, which shall be vested in equal portion of 30,000 units per three months The 2020 Share Incentive Plan On December 31, 2020, YS Group’s board of directors adopted the 2020 Share Incentive Plan for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with YS Group. Pursuant to such plan, YS Group is entitled to grant awards to directors, employees and consultants of YS Group with rights to subscribe for up to 35,000,000 underlying ordinary shares of YS Biopharma. As of the date of this report, (1) 8,373,671 shares as RSU incentive shares were fully vested and issued to the respective directors and employees of YS Group, and (2) 26,626,329 shares are reserved but not issued, among which, options to subscribe for 13,886,187 ordinary shares of YS Biopharma are granted to certain senior management and employees of YS Group but not exercised. Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows: Six Months Ended September 30, 2021 2022 2022 (Unaudited) (Unaudited) (Unaudited) Research and development expenses 492,764 (1,015,055) $ (142,970) General and administrative expenses 2,635,978 929,739 130,953 Total stock-based compensation 3,128,742 (85,316) $ (12,017) On August 15, 2022, unanimous written resolution of the board of director of YS Group accepted the notice from a former employee, for the surrender of 575,000 of issued shares with US$0.000005 each in YS Group registered in his name.	NOTE 14 — STOCK-BASED COMPENSATION YS Group operates a share-based payment scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of YS Group’s operations. Eligible participants of the Scheme include YS Group’s directors, employees and consultants. The 2010 Share Incentive Plan On June 21, 2010, YS Group adopted the 2010 Share Incentive Plan (the “Plan”) that has a contractual term of 10 years. The Plan provides for the granting of stock options and other stock-based awards to employees and directors. YS Group’s Board of Directors authorized and reserved for the issuance of up to 10,902,600 ordinary shares under the Plan for the period from 2010 to 2013. Starting from 1 January 2014, the maximum number of shares subject to awards that may be granted during any single calendar year is equal to 1.5% of total issued and outstanding shares as of the first business day of that calendar year. The stock options granted to employees are accounted for as equity awards and measured at their grant date fair values. Options that vest based on service conditions generally will become vested over a three-year period in equal quarterly instalments of 0.08% each on the last day of every quarter that has elapsed until the options are 100% vested. On January 1, 2015, an annual grant of 510,000 options, which vest based on performance conditions, were granted to various employees. The annual grant was applicable for calendar years 2015, 2016, 2017, 2018, 2019 and 2020, respectively. The options become vested in equal quarterly instalments based on performance targets established on January 1 st For options granted to YS Group’s senior executives, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 5 years after the grantee terminates their employment if the vested option has not been exercised. For options granted to the remaining employees, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after each of its vesting date); or 2) 12 months after the grantee terminates their employment if the vested option has not been exercised. For those awards, evaluations are made as of each reporting period to assess the likelihood of performance criteria being met. Share-based payment expenses are then adjusted to reflect the revision of original estimates. The exercise prices and exercise periods of the share options outstanding as at the end of each of the Relevant Periods are as follows: Average exercise Number of share price per share options option (RMB) At March 31, 2020 11,223,795 3.8807 Granted during the period 10,254,198 8.4631 Forfeited during the period (298,117) 6.4631 Exercised during the period (8,103,671) — Expired during the period (62,783) 6.4631 At March 31, 2021 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At March 31, 2022 13,013,422 7.3289 The exercise prices and exercise periods of the share options outstanding as at the end of the reporting periods are as follows: Year ended 31 March 2021 Number of options Exercise price Exercise period (RMB) 6,133,005 3.4845 2021 – 2031 2,453,049 6.4631 2021 – 2026 4,427,368 13.1344 2021 – 2026 13,013,422 Bonus incentive plan On January 1, 2015, YS Group launched a bonus incentive program that is effective for six years from launch date. The bonus incentive program is divided into two six-month periods each calendar year. The bonus incentive program specifies for each monthly tranche in the six-month period an independent performance condition for a stated period of service (i.e., one month). The bonus amount is determined on a monthly basis at month-end by the human resources department based on a reasonably objective performance criteria that serves as a basis for promotion and other compensation decisions. A fixed conversion price is then applied to the employee’s month end bonus to determine the number of ordinary shares to be issued to the employee for each individual month. At the end of each respective six-month period, YS Group finalizes the vested ordinary shares to be issued to the employee. Based on the above, the employee does not receive a number of ordinary shares with a fair value equal to a predominantly fixed dollar amount on the delivery date. Hence, the ordinary shares granted to employees are accounted for as equity awards. In addition, each monthly tranche should be accounted for as a separate award with its own service inception date, grant-date fair value, and respective requisite service period because the employee’s ability to retain (vest in) the award pertaining to the current month is not dependent on service beyond the current month. Restricted share units (“RSU”) On February 1, 2018, YS Group granted 2,770,000 restricted share units to employees under the Plan. The weighted average grant-date fair value of restricted shares units granted was US$1.81, which was derived from the fair value of the underlying ordinary shares. 1,620,000 out of the 2,770,000 restricted share units were subject to service conditions vesting in six equal semi-annual instalments over three years or eight equal semi-annual instalments over four years, respectively. As of March 31, 2022, all the granted options are vested, and there were no unrecognized share-based payment expenses related to unvested restricted shares. The remaining 1,150,000 restricted share units will be vested only upon the successful closing of an IPO. Given that this constitutes a performance condition that is not considered probable until the IPO completion date, YS Group will not recognize any compensation expense until an IPO occurs. Upon the IPO completion date, YS Group will immediately recognize expenses associated with these restricted share units. On July 25, 2018, YS Group granted 1,080,000 units of restricted share units to three independent directors. Starting from the effective date of August 1, 2018, 120,000 RSUs will be awarded to each of the three directors annually, which shall be vested in equal portion of 30,000 units per three months’ Director services rendered by each director. For each of the new directors, 20,000 units will be vested for the two-month period starting from August 1, 2018, and the remaining are vested on quarterly basis starting from October 1, 2018 to July 31, 2021. The grant-date fair value of the restricted share units was US$1.84, which was derived from the fair value of the underlying ordinary shares. As of March 31, 2022, all the granted options are vested and there were no unrecognized share-based payment expenses related to unvested restricted shares. The 2020 Share Incentive Plan On December 31, 2020, YS Group’s board of directors adopted the 2020 Share Incentive Plan for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with YS Group. Pursuant to such plan, YS Group is entitled to grant awards to directors, employees and consultants of YS Group with rights to subscribe for up to 35,000,000 underlying ordinary shares of YS Biopharma. As of the date of this report, (1) 8,373,671 shares as RSU incentive shares were fully vested and issued to the respective directors and employees of YS Group, and (2) 26,626,329 shares are reserved but not issued, among which, options to subscribe for 13,886,187 ordinary shares of YS Biopharma are granted to certain senior management and employees of YS Group but not exercised. Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows: For the Fiscal Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Research and development expenses 4,200,464 975,171 $ 153,614 General and administrative expenses 72,501,943 6,789,277 1,069,481 Selling expenses 54,093 — — Total stock-based compensation 76,756,500 7,764,448 $ 1,223,094

RELATED PARTY TRANSACTIONS AN_6

RELATED PARTY TRANSACTIONS AND BALANCES	6 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS AND BALANCES	Sep. 30, 2022	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND BALANCES	NOTE 14 — RELATED PARTY TRANSACTIONS AND BALANCES The following companies are related parties that had balances or transactions with YS Group as of and during the six months ended September 30, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang Transactions with related parties YS Group had the following transactions with related parties, all of which are interest-free during the six months ended September 30, 2022 and 2021: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 2,966,777 — $ — Repayment to YS Group 33,055,610 — $ — In fiscal 2021, YS Group lent RMB30,088,833 to Yisheng Biopharma Holdings Limited (Hong Kong) for its operating needs. In fiscal 2022, YS Group lent another RMB2,966,777 to Yisheng Biopharma Holdings Limited (Hong Kong), and Yisheng Biopharma Holdings Limited (Hong Kong) repaid RMB33,055,610 in full to YS Group. As of September 30, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil. From time to time, and prior to the business reorganization that completed in February 2021, YS Group borrowed or lent money to or form the following related parties that were under common control of Mr. Zhang for working capital purposes: Beijing Yisheng Xingye Technology Co., Ltd. (PRC) (“Beijing Yisheng Xingye”) In the six months ended September 30, 2021, Beijing Yisheng Xingye lent RMB46,970 to YS Group, and YS Group repaid it in full. As of September 30, 2022, the balance of amount due to Beijing Yisheng Xingye was RMB nil. Yisheng Biopharma Co., Ltd. (“Yisheng Biopharma “) In the six months ended September 30, 2021, Yisheng Biopharma lent RMB64,880 to YS Group, and YS Group repaid it in full during the same year. As of September 30, 2022, the amount due to Yisheng Biopharma was RMB nil.	NOTE 15 — RELATED PARTY TRANSACTIONS AND BALANCES The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Kaifeng Yisheng Pan-Asia Technology Co., Ltd An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang Changchun Bailong Biotechnology Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Huizhong Health Services Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Biopharma Co., Ltd. An entity controlled by Yi Zhang Name of related parties Relationship with YS Group Beijing Huaerdun Kangqi Biotechnology Co., Ltd. An entity controlled by Yi Zhang Liaoning Yisheng Pan-Asia An entity controlled by Yi Zhang Yi Zhang Chairman of Board of Directors Hui Shao Chief Executive Officer Zhongkai Shi* Chief Medical Officer Nan Zhang Daughter of the Chairman Xu Zhang Daughter of the Chairman * Zhongkai Shi resigned in September 2021. Outstanding balances with related parties As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holding Ltd (Hong Kong) 30,088,833 — $ — 30,088,833 — $ — During the year ended March 31, 2021, Yisheng Biopharma Holding Ltd (Hong Kong) received repayment of RMB30,088,833 (US$4.6 million) from Hong Kong Tang Hillcrest Investment Corporation on behalf of YS Group. The loan to Hong Kong Tang Hillcrest Investment Corporation is non-interest bearing and is renewed annually since 2015. During the year ended March 31, 2022, Yisheng Biopharma Holding Ltd (Hong Kong) transferred the repayment fully to YS Group. Transactions with related parties YS Group had the following transactions with related parties, all of which are interest-free during the fiscal years ended March 31, 2022 and 2021: For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 30,088,833 2,966,777 $ 459,412 Repayment to YS Group 33,055,610 $ 5,118,732 In fiscal 2021, YS Group lent RMB30,088,833 to Yisheng Biopharma Holdings Limited (Hong Kong) for its operating needs. In fiscal 2022, YS Group lent another RMB2,966,777 to Yisheng Biopharma Holdings Limited (Hong Kong), and Yisheng Biopharma Holdings Limited (Hong Kong) repaid RMB33,055,610 in full to YS Group. As of March 31, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil. From time to time, and prior to the business reorganization that completed in February 2021, YS Group borrowed or lent money to or form the following related parties that were under common control of Yi Zhang for working capital purposes: Henan Yisheng Biopharma Co., Ltd. (“Henan Yisheng Biopharma”) As of March 31, 2020, YS Group owed Henan Yisheng Biopharma was RMB102,868,404. In fiscal year 2021, Henan Yisheng Biopharma lent RMB 213,545,060 to YS Group for its operating needs, and YS Group repaid RMB147,375,441 to Henan Yisheng Biopharma. Henan Yisheng Biopharma forgave the remaining debts, RMB169,038,024 during the fiscal year ended March 31, 2021. Beijing Yisheng Xingye Technology Co., Ltd. (PRC) (“Beijing Yisheng Xingye”) As of March 31, 2020, YS Group owned Beijing Yisheng Xingye Technology Co., Ltd. (PRC) RMB204,218,333. In fiscal year 2021, Beijing Yisheng Xingye lent RMB155,014,765 to YS Group for its operating needs, and YS Group repaid RMB47,360,000 to Beijing Yisheng Xingye. Beijing Yisheng Xingye forgave the remaining debts, RMB311,873,098. As of March 31, 2021, the balance of amount due to Beijing Yisheng Xingye was RMB nil. In fiscal year 2022, Beijing Yisheng Xingye lent RMB46,970 to YS Group, and YS Group repaid it in full. As of March 31, 2022, the balance of amount due to Beijing Yisheng Xingye was RMB nil. Henan Yisheng Pan-Asia Co., Ltd. (“Henan Yisheng Pan-Asia”) As of March 31, 2020, YS Group owed Henan Yisheng Pan-Asia Co., Ltd. RMB8,000. In fiscal 2021, YS Group repaid RMB8,000 in full to Henan Yisheng Pan-Asia. Other Related Parties As of March 31, 2020, YS Group owed RMB7,792,152 in total to the following individual: Xu Zhang, Hui Shao, Zhongkai Shi, Yi Zhang and Nan Zhang. In fiscal year 2021, these individuals lent RMB445,833 in total to YS Group, and YS Group repaid RMB8,237,985 in full to these individuals. Liaoning Yisheng Pan-Asia Co., Ltd. (“Liaoning Yisheng Pan-Asia”) As of March 31, 2020, the Liaoning Yisheng Pan-Asia owed YS Group RMB30,780,298. In fiscal 2021, YS Group lent RMB8,423,885 to Liaoning Yisheng Pan-Asia, and Liaoning Yisheng Pan-Asia repaid RMB6,700,388 to YS Group. YS Group forgave the remaining RMB32,503,795. As of March 31, 2021, the amount due from Liaoning Yisheng Pan-Asia was RMB nil. Henan Yisheng Huizhong Co., Ltd. (“Henan Yisheng Huizhong”) As of March 31, 2020, Henan Yisheng Huizhong owed YS Group RMB1,744,800. In fiscal 2021, YS Group lent RMB570,000 to Henan Yisheng Huizhong. YS Group forgave Henan Yisheng Huizhong’s debts of RMB2,314,800. As of March 31, 2021, the amount due from Henan Yisheng Huizhong was RMB nil. Yisheng Biopharma Co., Ltd. (“Yisheng Biopharma”) In fiscal 2022, Yisheng Biopharma lent RMB64,880 to YS Group, and YS Group repaid it in full during the same year. As of March 31, 2022, the amount due to Yisheng Biopharma was RMB nil.

