Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | YS Biopharma Co., Ltd. |
Document Type | 20-F |
Current Fiscal Year End Date | --03-31 |
Entity Common Stock, Shares Outstanding | 93,058,197 |
Amendment Flag | false |
Entity Central Index Key | 0001946399 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41598 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Building No. 2 |
Entity Address, Address Line Two | 38 Yongda Road |
Entity Address, Address Line Three | Daxing Biomedical Industry ParkDaxing District, Beijing, PRC |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 102629 |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Auditor Firm ID | 2388 |
Auditor Name | Wei, Wei & Co., LLP |
Auditor Location | Flushing, New York |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Building No. 2 |
Entity Address, Address Line Two | 38 Yongda Road |
Entity Address, Address Line Three | Daxing Biomedical Industry ParkDaxing District, Beijing, PRC |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 102629 |
Contact Personnel Name | Hui Shao |
City Area Code | 010 |
Local Phone Number | 89202086 |
Ordinary share, par value US$0.00002 per share | |
Document Information Line Items | |
Trading Symbol | YS |
Title of 12(b) Security | Ordinary share, par value US$0.00002 per share |
Security Exchange Name | NASDAQ |
Warrants, each exercisable for one ordinary share | |
Document Information Line Items | |
Trading Symbol | YSBPW |
Title of 12(b) Security | Warrants, each exercisable for one ordinary share |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |
Current assets | ||||
Cash | ¥ 370,108,059 | $ 53,859,752 | ¥ 271,067,503 | |
Restricted cash | 261,766 | 38,093 | ||
Accounts receivable, net | 463,051,792 | 67,385,333 | 308,555,105 | |
Advance to suppliers, net | 6,763,326 | 984,229 | 10,648,306 | |
Inventories, net | 185,380,952 | 26,977,451 | 166,505,565 | |
Prepaid expenses and other current assets | 10,412,769 | 1,515,312 | 7,987,914 | |
Total current assets | 1,035,978,664 | 150,760,170 | 764,764,393 | |
Non-current assets | ||||
Property, plant and equipment, net | 571,756,443 | 83,204,512 | 550,153,110 | |
Operating lease right-of-use assets, net | 11,132,428 | 1,620,040 | 14,850,283 | |
Deferred tax assets, net | 1,905,581 | 277,309 | 3,039,084 | |
Intangible assets, net | 78,056,792 | 11,359,168 | 80,717,978 | |
Other assets, non-current | 20,923,703 | 3,044,909 | 28,228,293 | |
Total non-current assets | 683,774,947 | 99,505,938 | 676,988,748 | |
Total assets | 1,719,753,611 | 250,266,108 | 1,441,753,141 | |
Current liabilities | ||||
Bank loans and other borrowings - current | 193,736,563 | 28,193,397 | 111,733,754 | |
Accounts payable | 80,439,489 | 11,705,908 | 30,811,100 | |
Accrued expenses and other liabilities | 377,536,644 | 54,940,793 | 326,751,353 | |
Operating lease liabilities - current | 4,753,547 | 691,757 | 4,322,252 | |
Deferred government grants - current | 2,295,701 | 334,081 | 2,295,701 | |
Total current liabilities | 658,761,944 | 95,865,936 | 475,914,160 | |
Non-current liabilities | ||||
Bank loans and other borrowings – non-current | 293,790,596 | 42,753,699 | 253,928,000 | |
Operating lease liabilities - non-current | 6,348,890 | 923,918 | 10,605,260 | |
Deferred government grants - non-current | 23,606,507 | 3,435,323 | 30,053,517 | |
Warrants liability | 8,792,389 | 1,279,507 | ||
Total non-current liabilities | 332,538,382 | 48,392,447 | 294,586,777 | |
Total liabilities | 991,300,326 | 144,258,383 | 770,500,937 | |
Mezzanine equity | ||||
Series A and Series A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding) | 458,074,468 | |||
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding) | 912,146,924 | |||
Total mezzanine equity | 1,370,221,392 | |||
Shareholders’(deficit)/equity | ||||
Ordinary shares, par value US$0.00002 per share; 9,950,000,000 shares authorized; 61,827,883 and 93,058,197 shares issued and outstanding as of March 31, 2022 and 2023, respectively; * | [1] | 12,297 | 1,790 | 7,978 |
Additional paid-in capital | 2,656,891,036 | 386,642,466 | 808,502,018 | |
Accumulated deficit | (1,874,037,965) | (272,718,245) | (1,590,567,163) | |
Accumulated other comprehensive income/(loss) | (54,412,083) | (7,918,286) | 83,087,979 | |
Total shareholders’ (deficit)/equity | 728,453,285 | 106,007,725 | (698,969,188) | |
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity | ¥ 1,719,753,611 | $ 250,266,108 | ¥ 1,441,753,141 | |
[1]Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Ordinary shares, par value (in Dollars per share) | $ 0.00002 | $ 0.00002 |
Ordinary shares, shares authorized | 9,950,000,000 | 9,950,000,000 |
Ordinary shares, issued | 93,058,197 | 61,827,883 |
Ordinary shares, outstanding | 93,058,197 | 61,827,883 |
Series A and Series A-1 Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred shares, par value (in Dollars per share) | $ 0.000005 | $ 0.000005 |
Redeemable convertible preferred shares, shares authorized | 50,000,000 | 50,000,000 |
Redeemable convertible preferred shares, shares issued | 21,548,589 | 21,548,589 |
Redeemable convertible preferred shares, shares outstanding | 21,548,589 | 21,548,589 |
Series B Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred shares, par value (in Dollars per share) | $ 0.000005 | $ 0.000005 |
Redeemable convertible preferred shares, shares authorized | 100,000,000 | 100,000,000 |
Redeemable convertible preferred shares, shares issued | 65,414,858 | 65,414,858 |
Redeemable convertible preferred shares, shares outstanding | 65,414,858 | 65,414,858 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss | 12 Months Ended | ||||
Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | Mar. 31, 2021 CNY (¥) ¥ / shares shares | ||
Income Statement [Abstract] | |||||
Revenues | ¥ 687,201,070 | $ 100,004,521 | ¥ 502,949,894 | ¥ 257,015,929 | |
Cost of revenues | 153,360,262 | 22,317,660 | 117,066,090 | 59,656,877 | |
Gross profit | 533,840,808 | 77,686,861 | 385,883,804 | 197,359,052 | |
Operating expenses: | |||||
Selling and marketing | 272,927,356 | 39,717,589 | 185,999,704 | 73,485,259 | |
General and administrative | 81,595,277 | 11,874,103 | 107,620,500 | 155,334,386 | |
Research and development | 318,700,526 | 46,378,702 | 211,222,263 | 94,387,144 | |
Total operating expenses | 673,223,159 | 97,970,394 | 504,842,467 | 323,206,789 | |
Loss from operations | (139,382,351) | (20,283,533) | (118,958,663) | (125,847,737) | |
Other income (expenses): | |||||
Late fees related to income tax | (11,464,741) | ||||
Late fees related to taxes other than income tax | (3,603) | (524) | (231,231) | (7,261,947) | |
Late fees related to social security insurance | (747,609) | (108,795) | (1,852,378) | (7,701,793) | |
Government grants | 26,072,517 | 3,794,187 | 23,020,413 | 3,530,405 | |
Financial expenses, net | (30,857,673) | (4,490,544) | (2,717,433) | (29,689,927) | |
Fair value changes of warrant liability | 21,358 | 3,108 | |||
Other income (expense), net | 551,760 | 80,295 | (327,987) | 4,063,743 | |
Total other (expense) income, net | (4,963,250) | (722,273) | 17,891,384 | (48,524,260) | |
Loss before income taxes | (144,345,601) | (21,005,806) | (101,067,279) | (174,371,997) | |
Income tax expense | (1,133,504) | (164,952) | (4,937,122) | (17,454,245) | |
Net loss | (145,479,105) | (21,170,758) | (106,004,401) | (191,826,242) | |
Accretion to redemption value of convertible redeemable preferred shares | (137,991,697) | (20,081,159) | (130,662,326) | (16,610,297) | |
Net loss attributable to YS Group | (283,470,802) | (41,251,917) | (236,666,727) | (208,436,539) | |
Net loss | (145,479,105) | (21,170,758) | (106,004,401) | (191,826,242) | |
Other comprehensive income (loss): foreign currency translation adjustment | (137,500,062) | (20,009,614) | 38,864,606 | 22,455,217 | |
Total comprehensive loss | ¥ (282,979,167) | $ (41,180,372) | ¥ (67,139,795) | ¥ (169,371,025) | |
Loss per share*: | |||||
– Basic and Diluted (in Dollars per share and Yuan Renminbi per share) | (per share) | [1] | ¥ (1.56) | $ (0.23) | ¥ (1.71) | ¥ (3.1) |
Weighted average number of ordinary shares outstanding*: | |||||
– Basic and Diluted (in Shares) | [1] | 93,058,197 | 93,058,197 | 61,827,883 | 61,827,883 |
[1]Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) | 12 Months Ended | ||||
Mar. 31, 2023 $ / shares shares | Mar. 31, 2023 ¥ / shares shares | Mar. 31, 2022 ¥ / shares shares | Mar. 31, 2021 ¥ / shares shares | ||
Income Statement [Abstract] | |||||
– Diluted (in Shares) (in Dollars per share and Yuan Renminbi per share) | (per share) | [1] | $ (0.23) | ¥ (1.56) | ¥ (1.71) | ¥ (3.10) |
– Diluted (in Shares) | [1] | 93,058,197 | 93,058,197 | 61,827,883 | 61,827,883 |
[1]Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023. |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders’ (Deficit)/Equity | Ordinary shares CNY (¥) shares | Ordinary shares USD ($) shares | Additional paid-in capital CNY (¥) | Additional paid-in capital USD ($) | Deficit CNY (¥) | Deficit USD ($) | Accumulated other comprehensive income/(loss) CNY (¥) | Accumulated other comprehensive income/(loss) USD ($) | CNY (¥) | USD ($) | |||
Balance at Mar. 31, 2020 | ¥ 6,797 | [1] | ¥ 276,368,115 | ¥ (1,145,463,897) | ¥ 21,768,156 | ¥ (847,320,829) | |||||||
Balance (in Shares) at Mar. 31, 2020 | shares | [1] | 53,220,905 | 53,220,905 | ||||||||||
Shareholders’ contribution | ¥ 1,181 | [1] | 447,681,763 | 447,682,944 | |||||||||
Shareholders’ contribution (in Shares) | shares | [1] | 8,606,978 | 8,606,978 | ||||||||||
Accretion to redemption value of convertible redeemable preferred shares | (16,610,297) | (16,610,297) | |||||||||||
Net 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 | |||||||||||
Balance at Mar. 31, 2021 | ¥ 7,978 | [1] | 800,806,378 | (1,353,900,436) | 44,223,373 | (508,862,707) | |||||||
Balance (in Shares) at Mar. 31, 2021 | shares | [1] | 61,827,883 | 61,827,883 | ||||||||||
Accretion to redemption value of convertible redeemable preferred shares | (130,662,326) | (130,662,326) | |||||||||||
Net 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 | ||||||||||
Balance at Mar. 31, 2022 | ¥ 7,978 | [1] | 808,502,018 | (1,590,567,163) | 83,087,979 | (698,969,188) | |||||||
Balance (in Shares) at Mar. 31, 2022 | shares | [1] | 61,827,883 | 61,827,883 | ||||||||||
Accretion to redemption value of convertible redeemable preferred shares | (137,991,697) | (137,991,697) | $ (20,081,159) | ||||||||||
Net loss | (145,479,105) | (145,479,105) | (21,170,758) | ||||||||||
Share-based compensation | ¥ (20) | [1] | 3,505,021 | 3,505,001 | |||||||||
Share-based compensation (in Shares) | shares | [1] | (143,750) | (143,750) | ||||||||||
Foreign currency translation adjustment | (137,500,062) | (137,500,062) | |||||||||||
Conversion of mezzanine equity | ¥ 3,007 | [1] | 1,636,894,077 | 1,636,897,084 | |||||||||
Conversion of mezzanine equity (in Shares) | shares | [1] | 21,740,862 | 21,740,862 | ||||||||||
Issuance of common stock | ¥ 1,332 | [1] | 216,376,861 | 216,378,193 | |||||||||
Issuance of common stock (in Shares) | shares | [1] | 9,633,202 | 9,633,202 | ||||||||||
Warrant from business combination | (8,870,007) | (8,870,007) | |||||||||||
Additional paid-in capital from business combination | 483,066 | 483,066 | |||||||||||
Balance at Mar. 31, 2023 | ¥ 12,297 | [1] | ¥ 2,656,891,036 | ¥ (1,874,037,965) | ¥ (54,412,083) | ¥ 728,453,285 | 106,007,725 | ||||||
Balance (in Shares) at Mar. 31, 2023 | shares | [1] | 93,058,197 | 93,058,197 | ||||||||||
Balance (in Dollars) at Mar. 31, 2023 | $ | $ 1,790 | [1] | $ 386,642,466 | $ (272,718,245) | $ (7,918,286) | $ 106,007,725 | |||||||
Balance (in Shares) | shares | [1] | 93,058,197 | 93,058,197 | ||||||||||
[1]Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (145,479,105) | $ (21,170,758) | ¥ (106,004,401) | ¥ (191,826,242) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Deferred income taxes | 1,133,504 | 164,952 | 4,937,120 | 17,454,245 |
Depreciation of property, plant and equipment | 29,735,024 | 4,327,171 | 24,475,736 | 22,240,060 |
Amortization of intangible assets | 6,952,783 | 1,011,800 | 6,678,233 | 5,665,735 |
Loss on disposal of property, plant and equipment | 273,982 | 24,876 | ||
Share-based compensation | 3,505,001 | 510,063 | 7,764,448 | 76,756,500 |
Bad debt provision of accounts receivable | 10,750,948 | 1,564,525 | 5,084,925 | 6,414,634 |