INCOME TAX_2

INCOME TAX	6 Months Ended	12 Months Ended
INCOME TAX	Sep. 30, 2022	Mar. 31, 2022
INCOME TAX
INCOME TAX	NOTE 15 — INCOME TAX Cayman Islands. Hong Kong. Singapore. China. United States. The provision for income tax consisted of the following: Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Current income tax — — $ — Deferred tax 5,689,586 565,625 79,668 Income tax 5,689,586 565,625 $ 79,668 The following table reconciles the statutory rate to YS Group’s effective tax rate: Six Months Ended September 30, 2021 2022 (Unaudited) (Unaudited) PRC statutory income tax rate 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (26.82) % (182.62) % Effect of PRC preferential tax rate 11.98 % (100.49) % Effect of research and development expenses deduction and Others 30.97 % 80.56 % Temporary differences* 13.42 % 5.03 % Change in valuation allowance (41.02) % 177.88 % Effective tax rate 13.53 % 5.36 % * Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants. Net deferred tax assets as of September, 2022 and March 31, 2022, consist of the following key components: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Deferred tax assets: Write-down of inventories to net realizable value 825,454 166,410 $ 23,439 Impairment of property, plant and building 2,031,460 1,900,433 267,674 Deferred government grants 4,852,383 4,680,205 659,202 Losses available for offsetting against future taxable profits 58,257,270 47,805,830 6,733,405 Less: valuation allowance (58,257,270) (47,805,830) (6,733,405) Total deferred tax assets, net 7,709,297 6,747,048 950,315 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (4,670,213) (4,273,589) (601,931) Total deferred tax liabilities (4,670,213) (4,273,589) (601,931) Net deferred tax asset 3,039,084 2,473,459 $ 348,384 In assessing the realizability of the net deferred tax assets, YS Group considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income in the future. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, YS Group provided valuation allowance of RMB47.8 million as of September 30, 2022 and RMB58.3 million as of March 31, 2022, respectively. The amount of the deferred tax asset is considered unrealizable because it is more likely than not that YS Group will not generate sufficient future taxable income to utilize this portion of the net operating loss. Uncertain tax positions There were no uncertain tax positions as of September 30, 2022 and 2021 and management does not anticipate any potential future adjustments which would result in a material change to its tax positions.	NOTE 16 — INCOME TAX Cayman Islands. Hong Kong. Singapore. China. United States. The provision for income tax consisted of the following: For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Current income tax — — $ — Deferred tax 17,454,245 4,937,122 777,720 Income tax 17,454,245 4,937,122 $ 777,720 The following table reconciles the statutory rate to YS Group’s effective tax rate: For the Years Ended March 31, 2021 2022 PRC statutory income tax rate 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (20.56) % (18.26) % Effect of PRC preferential tax rate (0.77) % 4.56 % Effect of research and development expenses deduction and others 7.8 % 33.2 % Temporary differences* 10.01 % 4.88 % Change in valuation allowance (11.49) % (44.47) % Effective tax rate 10.01 % 4.88 % * Net deferred tax assets as of March 31, 2022 and 2021, consist of the following key components: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Deferred tax assets: Write-down of inventories to net realizable value 6,195,269 825,454 $ 130,030 Impairment of property, plant and building 2,293,516 2,031,460 320,006 Deferred government grants 4,950,884 4,852,383 764,371 Losses available for offsetting against future taxable profits 32,495,322 58,257,270 9,176,975 Less: valuation allowance (32,495,322) (58,257,270) (9,176,975) Total deferred tax assets, net 13,439,669 7,709,297 1,214,407 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (5,463,463) (4,670,213) (735,675) Total deferred tax liabilities (5,463,463) (4,670,213) (735,675) Net deferred tax asset 7,976,206 3,039,084 $ 478,732 In assessing the realizability of the net deferred tax assets, YS Group considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income in the future. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, YS Group provided valuation allowance of RMB58.3 million and RMB32.5 million as of March 31, 2022 and 2021, respectively. The amount of the deferred tax asset is considered unrealizable because it is more likely than not that YS Group will not generate sufficient future taxable income to utilize this portion of the net operating loss. Uncertain tax positions There were no uncertain tax positions as of March 31, 2022 and 2021 and management does not anticipate any potential future adjustments which would result in a material change to its tax positions.

DEFERRED GOVERNMENT GRANTS_2

DEFERRED GOVERNMENT GRANTS	6 Months Ended	12 Months Ended
DEFERRED GOVERNMENT GRANTS	Sep. 30, 2022	Mar. 31, 2022
DEFERRED GOVERNMENT GRANTS.
DEFERRED GOVERNMENT GRANTS	NOTE 16 — DEFERRED GOVERNMENT GRANTS Deferred government grants represent funds received from the PRC government for research and development, investment in building or improvement in YS Group’s production facilities. These specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. YS Group received government grants that were deferred in the amount of RMB 1.2 million and RMB1.5 million in the six months of 2022 and 2021, respectively. In addition, YS Group received RMB13.2 million and RMB18.5 million other subsidies that the government has not set any conditions and are not tied to future trends or performance of YS Group and were recognized in other income in 2022 and 2021, respectively. Deferred government grants included the following: March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Government grants for property, plant and equipment Balance at beginning of the year 21,847,340 22,030,690 $ 3,103,001 Addition 1,552,000 1,200,000 169,019 Recognized as income (1,368,650) (727,839) (102,515) Subtotal 22,030,690 22,502,851 $ 3,169,505 Government grants for research and development Balance at beginning of the year 11,158,551 10,318,528 $ 1,453,355 Addition — Recognized as income (840,023) (8,498,712) (1,197,036) Subtotal 10,318,528 1,819,816 $ 256,319 Total deferred government grants 32,349,218 24,322,667 $ 3,425,824 Less: current portion (2,295,701) (3,495,701) (492,366) Non-current portion 30,053,517 20,826,966 $ 2,933,458 Government grants for property, plant and equipment YS Group has seven deferred government grants related to property, plant and equipment, and fulfilled the conditions attached to all the grants. RMB0.6 million was amortized from deferred government grant into government grant recognized in income in the six months ended September 30, 2022, and RMB1.4 million for the six months ended September 30, 2021. RMB2.7 million will be amortized in next 12 months end September 30, 2023, which was included in the current deferred government grant and RMB19.8 million will be amortized after September 2023 which was included in the non-current portion of deferred government grants. Government grants for research and development YS Group has two deferred government grants related to various research and development projects, and fulfilled the conditions attached to one grant in 2010. RMB8.5 million was amortized from deferred government grant into government grant recognized in income in six months ended September 30, 2022, and RMB0.8 million for the six months ended September 30, 2021. RMB0.8 million will be amortized in next 12 months ended September 30, 2023 which was included in the current deferred government grant and RMB 1.0 million will be amortized after September 2023 which was included in the non-current portion of deferred government grants. The remaining grant’s condition is expected to be fulfilled after 2022 and RMB 1.0 million is recorded in the non-current portion of deferred government grants.	NOTE 17 — DEFERRED GOVERNMENT GRANTS Deferred government grants represent funds received from the PRC government for research and development, investment in building or improvement in YS Group’s production facilities. These specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. YS Group received government grants that were deferred in the amount of RMB3.6 million and RMB1.6 million in fiscal 2022 and 2021, respectively. In addition, YS Group received RMB20.8 million and RMB1.44 million other subsidies that the government has not set any conditions and are not tied to future trends or performance of YS Group and were recognized in other income in 2022 and 2021, respectively. Deferred government grants included the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Government grants for property, plant and equipment Balance at beginning of the year 21,096,442 21,847,340 $ 3,441,502 Addition 2,000,000 1,552,000 244,479 Recognized as income (1,249,102) (1,368,650) (215,597) Subtotal 21,847,340 22,030,690 $ 3,470,384 Government grants for research and development Balance at beginning of the year 10,387,874 11,158,551 $ 1,757,750 Addition 1,610,700 — — Recognized as income (840,023) (840,023) (132,325) Subtotal 11,158,551 10,318,528 $ 1,625,425 Total deferred government grants 33,005,891 32,349,218 $ 5,095,809 Less: current portion (2,121,645) (2,295,701) (361,630) Non-current portion 30,884,246 30,053,517 $ 4,734,179 Government grants for property, plant and equipment YS Group has seven deferred government grants related to property, plant and equipment, and has fulfilled the conditions attached to all the grants. RMB1.4 million was amortized from deferred government grant into government grant recognized in income in fiscal 2022, as compared to RMB1.2 million for the fiscal year ended March 31, 2021. RMB1.5 million will be amortized in fiscal 2023 which was included in the current deferred government grant and RMB 20.6 million will be amortized after 2023 which was included in the non-current portion of deferred government grants. RMB18.5 million was recorded as government grant recognized in income for the fiscal year ended March 31, 2022, as compared to nil for the fiscal years ended March 31, 2021. Government grants for research and development YS Group has two deferred government grants related to various research and development projects, and fulfilled the conditions attached to one grant in 2010. RMB0.8 million was amortized from deferred government grant into government grant recognized in income in fiscal 2022, same as that for the year ended March 31, 2021. RMB0.8 million will be amortized in fiscal 2023 which was included in the current deferred government grant and RMB1.4 million will be amortized after 2023 which was included in the non-current portion of deferred government grants. The remaining grant’s condition is expected to be fulfilled after 2022 and RMB8.1 million is recorded in the non-current portion of deferred government grants. RMB2.0 million was recorded as government grant recognized in income for the year ended March 31, 2022, as compared to nil for the years ended March 31, 2021.

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES	6 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 17 — COMMITMENTS AND CONTINGENCIES As of September 30, 2022, YS Group has the following commitments to purchase raw materials or services: As of September 30, 2022 2022 (RMB) ($) Construction of vaccine production facilities Office of Life Sciences 1,580,000 $ 222,541 Research and development 6,001,375 845,288 Purchase raw materials 20,236,200 2,850,249 Total 27,817,575 $ 3,918,078 In 2018, Liaoning Yisheng filed a sales contract dispute with Hebei Defense Biological Products Supply Center. The Supreme People’s Court of Liaoning supported Liaoning Yisheng’s claim that the defendant Hebei Weifang should pay RMB2,465,807 for Liaoning Yisheng vaccine within 20 days after the judgment came into effect. As of the date of this report, YS Group received RMB1,636,755 compensation from Hebei Defense Biological Products Supply Center and the balance of RMB829,052 compensation may be received in fiscal 2024. In 2019, Liaoning Yisheng filed a sales contract dispute with Chaoyang Center for Disease Control and Prevention. The Supreme People’s Court of Liaoning supported Liaoning Yisheng’s claim that the defendant Chaoyang Center for Disease Control and Prevention should pay RMB416,900 for Liaoning Yisheng vaccine. To the date, YS Group received RMB300,000 from Chaoyang Center for Disease Control and Prevention, and the balance of RMB116,900 may be received in fiscal 2023. YS Group was also involved in certain other labor disputes as of September 30, 2022. As the proceedings are in the early stages, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made.	NOTE 18 — COMMITMENTS AND CONTINGENCIES As of March 31, 2022, YS Group has the following commitments to purchase raw materials or services: As of March 31, 2022 2022 (RMB) (US$) Other professional service fee 7,617,840 $ 1,200,000 Research and development 73,894,705 11,640,261 Purchase raw materials 17,664,500 17,664,500 Total 99,177,045 $ 30,504,761 In year 2018, Liaoning Yisheng filed a sales contract dispute with Hebei Defense Biological Products Supply Center. The Supreme People’s Court of Liaoning supported the Liaoning Yisheng’s claim that the defendant Hebei Weifang should pay RMB2,465,807 for Liaoning Yisheng vaccine within 20 days after the judgment came into effect. As of the date of this report, YS Group received RMB1,636,755 compensation from Hebei Defense Biological Products Supply Center and the balance of RMB829,052 compensation may be received in fiscal 2024. In year 2019, Liaoning Yisheng filed a sales contract dispute with Chaoyang Center for Disease Control and Prevention. The Supreme People’s Court of Liaoning supported the Liaoning Yisheng’s claim that the defendant Chaoyang Center for Disease Control and Prevention should pay RMB416,900 for Liaoning Yisheng vaccine. To the date, YS Group received RMB300,000 from Chaoyang Center for Disease Control and Prevention, and the balance of RMB116,900 may be received in fiscal 2023. YS Group was also involved in certain other labor disputes as of March 31, 2022. As the proceedings are in the early stages, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made.

SEGMENT INFORMATION_2

SEGMENT INFORMATION	6 Months Ended	12 Months Ended
SEGMENT INFORMATION	Sep. 30, 2022	Mar. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 18 — SEGMENT INFORMATION Based on management’s assessment, YS Group has one operating segment, which is the development, production, marketing and sale of biopharmaceutical products. No operating segments were aggregated to form the reportable operating segment. YS Group’s non-current assets are located in the PRC and other countries, such as Singapore and United States. The location of these non-current assets can be aggregated to form the reportable geographical segment. March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) PRC 604,094,049 613,613,563 $ 86,426,880 Other countries/regions 26,777,039 25,068,223 $ 3,530,835 The non-current asset information above is based on the location of the assets and excludes financial instruments and deferred tax assets.	NOTE 19 — SEGMENT INFORMATION Based on management’s assessment, YS Group has one operating segment, which is the development, production, marketing and sale of biopharmaceutical products. No operating segments were aggregated to form the reportable operating segment. YS Group’s non-current assets are located in the PRC and other countries, such as Singapore and United States. The location of these non-current assets can be aggregated to form the reportable geographical segment. As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) PRC 288,637,839 604,094,049 $ 95,159,896 Other countries/regions 31,345,723 26,777,039 $ 4,218,052 The non-current asset information above is based on the location of the assets and excludes financial instruments and deferred tax assets.

SUBSEQUENT EVENTS_2

SUBSEQUENT EVENTS	6 Months Ended	12 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19 — SUBSEQUENT EVENTS YS Group performed an evaluation of events and transactions for potential recognition or disclosure through the date of this report. YS Group is not aware of any material subsequent events other than those disclosed below and elsewhere in the notes to the CFS. On November 8, 2022, YS Group entered into a sale-leaseback agreement of RMB26 million for 3 years, from November 8, 2022 to November 7, 2025, with a 5% interest rate. YS Group repaid approximately RMB36 million to China Guangfa Bank Co., Ltd. Shenyang Branch, and approximately RMB28 million to Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch from October 1, 2022 to December 16, 2022. And YS Group drew another approximately RMB13 million with interest at 5.655% from China Guangfa Bank Co., Ltd. Shenyang Branch, approximately RMB30 million with interest at 5.3% from Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch, and approximately RMB19 million with interest at 4.0% from China Construction Bank — Shenyang Branch.	NOTE 20 — SUBSEQUENT EVENTS YS Group performed an evaluation of events and transactions for potential recognition or disclosure through the date of this report. YS Group is not aware of any material subsequent events other than those disclosed below and elsewhere in the notes to the consolidated financial statements. On August 15, 2022, Oceanview Bioscience Acquisition Co., Ltd. (“Oceanview Bioscience”) and Hudson Biomedical Group Co., Ltd. (“Hudson Biomedical”) were incorporated under the laws of Cayman Islands as exempted companies with limited liability. The companies were incorporated for the purpose of effecting a merger with Summit Healthcare Acquisition Corp, a Special Purpose Acquisition Company (“SPAC”). On August 15, 2022, unanimous written resolutions of the board of directors of YS Group accepted the notice from a former employee, relating to the surrender of 575,000 of issued shares with US$0.000005 each in YS Group registered in his name.

PARENT COMPANY ONLY CONDENSED_7

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)	NOTE 20 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. YS Group performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to YS Group as the restricted net assets of YS Group’s PRC subsidiaries exceeded 25% of the consolidated net assets of YS Group. Therefore, the condensed financial statements of the parent company are included herein. PARENT COMPANY BALANCE SHEETS March 31, September 30, September 30, 2022 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 252,611,535 3,943,175 $ 555,392 Amounts due from related parties 519,236,876 848,379,306 119,493,409 Total current assets 771,848,411 852,322,481 120,048,801 Non-current assets Long-term investments, net 146,641,652 164,003,403 23,099,722 Total non-current assets 146,641,652 164,003,403 23,099,722 Total Assets 918,490,063 1,016,325,884 $ 143,148,523 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 244,082,463 354,920,428 $ 49,990,201 Amounts due to related parties 3,155,395 3,528,981 497,054 Total current liabilities 247,237,858 358,449,409 50,487,255 Total Liabilities 247,237,858 358,449,409 50,487,255 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding) 458,074,468 551,004,725 77,608,485 Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding) 912,146,924 1,057,557,002 148,955,886 Total mezzanine equity 1,370,221,392 1,608,561,727 226,564,371 Shareholders’ deficit: Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding outstanding 7,978 7,978 1,124 Additional paid-in capital 808,502,018 808,648,509 113,897,365 Accumulated deficit (1,590,567,163) (1,673,775,766) (235,749,706) Accumulated other comprehensive income (loss) 83,087,980 (85,565,973) (12,051,886) Total shareholders’ deficit (698,969,187) (950,685,252) (133,903,103) Total liabilities, mezzanine equity and shareholders’ deficit 918,490,063 1,016,325,884 $ 143,148,523 PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (27,562,274) (5,703,582) $ (803,346) Operating expenses: Selling General and administrative 17,037,618 6,356,204 895,265 Research and development 492,764 (934,367) (131,605) Total operating expenses 17,530,382 5,421,837 763,660 Loss from operations (45,092,656) (11,125,419) (1,567,006) Other income: Financial income, net 1,324 54 8 Total other income, net 1,324 54 8 Net loss (45,091,332) (11,125,365) (1,566,998) Accretion to redemption value of convertible redeemable preferred shares (65,013,751) (72,083,238) (10,152,855) Net loss attributable to YS Biopharma (110,105,083) (83,208,603) (11,719,853) Net loss (45,091,332) (11,125,365) (1,566,998) Feign currency translation gain 11,321,167 (168,653,952) (23,754,747) Total comprehensive loss (33,770,165) (179,779,317) $ (25,321,745) Loss per share: – Basic and Diluted (0.18) (0.04) $ (0.01) Weighted average number of ordinary shares outstanding: – Basic and Diluted 247,311,533 247,311,533 247,311,533 * Gives retroactive effect to reflect the reorganization in February 2021. PARENT COMPANY STATEMENTS OF CASH FLOWS Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Net loss (45,091,332) (11,125,365) $ (1,566,998) Equity loss of subsidiaries 27,562,274 5,703,582 803,346 Share-based compensation 3,128,741 (85,316) (12,017) Changes in operating assets and liabilities: Amounts due from related parties (298,261,642) (328,910,623) (46,326,745) Amounts due to related parties (42,697) 373,586 52,619 Accrued expenses and other liabilities (7,357,523) 55,467,639 7,812,564 Net cash used in operating activities (320,062,179) (278,576,497) (39,237,231) Effect of exchange rate on cash (4,446,303) 29,908,137 4,212,531 Net decrease in cash (324,508,482) (248,668,360) (35,024,700) Cash at the beginning of the period 330,296,949 252,611,535 35,580,092 Cash at the end of the period 5,788,467 3,943,175 $ 555,392 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 65,013,751 72,083,238 $ 10,152,855	NOTE 21 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) 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, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 330,296,949 252,611,535 $ 39,792,624 Amounts due from related parties 495,937,171 519,236,876 81,792,772 Total current assets 826,234,120 771,848,411 121,585,396 Non-current assets Long-term investments, net 150,952,826 146,641,652 23,099,721 Total non-current assets 150,952,826 146,641,652 23,099,721 Total Assets 977,186,946 918,490,063 $ 144,685,117 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 197,324,794 244,082,463 $ 38,449,082 Amounts due to related parties 3,266,288 3,155,395 497,053 Total current liabilities 200,591,082 247,237,858 38,946,135 Total Liabilities 200,591,082 247,237,858 38,946,135 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding as of March 31, 2022 and 2021) 410,327,208 458,074,468 72,158,166 Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding as of March 31, 2022 and 2021) 875,131,363 912,146,924 143,685,915 Total mezzanine equity 1,285,458,571 1,370,221,392 215,844,081 Shareholders’ deficit: Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021* 7,978 7,978 1,257 Additional paid-in capital 800,806,378 808,502,018 127,359,254 Retained earnings (1,353,900,436) (1,590,567,163) (250,554,041) Accumulated other comprehensive income 44,223,373 83,087,980 13,088,431 Total shareholders’ deficit (508,862,707) (698,969,187) (110,105,099) Total liabilities, mezzanine equity and shareholders’ deficit 977,186,946 918,490,063 $ 144,685,117 * PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (60,903,713) (75,864,722) $ (11,950,588) Operating expenses: Selling expenses 54,278 — — General and administrative expenses 104,562,058 29,178,255 4,596,304 Research and development expenses 4,352,356 988,531 155,718 Total operating expenses 108,968,692 30,166,786 4,752,022 Loss from operations (169,872,405) (106,031,508) (16,702,610) Other income (expenses) Financial income/(expenses), net (21,953,837) 27,107 4,270 Total other income/(expenses), net (21,953,837) 27,107 4,270 Net loss (191,826,242) (106,004,401) (16,698,340) Accretion to redemption value of convertible redeemable preferred shares (16,610,297) (130,662,326) (20,582,579) Net loss attributable to YS Biopharma (208,436,538) (236,666,727) (37,280,919) Net loss (191,826,242) (106,004,401) (16,698,340) Feign currency translation gain 22,455,217 38,864,607 6,122,146 Total comprehensive loss (169,371,025) (67,139,794) $ (10,576,194) Loss per share: – Basic and Diluted (0.78) (0.43) $ (0.07) Weighted average number of ordinary shares outstanding: – Basic and Diluted 247,311,533 247,311,533 247,311,533 * PARENT COMPANY STATEMENTS OF CASH FLOWS For the Fiscal Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) Net loss (191,826,242) (106,004,401) $ (16,698,340) Equity loss of subsidiaries 60,903,713 75,864,722 11,950,588 Share-based compensation 76,756,500 7,764,448 1,223,094 Changes in operating assets and liabilities: Amounts due from related parties (421,125,633) (23,299,705) (3,670,285) Amounts due to related parties 2,906,881 (110,893) (17,468) Accrued expenses and other liabilities 77,228,629 (24,732,348) (3,895,962) Net cash used in operating activities (395,156,152) (70,518,177) (11,108,373) Cash flows from investing activities: Payment for long-term investment (7,658,738) (813,776) (128,190) Net cash used in investing activities (7,658,738) (813,776) (128,190) Cash flows from financing activities: Proceeds from issuance of mezzanine equity 729,412,999 — — Shareholders’ contributions 1,589,236 — — Net cash provided by financing activities 731,002,235 — — Effect of exchange rate on cash 2,109,604 (6,353,461) (1,000,829) Net (decrease) increase in cash 330,296,949 (77,685,414) (12,237,392) Cash at the beginning of the year — 330,296,949 52,030,016 Cash at the end of the year 330,296,949 252,611,535 $ 39,792,624 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 16,610,297 130,662,326 $ 20,582,579 Forgiveness from related parties 446,092,527 — $ —

SUMMARY OF SIGNIFICANT ACCOU_13

ORGANIZATION AND BUSINESS DES_5

ORGANIZATION AND BUSINESS DESCRIPTION (Tables)	6 Months Ended	12 Months Ended
ORGANIZATION AND BUSINESS DESCRIPTION (Tables)	Sep. 30, 2022	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of YS group's current legal entity	‘Legal Entity Nature of Operations Date of Incorporation Place of Incorporation YishengBio Co., Ltd (“YS Biopharma”) Holding Company November 16, 2020 Cayman Islands YishengBio (Hong Kong) Holdings Limited (“ HK YishengBio ”) Holding Company December 28, 2020 Hong Kong Yisheng Biopharma (Singapore) Pte. Ltd. (“ Singapore Yisheng ”)* Research and development of vaccines and therapeutic biologics November 28, 2009 Singapore Yisheng US Biopharma Inc. (“ US Yisheng ”) Research of vaccines and therapeutic biologics September 29, 2009 US Oceanview Bioscience Acquisition Co., Ltd (“ Oceanview Bioscience ”) For acquisition August 17, 2022 Cayman Islands Hudson Biomedical Group Co.,Ltd (“ Hudson Biomedical ”) For acquisition August 17, 2022 Cayman Islands Liaoning Yisheng Bio-Pharma Co., Ltd. (“ Liaoning Yisheng ”)** Research and development, manufacturing and commercialization of vaccines and therapeutic biologics May 26, 1994 PRC Beijing Yisheng Biotechnology Co., Ltd. (“ Beijing Yisheng ”) Research and development of vaccines and therapeutic biologics February 4, 2021 PRC	Legal Entity Nature of Operations Date of Incorporation Place of Incorporation YishengBio Co., Ltd (“YS Biopharma”) Holding Company November 16, 2020 Cayman Islands YishengBio (Hong Kong) Holdings Limited (“ HK YishengBio ”) Holding Company December 28, 2020 Hong Kong Yisheng Biopharma (Singapore) Pte. Ltd. (“ Singapore Yisheng ”)* Research and development of vaccines and therapeutic biologics November 28, 2009 Singapore Yisheng US Biopharma Inc. (“ US Yisheng ”) Research of vaccines and therapeutic biologics September 29, 2009 US Liaoning Yisheng Bio-Pharma Co., Ltd. (“ Liaoning Yisheng ”)** Research and development, manufacturing and commercialization of vaccines and therapeutic biologics May 26, 1994 PRC Beijing Yisheng Biotechnology Co., Ltd. (“ Beijing Yisheng ”) Research and development of vaccines and therapeutic biologics February 4, 2021 PRC * Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011. ** Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005.

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2022	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of currency exchange rates used in preparing YS Group's CFS	Six Months Ended September 30, September 30, 2022 March 31, 2022 2022 2021 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss RMB:1$ 7.0998 6.3482 6.7240 6.5284 RMB:1S$ 4.9717 4.6932 4.8325 4.8200	For the Years Ended As of March 31, March 31, 2022 2021 2022 2021 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss RMB:1US$ 6.3482 6.5713 6.4598 6.8282 RMB:1S$ 4.6932 4.8768 4.7850 4.9246
Summary of property, plant and equipment to its residual value over its estimated useful life	Category Estimated useful life Plant and building 6 – 20 years Machinery and equipment 5 – 10 years Furniture and fixtures 3 – 7 years Motor vehicles 4 – 5 years Leasehold improvements Lesser of the lease term or life of assets	Category Estimated useful life Plant and building 6 – 20 years Machinery and equipment 5 – 10 years Furniture and fixtures 3 – 7 years Motor vehicle 4 – 5 years Leasehold improvement Lesser of the lease term or life of assets
Summary of percentage of YS Group's top 5 vendors accounting for total purchases and accounts payable	Six Months Ended September 30, 2022 (RMB) ($) (Unaudited) (Unaudited) Vendor A 21,661,500 $ 3,051,001 38.8 % Vendor B 10,053,600 1,416,040 18.0 % Vendor C 3,005,828 423,368 5.4 % Vendor D 2,009,315 283,010 3.6 % Vendor I 1,859,500 261,909 3.3 % Total 38,589,743 $ 5,435,328 69.1 % Six Months Ended September 30, 2021 (RMB) ($) (Unaudited) (Unaudited) Vendor A 11,283,000 $ 1,589,200 12.5 % Vendor F 9,028,170 1,271,609 10.0 % Vendor D 6,689,566 942,219 7.4 % Vendor G 6,063,000 853,968 6.7 % Vendor H 5,460,000 769,036 6.1 % Total 38,523,736 $ 5,426,032 42.7 %	For the Year Ended March 31, 2022 (RMB) (US$) Vendor A 35,172,250 $ 5,540,508 20.9 % Vendor B 16,227,146 2,556,181 9.6 % Vendor C 9,995,189 1,574,492 $ 5.9 % Vendor D 7,426,500 1,169,859 4.4 % Vendor E 6,621,300 1,043,020 3.9 % Total 75,442,385 $ 11,884,060 44.7 % For the Year Ended March 31, 2021 (RMB) (US$) Vendor A 32,063,500 $ 4,879,324 37.9 % Vendor F 5,781,888 879,870 6.8 % Vendor G 4,862,320 739,933 $ 5.7 % Vendor C 4,568,088 695,157 5.4 % Vendor H 3,199,200 486,844 3.8 % Total 50,474,996 $ 7,681,128 59.6 % As of March 31, 2022 (RMB) (US$) Vendor E 1,420,549 $ 223,772 4.6 % Total 1,420,549 $ 223,772 4.6 % As of March 31, 2021 (RMB) (US$) Vendor A 1,225,510 $ 186,494 8.3 % Total 1,225,510 $ 186,494 8.3 %
Summary of YS Group's condensed total assets by geographical area and it's denominated currency	Denominated March 31, 2022 September 30, 2022 Currency (RMB) (RMB) (US$) (unaudited) (unaudited) PRC RMB 1,155,124,790 80 % 1,316,093,351 $ 185,370,484 85 % Hong Kong $ 2,666,762 0 % 194,452,627 27,388,465 13 % Singapore S$ 26,168,621 2 % 29,843,991 4,203,497 2 % United States $ 5,181,433 0 % 4,104,976 578,182 0 % Cayman $ 252,611,535 18 % 3,943,175 555,392 0 % Total 1,441,753,141 100 % 1,548,438,120 $ 218,096,020 100 %

ACCOUNTS RECEIVABLE, NET (Tab_2

ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended	12 Months Ended
ACCOUNTS RECEIVABLE, NET (Tables)	Sep. 30, 2022	Mar. 31, 2022
ACCOUNTS RECEIVABLE, NET
Summary of accounts receivable, net	March 31,2022 September 30, 2022 September 30, 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) Trade receivables 322,170,980 488,422,373 $ 68,793,821 Allowance for doubtful accounts (13,615,875) (20,062,985) (2,825,852) Accounts receivable, net 308,555,105 468,359,388 $ 65,967,969	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Trade receivables 223,033,688 322,170,980 $ 50,749,973 Allowance for doubtful accounts (8,530,951) (13,615,875) (2,144,840) Accounts receivable, net 214,502,737 308,555,105 $ 48,605,133
Summary of analysis of the movements in the allowance for doubtful account	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Balance at April 1, 8,530,951 13,615,875 $ 1,917,783 Additions 2,888,417 6,447,110 908,069 Balance at September 30 11,419,368 20,062,985 $ 2,825,852	For the Fiscal Year Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Balance at beginning of the year 2,116,317 8,530,951 $ 1,343,838 Additions 6,414,634 5,084,924 801,002 Balance at end of the year 8,530,951 13,615,875 $ 2,144,840

INVENTORIES, NET (Tables)_2

INVENTORIES, NET (Tables)	6 Months Ended	12 Months Ended
INVENTORIES, NET (Tables)	Sep. 30, 2022	Mar. 31, 2022
INVENTORIES, NET
Summary of inventories	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Raw materials 57,926,980 52,392,648 $ 7,379,454 Work in progress 40,795,744 39,148,872 5,514,081 Finished goods 73,285,870 71,235,067 10,033,391 Allowance for slow-moving or obsolete inventories (5,503,029) (1,109,400) (156,258) Inventories, net 166,505,565 161,667,187 $ 22,770,668	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Raw materials 20,865,093 57,926,980 $ 9,124,946 Work in progress 23,453,665 40,795,744 6,426,348 Finished goods 78,422,922 73,285,870 11,544,354 Allowance for slow-moving or obsolete inventories (41,301,797) (5,503,029) (866,864) Inventories, net 81,439,883 166,505,565 $ 26,228,784
Summary of movements in the allowance for slow-moving or obsolete inventories	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Balance at April 1, 41,301,797 5,503,029 $ 775,096 Inventories written off (40,192,397) (4,393,629) (618,838) Balance at September 30 1,109,400 1,109,400 $ 156,258	For the Fiscal Year Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Balance at beginning of the year 76,661,332 41,301,797 $ 6,506,064 Additions 950,261 4,393,629 692,106 Inventories written off (36,309,796) (40,192,397) (6,331,306) Balance at end of the year 41,301,797 5,503,029 $ 866,864