Write-down (reversal) of inventories to net realizable value | (723,583) | (105,299) | 4,393,630 | 1,109,400 |
Non-cash lease expense | 4,423,612 | 643,743 | 3,787,628 | 2,233,089 |
Fair value changes of warrant liability | (21,358) | (3,108) | ||
Changes in operating assets and liabilities: | ||||
Inventories | (18,151,804) | (2,641,530) | (89,459,313) | (68,728,378) |
Accounts receivable | (165,247,635) | (24,047,562) | (99,137,291) | (220,734,141) |
Amounts due from related parties | 30,088,833 | (3,086,330) | ||
Prepaid expenses and other current assets | 8,992,574 | 1,308,639 | 59,229,801 | 146,767,686 |
Accounts payable | 49,628,389 | 7,222,141 | 14,427,864 | (4,424,337) |
Amounts due to related parties | (245,808) | |||
Accrued expenses and other liabilities | 43,029,496 | 6,261,841 | (35,633,487) | 140,210 |
Deferred government grants | (6,447,010) | (938,197) | (656,673) | (44,290) |
Income taxes payable | (34,105,055) | |||
Operating lease liabilities | (4,550,232) | (662,170) | (3,796,392) | (2,222,291) |
Net cash used in operating activities | (182,469,396) | (26,553,749) | (173,545,357) | (246,610,437) |
Cash flows from investing activities: | ||||
Proceeds from disposal of property, plant and equipment | 68,001 | 9,896 | 8,000 | 644,842 |
Purchases of property, plant and equipment | (52,758,124) | (7,677,594) | (295,314,351) | (104,883,783) |
Purchases of intangible assets | (4,291,597) | (624,532) | (3,617,607) | |
Net cash used in investing activities | (56,981,720) | (8,292,230) | (298,923,958) | (104,238,941) |
Cash flows from financing activities: | ||||
Proceeds from issuance of mezzanine equity | 729,412,999 | |||
Shareholders’ contribution | 1,589,236 | |||
Proceeds from business combination | 252,457,329 | 36,738,701 | ||
Offering cost | (35,884,661) | (5,222,094) | ||
Proceeds from bank loans and other borrowings | 247,387,392 | 36,000,901 | 414,116,587 | 32,253,609 |
Repayment of bank loans and other borrowings | (146,510,134) | (21,320,799) | (49,558,442) | (160,407,571) |
Proceeds from borrowings from related parties | 299,757,219 | |||
Repayment of borrowings from related parties | (163,346,796) | |||
Net cash provided by financing activities | 317,449,926 | 46,196,709 | 364,558,145 | 739,258,696 |
Effect of foreign exchange rate on cash | 21,303,512 | 3,100,180 | (11,478,411) | (2,674) |
Net increase (decrease) in cash | 99,302,322 | 14,450,910 | (119,389,581) | 388,406,644 |
Cash at the beginning of the year | 271,067,503 | 39,446,935 | 390,457,084 | 2,050,440 |
Cash at the end of the year | 370,369,825 | 53,897,845 | 271,067,503 | 390,457,084 |
Supplemental disclosures of cash flow information: | ||||
Income taxes paid | 34,105,055 | |||
Interest paid | 27,289,057 | 3,971,224 | 2,404,357 | 8,124,572 |
Non-cash transactions: | ||||
Accretion to redemption value of convertible redeemable preferred shares | 137,991,697 | 20,081,159 | 130,662,326 | 16,610,297 |
Operating right-of-use assets recognized for related operating lease liabilities | 331,218 | 48,200 | 1,516,478 | 15,048,446 |
Forgiveness of amounts due to related parties | 446,092,527 | |||
Equity transaction from warrants | (8,870,007) | (1,290,802) | ||
Equity transaction from preferred shares | ¥ 1,636,897,084 | $ 238,208,461 |
Organization and Business Descr
Organization and Business Description | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS DESCRIPTION | NOTE 1 – ORGANIZATION AND BUSINESS DESCRIPTION YS Biopharma Co., Ltd (“YS Biopharma”), formerly known as Yisheng Bio Co., Ltd (with the name changed March 16, 2023), was incorporated under the laws of the Cayman Islands as an exempted company with limited liability in November 2020. It owns four companies and their subsidiaries that were incorporated in the Cayman Islands, United States of America (“US”), Singapore, Hong Kong and the People’s Republic of China (“China” or the “PRC”) (collectively, the “Company” or “YS Group”). YS Group is principally engaged in the research, development, manufacturing and sale of vaccines and therapeutic biologics. It developed a PIKA immunomodulating technology platform and a series of product candidates targeting rabies, hepatitis B, influenza and other indications. It is also conducting the production and sale of YSJA™ (依生君安™) rabies vaccine, the first aluminum-free lyophilized rabies vaccine launched in China. Business Reorganization Prior to the business reorganization completed in February 2021, YS Group conducted its business under Yisheng Biopharma Co., Ltd (“Yisheng Biopharma”), a Cayman Islands company established in April 2010, as an offshore holding company used by its shareholders to hold and control its business operation. Before or after the reorganization, both YS Biopharma and Yisheng Biopharma are controlled by the same major shareholder, Yi Zhang, founder and chairman of YS Group and Yisheng Biopharma. In February 2021, YS Group’s business and technology segments were separated and spun-off from the parent company of Yisheng Biopharma Co., Ltd. by a series of corporate and business restructurings. In connection with such restructurings, YishengBio (Hong Kong) Holdings Limited (“HK Yisheng”) and Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”) were established under the laws of Hong Kong in December 2020 and the PRC in February 2021, respectively. In January 2021 and February 2021, Liaoning Yisheng Biopharma Co., Ltd. (“Liaoning Yisheng”) and Beijing Yisheng became wholly-owned subsidiaries of HK Yisheng in December 2020, YS Biopharma issued shares and entered into shareholders agreement with the then shareholders of Yisheng Biopharma to substantially mirror their respective interests in Yisheng Biopharma to YS Biopharma. In January 2021, YS Biopharma acquired all the equity interests of Yisheng US Biopharma Inc. (“US Yisheng”) and Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”) from Yisheng Biopharma, both of which became wholly-owned subsidiaries of YS Biopharma. In February 2021, Beijing Yisheng acquired all the relevant assets and business from a Beijing subsidiary of Yisheng Biopharma. The restructuring was completed in February 2021. After the reorganization, there is no equity relationship, no business activities and no business relevance or competition between Yisheng Biopharma and YS Biopharma, and both are controlled by the same shareholder, Yi Zhang. After the reorganization completed in February 2021, YS Group’s legal entity structure was as follows: Business Combination On August 15, 2022, Oceanview Bioscience Acquisition Co., Ltd. (“Oceanview Bioscience”) and Hudson Biomedical Group Co., Ltd. (“Hudson Biomedical”) were incorporated under the laws of Cayman Islands as exempted companies with limited liability. The companies were incorporated for the purpose of effecting a merger with Summit Healthcare Acquisition Corp, a Special Purpose Acquisition Company (“SPAC”). YS Group’s legal entity structure was as follows: On September 29, 2022, YS Biopharma entered into the Business Combination Agreement with Summit Healthcare Acquisition Corp (“Summit”), Oceanview Bioscience Acquisition Co., Ltd., (“Merger Sub I”) and Hudson Biomedical Group Co., Ltd., (“Merger Sub II”). The Business Combination Agreement provides for (1) the merger of Merger Sub I with and into Summit (the “First Merger”), with Summit surviving the First Merger as the surviving entity (the “Surviving Entity”) and becoming a wholly-owned subsidiary of YS Biopharma, and (2) the merger of the Surviving Entity with and into Merger Sub II (the “Second Merger,” and together with the First Merger, the “Mergers,” together with other transactions contemplated by the Business Combination Agreement, the “Business Combination”), with Merger Sub II surviving the Second Merger as the surviving company (the “Surviving Company”) and remaining as a wholly-owned subsidiary of YS Biopharma. In accordance with the Business Combination Agreement, on the date of closing of the Mergers (“First Merger and Second Merger”), (1) each YS Biopharma’s preferred share was converted into one pre-consolidation Ordinary Share; (2) every four of the pre-consolidation Ordinary Shares and every four pre-consolidation options of YS Biopharma was consolidated into one Ordinary Share and one option of YS Biopharma, respectively, subject to rounding up to the nearest whole number of Ordinary Shares. On March 16, 2023 (the “Closing Date”), YS Biopharma announced the completion of its business combination with Summit pursuant to the above Business Combination Agreement. YS Group’s current legal entity structure is as follows: As of March 31, 2023, YS Group consists of the following legal entities: Legal Entity Nature of Operations Date of Incorporation Place of Incorporation YS Biopharma Co., Ltd. (“YS Biopharma”)*** Holding Company November 16, Cayman Islands YishengBio (Hong Kong) Holdings Limited (“HK Yisheng”) Holding Company December 28, Hong Kong Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”)** Research and development of vaccines and therapeutic biologics November 28, Singapore Yisheng US Biopharma Inc. (“US Yisheng”) Research of vaccines and therapeutic biologics September 29, US Liaoning Yisheng Biopharma Co., Ltd. (“Liaoning Yisheng”)* Research and development, manufacturing and commercialization of vaccines and therapeutic biologics May 26, PRC Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”) Research and development of vaccines and therapeutic biologics February 4, PRC Hudson Biomedical Group Co., Ltd. Purpose of effecting a merger August 15, Cayman Islands * Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005. ** Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011 *** YS Biopharma, formerly known as Yisheng Bio Co., Ltd with the name changed on March 16, 2023. |
Liquidity
Liquidity | 12 Months Ended |
Mar. 31, 2023 | |
Liquidity [Abstract] | |
LIQUIDITY | NOTE 2 – LIQUIDITY As reflected in the accompanying consolidated financial statements (“CFS”), the Company reported net loss of RMB191,826,242, RMB106,004,401 and RMB145,479,105 for the years ended March 31, 2021, 2022 and 2023, respectively. And the Company reported accumulated deficit of RMB1,590,567,163 and RMB1,874,037,965 as of March 31, 2022 and 2023. In assessing its liquidity, management monitors and analyzes the Company’s cash flow requirements, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. As of March 31, 2023, the Company had cash of approximately RMB370.4 million (US$53.9 million). As of March 31, 2023, the Company had outstanding bank loans and other borrowings of approximately RMB487.5 million (US$70.9 million) from various financial institutions. Currently, the Company is working to improve its liquidity and capital sources primarily through debt and equity financing. Based on the Company’s current operating plan, management believes the above-mentioned measures collectively will provide sufficient liquidity for the YS Group to meet its future liquidity and capital requirement for at least 12 months from the date of this report. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These CFS and related notes of YS Group were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary to present fairly in all material respects the financial position, results of operations and cash flows for all periods presented were made. Basis of Consolidation The CFS include the financial statements of YS Group and its wholly-owned subsidiaries. All significant intercompany transactions and balances were eliminated in consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which were measured at fair value (“FV”). The functional currency of YS Group and its Hong Kong subsidiary, US subsidiary is the United States dollars (“US$”). The functional currency of YS Group’s Singapore subsidiary is the Singapore dollars (“S$”). The functional currency of YS Group’s PRC subsidiaries is the Chinese Renminbi (“RMB”). The determination of functional currency is based on the criteria of Accounting Standard Codifications (“ASC”) as promulgated by the Financial Accounting Standards Board, ASC 830, Foreign Currency Matters (“ASC 830”). YS Group uses the RMB as its reporting currency. The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction. Use of Estimates The preparation of the CFS in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these CFFS include, but are not limited to, the valuation of YS Group’s convertible redeemable preferred shares and ordinary shares, accrual of stock-based compensation expense, allowance for doubtful accounts and obsolete inventories, useful life of property, plant and equipment, income taxes and uncertain tax positions. Actual amounts could differ from those estimates. Changes in estimates are recorded in the period when they become known. Due to the risks and uncertainties involved in YS Group’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. Foreign Currency Translation YS Group’s CFS are reported using the RMB. The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Foreign currency translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in YS Group’s consolidated statements of changes in shareholders’ deficit. Gains and losses from foreign currency transactions are included in YS Group’s consolidated statements of operations and comprehensive loss. The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions. The following table outlines the currency exchange rates used in preparing YS Group’s CFS: As of March 31, Years Ended March 31, 2022 2023 2021 2022 2023 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss Profit/Loss RMB:1US$ 6.3482 6.8717 6.8282 6.4598 6.6100 RMB:1S$ 4.6932 5.1760 4.9246 4.7850 4.9346 Convenience translation Amounts in US$ are presented for the convenience of the reader and translated at US$1.00 to RMB6.8717, representing the central parity rate release of the People’s Bank of China on March 31, 2023. No representation is made that the RMB amounts could have been, or converted, realized or settled into US$ at such rate. Cash Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. YS Group maintains bank accounts in China. Cash balances in bank accounts in China are not insured by the Federal Deposit Insurance Corporation or other programs. Restricted Cash Restricted cash balances mainly relate to restrictions imposed on banks as cash deposits for the issuance of letters of credit. And it is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. Accounts Receivable, net Accounts receivable is presented net of allowance for doubtful accounts. YS Group reduces its accounts receivable by recording a bad debt allowance to account for the estimated impact of collection issues resulting from a client’s inability or unwillingness to pay valid obligations to YS Group. YS Group determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and best estimate of specific losses on individual exposures. YS Group establishes an allowance for doubtful accounts when there is objective evidence that YS Group may not be able to collect amounts due. Accounts receivable balances are written off after all collection efforts have been exhausted. Advance to Suppliers, net Advance to suppliers represent amounts advanced to vendors or suppliers for providing raw materials to YS Group. The suppliers usually require advance payments when YS Group orders materials and the advance will be utilized to offset YS Group’s actual payment obligations. These amounts advanced are unsecured, non-interest bearing and generally short term in nature. YS Group will reduce its advance to suppliers by recording an allowance that approximates the extent of the advance that may not be realizable during the procurement process. YS Group nil nil Inventories, net Inventories are stated at the lower of cost or net realizable value. Cost is determined on the weighted average basis and comprises all cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal. YS Group reviews the carrying amounts of the inventories on a quarterly basis to determine if the inventories are carried at lower of cost or net realizable value. The net realizable value is estimated based on current market conditions and historical experience. Adjustments are recorded to write down the cost of inventory based on the expiration date of raw materials and the estimate of future usage. Write-downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive loss. Property, Plant and Equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, are expensed when incurred. In situations where the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, YS Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life. Category Estimated useful life Plant and building 6-20 years Machinery and equipment 5-10 years Furniture and fixtures 3-7 years Motor vehicle 4-5 years Leasehold improvement Lesser of the lease term or life of assets Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each quarter end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of operations in the period the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. Intangible assets, net Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the FV at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life is reviewed for appropriateness at each financial year end. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine license and patent with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis. Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight-line basis over their estimated useful lives of 15 years. Software and laboratory information system are amortized on the straight-line basis over their estimated useful lives of 10 years. An intangible asset that is determined to have an indefinite useful life is not amortized until its useful life is determined to be no longer indefinite. Management evaluates the remaining useful life of an intangible asset that is not being amortized in each reporting period to determine whether events and circumstances continue to support an indefinite useful life. Indefinite-lived intangible assets are subject to impairment testing at least annually. Management believes that YS Group’s Drug Manufacturing License that was granted by the Liaoning Food and Drug Administration (“FDA”) is an intangible asset with an indefinite useful life because the certificate may be renewed indefinitely at little cost and has historically been renewed by Liaoning Yisheng. Liaoning Yisheng intends to renew the certificate indefinitely, and has the ability to do so. Cash flows from the certificate are expected to continue indefinitely. Therefore, the Drug Manufacturing License is not amortized until its estimated useful life is believed to be no longer indefinite. All research and development costs are expensed as incurred. Expenditure incurred on projects to develop new products is capitalized and deferred only when YS Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditures which do not meet these criteria are expensed when incurred. Land use rights: Land lease payments are amounts paid for the rights to use land in the PRC and are recorded net of accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 48.75 to 50 years. Impairment of Long-lived Assets YS Group reviews long-lived assets, including definitive-lived intangible assets and property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When such events occur, YS Group assesses the recoverability of the asset group based on the undiscounted future cash flows the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If YS Group identifies an impairment, YS Group reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values and the impairment loss, if any, is recognized in general and administrative expenses in the consolidated statements of operations. YS Group uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. YS Group did not record any impairment charges during the years ended March 31, 2023, 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, 2023, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of March 31, 2023 and 2022, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2023, 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: Year Ended March 31, 2023 (RMB) (US$) Vendor A 48,006,500 $ 6,986,117 37.9 % Vendor F 15,178,020 2,208,772 12.0 % Vendor G 10,053,600 1,463,044 7.9 % Vendor H 6,846,214 996,291 5.4 % Vendor C 4,746,530 690,736 3.7 % Total 84,830,864 $ 12,344,960 66.9 % Year Ended March 31, 2022 (RMB) (US$) Vendor A 35,172,250 $ 5,540,508 20.9 % Vendor B 16,227,146 2,556,181 9.6 % Vendor C 9,995,189 1,574,492 5.9 % Vendor D 7,426,500 1,169,859 4.4 % Vendor E 6,621,300 1,043,020 3.9 % Total 75,442,385 $ 11,884,060 44.7 % Year Ended March 31, 2021 (RMB) (US$) Vendor A 32,063,500 $ 4,879,324 37.9 % Vendor F 5,781,888 879,870 6.8 % Vendor G 4,862,320 739,933 5.7 % Vendor C 4,568,088 695,157 5.4 % Vendor H 3,199,200 486,844 3.8 % Total 50,474,996 $ 7,681,128 59.6 % Details of percentage of YS Group’s top 5 vendors accounting for accounts payable are as follows: As of March 31, 2023 (RMB) (US$) Vendor A 3,220,000 $ 468,589 4.0 % Vendor F 420 61 0.0 % Vendor H 16,118 2,346 0.0 % Total 3,236,538 $ 470,996 4.0 % As of March 31, 2022 (RMB) (US$) Vendor E 1,420,549 $ 223,772 4.6 % Total 1,420,549 $ 223,772 4.6 % YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID - 19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China. Fair Value Measurements ASC 825- 10 requires certain disclosures regarding the FV of financial instruments. FV is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level FV hierarchy prioritizes the inputs used to measure FV. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure FV are as follows: ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 - inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the FV of YS Group’s financial instruments including cash, accounts receivable, advances to suppliers, amounts due from related parties, prepaid expenses and other current assets, short-term bank loans and other loans, accounts payable, warrant liabilities, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The FV of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available. YS Group’s non-financial assets, such as property and equipment would be measured at FV only if they were determined to be impaired. Social Security Insurance Employees of YS Group’s subsidiaries that operate in the PRC are required to participate in a pension scheme operated by the local municipal government. According to the Social Insurance Law of the PRC (the “Social Security Insurance Law”) promulgated by the Standing Committee of the National People’s Congress (the “Standing Committee”) that became effective on December 29, 2018, there are five basic types of social security insurance, which include: basic pension, basic medical, unemployment, work-related injury and maternity insurance (collectively known as “social security insurance”). Both employees and employers make contributions for the first three kinds of social security insurance; and only employers make contributions for the latter two kinds, which means the employers must pay all or a portion of the social security insurance premiums for their employees. If 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 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, 2023, 2022 and 2021, YS Group’s recorded late fees of RMB9.9 million, RMB9.5 million and RMB29.4 million, respectively, for its liabilities related to social security insurance (see Note 11). Leases Under ASC Topic 842, Leases (“ASC 842”), YS Group determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, YS Group does not recognize a right-of-use (“ROU”) asset or lease liability. YS Group’s operating leases are recognized on its consolidated balance sheets as noncurrent assets, current liabilities and noncurrent liabilities. YS Group does not have any finance leases. ROU assets represent YS Group’s right to use an underlying asset for the lease term and lease liabilities represent YS Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As YS Group’s leases typically do not provide an implicit rate, YS Group uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that YS Group will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. For leases with terms greater than 12 months, YS Group records the related asset and lease liability at the present value of lease payments over the lease term. For leases with terms less than 12 months, YS Group records rents in administrative expenses. Government Grants Government grants represent primarily subsidies received from PRC governments for operating a business in their jurisdictions and in compliance with specific policies promoted by the government authorities. YS Group’s PRC-based subsidiaries received specific subsidies and other