PROPERTY, PLANT AND EQUIPMENT_6

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	Sep. 30, 2022	Mar. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
Summary of property, plant and equipment	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) Cost (Unaudited) (Unaudited) Construction in progress 318,000,074 333,446,243 $ 46,965,583 Plant and buildings 170,206,987 183,372,813 25,827,884 Machinery and equipment 194,875,303 193,846,868 27,303,145 Electronic equipment 10,107,578 10,794,907 1,520,452 Motor vehicles 2,978,155 3,027,767 426,458 Office equipment and furniture 29,888,526 21,612,891 3,044,155 Leasehold improvements 4,390,980 4,626,927 651,698 Total Cost 730,447,603 750,728,416 105,739,375 Less: accumulated depreciation (150,402,597) (163,469,667) (23,024,545) Less: asset impairment (29,891,896) (29,891,896) (4,210,245) Property and equipment, net 550,153,110 557,366,853 $ 78,504,585	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Cost Construction in progress 40,158,349 318,000,074 $ 50,092,951 Plant and buildings 153,845,452 170,206,987 26,811,850 Machinery and equipment 174,933,799 194,875,303 30,697,726 Electronic equipment 8,442,743 10,107,578 1,592,196 Motor vehicles 2,814,066 2,978,155 469,134 Office equipment and furniture 14,241,207 29,888,526 4,708,189 Leasehold improvements 3,889,957 4,390,980 691,689 Total Cost 398,325,573 730,447,603 115,063,735 Less: accumulated depreciation (132,228,718) (150,402,597) (23,692,164) Less: asset impairment (29,891,896) (29,891,896) (4,708,720) Property and equipment, net 236,204,959 550,153,110 $ 86,662,851

PREPAID EXPENSES AND OTHER CU_6

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended	12 Months Ended
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	Sep. 30, 2022	Mar. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Summary of prepaid expenses and other current assets	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Deposits (1) 2,807,847 1,622,616 $ 228,544 Staff advances (2) 383,251 303,767 42,785 Staff’s social security (3) 615,581 677,626 95,443 Value added tax recoverable (4) 3,442,733 3,920,265 552,166 Other receivable (5) 854,245 534,169 75,237 Allowance (6) (115,743) (115,743) (16,302) Total 7,987,914 6,942,700 $ 977,873 (1) Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs. (2) Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities. (3) Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly. (4) Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years. (5) Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees. (6) The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Loan receivable (1) 2,966,778 — $ — Deposits (2) 1,362,270 2,807,847 442,306 Staff advances (3) 290,024 383,251 60,372 Staff’s social security (4) 190,253 615,581 96,969 Value added tax recoverable (5) 148,705 3,442,733 542,316 Other receivable (6) 414,898 854,245 134,564 Allowance (7) (115,743) (115,743) (18,232) Total 5,257,185 7,987,914 $ 1,258,295 (1) Loan receivable primarily represented a short-term loan arrangement between Yisheng Biopharma Holdings Limited (Hong Kong) and Hong Kong Tang Hillcrest Investment Corporation, which is renewed annually since 2015. Yisheng Biopharma Holdings Limited (Hong Kong) provided an interest free loan of US$ 6.3 million to Hong Kong Tang Hillcrest Investment Corporation. As of March 31, 2021, Hong Kong Tang Hillcrest Investment Corporation made repayment of US$ 5.9 million in total. As part of reorganization, on December 17, 2020, after the establishment of YishengBio (Hong Kong) Holdings Limited, Yisheng Biopharma Holdings Limited (Hong Kong) transferred such loan receivable to YS Group without any compensation. As of March 31, 2021, the loan receivable denominated in USD is interest free with an outstanding balance of approximately RMB 2,967,000 (US $451,475 ). As of March 31, 2022, Hong Kong Tang Hillcrest Investment Corporation made full repayment of the loan. (2) Deposits primarily represented deposits to Centers for Disease Control and Prevention (“CDCs”) in connection with participation in the public tender process held by province-level CDCs. (3) Staff advances primarily represented cash advances paid to employees in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business, such as sales and marketing activities. (4) Staff social security primarily represented the portion of the government mandated defined contribution plan that should be made by employees. But this portion should be paid to the government by YS Group on behalf of the employees pursuant to PRC labor regulation. When YS Group pays wages to employees, this portion should be deducted accordingly. (5) Value-added taxes (“VAT”) includes input tax on purchase and output tax on sales. VAT collected from customers relating to product sales and remitted to governmental authorities is presented on a net basis, and it is excluded from revenue. YS Group is in a net VAT recoverable position when its input tax on purchase in the current year is greater than the output tax on sales. Such net amount can be deducted in the following years. (6) Other receivable primarily consists of prepayment to third parties, such as freight, water and electricity, and promotion fees. (7) The allowance reflects YS Group’s best estimate of probable amounts not fully recoverable from the other receivables balance. Due to the fact that some employees resigned and lost contact, the cash paid to them in advance of their expected business travel or in connection with various expense incurred in the ordinary course of business might not be recovered.

INTANGIBLE ASSETS, NET (Table_2

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

BANK LOANS AND OTHER BORROWIN_7

BANK LOANS AND OTHER BORROWINGS (Tables)	6 Months Ended	12 Months Ended
BANK LOANS AND OTHER BORROWINGS (Tables)	Sep. 30, 2022	Mar. 31, 2022
BANK LOANS AND OTHER BORROWINGS
Summary of total bank loans	March 31, September 30, September 30, 2022 2022 2022 Maturity Date Interest Rate (RMB) (RMB) ($) (Unaudited) (Unaudited) China Guangfa Bank Co.,Ltd. – Shenyang Branch (1) 46,456,142 35,509,492 $ 5,001,478 2022/11/17 – 2022/12/16 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) 64,647,870 81,486,261 11,477,261 2022/10/11 – 2023/09/22 5.30 % Citi Bank (3) 234,743 — — 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) 394,999 — — 2026/9/15 4.00 % China Citic Bank – Shenyang Branch (5) — 34,295,325 4,830,464 2023/3/16 – 2023/5/19 5.2% / 3.25 % China Construction Bank – Shenyang Branch (6) — 12,350,000 1,739,485 2023/9/8 – 2023/9/27 4.00 % Bank loans due within one year 111,733,754 163,641,078 $ 23,048,688 R-Bridge Healthcare Fund, LP (4) 253,928,000 283,992,000 40,000,000 2026/9/15 4.00 % Long-term bank loans 253,928,000 283,992,000 40,000,000 Total bank loans 365,661,754 447,633,078 $ 63,048,688 (1) On September 13, 2021, YS Group entered into a credit facility of RMB 100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group repaid approximately RMB 10.9 million on September 16, 2022 and drew approximately RMB 35.5 million from November 22, 2021 to March 10, 2022 with interest at 5.655% , which is due from November 17, 2022 to December 16, 2022. (2) On July 12, 2021, YS Group entered into a credit facility of RMB 140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. On July 8, 2022, YS Group entered into another credit facility of RMB 15 million with Shanghai Pudong Development Bank Co., Ltd. for two years to finance its working capital requirements. YS Group repaid about RMB 39.0 million from July 19, 2022 to September 26, 2022 and drew approximately RMB 55.9 million from May 12, 2022 to September 23, 2022 with interest at 5.3% . (3) On May 2, 2020, YS Group borrowed RMB 1,103,609 (US $166,400 ) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. The balance of RMB 234,742 ( $36,978 ) was repaid in full in May 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 ( $40,000,000 ) for 54 months with interest at 4% . YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below: (5) On May 25, 2022, YS Group entered into a credit facility of RMB 30 million with China CITIC Bank and Industrial Bank for one year to finance its working capital requirements. YS Group drew about RMB 29.3 million from May 12, 2022 to July 22, 2022 with interest at 5.2% . And YS Group Also entered into a letter of credit facility of RMB 5 million with interest of 3.25% . (6) On September 6, 2022, YS Group entered into a credit facility of RMB 50 million with China Construction Bank for one year to finance its working capital requirements. YS Group drew approximately RMB 12.4 million from September 9, 2022 to September 28, 2022 with interest at 4 %.	As of March 31, 2021 2022 2022 Maturity Date Interest Rate (RMB) (RMB) (US$) China Guangfa Bank Co., Ltd. – Shenyang Branch (1) — 46,456,142 7,318,002 2022/9/16 – 2022/12/16 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) — 64,647,870 10,183,654 2022/7/19 – 2022/12/1 5.30 % Citi Bank (3) — 234,743 36,978 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) — 394,999 62,222 2026/9/15 4.00 % Bank loans due within one year — 111,733,754 17,600,856 Citi Bank (3) 1,103,609 — — 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) — 253,928,000 40,000,000 2026/9/15 4.00 % Long-term bank loans 1,103,609 253,928,000 40,000,000 Total bank loans 1,103,609 365,661,754 57,600,856 (1) On September 13, 2021, YS Group entered into a credit facility of RMB 100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB 46.5 million in total from September 22, 2021 to March 10, 2022 with an annual interest at 5.655% , which is due from September 16, 2022 to December 16, 2022. (2) On July 12, 2021, YS Group entered into a credit facility of RMB 140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew down RMB 64.6 million from July 20, 2021 to March 22, 2022 with an annual interest at 5.3% . (3) On May 2, 2020, YS Group borrowed RMB 1,103,609 (US $166,400 ) with an interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. Before March 31, 2022, YS Group repaid approximately RMB 869,000 (US $129,422 ). As of March 31, 2022, the balance of approximately RMB 235,000 (US $36,978 ) was outstanding, which amount was repaid in full in May, 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB 253,928,000 (US $40,000,000 ) for 54 months with an annual interest at 4% . YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below:
Summary of repayment instalment	Repayment Repayment Date Instalment April 7, 2025 $ 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total $ 40,000,000	Repayment Date Repayment Instalment April 7, 2025 US$ 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total US$ 40,000,000

LEASES (Tables)_2

LEASES (Tables)	6 Months Ended	12 Months Ended
LEASES (Tables)	Sep. 30, 2022	Mar. 31, 2022
LEASES
Summary of operating leases	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Operating lease ROU assets 14,850,283 13,067,129 $ 1,840,493 Operating lease liabilities – current 4,322,252 3,524,558 496,431 Operating lease liabilities – non-current 10,605,260 10,403,843 $ 1,465,371 Weighted average remaining lease term 3.4 3.0 3.0 Weighted average discount rate 4.8 % 4.8 % 4.8 %	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Operating lease ROU assets 17,245,924 14,850,283 $ 2,339,290 Operating lease liabilities – current 3,785,642 4,322,252 680,863 Operating lease liabilities – non-current 13,550,359 10,605,260 $ 1,670,593 Weighted average remaining lease term 4.4 3.4 3.4 Weighted average discount rate 5.0 % 4.8 % 4.8 %
Summary of lease cost recognized in YS Group's CFS and supplemental cash flow information related to operating leases	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Operating lease cost 2,237,633 2,508,388 $ 373,050 Cash paid for operating leases 2,276,956 786,888 $ 110,832	For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Operating lease cost 2,643,917 4,594,967 $ 723,822 Cash paid for operating leases 2,601,625 4,587,894 $ 722,708
Summary of maturity of operating lease liabilities under the non-cancelable operating leases	12 months Ending September 30, As of September 30, 2022 (RMB) ($) 2023 5,748,070 $ 809,610 2024 5,029,426 708,390 2025 3,921,138 552,289 2026 158,029 22,257 Total lease payments 14,856,663 2,092,546 Less: Interest (928,262) (130,744) Present value of operating lease liabilities 13,928,401 $ 1,961,802 Operating lease liabilities – current 3,524,558 496,431 Operating lease liabilities – non-current 10,403,843 $ 1,465,371	Fiscal Year Ending March 31, As of March 31, 2022 (RMB) (US$) 2023 4,947,481 $ 779,352 2024 4,837,260 761,989 2025 4,922,251 775,377 2026 1,479,661 233,084 2027 and thereafter — — Total lease payments 16,186,653 2,549,802 Less: Interest (1,259,141) (198,346) Present value of operating lease liabilities 14,927,512 $ 2,351,456

ACCRUED EXPENSES AND OTHER CU_7

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	Mar. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Summary of accrued expenses and other current liabilities	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Salaries and social security insurance payable (1) 86,818,418 57,459,273 $ 9,051,270 Promotion service fee (2) 58,358,838 64,883,477 10,220,768 Taxes other than income tax 1,615,475 1,171,381 184,522 Late fees (3) 93,890,390 9,499,595 1,496,423 Payable for property, plant and equipment 4,730,933 48,774,134 7,683,144 CDC transportation and storage fee 12,087,830 35,023,095 5,517,012 Guarantee deposits (4) 48,732,986 94,528,659 14,890,624 Professional service fee (5) 8,694,317 7,758,448 1,222,149 Other payable (6) 7,821,284 7,653,291 1,205,584 Total 322,750,471 326,751,353 51,471,496 (1) This payable includes primarily unpaid salaries and outstanding social security insurance. During the fiscal year ended March 31, 2022, YS Group paid approximately RMB 29.4 million to reduce its payable related to salaries, social security insurance. During the period from April 1, 2022 to the date of this report, YS Group paid approximately RMB 11.1 million to reduce this payables. Salaries and social security insurance payables are consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Salaries 46,263,007 49,020,045 7,721,881 Social security insurance 39,926,173 7,732,161 1,218,008 Union Fee 629,238 707,067 111,381 Total 86,818,418 57,459,273 9,051,270 (2) Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax and social security insurance and housing reserve fund contributions due to the fact that YS Group failed to pay the income tax related to the period from calendar year 2011 to calendar year 2013, taxes other than income tax related to the period from calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to the period from calendar year 2015 to the beginning of calendar year 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. In fiscal year 2022, the late fee is incurred from unpaid social insurance. The late fees consisted of the following: As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Late fee charge of income tax 53,890,577 — — Late fee charge of taxes other than income tax 10,635,413 — — Late fee charge of social insurance 29,364,400 9,499,595 1,496,423 Total 93,890,390 9,499,595 1,496,423 (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee us that external service providers will provide us with high quality and reasonable professional services. The external service providers’ professional service scope includes conducting market research and analysis, monitoring product clinical information, collecting and reporting adverse events of the product use, providing academic visits and education seminars, assisting product shipment and payment collections. Their services doesn’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from consultants and other advisors. (6) Other payable primarily represented employees’ reimbursement and value added tax.

CONVERTIBLE REDEEMABLE PREFER_9

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)	6 Months Ended	12 Months Ended
CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)	Sep. 30, 2022	Mar. 31, 2022
Temporary Equity Disclosure [Abstract]
Summary of outstanding Convertible Redeemable Preferred Shares	Series A Series A-1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) ($) As of March 31, 2021 15,534,276 344,661,893 6,014,313 65,665,315 65,414,858 875,131,363 1,285,458,571 $ 181,055,603 Accretion to redemption value — 28,042,858 — 2,566,412 — 34,404,481 65,013,751 9,157,124 Foreign currency translation adjustment — (4,690,126) — (875,280) — (11,666,321) (17,231,727) (2,427,072) As of September 30, 2021 15,534,276 368,014,625 6,014,313 67,356,447 65,414,858 897,869,523 1,333,240,595 $ 187,785,655 As of March 31, 2022 15,534,276 389,563,659 6,014,313 68,510,809 65,414,858 912,146,924 1,370,221,392 $ 192,994,365 Accretion to redemption value — 33,793,180 — 2,854,770 — 35,435,288 72,083,238 10,152,855 Foreign currency translation adjustment — 48,011,366 — 8,270,941 — 109,974,790 166,257,097 23,417,151 As of September 30, 2022 15,534,276 471,368,205 6,014,313 79,636,520 65,414,858 1,057,557,002 1,608,561,727 $ 226,564,371	Series A Series A ‑ 1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) (US$) As of March 31, 2020 21,548,589 440,585,213 — — — — 440,585,213 $ 69,403,171 Conversion of convertible notes — — — — 18,393,610 131,425,527 131,425,527 20,702,802 Call option under convertible notes — — — — 9,660,324 131,425,290 131,425,290 20,702,765 New insurance — — — — 37,360,924 597,987,709 597,987,709 94,197,995 Shares transferred (6,014,313) (68,232,451) 6,014,313 68,232,451 — — — — Accretion to redemption value — 1,758,690 — — — 14,851,607 16,610,297 2,616,536 Foreign currency translation adjustment — (29,449,559) — (2,567,136) — (558,770) (32,575,465) (5,131,449) As of March 31, 2021 15,534,276 344,661,893 6,014,313 65,665,315 65,414,858 875,131,363 1,285,458,571 $ 202,491,820 Accretion to redemption value — 57,598,340 — 5,164,090 — 67,899,896 130,662,326 20,582,579 Foreign currency translation adjustment — (12,696,574) — (2,318,596) — (30,884,335) (45,899,505) (7,230,318) As of March 31, 2022 15,534,276 389,563,659 6,014,313 68,510,809 65,414,858 912,146,924 1,370,221,392 $ 215,844,081

STOCK-BASED COMPENSATION (Tab_2

STOCK-BASED COMPENSATION (Tables)	6 Months Ended	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2022	Mar. 31, 2022
STOCK-BASED COMPENSATION
Summary of exercise prices and exercise periods of the share options outstanding	Average exercise Number of share price per share options option (RMB) At March 31, 2021 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At March 31, 2022 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At September 30, 2022 13,013,422 7.3289	Average exercise Number of share price per share options option (RMB) At March 31, 2020 11,223,795 3.8807 Granted during the period 10,254,198 8.4631 Forfeited during the period (298,117) 6.4631 Exercised during the period (8,103,671) — Expired during the period (62,783) 6.4631 At March 31, 2021 13,013,422 7.3289 Granted during the period — — Forfeited during the period — — Exercised during the period — — Expired during the period — — At March 31, 2022 13,013,422 7.3289
Summary of exercise price range and exercise periods of the share options outstanding	Six Months Ended 30 September 2022 Number of options Exercise price Exercise period (RMB) 6,133,005 3.4845 2021 – 2031 2,453,049 6.4631 2021 – 2026 4,427,368 13.1344 2021 – 2026 13,013,422	Year ended 31 March 2021 Number of options Exercise price Exercise period (RMB) 6,133,005 3.4845 2021 – 2031 2,453,049 6.4631 2021 – 2026 4,427,368 13.1344 2021 – 2026 13,013,422
Summary of stock-based compensation expense	Six Months Ended September 30, 2021 2022 2022 (Unaudited) (Unaudited) (Unaudited) Research and development expenses 492,764 (1,015,055) $ (142,970) General and administrative expenses 2,635,978 929,739 130,953 Total stock-based compensation 3,128,742 (85,316) $ (12,017)	For the Fiscal Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Research and development expenses 4,200,464 975,171 $ 153,614 General and administrative expenses 72,501,943 6,789,277 1,069,481 Selling expenses 54,093 — — Total stock-based compensation 76,756,500 7,764,448 $ 1,223,094

RELATED PARTY TRANSACTIONS AN_7

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	6 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	Sep. 30, 2022	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of companies that are related parties	The following companies are related parties that had balances or transactions with YS Group as of and during the six months ended September 30, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang	The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Kaifeng Yisheng Pan-Asia Technology Co., Ltd An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang Changchun Bailong Biotechnology Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Huizhong Health Services Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Biopharma Co., Ltd. An entity controlled by Yi Zhang Name of related parties Relationship with YS Group Beijing Huaerdun Kangqi Biotechnology Co., Ltd. An entity controlled by Yi Zhang Liaoning Yisheng Pan-Asia An entity controlled by Yi Zhang Yi Zhang Chairman of Board of Directors Hui Shao Chief Executive Officer Zhongkai Shi* Chief Medical Officer Nan Zhang Daughter of the Chairman Xu Zhang Daughter of the Chairman * Zhongkai Shi resigned in September 2021.
Summary of transactions with related parties	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 2,966,777 — $ — Repayment to YS Group 33,055,610 — $ —	For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 30,088,833 2,966,777 $ 459,412 Repayment to YS Group 33,055,610 $ 5,118,732

INCOME TAX (Tables)_2

INCOME TAX (Tables)	6 Months Ended	12 Months Ended
INCOME TAX (Tables)	Sep. 30, 2022	Mar. 31, 2022
INCOME TAX
Summary of provision for income tax	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Current income tax — — $ — Deferred tax 5,689,586 565,625 79,668 Income tax 5,689,586 565,625 $ 79,668	For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) Current income tax — — $ — Deferred tax 17,454,245 4,937,122 777,720 Income tax 17,454,245 4,937,122 $ 777,720
Summary of reconciliation of statutory rate to YS Group's effective tax rate	Six Months Ended September 30, 2021 2022 (Unaudited) (Unaudited) PRC statutory income tax rate 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (26.82) % (182.62) % Effect of PRC preferential tax rate 11.98 % (100.49) % Effect of research and development expenses deduction and Others 30.97 % 80.56 % Temporary differences* 13.42 % 5.03 % Change in valuation allowance (41.02) % 177.88 % Effective tax rate 13.53 % 5.36 %	For the Years Ended March 31, 2021 2022 PRC statutory income tax rate 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (20.56) % (18.26) % Effect of PRC preferential tax rate (0.77) % 4.56 % Effect of research and development expenses deduction and others 7.8 % 33.2 % Temporary differences* 10.01 % 4.88 % Change in valuation allowance (11.49) % (44.47) % Effective tax rate 10.01 % 4.88 % *
Summary of net deferred tax assets	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Deferred tax assets: Write-down of inventories to net realizable value 825,454 166,410 $ 23,439 Impairment of property, plant and building 2,031,460 1,900,433 267,674 Deferred government grants 4,852,383 4,680,205 659,202 Losses available for offsetting against future taxable profits 58,257,270 47,805,830 6,733,405 Less: valuation allowance (58,257,270) (47,805,830) (6,733,405) Total deferred tax assets, net 7,709,297 6,747,048 950,315 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (4,670,213) (4,273,589) (601,931) Total deferred tax liabilities (4,670,213) (4,273,589) (601,931) Net deferred tax asset 3,039,084 2,473,459 $ 348,384	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Deferred tax assets: Write-down of inventories to net realizable value 6,195,269 825,454 $ 130,030 Impairment of property, plant and building 2,293,516 2,031,460 320,006 Deferred government grants 4,950,884 4,852,383 764,371 Losses available for offsetting against future taxable profits 32,495,322 58,257,270 9,176,975 Less: valuation allowance (32,495,322) (58,257,270) (9,176,975) Total deferred tax assets, net 13,439,669 7,709,297 1,214,407 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (5,463,463) (4,670,213) (735,675) Total deferred tax liabilities (5,463,463) (4,670,213) (735,675) Net deferred tax asset 7,976,206 3,039,084 $ 478,732

DEFERRED GOVERNMENT GRANTS (T_2

DEFERRED GOVERNMENT GRANTS (Tables)	6 Months Ended	12 Months Ended
DEFERRED GOVERNMENT GRANTS (Tables)	Sep. 30, 2022	Mar. 31, 2022
DEFERRED GOVERNMENT GRANTS.
Summary of deferred government grants	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) Government grants for property, plant and equipment Balance at beginning of the year 21,847,340 22,030,690 $ 3,103,001 Addition 1,552,000 1,200,000 169,019 Recognized as income (1,368,650) (727,839) (102,515) Subtotal 22,030,690 22,502,851 $ 3,169,505 Government grants for research and development Balance at beginning of the year 11,158,551 10,318,528 $ 1,453,355 Addition — Recognized as income (840,023) (8,498,712) (1,197,036) Subtotal 10,318,528 1,819,816 $ 256,319 Total deferred government grants 32,349,218 24,322,667 $ 3,425,824 Less: current portion (2,295,701) (3,495,701) (492,366) Non-current portion 30,053,517 20,826,966 $ 2,933,458	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) Government grants for property, plant and equipment Balance at beginning of the year 21,096,442 21,847,340 $ 3,441,502 Addition 2,000,000 1,552,000 244,479 Recognized as income (1,249,102) (1,368,650) (215,597) Subtotal 21,847,340 22,030,690 $ 3,470,384 Government grants for research and development Balance at beginning of the year 10,387,874 11,158,551 $ 1,757,750 Addition 1,610,700 — — Recognized as income (840,023) (840,023) (132,325) Subtotal 11,158,551 10,318,528 $ 1,625,425 Total deferred government grants 33,005,891 32,349,218 $ 5,095,809 Less: current portion (2,121,645) (2,295,701) (361,630) Non-current portion 30,884,246 30,053,517 $ 4,734,179

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of commitments to purchase raw materials or services	As of March 31, 2022 2022 (RMB) (US$) Other professional service fee 7,617,840 $ 1,200,000 Research and development 73,894,705 11,640,261 Purchase raw materials 17,664,500 17,664,500 Total 99,177,045 $ 30,504,761

SEGMENT INFORMATION (Tables)_2

SEGMENT INFORMATION (Tables)	6 Months Ended	12 Months Ended
SEGMENT INFORMATION (Tables)	Sep. 30, 2022	Mar. 31, 2022
SEGMENT INFORMATION
Summary of non-current assets aggregated to form reportable geographical segment	March 31, 2022 September 30, 2022 September 30, 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) PRC 604,094,049 613,613,563 $ 86,426,880 Other countries/regions 26,777,039 25,068,223 $ 3,530,835	As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) PRC 288,637,839 604,094,049 $ 95,159,896 Other countries/regions 31,345,723 26,777,039 $ 4,218,052

PARENT COMPANY ONLY CONDENSED_8

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) (Tables)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED)
Summary of parent company balance sheet	March 31, September 30, September 30, 2022 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 252,611,535 3,943,175 $ 555,392 Amounts due from related parties 519,236,876 848,379,306 119,493,409 Total current assets 771,848,411 852,322,481 120,048,801 Non-current assets Long-term investments, net 146,641,652 164,003,403 23,099,722 Total non-current assets 146,641,652 164,003,403 23,099,722 Total Assets 918,490,063 1,016,325,884 $ 143,148,523 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 244,082,463 354,920,428 $ 49,990,201 Amounts due to related parties 3,155,395 3,528,981 497,054 Total current liabilities 247,237,858 358,449,409 50,487,255 Total Liabilities 247,237,858 358,449,409 50,487,255 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding) 458,074,468 551,004,725 77,608,485 Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding) 912,146,924 1,057,557,002 148,955,886 Total mezzanine equity 1,370,221,392 1,608,561,727 226,564,371 Shareholders’ deficit: Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding outstanding 7,978 7,978 1,124 Additional paid-in capital 808,502,018 808,648,509 113,897,365 Accumulated deficit (1,590,567,163) (1,673,775,766) (235,749,706) Accumulated other comprehensive income (loss) 83,087,980 (85,565,973) (12,051,886) Total shareholders’ deficit (698,969,187) (950,685,252) (133,903,103) Total liabilities, mezzanine equity and shareholders’ deficit 918,490,063 1,016,325,884 $ 143,148,523	PARENT COMPANY BALANCE SHEETS As of March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 330,296,949 252,611,535 $ 39,792,624 Amounts due from related parties 495,937,171 519,236,876 81,792,772 Total current assets 826,234,120 771,848,411 121,585,396 Non-current assets Long-term investments, net 150,952,826 146,641,652 23,099,721 Total non-current assets 150,952,826 146,641,652 23,099,721 Total Assets 977,186,946 918,490,063 $ 144,685,117 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 197,324,794 244,082,463 $ 38,449,082 Amounts due to related parties 3,266,288 3,155,395 497,053 Total current liabilities 200,591,082 247,237,858 38,946,135 Total Liabilities 200,591,082 247,237,858 38,946,135 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding as of March 31, 2022 and 2021) 410,327,208 458,074,468 72,158,166 Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding as of March 31, 2022 and 2021) 875,131,363 912,146,924 143,685,915 Total mezzanine equity 1,285,458,571 1,370,221,392 215,844,081 Shareholders’ deficit: Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021* 7,978 7,978 1,257 Additional paid-in capital 800,806,378 808,502,018 127,359,254 Retained earnings (1,353,900,436) (1,590,567,163) (250,554,041) Accumulated other comprehensive income 44,223,373 83,087,980 13,088,431 Total shareholders’ deficit (508,862,707) (698,969,187) (110,105,099) Total liabilities, mezzanine equity and shareholders’ deficit 977,186,946 918,490,063 $ 144,685,117 *
Summary of parent company statement of operations and comprehensive loss	For the Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (27,562,274) (5,703,582) $ (803,346) Operating expenses: Selling General and administrative 17,037,618 6,356,204 895,265 Research and development 492,764 (934,367) (131,605) Total operating expenses 17,530,382 5,421,837 763,660 Loss from operations (45,092,656) (11,125,419) (1,567,006) Other income: Financial income, net 1,324 54 8 Total other income, net 1,324 54 8 Net loss (45,091,332) (11,125,365) (1,566,998) Accretion to redemption value of convertible redeemable preferred shares (65,013,751) (72,083,238) (10,152,855) Net loss attributable to YS Biopharma (110,105,083) (83,208,603) (11,719,853) Net loss (45,091,332) (11,125,365) (1,566,998) Feign currency translation gain 11,321,167 (168,653,952) (23,754,747) Total comprehensive loss (33,770,165) (179,779,317) $ (25,321,745) Loss per share: – Basic and Diluted (0.18) (0.04) $ (0.01) Weighted average number of ordinary shares outstanding: – Basic and Diluted 247,311,533 247,311,533 247,311,533 * Gives retroactive effect to reflect the reorganization in February 2021.	PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (60,903,713) (75,864,722) $ (11,950,588) Operating expenses: Selling expenses 54,278 — — General and administrative expenses 104,562,058 29,178,255 4,596,304 Research and development expenses 4,352,356 988,531 155,718 Total operating expenses 108,968,692 30,166,786 4,752,022 Loss from operations (169,872,405) (106,031,508) (16,702,610) Other income (expenses) Financial income/(expenses), net (21,953,837) 27,107 4,270 Total other income/(expenses), net (21,953,837) 27,107 4,270 Net loss (191,826,242) (106,004,401) (16,698,340) Accretion to redemption value of convertible redeemable preferred shares (16,610,297) (130,662,326) (20,582,579) Net loss attributable to YS Biopharma (208,436,538) (236,666,727) (37,280,919) Net loss (191,826,242) (106,004,401) (16,698,340) Feign currency translation gain 22,455,217 38,864,607 6,122,146 Total comprehensive loss (169,371,025) (67,139,794) $ (10,576,194) Loss per share: – Basic and Diluted (0.78) (0.43) $ (0.07) Weighted average number of ordinary shares outstanding: – Basic and Diluted 247,311,533 247,311,533 247,311,533 *
Summary of parent company statement of cash flows	Six Months Ended September 30, 2021 2022 2022 (RMB) (RMB) ($) (Unaudited) (Unaudited) (Unaudited) Net loss (45,091,332) (11,125,365) $ (1,566,998) Equity loss of subsidiaries 27,562,274 5,703,582 803,346 Share-based compensation 3,128,741 (85,316) (12,017) Changes in operating assets and liabilities: Amounts due from related parties (298,261,642) (328,910,623) (46,326,745) Amounts due to related parties (42,697) 373,586 52,619 Accrued expenses and other liabilities (7,357,523) 55,467,639 7,812,564 Net cash used in operating activities (320,062,179) (278,576,497) (39,237,231) Effect of exchange rate on cash (4,446,303) 29,908,137 4,212,531 Net decrease in cash (324,508,482) (248,668,360) (35,024,700) Cash at the beginning of the period 330,296,949 252,611,535 35,580,092 Cash at the end of the period 5,788,467 3,943,175 $ 555,392 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 65,013,751 72,083,238 $ 10,152,855	PARENT COMPANY STATEMENTS OF CASH FLOWS For the Fiscal Years Ended March 31, 2021 2022 2022 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) Net loss (191,826,242) (106,004,401) $ (16,698,340) Equity loss of subsidiaries 60,903,713 75,864,722 11,950,588 Share-based compensation 76,756,500 7,764,448 1,223,094 Changes in operating assets and liabilities: Amounts due from related parties (421,125,633) (23,299,705) (3,670,285) Amounts due to related parties 2,906,881 (110,893) (17,468) Accrued expenses and other liabilities 77,228,629 (24,732,348) (3,895,962) Net cash used in operating activities (395,156,152) (70,518,177) (11,108,373) Cash flows from investing activities: Payment for long-term investment (7,658,738) (813,776) (128,190) Net cash used in investing activities (7,658,738) (813,776) (128,190) Cash flows from financing activities: Proceeds from issuance of mezzanine equity 729,412,999 — — Shareholders’ contributions 1,589,236 — — Net cash provided by financing activities 731,002,235 — — Effect of exchange rate on cash 2,109,604 (6,353,461) (1,000,829) Net (decrease) increase in cash 330,296,949 (77,685,414) (12,237,392) Cash at the beginning of the year — 330,296,949 52,030,016 Cash at the end of the year 330,296,949 252,611,535 $ 39,792,624 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 16,610,297 130,662,326 $ 20,582,579 Forgiveness from related parties 446,092,527 — $ —