subsidies from certain local governments. Specific subsidies are subsidies the local government has set certain conditions for the subsidies. Other subsidies are subsidies the local government has not set any conditions and are not tied to future trends or performance of YS Group, receipt of such subsidy is not contingent upon any further actions or performance of YS Group and the amounts do not have to be refunded under any circumstances. Specific subsidies are recorded as deferred government grants upon receipt and are recognized as government grants recognized in income when the conditions are met. Other subsidies are recognized as other income upon receipt as further performance by YS Group is not required. Government grants for 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 two classes of preferred shares: Series A and Series B and Series A consists of Series A and Series A-1 (collectively, the “Convertible Redeemable Preferred Shares”). These Convertible Redeemable Preferred Shares are considered “probable of becoming redeemable” as one of the redemption events depends solely on the passage of time, and the shares become redeemable following the respective anniversary of the issuance date. Since the Series A, Series A-1 and Series B Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, the Series A, they are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method from the issuance dates to the earliest possible redemption date. Upon the completion of YS Group’s business combination on March 16, 2023, all the outstanding Convertible Redeemable Preferred Shares were converted into Ordinary Shares. No mezzanine equity was recognized as of March 31, 2023. Warrants YS Group accounts for warrants as either equity-method or liability-method instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. Warrants recorded as equity are recorded at their relative FV determined at the issuance date and remeasurement is not required. Warrants recorded as liabilities are recorded at their FV, within warrant liabilities on the consolidated balance sheets and are remeasured on each reporting date with changes recorded in FV changes of warrant liabilities on the consolidated statements of operations and comprehensive loss. Upon the consummation of the Business Combination, each Summit Warrant outstanding immediately prior had ceased to be a warrant with respect to Summit Public Shares and was assumed by YS Biopharma and converted into a YS Biopharma Warrant entitling the holder thereof to purchase such number of Ordinary Share on a one-on-one basis. After the merger with Summit, the Company accounts for the 10,750,000 public warrants as equity and 6,000,000 private warrants as liabilities. Revenue from Contracts with Customers YS Group follows ASC 606 - “Revenue from Contracts with Customers” for all periods presented. ASC 606 established principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from 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 streams from the sales of vaccines. The core principle underlying the revenue recognition ASC 606 is that YS Group recognizes revenue to represent the transfer of vaccines to customers in an amount that reflects the consideration to which YS Group expects to be entitled in such exchange. This requires YS Group to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. YS Group’s sales contracts of vaccines have one single performance obligation that is to sell vaccines to the customers. The sales contracts with customers do not involve variable considerations, such as discounts and rebates. And according to the historical operation, circumstance of discounts and rebates have never occurred. The customer pays after acceptance of the vaccines. According to ASC 606, the relevant revenue recognition is based on a point in time of customer acceptance confirmation. In accordance with ASC606-10-55-36 through 55-40, YS Group evaluates whether it is appropriate to record the gross amount of vaccines and related costs or the net amount earned as commissions. When the entity is a principal, that the entity obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the entity is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the entity earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value-added taxes. YS Group sells vaccines to the customers, and it obtains control of the vaccines before customer acceptance confirmation. Therefore, YS Group is a principal, and the revenues should be recognized according to the gross method. Cost of Revenues Cost of revenues consists primarily of the cost of merchandise sold and write-down of slow-moving or obsolete inventories. General and Administrative Expenses General and administrative expenses consist mainly of payroll and related costs for employees involved in general corporate functions, including accounting, finance, tax, legal and human resources, professional fees, and provision for bad debts, value-added taxes and other general corporate expenses as well as costs associated with the use by these functions of facilities and equipment, such as depreciation and rental expenses. Selling and Marketing Expenses Selling and marketing expenses consist mainly of payroll and benefits for employees involved in the sales and distribution functions, meeting/event fees, promotion fees, marketing and selling expenses that are related to events and activities at YS Group’s service centers designed to promote product sales as well as operating expenses related to the service centers. Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development projects, primarily consist of salaries and other employee benefits, 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. It accounts for late fees as disclosed in the statements of operations. 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 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Mar. 31, 2023 | |
Accounts Receivable, Net [Abstract] | |
ACCOUNTS RECEIVABLE, NET | NOTE 4 – ACCOUNTS RECEIVABLE, NET As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Trade receivables 322,170,980 487,418,616 $ 70,931,300 Allowance for doubtful accounts (13,615,875 ) (24,366,824 ) (3,545,967 ) Accounts receivable, net 308,555,105 463,051,792 $ 67,385,333 The allowance for doubtful accounts reflects YS Group’s best estimate of probable losses inherent in the accounts receivable balance. YS Group estimates the allowance based on historical experience, the age of the accounts receivable balances, credit quality of YS Group’s customers, current and forecasted future economic conditions, and other factors that may affect customers’ ability to pay. During the years ended March 31, 2021, 2022 and 2023, no YS Group’s accounts receivable had been written off. Below is an analysis of the movements in the allowance for doubtful accounts: Year Ended March 31, 2022 2023 2023 (RMB) (RMB) (US$) Balance at beginning of the year 8,530,951 13,615,875 $ 1,981,442 Additions 5,084,924 10,750,949 1,564,525 Balance at end of the year 13,615,875 24,366,824 $ 3,545,967 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, NET | NOTE 5 – INVENTORIES, NET YS Group’s inventories consist of the following: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Raw materials 57,926,980 50,453,180 $ 7,342,169 Work in progress 40,795,744 61,275,177 8,917,033 Finished goods 73,285,870 78,432,041 11,413,775 Allowance for slow-moving or obsolete inventories (5,503,029 ) (4,779,446 ) (695,526 ) Inventories, net 166,505,565 185,380,952 $ 26,977,451 The movements in the allowance for slow-moving or obsolete inventories are as follows: Year Ended March 31, 2022 2023 2023 (RMB) (RMB) (US$) Balance at beginning of the year 41,301,797 5,503,029 $ 800,825 Additions 4,393,629 3,670,046 534,081 Inventories written off (40,192,397 ) (4,393,629 ) (639,380 ) Balance at end of the year 5,503,029 4,779,446 $ 695,526 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consist of the following: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Cost Construction in progress 318,000,074 309,948,621 $ 45,105,086 Plant and buildings 170,206,987 178,756,490 26,013,430 Machinery and equipment 194,875,303 237,637,928 34,582,116 Electronic equipment 10,107,578 11,117,440 1,617,859 Motor vehicles 2,978,155 3,031,087 441,097 Office equipment and furniture 29,888,526 34,423,995 5,009,531 Leasehold improvements 4,390,980 5,597,019 814,503 Total Cost 730,447,603 780,512,580 113,583,622 Less: accumulated depreciation (150,402,597 ) (178,864,241 ) (26,029,112 ) Less: asset impairment (29,891,896 ) (29,891,896 ) (4,349,998 ) Property and equipment, net 550,153,110 571,756,443 $ 83,204,512 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 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. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets, Net | 12 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses and Other Current Assets, Net [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET | NOTE 7 – PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET Prepaid expenses and other current asset, net consist of the following: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Deposits (1) 2,807,847 4,339,791 $ 631,545 Staff advances (2) 383,251 606,859 88,313 Staff’s social security (3) 615,581 252,090 36,685 Value added tax recoverable (4) 3,442,733 4,249,718 618,438 Clinical trial insurance (5) - 178,699 26,005 Other receivable (6) 854,245 901,355 131,169 Allowance (7) (115,743 ) (115,743 ) (16,843 ) Total 7,987,914 10,412,769 $ 1,515,312 (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) Clinical trial insurance represented human clinical trial legal liability insurance for evaluating the safety, immunogenicity and preliminary efficacy of multiple ascending doses of PIKA recombinant protein COID-19 Vaccine in the treatment of adult patients with mild to moderate COVID-19 infection. (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 | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets, Net [Abstract] | |
INTANGIBLE ASSETS, NET | NOTE 8 – INTANGIBLE ASSETS, NET YS Group’s intangible assets are presented below: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Cost Patents 79,608,000 79,608,000 $ 11,584,906 Licenses, software and laboratory information system 6,143,880 10,435,478 1,518,617 Land use rights 67,181,860 67,181,860 9,776,600 Total Cost 152,933,740 157,225,338 22,880,123 Less: Accumulated Amortization (72,215,762 ) (79,168,546 ) (11,520,955 ) Intangible Assets, net 80,717,978 78,056,792 $ 11,359,168 |
Bank Loans and Other Borrowings
Bank Loans and Other Borrowings | 12 Months Ended |
Mar. 31, 2023 | |
Bank Loans and Other Borrowings [Abstract] | |