ORGANIZATION AND BUSINESS DES_6

ORGANIZATION AND BUSINESS DESCRIPTION (Details) - company	6 Months Ended	12 Months Ended
ORGANIZATION AND BUSINESS DESCRIPTION (Details) - company	Sep. 30, 2022	Mar. 31, 2022
ORGANIZATION AND BUSINESS DESCRIPTION
Number of companies and their subsidiaries owned	5	3
US Yisheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100%	100%
Singapore Yisheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100%	100%
UK YishengBio
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)		100%
HK YishengBio
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100%
Oceanview Bioscience
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100%
Hudson Biomedical
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100%
Liaoning Yisheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100%	100%
Beijing Yisheng
ORGANIZATION AND BUSINESS DESCRIPTION
Ownership interest (as a percent)	100%	100%

LIQUIDITY (Details)_2

LIQUIDITY (Details)	6 Months Ended		12 Months Ended
LIQUIDITY (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
LIQUIDITY
Net income (loss)	¥ (11,125,365)	¥ (45,091,332)	¥ (106,004,401)		¥ (191,826,242)
Cash used in operating activities	(107,395,153)	(176,984,374)	(173,545,357)	$ (27,337,727)	(246,610,437)
Cash	226,765,500	¥ 49,521,897	271,067,503		390,457,084	$ 32,000,000	$ 42,700,000
Outstanding bank loans and other borrowing	¥ 447,633,078		¥ 365,661,754		¥ 1,103,609	$ 63,048,688	$ 57,600,856

SUMMARY OF SIGNIFICANT ACCOU_15

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

SUMMARY OF SIGNIFICANT ACCOU_16

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

SUMMARY OF SIGNIFICANT ACCOU_17

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

SUMMARY OF SIGNIFICANT ACCOU_18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentrations of Credit Risk and Significant Suppliers (Details)	6 Months Ended				12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Sep. 30, 2021 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)
Concentration risk
Total purchases	¥ 93,700,779	$ 13,197,665	¥ 63,599,621		¥ 117,066,090	$ 18,440,832	¥ 59,656,877
Total purchases \| Vendors concentration risk \| Top vendors
Concentration risk
Total purchases	¥ 38,589,743	$ 5,435,328	¥ 38,523,736	$ 5,426,032	¥ 75,442,385	$ 11,884,060	¥ 50,474,996	$ 7,681,128
Concentration risk (as a percent)	69.10%	69.10%	42.70%	42.70%	44.70%	44.70%	59.60%	59.60%
Total purchases \| Vendors concentration risk \| Vendor A
Concentration risk
Total purchases	¥ 21,661,500	$ 3,051,001	¥ 11,283,000	$ 1,589,200	¥ 35,172,250	$ 5,540,508	¥ 32,063,500	$ 4,879,324
Concentration risk (as a percent)	38.80%	38.80%	12.50%	12.50%	20.90%	20.90%	37.90%	37.90%
Total purchases \| Vendors concentration risk \| Vendor B
Concentration risk
Total purchases	¥ 10,053,600	$ 1,416,040			¥ 16,227,146	$ 2,556,181
Concentration risk (as a percent)	18%	18%			9.60%	9.60%
Total purchases \| Vendors concentration risk \| Vendor C
Concentration risk
Total purchases	¥ 3,005,828	$ 423,368			¥ 9,995,189	$ 1,574,492	¥ 4,568,088	$ 695,157
Concentration risk (as a percent)	5.40%	5.40%			5.90%	5.90%	5.40%	5.40%
Total purchases \| Vendors concentration risk \| Vendor D
Concentration risk
Total purchases	¥ 2,009,315	$ 283,010	¥ 6,689,566	$ 942,219	¥ 7,426,500	$ 1,169,859
Concentration risk (as a percent)	3.60%	3.60%	7.40%	7.40%	4.40%	4.40%
Total purchases \| Vendors concentration risk \| Vendor E
Concentration risk
Total purchases					¥ 6,621,300	$ 1,043,020
Concentration risk (as a percent)					3.90%	3.90%
Total purchases \| Vendors concentration risk \| Vendor F
Concentration risk
Total purchases			¥ 9,028,170	$ 1,271,609			¥ 5,781,888	$ 879,870
Concentration risk (as a percent)			10%	10%			6.80%	6.80%
Total purchases \| Vendors concentration risk \| Vendor G
Concentration risk
Total purchases			¥ 6,063,000	$ 853,968			¥ 4,862,320	$ 739,933
Concentration risk (as a percent)			6.70%	6.70%			5.70%	5.70%
Total purchases \| Vendors concentration risk \| Vendor H
Concentration risk
Total purchases			¥ 5,460,000	$ 769,036			¥ 3,199,200	$ 486,844
Concentration risk (as a percent)			6.10%	6.10%			3.80%	3.80%
Total purchases \| Vendors concentration risk \| Vendor I
Concentration risk
Total purchases	¥ 1,859,500	$ 261,909
Concentration risk (as a percent)	3.30%	3.30%
Accounts payable \| Vendors concentration risk \| Top vendors
Concentration risk
Concentration risk (as a percent)					4.60%	4.60%	8.30%	8.30%
Accounts payable \| Vendors concentration risk \| Vendor A
Concentration risk
Concentration risk (as a percent)							8.30%	8.30%
Accounts payable \| Vendors concentration risk \| Vendor E
Concentration risk
Concentration risk (as a percent)					4.60%	4.60%

SUMMARY OF SIGNIFICANT ACCOU_19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Social Security Insurance (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Social Security Insurance
Late fees related to social security insurance (as a percent)			0.05%	0.05%	0.05%
Late fees for its liabilities related to social security insurance	¥ 9,685,430		¥ 9,500,000	¥ 9,499,595		¥ 29,364,400	$ 1,364,183	$ 1,496,423
Late fees related to social security insurance	¥ 300,000	$ 42,173	¥ 1,396,221	¥ 1,852,378	$ 291,796	¥ 7,701,793

SUMMARY OF SIGNIFICANT ACCOU_20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Expenses), net (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Other Income (Expenses), net
Late fees related to social security insurance	¥ 300,000	$ 42,173	¥ 1,396,221	¥ 1,852,378	$ 291,796	¥ 7,701,793
Tax on late fees related to its social security insurance				200,000		18,700,000
Payments of late fees related to social security insurance and tax	¥ 100,000		¥ 86,200,000	¥ 86,200,000		¥ 5,000,000

SUMMARY OF SIGNIFICANT ACCOU_21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Tax
Statutory federal income tax rate	25%	25%	25%	25%
SINGAPORE
Income Tax
Statutory federal income tax rate	17%		17%
PRC
Income Tax
Statutory federal income tax rate	25%		25%
UNITED STATES
Income Tax
Statutory federal income tax rate	21%		21%
State income tax rate	8.25%		8.25%

SUMMARY OF SIGNIFICANT ACCOU_22

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

SUMMARY OF SIGNIFICANT ACCOU_23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Significant Risks (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Significant Risks
Total assets	¥ 1,548,438,120	¥ 1,441,753,141	$ 218,096,020	$ 227,112,117	¥ 1,167,175,072
Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	100%	100%
PRC
Significant Risks
Total assets	¥ 1,316,093,351	¥ 1,155,124,790	185,370,484
PRC \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	85%	80%
Hong Kong
Significant Risks
Total assets	¥ 194,452,627	¥ 2,666,762	27,388,465
Hong Kong \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	13%	0%
Singapore
Significant Risks
Total assets	¥ 29,843,991	¥ 26,168,621	4,203,497
Singapore \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	2%	2%
United States
Significant Risks
Total assets	¥ 4,104,976	¥ 5,181,433	578,182
United States \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	0%	0%
Cayman
Significant Risks
Total assets	¥ 3,943,175	¥ 252,611,535	$ 555,392
Cayman \| Assets, geographical area \| Geographic concentration risk
Significant Risks
Percentage of assets	0%	18%

ACCOUNTS RECEIVABLE, NET (Det_2

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

ACCOUNTS RECEIVABLE, NET - Ba_2

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

ACCOUNTS RECEIVABLE, NET - Mo_2

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

INVENTORIES, NET - Inventorie_2

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

INVENTORIES, NET- Movements i_2

INVENTORIES, NET- Movements in allowance (Details)	6 Months Ended			12 Months Ended
INVENTORIES, NET- Movements in allowance (Details)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 CNY (¥)
Movements in the allowance for slow-moving or obsolete inventories
Balance at beginning of the year	$ 866,864	¥ 5,503,029	¥ 41,301,797	$ 6,506,064	¥ 41,301,797	¥ 76,661,332
Additions				692,106	4,393,629	950,261
Inventories written off	(618,838)	(4,393,629)	(40,192,397)	(692,106)	(4,393,630)	(1,109,400)
Balance at end of the year	$ 156,258	¥ 1,109,400	¥ 1,109,400	$ 866,864	¥ 5,503,029	¥ 41,301,797

PROPERTY, PLANT AND EQUIPMENT_7

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

PREPAID EXPENSES AND OTHER CU_7

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

PREPAID EXPENSES AND OTHER CU_8

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

INTANGIBLE ASSETS, NET (Detai_2

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

BANK LOANS AND OTHER BORROWIN_8

BANK LOANS AND OTHER BORROWINGS (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 28, 2022	Sep. 23, 2022	Jul. 22, 2022	May 25, 2022	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 16, 2022	Mar. 10, 2022	Sep. 13, 2021	Jul. 12, 2021	Mar. 31, 2021 CNY (¥)	May 02, 2020
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 163,641,078	$ 23,048,688					¥ 111,733,754	$ 17,600,856
Long-term bank loans	283,992,000	40,000,000					253,928,000	40,000,000					¥ 1,103,609
Total bank loans	447,633,078	63,048,688					365,661,754	57,600,856					1,103,609
China Guangfa Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 35,509,492	$ 5,001,478					¥ 46,456,142	$ 7,318,002
Interest Rate	5.66%	5.66%					5.66%	5.66%		5.655%	5.655%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 81,486,261	$ 11,477,261					¥ 64,647,870	$ 10,183,654
Interest Rate	5.30%	5.30%		5.30%			5.30%	5.30%				5.30%
Citi Bank
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year							¥ 234,743	$ 36,978
Long-term bank loans													¥ 1,103,609
Interest Rate	1%	1%					1%	1%						1%
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year							¥ 394,999	$ 62,222
Long-term bank loans	¥ 283,992,000	$ 40,000,000					¥ 253,928,000	$ 40,000,000
Interest Rate	4%	4%					4%	4%	4%
China Citic Bank - Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 34,295,325	$ 4,830,464
Interest Rate	5.20%	5.20%			5.20%
China Citic Bank - Shenyang Branch, Letter of credit facility
BANK LOANS AND OTHER BORROWINGS
Interest Rate	3.25%	3.25%				3.25%
China Construction Bank - Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Bank loans due within one year	¥ 12,350,000	$ 1,739,485
Interest Rate	4%	4%	4%

BANK LOANS AND OTHER BORROWIN_9

BANK LOANS AND OTHER BORROWINGS - Additional information (Details)																1 Months Ended					2 Months Ended		4 Months Ended		6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥)	Sep. 16, 2022 CNY (¥)	Sep. 06, 2022 CNY (¥)	Jul. 08, 2022 CNY (¥)	May 25, 2022 CNY (¥)	Apr. 13, 2022 CNY (¥)	Mar. 16, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Sep. 13, 2021 CNY (¥)	Sep. 07, 2021 CNY (¥)	Jul. 21, 2021 CNY (¥)	Jul. 12, 2021 CNY (¥)	Mar. 05, 2021 CNY (¥)	May 02, 2020 CNY (¥)	May 02, 2020 USD ($)	Sep. 28, 2022 CNY (¥)	May 31, 2022 CNY (¥)	May 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Sep. 26, 2022 CNY (¥)	Jul. 22, 2022 CNY (¥)	Sep. 23, 2022 CNY (¥)	Mar. 10, 2022 CNY (¥)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 16, 2022 USD ($)
BANK LOANS AND OTHER BORROWINGS
Amount drawn or borrowed																									¥ 102,513,927	$ 14,438,988	¥ 92,719,786	¥ 414,116,587	$ 65,233,702	¥ 32,253,609
Repayments of debt																									50,606,602	$ 7,127,891	¥ 48,833,921	49,558,442	$ 7,806,692	160,407,571
Accrued interest	¥ 11,400,000																		¥ 395,000						¥ 11,400,000			395,000			$ 1,700,000	$ 62,222
Interest expense	¥ 15,200,000							¥ 400,000																				¥ 2,800,000		¥ 5,800,000
Minimum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																									1.50%	1.50%
Maximum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																									3.50%	3.50%
China Guangfa Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt									¥ 100,000,000
Term of credit facility									3 years
Amount drawn or borrowed									¥ 46,500,000															¥ 35,500,000
Annual interest rate	5.66%								5.655%										5.66%					5.655%	5.66%			5.66%			5.66%	5.66%
Repayments of debt		¥ 10,900,000
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt				¥ 15,000,000							¥ 140,000,000	¥ 140,000,000
Term of credit facility				2 years							3 years	3 years
Amount drawn or borrowed												¥ 64,600,000											¥ 55,900,000
Annual interest rate	5.30%											5.30%							5.30%				5.30%		5.30%			5.30%			5.30%	5.30%
Repayments of debt																					¥ 39,000,000
Citi Bank
BANK LOANS AND OTHER BORROWINGS
Amount drawn or borrowed														¥ 1,103,609	$ 166,400
Annual interest rate	1%													1%	1%				1%						1%			1%			1%	1%
Repayments of debt																	¥ 234,742	$ 36,978	¥ 869,000	$ 129,422
R-Bridge Healthcare Fund, LP
BANK LOANS AND OTHER BORROWINGS
Face amount of debt							¥ 253,928,000																										$ 40,000,000
Term of credit facility							54 months
Annual interest rate	4%						4%												4%						4%			4%			4%	4%	4%
R-Bridge Healthcare Fund, LP \| Minimum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																												1.50%	1.50%
R-Bridge Healthcare Fund, LP \| Maximum
BANK LOANS AND OTHER BORROWINGS
Royalty rate																												3.50%	3.50%
China Citic Bank - Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt					¥ 30,000,000					¥ 250,000,000			¥ 250,000,000
Term of credit facility					1 year					3 years			3 years
Amount drawn or borrowed																						¥ 29,300,000
Annual interest rate	5.20%																					5.20%			5.20%						5.20%
China Citic Bank - Shenyang Branch, Letter of credit facility
BANK LOANS AND OTHER BORROWINGS
Face amount of debt																						¥ 5,000,000
Annual interest rate	3.25%				3.25%																				3.25%						3.25%
China Construction Bank - Shenyang Branch
BANK LOANS AND OTHER BORROWINGS
Face amount of debt			¥ 50,000,000
Term of credit facility			1 year
Amount drawn or borrowed																¥ 12,400,000
Annual interest rate	4%															4%									4%						4%
China Everbright Bank
BANK LOANS AND OTHER BORROWINGS
Face amount of debt						¥ 70,000,000
Term of credit facility						1 year