BANK LOANS AND OTHER BORROWINGS | NOTE 9 – BANK LOANS AND OTHER BORROWINGS As of March 31, Maturity Interest 2022 2023 2023 Date Rate (RMB) (RMB) (US$) China Guangfa Bank Co., Ltd. - Shenyang Branch (1) 46,456,142 41,191,031 $ 5,994,300 2023/10/13- 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) 64,647,870 82,964,518 12,073,361 2023/6/29- 5.30 % Citi Bank (3) 234,743 - - 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) 394,999 - - 2026/9/15 4.00 % China CITIC Bank Shenyang Tiexi Branch (5) - 23,596,350 3,433,845 2023/10/13- 5.00 % China CITIC Bank Shenyang Tiexi Branch (6) - 5,000,000 727,622 2023/5/25- 3.25 % China Construction Bank Shenyang Heping Branch (7) - 31,330,000 4,559,279 2023/9/8- 4.00 % China Construction Bank Shenyang Heping Branch (8) - 988,000 143,778 2024/1/12 3.90 % Zhongguancun Technology Leasing Co., Ltd (10) - 8,666,664 1,261,212 2025/11/7 5.00 % Bank loans due within one year 111,733,754 193,736,563 $ 28,193,397 R-Bridge Healthcare Fund, LP (4) 253,928,000 274,868,000 40,000,000 2026/9/15 4.00 % China Construction Bank Shenyang Heping Branch (9) - 4,430,000 644,673 2024/9/16 4.00 % Zhongguancun Technology Leasing Co., Ltd (10) 14,492,596 2,109,026 2025/11/7 5.00 % Long-term bank loans 253,928,000 293,790,596 $ 42,753,699 Total bank loans 365,661,754 487,527,159 $ 70,947,096 (1) On September 13, 2021, YS Group entered into a credit facility of RMB100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB41.2 million in total from October 14 2022 to January 13, 2023 with interest at 5.66%, which is due from October 13, 2023 to December 16, 2023. In June, 2023, YS Group repaid RMB31.7 million in advance. (2) On July 12, 2021, YS Group entered into a credit facility of RMB140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew down RMB83.0 million from June 30, 2022 to December 13, 2022 with interest at 5.30%, which is due from June 29, 2023 to December 12, 2023. In April and July, 2023, YS Group repaid RMB20.9 million and RMB32.4 million in advance, respectively. (3) On May 2, 2020, YS Group borrowed RMB1,103,609 (US$166,400) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. Before March 31, 2022, YS Group repaid approximately RMB869,000 (US$129,422). As of March 31, 2022, the balance of approximately RMB235,000 (US$36,978) was outstanding, which amount was repaid in full in May, 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB274,868,000 (US$40,000,000) for 54 months with interest at 4.00%. YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below: Repayment Date Repayment Instalment April 7, 2025 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total 40,000,000 Under the terms of the Facility Agreement, YS Group and Agent are also entering into a Deed, pursuant to which YS Group will pay to Agent, the Royalties on the Products as contingent interest in addition to the payments made to Agent under the Facility Agreement, on the terms and subject to the conditions of the Deed. YS Group is obliged to pay royalties to such agent as contingent interest for the facility based upon YS Group’s annual net sales of rabies vaccines by multiplying the royalty rate ranging from 1.5% to 3.5% by the corresponding amount incremental net sales for that financial year. YS Group shall pay accrued interest on the Loan on each Payment Date. As of March 31, 2023, YS Group accrued approximately RMB23.4 million (US$3.4 million) of interest. (5) On January 13, 2023, YS Group entered into a credit facility of RMB40 million with China CITIC Bank Shenyang Tiexi Branch, due on November 29, 2023, to finance its working capital requirements. YS Group drew RMB23.6 million from January 18, 2023 to February 17, 2023 with interest at 5.00%, which is due from October 13, 2023 to November 9, 2023. (6) On May 6, 2022, China CITIC Bank Shenyang Tiexi Branch issued one letter of credit of RMB5.0 million to YS Group with interest at 3.25%. As of March 31, 2023, YS Group had RMB4.7 million in letters of credit issued, which is due from May 19, 2023 to July 17, 2023. From May to July 2023, YS Group repaid RMB4.7 million. (7) From September 9, 2022 to November 25, 2022, YS Group borrowed RMB31.3 million in total with interest at 4.00% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due from September 8, 2023 to November 24, 2023. On June 5, 2023, YS Group repaid RMB9.7 million in advance. (8) On January 16, 2023, YS Group borrowed RMB988,000 with interest at 3.90% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due on January 12, 2024. (9) On March 17, 2023, YS Group borrowed RMB4.4 million with interest at 4.00% from China Construction Bank Shenyang Heping Branch for 18 months. The loan will be due on September 16, 2024. (10) On November 8, 2022, YS Group borrowed RMB26.0 million with interest at 5.00% from Zhongguancun Technology Leasing Co., Ltd for 36 months. YS Group shall repay RMB722,222 monthly from December 15, 2022 to October 15, 2025 and pay the last repayment of RMB722,230 on November 7, 2025. YS Group repaid RMB2.9 million from December 2022 to March 2023. The balance of RMB23.1 million is outstanding, of which RMB8.6 million is due within one year. From April 13 to July 17, YS Group repaid RMB2.9 million according to the arrangement. YS Group recorded RMB32.0 million, RMB2.8 million and RMB5.8 million of interest expense for the years ended March 31, 2023, 2022 and 2021, respectively. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
LEASES | NOTE 10 – LEASES A summary of YS Group’s operating leases as of March 31, 2023 and 2022 is as follows: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Operating lease ROU assets 14,850,283 11,132,428 $ 1,620,040 Operating lease liabilities - current 4,322,252 4,753,547 $ 691,757 Operating lease liabilities – non-current 10,605,260 6,348,890 $ 923,918 Weighted average remaining lease term 3.4 2.5 2.5 Weighted average discount rate 4.8 % 4.7 % 4.7 % A summary of lease cost recognized in YS Group’s CFS and supplemental cash flow information related to operating leases is as follows: Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) Operating lease cost 2,643,917 4,594,967 5,002,684 $ 728,013 Cash paid for operating leases 2,601,625 4,587,894 3,349,856 $ 487,486 A summary of maturity of operating lease liabilities under the YS Group’s non-cancelable operating leases as of March 31, 2023 is as follows: Year Ended March 31, (RMB) (US$) 2024 5,178,993 $ 753,670 2025 5,040,835 733,564 2026 1,526,270 222,110 Total lease payments 11,746,098 1,709,344 Less: Interest (643,661 ) (93,669 ) Present value of operating lease liabilities 11,102,437 $ 1,615,675 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 11 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Salaries and social security insurance payable (1) 57,459,273 55,188,497 $ 8,031,273 Promotion service fee (2) 64,883,477 87,567,459 12,743,202 Taxes other than income tax 1,171,381 379,595 55,240 Late fees (3) 9,499,595 9,927,056 1,444,629 Payable for property, plant and equipment 48,774,134 47,579,463 6,923,973 CDC transportation and storage fee 35,023,095 49,976,200 7,272,756 Guarantee deposits (4) 94,528,659 108,795,884 15,832,455 Professional service fee (5) 7,758,448 5,121,970 745,372 Interest payable(6) - 6,055,245 881,186 Other payable (7) 7,653,291 6,945,275 1,010,707 Total 326,751,353 377,536,644 $ 54,940,793 (1) This payable includes unpaid salaries and outstanding social security insurance. During fiscal 2023, YS Group paid approximately RMB2.3 million to reduce its payable for salaries and social security insurance. During the period from April 1, 2023 to the date of this report, YS Group paid approximately RMB10.2 million to reduce this payable. Salaries and social security insurance payables consist of the following: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Salaries 49,020,045 47,390,831 $ 6,896,522 Social security insurance 7,732,161 7,179,828 1,044,840 Union Fee 707,067 617,838 89,911 Total 57,459,273 55,188,497 $ 8,031,273 (2) Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax and social security insurance and housing reserve fund contributions due to the fact that YS Group failed to pay the income tax related to calendar year 2011 to calendar year 2013, taxes other than income tax related to calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to calendar year 2015 to the beginning of calendar year 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. From fiscal year 2022, the late fee is incurred for unpaid social insurance. (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee 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 don’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from consultants and other advisors . (6) Interest payable primarily represented interest and royalties payable to R-Bridge Healthcare Fund, LP. (7) Other payable primarily represented employees’ reimbursement and value added tax. |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Shares | 12 Months Ended |
Mar. 31, 2023 | |
Convertible Redeemable Preferred Shares [Abstract] | |
CONVERTIBLE REDEEMABLE PREFERRED SHARES | NOTE 12 – CONVERTIBLE REDEEMABLE PREFERRED SHARES Before Recapitalization, YS Group had 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 which holds Series A Preferred Shares, at US$0.93 per share for 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 and outstanding. Series B In January 2021, the principal amount of Convertible Notes (see Note 12) together with the accrued interest of US $20,389,315 were converted into 18,393,610 Series B Preferred Shares at US $1.1085 per share, and the convertible note holders also exercised their call option rights under the Convertible Notes and converted into 9,660,324 Series B preferred shares at US $2.0703 per share. In January 2021, YS Group raised US $88,000,000 by 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. On March 16, 2023, YS Biopharma closed its public offering. Thus, all the convertible redeemable preferred share were converted to ordinary shares on four-to-one basis at par value US$0.00002 as the agreements. The following table summarizes YS Group’s outstanding Convertible Redeemable Preferred Shares for the three years ended March 31, 2023: Series A Series A-1 Series B Total Total Carrying Carrying Carrying Carrying Carrying Shares Value Shares Value Shares Value Value Value (RMB) (RMB) (RMB) (RMB) (US$) 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 Accretion to redemption value 65,904,705 5,463,610 66,623,382 137,991,697 20,081,159 Foreign currency translation adjustment 34,734,369 5,866,010 77,857,300 118,457,680 795,044 Converted to ordinary shares (15,534,276 ) (490,202,733 ) (6,014,313 ) (79,840,429 ) (65,414,858 ) (1,056,627,606 ) (1,626,670,769 ) (236,720,284 ) As of March 31, 2023 - - - - - - - - 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 compound interest for Series A- 1 and Series B) from the issuance dates to the earliest possible redemption date. On March 16, 2023, YS Biopharma Co., Ltd. (the “Company”) issued a press release that announced the completion of its business combination with Summit Healthcare Acquisition Corp, and that the ordinary shares and warrants of the Company are to begin trading on the Nasdaq Capital Market on March 17, 2023. Thus, all the convertible redeemable preferred shares were converted to the ordinary share at par value US$0.00002 on four-to-one basis. |
Warrants
Warrants | 12 Months Ended |
Mar. 31, 2023 | |
Warrant [Abstract] | |
WARRANTS | NOTE 13 – WARRANTS As of March 31, 2023, YS Group has 10,750,000 public warrants and 6,000,000 private warrants. YS Group accounts for its outstanding warrants in accordance with ASC 815-40-15-7D and 7F. Management determined that the private warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, YS Group classifies the private warrants as liabilities at their FV and adjusts the private warrants to FV at each reporting period. Management has further determined that its public warrants qualify for equity treatment. Warrant liability is subject to re-measurement at each balance sheet date until exercised, and any change in FV is recognized in statements of operations. The private warrants are valued using a Binomial Option Pricing Model. Upon the consummation of the business combination, each Summit Warrant outstanding immediately prior has ceased to be a warrant with respect to Summit Public Shares and be assumed by YS Biopharma and converted into a YS Biopharma Warrant entitling the holder thereof to purchase such number of Ordinary Share on a one-on-one basis. Each YS Biopharma Warrant will otherwise continue to have and be subject to substantially the same terms and conditions as were applicable to such Summit Warrant immediately prior to the consummation of the Business Combination (including any repurchase rights and cashless exercise provisions). Upon the consummation of the Business Combination with Summit, YS Group has 10,000,000 public and 6,000,000 private warrants The private warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on the balance sheets. The warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs. The Binomial Option Pricing Model with the following key assumptions is used for estimating the FV of private warrants. As of March 31, 2023 Fair value of the underlying asset as of the Valuation Date 1.6 Strike price 11.5 Life to expiration (Years.) 4.9 Volatility 62.9 % Number of steps 100 Redemption price (per share) 0.1 As of March 31, 2023, the value of the private warrants was RMB8.7 million. The change in FV from March 31, 2022 to March 31, 2023 was RMB21,358. The table below reflects the movement of warrant liabilities for the year ended March 31, 2023: April 1, Additions Change in Foreign currency translation March 31, March 31, (RMB) (RMB) (RMB) (RMB) (RMB) (US$) Private Warrants - 8,814,592 (21,358 ) (845 ) 8,792,389 $ 1,279,507 Total - 8,814,592 (21,358 ) (845 ) 8,792,389 $ 1,279,507 |
Warrants Accounted as Equity-Me
Warrants Accounted as Equity-Method Instruments | 12 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
WARRANTS ACCOUNTED AS EQUITY-METHOD INSTRUMENTS | NOTE 14 – WARRANTS ACCOUNTED AS EQUITY-METHOD INSTRUMENTS Upon the consummation of the Business Combination with Summit, Summit’s 10,000,000 public warrants were converted into YS Biopharma warrants, and YS Group sold additional 750,000 units of public warrants. Following the Business Combination, YS Biopharma may redeem public warrants prior to their exercise at a time that is disadvantageous to the holders of such warrants, thereby making such warrants worthless. More specifically: ● YS Biopharma will have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, provided that the last reported sales price of YS Biopharma Ordinary Shares equals or exceeds $18.00 per share (as adjusted for capitalization, share dividends, split-up and the like) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to proper notice of such redemption and provided that certain other conditions are met. ● YS Biopharma will also have the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that the last reported sales price of YS Biopharma Ordinary Shares equals or exceeds $10.00 per share (as adjusted for capitalization, share dividends, split-up and the like) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to proper notice of such redemption and provided that certain other conditions are met, including that holders of the Warrants will be able to exercise their Warrants prior to redemption for a number of YS Biopharma Ordinary Shares determined based on the redemption date and the fair market value of the YS Biopharma Ordinary Shares. The value received upon exercise of the Warrants (1) may be less than the value the holders would have received if they had exercised their Warrants at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the warrants, including because the number of YS Biopharma Ordinary Shares received is capped at 0.361 YS Biopharma Ordinary Shares per warrant (subject to adjustment) irrespective of the remaining life of the warrants. In each case, YS Biopharma may only call the Warrants for redemption upon a minimum of 30 days’ prior notice of redemption. Redemption of the outstanding Warrants could force holders of the Warrants to (a) exercise Warrants and pay the exercise price therefor at a time when it may be disadvantageous for such holders to do so, (b) sell Warrants at the then-current market price when they might otherwise wish to hold their Warrants or (c) accept the nominal redemption price which, at the time the outstanding Warrants are called for redemption, is likely to be substantially less than the market value of the Warrants. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 15 – STOCK-BASED COMPENSATION YS Group operates a share-based payment scheme (the “Scheme”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of YS Group’s operations. Eligible participants of the Scheme include YS Group’s directors, employees and consultants. The 2010 Share Incentive Plan On June 21, 2010, YS Group adopted the 2010 Share Incentive Plan (the “Plan”) that has a contractual term of 10 years. The Plan provides for the granting of stock options and other stock-based awards to employees and directors. YS Group’s Board of Directors authorized and reserved for the issuance of up to 2,725,650 ordinary shares under the Plan for the period from 2010 to 2013, giving retroactive effect of combination in March 2023. Starting from 1 January 2014, the maximum number of shares subject to awards that may be granted during any single calendar year is equal to 1.5% of total issued and outstanding shares as of the first business day of that calendar year. The stock options granted to employees are accounted for as equity awards and measured at their grant date fair values. Options that vest based on service conditions generally will become vested over a three On January 1, 2015, an annual grant of 127,500 options, giving retroactive effect of combination in March 2023, which vest based on performance conditions, were granted to various employees. The annual grant was applicable for calendar years 2015, 2016, 2017, 2018, 2019 and 2020, respectively. The options become vested in equal quarterly instalments based on performance targets established on January 1st of each calendar year from 2015 to 2020. There are no more grants after December 31, 2020 under the 2010 share incentive plan. For options granted to YS Group’s senior executives, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e., 10 years after each of its vesting date); or 2) 5 years after the grantee terminates their employment if the vested option has not been exercised. For options granted to the remaining employees, the grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e., 10 years after each of its vesting date); or 2) 12 months after the grantee terminates their employment if the vested option has not been exercised. For those awards, evaluations are made as of each reporting period to assess the likelihood of performance criteria being met. Share-based payment expenses are then adjusted to reflect the revision of original estimates. The exercise prices and exercise periods, giving retroactive effect of combination in March 2023, of the share options outstanding as at the end of each of the Relevant Periods are as follows: Number of shares options Average exercise price per share option (RMB) As of March 31, 2021 3,253,565 29.3156 Granted during the period - - Forfeited during the period - - Exercised during the period - - Expired during the period - - As of March 31, 2022 3,253,565 29.3156 Granted during the period - Forfeited during the period - - Exercised during the period - - Expired during the period - - As of March 31, 2023 3,253,565 32.4020 The exercise prices and exercise periods, giving retroactive effect of combination in March 2023, of the share options outstanding as at the end of the reporting periods are as follows: Year Ended 31 March 2023 Number of options Exercise price Exercise period (RMB) 1,533,252 13.938 2021-2031 613,369 25.8524 2021-2026 1,106,944 52.5376 2021-2026 3,253,565 Bonus incentive plan On January 1, 2015, YS Group launched a bonus incentive program effective for six years from launch date. The bonus incentive program is divided into two six-month periods each calendar year. The bonus incentive program specifies for each monthly tranche in the six-month period an independent performance condition for a stated period of service (i.e., one month). The bonus amount is determined on a monthly basis at month- end by the human resources department based on a reasonably objective performance criteria that serves as a basis for promotion and other compensation decisions. A fixed conversion price is then applied to the employee’s month end bonus to determine the number of ordinary shares to be issued to the employee for each individual month. At the end of each respective six Based on the above, the employee does not receive a number of ordinary shares with a FV equal to a predominantly fixed dollar amount on the delivery date. Hence, the ordinary shares granted to employees are accounted for as equity awards. In addition, each monthly tranche should be accounted for as a separate award with its own service inception date, grant-date FV, and respective requisite service period because the employee’s ability to retain (vest in) the award pertaining to the current month is not dependent on service beyond the current month. Restricted share units (“RSU”) Giving retroactive effect of combination in March 2023, on February 1, 2018, YS Group granted 692,500 RSUs to employees under the Plan. The weighted average grant-date FV of restricted shares units granted was $7.24, which was derived from the FV of the underlying ordinary shares. 405,000 out of the 692,500 restricted share units were subject to service conditions vesting in six equal semi-annual instalments over three years or eight equal semi-annual instalments over four no Giving retroactive effect of combination in March 2023, on July 25, 2018, YS Group granted 270,000 units of RSUs to three independent directors. Starting from the effective date of August 1, 2018, 30,000 RSUs will be awarded to each of the three directors annually, which shall be vested in equal portion of 7,500 units per three two no The 2020 Share Incentive Plan On December 31, 2020, YS Group’s board of directors adopted the 2020 Share Incentive Plan for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with YS Group. Pursuant to such plan, YS Group is entitled to grant awards to directors, employees and consultants of YS Group with rights to subscribe for up to 8,750,000 underlying ordinary shares of YS Biopharma. As of the date of this report, (1) 2,093,418 shares as RSU incentive shares have been fully vested and issued to the respective directors and employees of YS Group, and (2) 6,656,582 shares are reserved but not issued, among which, options to subscribe for 3,471,546 ordinary shares of YS Biopharma are granted to certain senior management and employees of YS Group but not exercised, giving retroactive effect of combination in March 2023. Stock-based compensation expense included in YS Group’s consolidated statements of operations and comprehensive loss is as follows: Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) Research and development 4,200,464 975,171 (997,846 ) $ (145,211 ) General and administrative 72,501,943 6,789,277 4,502,847 655,274 Selling and marketing 54,093 - - - Total stock-based compensation 76,756,500 7,764,448 3,505,001 $ 510,063 On August 15, 2022, unanimous written resolution of the board of director of YS Group accepted the notice from a former employee, for the surrender of 143,750 of issued shares with US$0.00002 each in YS Group registered in his name, giving retroactive effect of combination in March 2023. |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions and Balances [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | NOTE 16—RELATED PARTY TRANSACTIONS AND BALANCES The following companies are related parties that had balances or transactions with YS Group as of and during the fiscal years ended March 31, 2023, 2022 and 2021: Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Kaifeng Yisheng Pan-Asia Technology Co., Ltd An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang Changchun Bailong Biotechnology Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Huizhong Health Services Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Biopharma Co., Ltd. An entity controlled by Yi Zhang Beijing Huaerdun Kangqi Biotechnology Co., Ltd. An entity controlled by Yi Zhang Liaoning Yisheng Pan-Asia An entity controlled by Yi Zhang Yi Zhang Chairman of Board of Directors Hui Shao Chief Executive Officer Zhongkai Shi* Chief Medical Officer Nan Zhang Daughter of the Chairman Xu Zhang Daughter of the Chairman * Zhongkai Shi resigned in September 2021. Transactions with related parties YS Group had the following transactions with related parties, all of which are interest-free during the fiscal years ended March 31, 2023, 2022 and 2021: Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 30,088,833 2,966,777 - - Repayment to YS Group 33,055,610 - - In fiscal 2021, YS Group lent RMB30,088,833 to Yisheng Biopharma Holdings Limited (Hong Kong) for its operating needs. In fiscal 2022, YS Group lent another RMB2,966,777 to Yisheng Biopharma Holdings Limited (Hong Kong), and Yisheng Biopharma Holdings Limited (Hong Kong) repaid RMB33,055,610 in full to YS Group. As of March 31, 2022, the balance of amount due from Yisheng Biopharma Holdings Limited (Hong Kong) is RMB nil |
Income Tax