BANK LOANS AND OTHER BORROWI_10

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

LEASES - Summary of operating_2

LEASES - Summary of operating leases - (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
LEASES
Operating lease ROU assets	¥ 13,067,129	$ 1,840,493	¥ 14,850,283	$ 2,339,290	¥ 17,245,924
Operating lease liabilities - current	3,524,558	496,431	4,322,252	680,863	3,785,642
Operating lease liabilities - non-current	¥ 10,403,843	$ 1,465,371	¥ 10,605,260	$ 1,670,593	¥ 13,550,359
Weighted average remaining lease term	3 years	3 years	3 years 4 months 24 days	3 years 4 months 24 days	4 years 4 months 24 days
Weighted average discount rate	4.80%	4.80%	4.80%	4.80%	5%

LEASES - Summary of lease cos_2

LEASES - Summary of lease cost (Details)	6 Months Ended			7 Months Ended	12 Months Ended
LEASES - Summary of lease cost (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
LEASES
Operating lease cost	¥ 2,508,388	$ 373,050	¥ 2,237,633		¥ 4,594,967	$ 723,822	¥ 2,643,917
Cash paid for operating leases	786,888	$ 110,832	¥ 2,276,956		¥ 4,587,894	$ 722,708	¥ 2,601,625
Rent reduction	¥ 988,303			¥ 2,068,108

LEASES - Summary of maturity _2

LEASES - Summary of maturity of operating lease liabilities - (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Maturity of operating lease liabilities
2023	¥ 5,748,070	$ 809,610	¥ 4,947,481	$ 779,352
2024	5,029,426	708,390	4,837,260	761,989
2025	3,921,138	552,289	4,922,251	775,377
2026	158,029	22,257	1,479,661	233,084
Total lease payments	14,856,663	2,092,546	16,186,653	2,549,802
Less: Interest	(928,262)	(130,744)	(1,259,141)	(198,346)
Present value of operating lease liabilities	13,928,401	1,961,802	14,927,512	2,351,456
Operating lease liabilities - current	3,524,558	496,431	4,322,252	680,863	¥ 3,785,642
Operating lease liabilities - non-current	¥ 10,403,843	$ 1,465,371	¥ 10,605,260	$ 1,670,593	¥ 13,550,359

ACCRUED EXPENSES AND OTHER CU_8

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

ACCRUED EXPENSES AND OTHER CU_9

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

ACCRUED EXPENSES AND OTHER C_10

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

CONVERTIBLE REDEEMABLE PREFE_10

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

CONVERTIBLE REDEEMABLE PREFE_11

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Series A-1 (Details) - CNY (¥)			6 Months Ended	12 Months Ended
	Sep. 04, 2020	Dec. 10, 2012	Sep. 30, 2022	Mar. 31, 2021	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2020
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of shares transferred	6,014,313	6,014,313		(6,014,313)
Temporary Equity, Shares Issued			15,534,276		15,534,276
Temporary Equity, Shares Outstanding			15,534,276	15,534,276	15,534,276	15,534,276	21,548,589
Number of shares issued during period		21,548,589	0
Accretion to redemption value			¥ 36,647,950
Series A-1 redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Number of shares transferred				6,014,313
Temporary Equity, Shares Issued			6,014,313		6,014,313
Temporary Equity, Shares Outstanding			6,014,313	6,014,313	6,014,313	6,014,313

CONVERTIBLE REDEEMABLE PREFE_12

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Series B (Details)	1 Months Ended		6 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) shares	Jan. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2022 CNY (¥) shares	Mar. 31, 2021 CNY (¥) shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Principal amount of Convertible Notes together with the accrued interest converted \| $		$ 20,389,315
Number of shares issued upon conversion of notes		18,393,610
Proceeds from issuance of mezzanine equity \| ¥				¥ 729,412,999
Series B redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Principal amount of Convertible Notes together with the accrued interest converted \| $		$ 20,389,315
Number of shares issued upon conversion of notes		18,393,610
Conversion price per share \| $ / shares		$ 1.1085
Shares subscribed for call option under convertible notes		9,660,324		9,660,324
Price per share \| $ / shares		$ 2.0703
Proceeds from issuance of mezzanine equity \| $	$ 3,000,000	$ 88,000,000
Number of shares issued during period	1,231,679	36,129,245	0	37,360,924
Accretion to redemption value \| ¥			¥ 35,435,288

CONVERTIBLE REDEEMABLE PREFE_13

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Outstanding Convertible Redeemable Preferred Shares (Details)			1 Months Ended		6 Months Ended				12 Months Ended
	Sep. 04, 2020 shares	Dec. 10, 2012 shares	Feb. 28, 2021 shares	Jan. 31, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 CNY (¥) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2021 CNY (¥) shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2022 CNY (¥) shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2021 CNY (¥) shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					$ 215,844,081	¥ 1,370,221,392	$ 181,055,603	¥ 1,285,458,571	$ 181,055,603	¥ 1,285,458,571	$ 69,403,171	¥ 440,585,213
Conversion of convertible notes											20,702,802	131,425,527
Call option under convertible notes											20,702,765	131,425,290
New insurance											94,197,995	597,987,709
Accretion to redemption value					10,152,855	72,083,238	9,157,124	65,013,751	20,582,579	130,662,326	2,616,536	16,610,297
Foreign currency translation adjustment					23,417,151	166,257,097	(2,427,072)	(17,231,727)	(7,230,318)	(45,899,505)	(5,131,449)	(32,575,465)
Balance at the end					226,564,371	1,608,561,727	$ 187,785,655	897,869,523	$ 215,844,081	1,370,221,392	$ 181,055,603	1,285,458,571
Series A and Series A-1 redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					$ 72,158,166	¥ 458,074,468		¥ 410,327,208		¥ 410,327,208
Balance at the beginning (in shares) \| shares					21,548,589	21,548,589	21,548,589	21,548,589	21,548,589	21,548,589
Balance at the end					$ 77,608,485	¥ 551,004,725			$ 72,158,166	¥ 458,074,468		¥ 410,327,208
Balance at the end (in shares) \| shares					21,548,589	21,548,589			21,548,589	21,548,589	21,548,589	21,548,589
Series A redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning						¥ 389,563,659		¥ 344,661,893		¥ 344,661,893		¥ 440,585,213
Balance at the beginning (in shares) \| shares					15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	21,548,589	21,548,589
Number of shares issued during period \| shares		21,548,589			0	0
Shares transferred												¥ (68,232,451)
Number of shares transferred \| shares	6,014,313	6,014,313									(6,014,313)	(6,014,313)
Accretion to redemption value						¥ 33,793,180		¥ 28,042,858		¥ 57,598,340		¥ 1,758,690
Foreign currency translation adjustment						48,011,366		(4,690,126)		(12,696,574)		(29,449,559)
Balance at the end						¥ 471,368,205		¥ 368,014,625		¥ 389,563,659		¥ 344,661,893
Balance at the end (in shares) \| shares					15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276	15,534,276
Series A-1 redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning						¥ 68,510,809		¥ 65,665,315		¥ 65,665,315
Balance at the beginning (in shares) \| shares					6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313
Shares transferred												¥ 68,232,451
Number of shares transferred \| shares											6,014,313	6,014,313
Accretion to redemption value						¥ 2,854,770		¥ 2,566,412		¥ 5,164,090
Foreign currency translation adjustment						8,270,941		(875,280)		(2,318,596)		¥ (2,567,136)
Balance at the end						¥ 79,636,520		¥ 67,356,447		¥ 68,510,809		¥ 65,665,315
Balance at the end (in shares) \| shares					6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313	6,014,313
Series B redeemable convertible preferred shares
Outstanding Convertible Redeemable Preferred
Balance at the beginning					$ 143,685,915	¥ 912,146,924		¥ 875,131,363		¥ 875,131,363
Balance at the beginning (in shares) \| shares					65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858
Conversion of convertible notes												¥ 131,425,527
Conversion of convertible notes (in shares) \| shares											18,393,610	18,393,610
Call option under convertible notes												¥ 131,425,290
Shares subscribed for call option under convertible notes \| shares				9,660,324							9,660,324	9,660,324
New insurance												¥ 597,987,709
Number of shares issued during period \| shares			1,231,679	36,129,245	0	0					37,360,924	37,360,924
Accretion to redemption value						¥ 35,435,288		¥ 34,404,481		¥ 67,899,896		¥ 14,851,607
Foreign currency translation adjustment						109,974,790		(11,666,321)		(30,884,335)		(558,770)
Balance at the end					$ 148,955,886	¥ 1,057,557,002		¥ 897,869,523	$ 143,685,915	¥ 912,146,924		¥ 875,131,363
Balance at the end (in shares) \| shares					65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858	65,414,858

CONVERTIBLE REDEEMABLE PREFE_14

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Additional Information (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Initial conversion ratio	1	1
Dividends declared	$ 0	$ 0
Uncured breach term considered for shares redemption	30 days	30 days
Period to exercise redemption rights	18 months
Series A redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	17%	8%
Original Series A Issue Price plus a single interest rate	8%
Series A-1 redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	8%
Period to exercise redemption rights		18 months
Series B redeemable convertible preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Interest rate	8%	8%

STOCK-BASED COMPENSATION - 20_2

STOCK-BASED COMPENSATION - 2010 Share Incentive Plan (Details) - shares				6 Months Ended	12 Months Ended
	Jan. 01, 2015	Jan. 01, 2014	Jun. 21, 2010	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
STOCK-BASED COMPENSATION
Granted during the period				0	0	10,254,198
Remaining employees
STOCK-BASED COMPENSATION
Vesting period based on term after the grantee terminates their employment				12 months	12 months
2010 Share Incentive Plan
STOCK-BASED COMPENSATION
Contractual term			10 years
Number of shares authorized and reserved for issuance			10,902,600
Maximum number of shares that may be granted as percentage of total issued and outstanding shares		1.50%
Vesting period				3 years	3 years
Equal quarterly instalments (as a percent)				0.08%	0.08%
Vesting percentage				100%	100%
Granted during the period	510,000
Vesting period based on term after the grantee terminates their employment				5 years	5 years
2010 Share Incentive Plan \| Senior executives
STOCK-BASED COMPENSATION
Contractual term				10 years	10 years
2010 Share Incentive Plan \| Remaining employees
STOCK-BASED COMPENSATION
Contractual term				10 years	10 years

STOCK-BASED COMPENSATION - Ex_3

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

STOCK-BASED COMPENSATION - Ex_4

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

STOCK-BASED COMPENSATION - Bo_2

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

STOCK-BASED COMPENSATION - Re_3

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

STOCK-BASED COMPENSATION - Re_4

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

STOCK-BASED COMPENSATION - 20_3

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

STOCK-BASED COMPENSATION - St_2

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

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details)	Aug. 15, 2022 $ / shares shares
STOCK-BASED COMPENSATION
Number of shares surrendered \| shares	575,000
Price per share surrendered \| $ / shares	$ 0.000005

RELATED PARTY TRANSACTIONS AN_8

RELATED PARTY TRANSACTIONS AND BALANCES - Transactions with related parties (Details)	6 Months Ended	12 Months Ended
	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 CNY (¥)
Related Party Transaction
Amount lent to related party				¥ 30,088,833
Amounts due from related party				30,088,833
Yisheng Biopharma Holding Ltd (Hong Kong)
Related Party Transaction
Amount lent to related party		¥ 2,966,777		30,088,833
Loan repaid by related party		33,055,610
Amounts due from related party		0		30,088,833		¥ 0
Yisheng Biopharma Holding Ltd (Hong Kong) \| Receivable collected on behalf of YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 2,966,777	2,966,777	$ 459,412	¥ 30,088,833	$ 4,600,000
Yisheng Biopharma Holding Ltd (Hong Kong) \| Repayment to YS Group
Related Party Transaction
Amount collected on behalf of group	¥ 33,055,610	¥ 33,055,610	$ 5,118,732

RELATED PARTY TRANSACTIONS AN_9

RELATED PARTY TRANSACTIONS AND BALANCES - Additional information (Details) - CNY (¥)	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2022	Mar. 31, 2020
Related Party Transaction
Amount lent by related party			¥ 299,757,219
Amount repaid to related party			163,346,796
Forgiveness of amounts due to related parties			446,092,527
Amounts due from related party			30,088,833
Amount lent to related party			30,088,833
Henan Yisheng Biopharma
Related Party Transaction
Due to related party					¥ 102,868,404
Amount repaid to related party			147,375,441
Forgiveness of amounts due to related parties			169,038,024
Beijing Yisheng Xingye
Related Party Transaction
Due to related party			0		204,218,333
Amount repaid to related party			47,360,000
Forgiveness of amounts due to related parties			311,873,098
Amounts due from related party		¥ 0		¥ 0
Amount lent to related party	¥ 46,970	46,970
Henan Yisheng Pan-Asia
Related Party Transaction
Due to related party					8,000
Amount repaid to related party			8,000
Other Related Parties
Related Party Transaction
Due to related party					7,792,152
Amount repaid to related party			8,237,985
Liaoning Yisheng Pan-Asia
Related Party Transaction
Amounts due from related party			0		30,780,298
Amount lent to related party			8,423,885
Forgiveness of amounts due from related parties			32,503,795
Henan Yisheng Huizhong
Related Party Transaction
Amounts due from related party			0		¥ 1,744,800
Amount lent to related party			570,000
Forgiveness of amounts due from related parties			¥ 2,314,800
Yisheng Biopharma
Related Party Transaction
Due to related party		¥ 0		¥ 0
Amount lent by related party	¥ 64,880

INCOME TAX - Tax rate (Detail_2

INCOME TAX - Tax rate (Details)	1 Months Ended	6 Months Ended		12 Months Ended
INCOME TAX - Tax rate (Details)	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
INCOME TAX
Statutory federal corporate income tax		25%	25%	25%	25%
Singapore
INCOME TAX
Statutory federal corporate income tax		17%		17%
China
INCOME TAX
Statutory federal corporate income tax		25%		25%
Enterprise income tax rate		25%		25%
High and New Technology Enterprises, income tax rate	15%	15%		15%
Term for High and New Technology Enterprises status	3 years	3 years		3 years
United States
INCOME TAX
Statutory federal corporate income tax		21%		21%
State income tax rate		8.25%		8.25%