Income Tax | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 17 – INCOME TAX Cayman Islands. Hong Kong. Singapore. China. United States. The provision for income tax consisted only of deferred tax. The following table reconciles the statutory rate to YS Group’s effective tax rate: Years Ended March 31, 2021 2022 2023 PRC statutory income tax rate 25.00 % 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (20.56 )% (18.26 )% (36.00 )% Effect of PRC preferential tax rate (0.77 )% 4.56 % 8.72 % Effect of research and development expenses deduction and others 7.8 % 33.2 % 25.50 % Temporary differences* 10.01 % 4.88 % 0.79 % Change in valuation allowance (11.49 )% (44.47 )% (23.23 )% Effective tax rate 9.99 % 4.91 % 0.78 % * Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants. Net deferred tax assets as of March 31, 2023 and 2022, consist of the following key components: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Deferred tax assets: Write-down of inventories to net realizable value 825,454 716,917 $ 104,329 Impairment of property, plant and building 2,031,460 1,769,405 257,492 Deferred government grants 4,852,383 3,296,223 479,681 Losses available for offsetting against future taxable profits 58,257,270 39,366,020 5,728,716 Less: valuation allowance (58,257,270 ) (39,366,020 ) (5,728,716 ) Total deferred tax assets, net 7,709,297 5,782,545 841,502 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (4,670,213 ) (3,876,964 ) (564,193 ) Total deferred tax liabilities (4,670,213 ) (3,876,964 ) (564,193 ) Net deferred tax asset 3,039,084 1,905,581 $ 277,309 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. 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 |
Deferred Government Grants
Deferred Government Grants | 12 Months Ended |
Mar. 31, 2023 | |
Government Assistance [Abstract] | |
DEFERRED GOVERNMENT GRANTS | NOTE 18 – 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 RMB4.0 million and RMB3.6 million in fiscal 2023 and 2022, respectively. In addition, YS Group received RMB15.7 million and RMB20.8 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 2023 and 2022, respectively. Deferred government grants included the following: As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Government grants for property, plant and equipment Balance at beginning of the year 21,847,340 22,030,690 $ 3,206,003 Addition 1,552,000 - - Recognized as income (1,368,650 ) (1,455,678 ) (211,837 ) Subtotal 22,030,690 20,575,012 $ 2,994,166 Government grants for research and development Balance at beginning of the year 11,158,551 10,318,528 $ 1,501,598 Addition - 4,000,000 582,098 Recognized as income (840,023 ) (8,991,332 ) (1,308,458 ) Subtotal 10,318,528 5,327,196 $ 775,238 Total deferred government grants 32,349,218 25,902,208 $ 3,769,404 Less:current portion 2,295,701 2,295,701 $ 334,081 Non-current portion 30,053,517 23,606,507 $ 3,435,323 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. RMB1.5 million was amortized from deferred government grant into government grant recognized in income in fiscal 2023, as compared to RMB1.4 million for the fiscal year ended March 31, 2022. RMB1.5 million will be amortized in fiscal 2024 which was included in the current deferred government grant and RMB19.1 million will be amortized after 2024 which was included in the non-current portion of deferred government grants. Nil Government grants for research and development YS Group has four deferred government grants related to various research and development projects, and fulfilled the conditions attached to three grants. RMB9.0 million was amortized from deferred government grant into government grant recognized in income in fiscal 2023, as compared to RMB0.8 million for the fiscal year ended March 31, 2022. RMB0.8 million will be amortized in fiscal 2024 which was included in the current deferred government grant and RMB4.5 million will be amortized after 2023 which was included in the non-current portion of deferred government grants. RMB0.1 million was recorded as government grant recognized in income for the year ended March 31, 2023, as compared to RMB2.0 million for the years ended March 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 19 – COMMITMENTS AND CONTINGENCIES As of March 31, 2023, YS Group has the following commitments to purchase raw materials or services: As of March 31, 2023 2023 (RMB) (US$) Other professional service fee 3,229,699 $ 470,000 Research and development 185,648,604 27,016,401 Purchase raw materials 15,528,566 2,259,785 Total 204,406,869 $ 29,746,186 In 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 has 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 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 RMB380,000 from Chaoyang Center for Disease Control and Prevention, and the balance of RMB36,900 may be received in the second half of 2023. In 2023, Liaoning Yisheng was involved in a dispute with Shenyang Haoyu Landscape Engineering Co., Ltd who claimed that Liaoning Yisheng should pay RMB278,707 for the greening construction. 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. YS Group was also involved in certain other labor disputes as of March 31, 2023. As the proceedings are in the early stages or the second appeal, 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 | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 20 – 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, 2022 2023 2023 (RMB) (RMB) (US$) PRC 604,094,049 645,210,788 $ 93,893,911 Other countries/regions 26,777,039 4,602,447 $ 669,769 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 | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 21 – 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 May 9, 2023, YS Biopharma (Philippines) Inc. (“Philippines Yisheng”) was incorporated under the laws of Philippines as an entity owned by YS Group. Philippines Yisheng was incorporated for the purpose of research, development, producing, wholesaling and commercializing pharmaceutical products, including vaccines and other biological products. On April 28, 2023, YS Group borrowed RMB6.7 million with interest at 5.3% from Shanghai Pudong Development Bank Co., Ltd. due on December 23, 2023. From May 17, 2023 to June 7, 2023, YS Group borrowed RMB10.3 million with interest at 4.0% from China Construction Bank Shenyang Heping Branch for 18 months due in November and December, 2024. From May 24, 2023 to July 18 , 2023, YS Group borrowed RMB16.4 million with interest at 5.0%, of which RMB3.6 million with interest at 4.75%, from China CITIC Bank Shenyang Tiexi Branch due from February, 2024 to May 2024. On May 29, 2023, YS Group borrowed RMB40.0 million with interest at 4.8% from CITIC Financial Leasing Co., Ltd due on May 29, 2026. From June 19, 2023 to July 11, 2023, YS Group borrowed RMB13.3 million with interest at 5.66% from China Guangfa Bank Co., Ltd. Shenyang Branch due on December 16, 2023. From July 7, 2023 to July 19, 2023, YS Group borrowed RMB11.3 million with interest at 4.0% from Minsheng Bank Shenyang Huanghe Street Branch due in July, 2024. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information (Unaudited) | 12 Months Ended |
Mar. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) | NOTE 22 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (UNAUDITED) Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year. YS Group performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to YS Group as the restricted net assets of YS Group’s PRC subsidiaries exceeded 25% of the consolidated net assets of YS Group. Therefore, the condensed financial statements of the parent company are included herein. PARENT COMPANY BALANCE SHEETS As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 252,611,535 3,045,660 $ 443,218 Amounts due from related parties 519,236,876 1,039,986,896 151,343,466 Total current assets 771,848,411 1,043,032,556 151,786,684 Non-current assets Long-term investments, net 146,641,652 158,734,357 23,099,722 Total non-current assets 146,641,652 158,734,357 23,099,722 Total Assets 918,490,063 1,201,766,913 $ 174,886,406 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 244,082,464 461,105,636 $ 67,102,120 Warrants liability - 8,792,389 1,279,507 Amounts due to related parties 3,155,395 3,415,603 497,054 Total current liabilities 247,237,859 473,313,628 68,878,681 Total Liabilities 247,237,859 473,313,628 68,878,681 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding) 458,074,468 - - Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding) 912,146,924 - - Total mezzanine equity 1,370,221,392 - - Shareholders’ (deficit)/equity: Ordinary shares, par value US$0.00002 per share; 9,950,000,000 shares authorized; 61,827,883 and 93,058,197 shares issued and outstanding as of March 31, 2022 and 2023, respectively; * 7,978 12,297 1,790 Additional paid-in capital 808,502,018 2,656,891,036 386,642,466 Accumulated deficit (1,590,567,163 ) (1,874,037,965 ) (272,718,245 ) Accumulated other comprehensive income/(loss) 83,087,979 (54,412,083 ) (7,918,286 ) Total shareholders’ (deficit)/equity (698,969,188 ) 728,453,285 106,007,725 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 918,490,063 1,201,766,913 $ 174,886,406 * Gives retroactive effect to reflect the reorganization in February 2021 and business combination in March 2023. PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (60,903,713 ) (75,864,722 ) (138,758,136 ) $ (20,192,694 ) Operating expenses: Selling and marketing 54,278 - - - General and administrative 104,562,058 29,178,255 7,630,726 1,110,456 Research and development 4,352,356 988,531 (887,280 ) (129,121 ) Total operating expenses 108,968,692 30,166,786 6,743,446 981,335 Loss from operations (169,872,405 ) (106,031,508 ) (145,501,582 ) (21,174,029 ) Other income (expenses): Financial income/(expenses) (21,953,837 ) 27,107 1,119 163 Fair value changes of warrant liability - - 21,358 3,108 Total other income/(expense), net (21,953,837 ) 27,107 22,477 3,271 Net income/(loss) (191,826,242 ) (106,004,401 ) (145,479,105 ) (21,170,758 ) Accretion to redemption value of convertible redeemable preferred shares (16,610,297 ) (130,662,326 ) (137,991,697 ) (20,081,159 ) Net loss attributable to YS Biopharma (208,436,538 ) (236,666,727 ) (283,470,802 ) (41,251,917 ) Net loss (191,826,242 ) (106,004,401 ) (145,479,105 ) (21,170,758 ) Foreign currency translation gain(loss) 22,455,217 38,864,606 (137,500,062 ) (20,009,614 ) Total comprehensive loss (169,371,025 ) (67,139,795 ) (282,979,167 ) $ (41,180,372 ) Loss per share*: – Basic and Diluted (3.10 ) (1.71 ) (1.56 ) $ (0.23 ) Weighted average number of ordinary shares outstanding*: – Basic and Diluted 61,827,883 61,827,883 93,058,197 93,058,197 * Gives retroactive effect to reflect the reorganization in February 2021 and combination in March 2023. PARENT COMPANY STATEMENTS OF CASH FLOWS Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net loss (191,826,242 ) (106,004,401 ) (145,479,105 ) $ (21,170,758 ) Equity loss of subsidiaries 60,903,713 75,864,722 138,758,136 20,192,694 Share-based compensation 76,756,500 7,764,448 3,505,001 510,063 Fair value changes of warrant liability - - (21,358 ) (3,108 ) Changes in operating assets and liabilities: Amounts due from related parties (421,125,633 ) (23,299,705 ) (520,750,020 ) (75,781,833 ) Amounts due to related parties 2,906,881 (110,893 ) 260,208 37,867 Accrued expenses and other liabilities 77,228,629 (24,732,348 ) 48,377,785 7,040,148 Net cash used in operating activities (395,156,152 ) (70,518,177 ) (475,349,353 ) (69,174,927 ) Cash flows from investing activities: Payment for long-term investment (7,658,738 ) (813,776 ) - - Net cash used in investing activities (7,658,738 ) (813,776 ) - - Cash flows from financing activities: Proceeds from issuance of mezzanine equity 729,412,999 - - - Shareholders’ contributions 1,589,236 - - - Proceeds from acquisition - - 252,457,329 36,738,701 Offering cost (35,884,661 ) (5,222,094 ) Net cash provided by financing activities 731,002,235 - 216,572,668 31,516,607 Effect of exchange rate on cash 2,109,604 (6,353,461 ) 9,210,810 1,340,397 Net (decrease) increase in cash 330,296,949 (77,685,414 ) (249,565,875 ) (36,317,923 ) Cash at the beginning of the year - 330,296,949 252,611,535 36,761,141 Cash at the end of the year 330,296,949 252,611,535 3,045,660 $ 443,218 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 16,610,297 130,662,326 (137,991,697 ) $ (20,081,159 ) Forgiveness from related parties 446,092,527 - - - Equity transaction from warrants - - (8,870,007 ) $ (1,290,802 ) Equity transaction from preferred shares - - 1,636,897,084 $ 238,208,461 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 | Basis of Consolidation The CFS include the financial statements of YS Group and its wholly-owned subsidiaries. All significant intercompany transactions and balances were eliminated in consolidation. The CFS were prepared on a historical cost basis, except for financial assets and financial liabilities which were measured at fair value (“FV”). The functional currency of YS Group and its Hong Kong subsidiary, US subsidiary is the United States dollars (“US$”). The functional currency of YS Group’s Singapore subsidiary is the Singapore dollars (“S$”). The functional currency of YS Group’s PRC subsidiaries is the Chinese Renminbi (“RMB”). The determination of functional currency is based on the criteria of Accounting Standard Codifications (“ASC”) as promulgated by the Financial Accounting Standards Board, ASC 830, Foreign Currency Matters (“ASC 830”). YS Group uses the RMB as its reporting currency. The business reorganization as described in Note 1 was treated as a recapitalization of entities under common control and the accompanying CFS of YS Group give retroactive effect to this transaction. |