INCOME TAX - Provision for in_2

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

INCOME TAX - Reconciliation o_2

INCOME TAX - Reconciliation of statutory rate to effective tax rate (Details)	6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of statutory rate to effective tax rate
Statutory federal income tax rate	25%	25%	25%	25%
Effect of different tax rates in different jurisdictions	(182.62%)	(26.82%)	(18.26%)	(20.56%)
Effect of PRC preferential tax rate	(100.49%)	11.98%	4.56%	(0.77%)
Effect of research and development expenses deduction and others	80.56%	30.97%	33.20%	7.80%
Temporary differences	5.03%	13.42%	4.88%	10.01%
Change in valuation allowance	177.88%	(41.02%)	(44.47%)	(11.49%)
Effective tax rate	5.36%	13.53%	4.88%	10.01%

INCOME TAX - Net deferred ass_2

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

INCOME TAX - Additional infor_2

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

DEFERRED GOVERNMENT GRANTS (D_2

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

DEFERRED GOVERNMENT GRANTS - _2

DEFERRED GOVERNMENT GRANTS - Property, plant and equipment & Research and development (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 CNY (¥)	Sep. 30, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	$ 5,095,809	¥ 32,349,218	¥ 33,005,891		¥ 33,005,891
Addition		1,200,000	1,500,000		3,600,000	¥ 1,600,000
Recognized as income		(600,000)
Total deferred government grants	3,425,824	24,322,667		$ 5,095,809	32,349,218	33,005,891
Less: current portion	(492,366)			(361,630)		(2,121,645)	¥ (3,495,701)	¥ (2,295,701)
Non-current portion	2,933,458			4,734,179		30,884,246	¥ 20,826,966	¥ 30,053,517
Government grants for property, plant and equipment
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	3,103,001	22,030,690	21,847,340	3,441,502	21,847,340	21,096,442
Addition	169,019	1,200,000		244,479	1,552,000	2,000,000
Recognized as income	(102,515)	(727,839)	(1,400,000)	(215,597)	(1,368,650)	(1,249,102)
Total deferred government grants	3,169,505	22,502,851		3,103,001	22,030,690	21,847,340
Government grants for research and development
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	1,453,355	10,318,528	11,158,551	1,757,750	11,158,551	10,387,874
Addition						1,610,700
Recognized as income	(1,197,036)	(8,498,712)	¥ (800,000)	(132,325)	(840,023)	(840,023)
Total deferred government grants	$ 256,319	¥ 1,819,816		$ 1,453,355	¥ 10,318,528	¥ 11,158,551

DEFERRED GOVERNMENT GRANTS - _3

DEFERRED GOVERNMENT GRANTS - Additional information (Details)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 CNY (¥) item	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥) item	Mar. 31, 2022 USD ($) item	Mar. 31, 2021 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Amount amortized from deferred government grant into government grant recognized in income	¥ 600,000
Government grants for property, plant and equipment
DEFERRED GOVERNMENT GRANTS
Number of deferred government grants	7	7		7	7
Amount amortized from deferred government grant into government grant recognized in income	¥ 727,839	$ 102,515	¥ 1,400,000	¥ 1,368,650	$ 215,597	¥ 1,249,102
Amount that will be amortized in fiscal 2023	2,700,000			1,500,000
Amount that will be amortized after fiscal 2023	¥ 19,800,000			¥ 20,600,000
Government grants for research and development
DEFERRED GOVERNMENT GRANTS
Number of deferred government grants \| item	2	2		2	2
Amount amortized from deferred government grant into government grant recognized in income	¥ 8,498,712	$ 1,197,036	¥ 800,000	¥ 840,023	$ 132,325	¥ 840,023
Amount that will be amortized in fiscal 2023	800,000			800,000
Amount that will be amortized after fiscal 2023	1,000,000			1,400,000
Amount that is expected to be fulfilled after 2022	¥ 1,000,000			¥ 8,100,000

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Commitments to purchase raw materials or services (Details)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other professional service fee			¥ 7,617,840	$ 1,200,000
Construction of vaccine production facilities Office of Life Sciences	¥ 1,580,000	$ 222,541
Research and development	6,001,375	845,288	73,894,705	11,640,261
Purchase raw materials	20,236,200	2,850,249	17,664,500	17,664,500
Total	¥ 27,817,575	$ 3,918,078	¥ 99,177,045	$ 30,504,761

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - Sales contract dispute (Details) - CNY (¥)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Hebei Defense Biological Products Supply Center
COMMITMENTS AND CONTINGENCIES
Gain contingency, amount awarded to defendant		¥ 2,465,807
Term within which the amount to be paid by defendant		20 days
Compensation received		¥ 1,636,755
Expected compensation receivable		¥ 829,052
Chaoyang Center for Disease Control and Prevention
COMMITMENTS AND CONTINGENCIES
Gain contingency, amount awarded to defendant	¥ 416,900
Compensation received	300,000
Expected compensation receivable	¥ 116,900

SEGMENT INFORMATION - Non-cur_2

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

SUBSEQUENT EVENTS (Details)_2

SUBSEQUENT EVENTS (Details)					1 Months Ended		2 Months Ended	4 Months Ended		6 Months Ended			12 Months Ended
SUBSEQUENT EVENTS (Details)	Nov. 08, 2022 CNY (¥)	Sep. 16, 2022 CNY (¥)	Sep. 13, 2021 CNY (¥)	Jul. 12, 2021 CNY (¥)	Oct. 16, 2022 CNY (¥)	Sep. 28, 2022 CNY (¥)	Sep. 26, 2022 CNY (¥)	Sep. 23, 2022 CNY (¥)	Mar. 10, 2022 CNY (¥)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
SUBSEQUENT EVENTS
Repayments of debt										¥ 50,606,602	$ 7,127,891	¥ 48,833,921	¥ 49,558,442	$ 7,806,692	¥ 160,407,571
Amount drawn or borrowed										¥ 102,513,927	$ 14,438,988	¥ 92,719,786	¥ 414,116,587	$ 65,233,702	¥ 32,253,609
China Guangfa Bank Co., Ltd. Shenyang Branch
SUBSEQUENT EVENTS
Repayments of debt		¥ 10,900,000
Amount drawn or borrowed			¥ 46,500,000						¥ 35,500,000
Interest Rate			5.655%						5.655%	5.66%	5.66%		5.66%	5.66%
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
SUBSEQUENT EVENTS
Repayments of debt							¥ 39,000,000
Amount drawn or borrowed				¥ 64,600,000				¥ 55,900,000
Interest Rate				5.30%				5.30%		5.30%	5.30%		5.30%	5.30%
China Construction Bank - Shenyang Branch
SUBSEQUENT EVENTS
Amount drawn or borrowed						¥ 12,400,000
Interest Rate						4%				4%	4%
Subsequent Event
SUBSEQUENT EVENTS
Amount of sale-leaseback agreement	¥ 26,000,000
Term of sale-leaseback agreement	3 years
Interest rate of sale-leaseback agreement	5%
Subsequent Event \| China Guangfa Bank Co., Ltd. Shenyang Branch
SUBSEQUENT EVENTS
Repayments of debt					¥ 36,000,000
Amount drawn or borrowed					¥ 13,000,000
Interest Rate					5.655%
Subsequent Event \| Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch
SUBSEQUENT EVENTS
Repayments of debt					¥ 28,000,000
Amount drawn or borrowed					¥ 30,000,000
Interest Rate					5.30%
Subsequent Event \| China Construction Bank - Shenyang Branch
SUBSEQUENT EVENTS
Amount drawn or borrowed					¥ 19,000,000
Interest Rate					4%

PARENT COMPANY ONLY CONDENSED_9

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) (Details - PARENT COMPANY BALANCE SHEETS)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CNY (¥)	Mar. 31, 2022 USD ($)		Mar. 31, 2022 CNY (¥)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 CNY (¥)		Mar. 31, 2020 USD ($)	Mar. 31, 2020 CNY (¥)
Current Assets
Cash	$ 32,000,000	¥ 226,765,500	$ 42,700,000		¥ 271,067,503		¥ 49,521,897		¥ 390,457,084
Amounts due from related parties									30,088,833
Total current assets	122,757,357	871,552,683	120,469,486		764,764,393				733,204,286
Non-current assets
Total non-current assets	95,338,663	676,885,437	106,642,631		676,988,748				433,970,786
Total Assets	218,096,020	1,548,438,120	227,112,117		1,441,753,141				1,167,175,072
Current liabilities:
Accrued expenses and other liabilities	51,731,502	367,283,321	51,471,496		326,751,353				322,750,471
Total current liabilities	81,035,921	575,338,836	74,968,363		475,914,160				345,040,994
Total Liabilities	125,434,750	890,561,645	121,373,135		770,500,937				390,579,208
Mezzanine equity
Redeemable convertible preferred shares	226,564,371	1,608,561,727	215,844,081		1,370,221,392	$ 187,785,655	897,869,523	$ 181,055,603	1,285,458,571		$ 69,403,171	¥ 440,585,213
Shareholders' (Deficit) Equity:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021	1,124	7,978	1,257	[1]	7,978				7,978	[1]
Additional paid-in capital	113,897,365	808,648,509	127,359,254		808,502,018				800,806,378
Accumulated deficit	(235,749,706)	(1,673,775,766)	(250,554,041)		(1,590,567,163)				(1,353,900,436)
Accumulated other comprehensive income (loss)	(12,051,884)	(85,565,973)	13,088,431		83,087,979				44,223,373
Total shareholders' Deficit	(133,903,101)	(950,685,252)	(110,105,099)		(698,969,188)	$ (85,145,762)	(604,517,882)		(508,862,707)			¥ (847,320,829)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit	218,096,020	1,548,438,120	227,112,117		1,441,753,141				1,167,175,072
Series A and Series A-1 redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	77,608,485	551,004,725	72,158,166		458,074,468				410,327,208
Series B redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	148,955,886	1,057,557,002	143,685,915		912,146,924		¥ 897,869,523		875,131,363
Parent company \| Reportable legal entities
Current Assets
Cash	555,392	3,943,175	39,792,624		252,611,535				330,296,949
Amounts due from related parties	119,493,409	848,379,306	81,792,772		519,236,876				495,937,171
Total current assets	120,048,801	852,322,481	121,585,396		771,848,411				826,234,120
Non-current assets
Long-term investments, net	23,099,722	164,003,403	23,099,721		146,641,652				150,952,826
Total non-current assets	23,099,722	164,003,403	23,099,721		146,641,652				150,952,826
Total Assets	143,148,523	1,016,325,884	144,685,117		918,490,063				977,186,946
Current liabilities:
Accrued expenses and other liabilities	49,990,201	354,920,428	38,449,082		244,082,463				197,324,794
Due to related party	497,054	3,528,981	497,053		3,155,395				3,266,288
Total current liabilities	50,487,255	358,449,409	38,946,135		247,237,858				200,591,082
Total Liabilities	50,487,255	358,449,409	38,946,135		247,237,858				200,591,082
Mezzanine equity
Class A ordinary shares subject to possible redemption, $0.0001 par value; 20,000,000 shares and -0- shares issued and outstanding at redemption value of $10.00 per share	226,564,371	1,608,561,727	215,844,081		1,370,221,392				1,285,458,571
Shareholders' (Deficit) Equity:
Ordinary shares, par value US$0.000005 per share, 9,950,000,000 shares authorized, 247,311,533 shares issued and outstanding as of March 31, 2022 and 2021	1,124	7,978	1,257		7,978				7,978
Additional paid-in capital	113,897,365	808,648,509	127,359,254		808,502,018				800,806,378
Accumulated deficit	(235,749,706)	(1,673,775,766)	(250,554,041)		(1,590,567,163)				(1,353,900,436)
Accumulated other comprehensive income (loss)	(12,051,886)	(85,565,973)	13,088,431		83,087,980				44,223,373
Total shareholders' Deficit	(133,903,103)	(950,685,252)	(110,105,099)		(698,969,187)				(508,862,707)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit	143,148,523	1,016,325,884	144,685,117		918,490,063				977,186,946
Parent company \| Reportable legal entities \| Series A and Series A-1 redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	77,608,485	551,004,725	72,158,166		458,074,468				410,327,208
Parent company \| Reportable legal entities \| Series B redeemable convertible preferred shares
Mezzanine equity
Redeemable convertible preferred shares	$ 148,955,886	¥ 1,057,557,002	$ 143,685,915		¥ 912,146,924				¥ 875,131,363

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

PARENT COMPANY ONLY CONDENSE_10

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

PARENT COMPANY ONLY CONDENSE_11

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

PARENT COMPANY ONLY CONDENSE_12

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) (Details - PARENT COMPANY STATEMENTS OF CASH FLOWS)	6 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2021 CNY (¥)
PARENT COMPANY STATEMENTS OF CASH FLOWS
Net loss	$ (1,566,998)	¥ (11,125,365)	¥ (45,091,332)	$ (16,698,340)	¥ (106,004,401)	¥ (191,826,242)
Share-based compensation	12,017	85,316	(3,128,741)	1,223,094	7,764,448	76,756,500
Changes in operating assets and liabilities:
Amounts due from related parties			30,088,833	4,739,742	30,088,833	(3,086,330)
Amounts due to related parties						(245,808)
Accrued expenses and other liabilities	5,252,252	37,289,942	(37,906,402)	(5,613,164)	(35,633,487)	140,210
Net cash used in operating activities		(107,395,153)	(176,984,374)	(27,337,727)	(173,545,357)	(246,610,437)
Effect of exchange rate on cash	4,291,943	30,471,942	(4,446,301)	(1,808,136)	(11,478,411)	(2,674)
Net change in cash	(6,203,025)	(44,040,237)	(340,935,187)	(18,806,840)	(119,389,581)	388,406,644
Cash, beginning of the period	38,179,597	271,067,503	390,457,084	61,506,740	390,457,084	2,050,440
Cash, end of the period	31,976,572	227,027,266	49,521,897	38,179,597	271,067,503	390,457,084
Supplemental disclosure of non-cash investing and financing activity
Accretion to redemption value of convertible redeemable preferred shares	10,152,855	72,083,238	65,013,751	20,582,579	130,662,326	16,610,297
Parent company \| Reportable legal entities
PARENT COMPANY STATEMENTS OF CASH FLOWS
Net loss	(1,566,998)	(11,125,365)	(45,091,332)	(16,698,340)	(106,004,401)	(191,826,242)
Equity loss of subsidiaries	803,346	5,703,582	27,562,274	11,950,588	75,864,722	60,903,713
Share-based compensation	(12,017)	(85,316)	3,128,741	1,223,094	7,764,448	76,756,500
Changes in operating assets and liabilities:
Amounts due from related parties	(46,326,745)	(328,910,623)	(298,261,642)	(3,670,285)	(23,299,705)	(421,125,633)
Amounts due to related parties	52,619	373,586	(42,697)
Accrued expenses and other liabilities	7,812,564	55,467,639	(7,357,523)	(3,895,962)	(24,732,348)	77,228,629
Net cash used in operating activities	(39,237,231)	(278,576,497)	(320,062,179)	(11,108,373)	(70,518,177)	(395,156,152)
Effect of exchange rate on cash	4,212,531	29,908,137	(4,446,303)	(1,000,829)	(6,353,461)	2,109,604
Net change in cash	(35,024,700)	(248,668,360)	(324,508,482)	(12,237,392)	(77,685,414)	330,296,949
Cash, beginning of the period	35,580,092	252,611,535	330,296,949	52,030,016	330,296,949
Cash, end of the period	555,392	3,943,175	5,788,467	35,580,092	252,611,535	330,296,949
Supplemental disclosure of non-cash investing and financing activity
Accretion to redemption value of convertible redeemable preferred shares	$ 10,152,855	¥ 72,083,238	¥ 65,013,751	$ 20,582,579	¥ 130,662,326	¥ 16,610,297