Use of Estimates | Use of Estimates The preparation of the CFS in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these CFFS include, but are not limited to, the valuation of YS Group’s convertible redeemable preferred shares and ordinary shares, accrual of stock-based compensation expense, allowance for doubtful accounts and obsolete inventories, useful life of property, plant and equipment, income taxes and uncertain tax positions. Actual amounts could differ from those estimates. Changes in estimates are recorded in the period when they become known. Due to the risks and uncertainties involved in YS Group’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. |
Foreign Currency Translation | 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: As of March 31, Years Ended March 31, 2022 2023 2021 2022 2023 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss Profit/Loss RMB:1US$ 6.3482 6.8717 6.8282 6.4598 6.6100 RMB:1S$ 4.6932 5.1760 4.9246 4.7850 4.9346 |
Convenience translation | Convenience translation Amounts in US$ are presented for the convenience of the reader and translated at US$1.00 to RMB6.8717, representing the central parity rate release of the People’s Bank of China on March 31, 2023. No representation is made that the RMB amounts could have been, or converted, realized or settled into US$ at such rate. |
Cash | Cash 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 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, net Accounts receivable is presented net of allowance for doubtful accounts. YS Group reduces its accounts receivable by recording a bad debt allowance to account for the estimated impact of collection issues resulting from a client’s inability or unwillingness to pay valid obligations to YS Group. YS Group determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and best estimate of specific losses on individual exposures. YS Group establishes an allowance for doubtful accounts when there is objective evidence that YS Group may not be able to collect amounts due. Accounts receivable balances are written off after all collection efforts have been exhausted. |
Advance to Suppliers, net | Advance to Suppliers, net Advance to suppliers represent amounts advanced to vendors or suppliers for providing raw materials to YS Group. The suppliers usually require advance payments when YS Group orders materials and the advance will be utilized to offset YS Group’s actual payment obligations. These amounts advanced are unsecured, non-interest bearing and generally short term in nature. YS Group will reduce its advance to suppliers by recording an allowance that approximates the extent of the advance that may not be realizable during the procurement process. YS Group nil nil |
Inventories, net | Inventories, net Inventories are stated at the lower of cost or net realizable value. Cost is determined on the weighted average basis and comprises all cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal. YS Group reviews the carrying amounts of the inventories on a quarterly basis to determine if the inventories are carried at lower of cost or net realizable value. The net realizable value is estimated based on current market conditions and historical experience. Adjustments are recorded to write down the cost of inventory based on the expiration date of raw materials and the estimate of future usage. Write-downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive loss. |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, are expensed when incurred. In situations where the recognition criteria are satisfied, the expenditure for a major reconstruction is capitalized as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, YS Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on the straight-line basis to reduce the cost of each item of property, plant and equipment to its residual value over its estimated useful life. Category Estimated useful life Plant and building 6-20 years Machinery and equipment 5-10 years Furniture and fixtures 3-7 years Motor vehicle 4-5 years Leasehold improvement Lesser of the lease term or life of assets Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each quarter end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of operations in the period the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. |
Intangible assets, net | Intangible assets, net Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the FV at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life is reviewed for appropriateness at each financial year end. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets, including vaccine license and patent with indefinite useful lives, are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis. Patents with definite useful lives are stated at cost less any impairment losses and are amortized on the straight-line basis over their estimated useful lives of 15 years. Software and laboratory information system are amortized on the straight-line basis over their estimated useful lives of 10 years. An intangible asset that is determined to have an indefinite useful life is not amortized until its useful life is determined to be no longer indefinite. Management evaluates the remaining useful life of an intangible asset that is not being amortized in each reporting period to determine whether events and circumstances continue to support an indefinite useful life. Indefinite-lived intangible assets are subject to impairment testing at least annually. Management believes that YS Group’s Drug Manufacturing License that was granted by the Liaoning Food and Drug Administration (“FDA”) is an intangible asset with an indefinite useful life because the certificate may be renewed indefinitely at little cost and has historically been renewed by Liaoning Yisheng. Liaoning Yisheng intends to renew the certificate indefinitely, and has the ability to do so. Cash flows from the certificate are expected to continue indefinitely. Therefore, the Drug Manufacturing License is not amortized until its estimated useful life is believed to be no longer indefinite. All research and development costs are expensed as incurred. Expenditure incurred on projects to develop new products is capitalized and deferred only when YS Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditures which do not meet these criteria are expensed when incurred. Land use rights: Land lease payments are amounts paid for the rights to use land in the PRC and are recorded net of accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which ranges from 48.75 to 50 years. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets YS Group reviews long-lived assets, including definitive-lived intangible assets and property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When such events occur, YS Group assesses the recoverability of the asset group based on the undiscounted future cash flows the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If YS Group identifies an impairment, YS Group reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values and the impairment loss, if any, is recognized in general and administrative expenses in the consolidated statements of operations. YS Group uses estimates and judgments in its impairment tests and if different estimates or judgments had been utilized, the timing or the amount of any impairment charges could be different. Asset groups to be disposed of would be reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. YS Group did not record any impairment charges during the years ended March 31, 2023, 2022 and 2021. |
Concentrations of Credit Risk and Significant Suppliers | Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject YS Group to concentration of credit risk consist of cash. YS Group mitigates this risk by maintaining its cash with high quality, accredited financial institutions. As of March 31, 2023, YS Group’s cash was deposited at more than two financial institutions and it did not have any foreign currency exchange contracts, option contracts or other hedging arrangements. YS Group has not experienced any losses on its deposits of cash and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. YS Group’s sales are made primarily to Centers for Disease Control and Prevention (“CDCs”) located in China. YS Group does not have a concentration of its revenue and accounts receivable with specific customers. As of March 31, 2023 and 2022, there was no customers which accounted for more than 10% of YS Group’s accounts receivable balance. During the years ended March 31, 2023, 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: Year Ended March 31, 2023 (RMB) (US$) Vendor A 48,006,500 $ 6,986,117 37.9 % Vendor F 15,178,020 2,208,772 12.0 % Vendor G 10,053,600 1,463,044 7.9 % Vendor H 6,846,214 996,291 5.4 % Vendor C 4,746,530 690,736 3.7 % Total 84,830,864 $ 12,344,960 66.9 % Year Ended March 31, 2022 (RMB) (US$) Vendor A 35,172,250 $ 5,540,508 20.9 % Vendor B 16,227,146 2,556,181 9.6 % Vendor C 9,995,189 1,574,492 5.9 % Vendor D 7,426,500 1,169,859 4.4 % Vendor E 6,621,300 1,043,020 3.9 % Total 75,442,385 $ 11,884,060 44.7 % Year Ended March 31, 2021 (RMB) (US$) Vendor A 32,063,500 $ 4,879,324 37.9 % Vendor F 5,781,888 879,870 6.8 % Vendor G 4,862,320 739,933 5.7 % Vendor C 4,568,088 695,157 5.4 % Vendor H 3,199,200 486,844 3.8 % Total 50,474,996 $ 7,681,128 59.6 % Details of percentage of YS Group’s top 5 vendors accounting for accounts payable are as follows: As of March 31, 2023 (RMB) (US$) Vendor A 3,220,000 $ 468,589 4.0 % Vendor F 420 61 0.0 % Vendor H 16,118 2,346 0.0 % Total 3,236,538 $ 470,996 4.0 % As of March 31, 2022 (RMB) (US$) Vendor E 1,420,549 $ 223,772 4.6 % Total 1,420,549 $ 223,772 4.6 % YS Group’s business operation has been, and may continue to be, negatively affected by the outbreak of COVID-19. While many of the restrictions on movements within China have been relaxed, there is great uncertainty around the future of the COVID - 19 outbreak and how it will impact YS Group’s operations, particularly in terms of the spread of Omicron virus in China. |
Fair Value Measurements | Fair Value Measurements ASC 825- 10 requires certain disclosures regarding the FV of financial instruments. FV is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level FV hierarchy prioritizes the inputs used to measure FV. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure FV are as follows: ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 - inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the FV of YS Group’s financial instruments including cash, accounts receivable, advances to suppliers, amounts due from related parties, prepaid expenses and other current assets, short-term bank loans and other loans, accounts payable, warrant liabilities, and accrued expenses and other current liabilities approximate their recorded values due to their short-term maturities. The FV of longer-term leases approximates their recorded values as their stated interest rates approximate the rates currently available. YS Group’s non-financial assets, such as property and equipment would be measured at FV only if they were determined to be impaired. |
Social Security Insurance | Social Security Insurance Employees of YS Group’s subsidiaries that operate in the PRC are required to participate in a pension scheme operated by the local municipal government. According to the Social Insurance Law of the PRC (the “Social Security Insurance Law”) promulgated by the Standing Committee of the National People’s Congress (the “Standing Committee”) that became effective on December 29, 2018, there are five basic types of social security insurance, which include: basic pension, basic medical, unemployment, work-related injury and maternity insurance (collectively known as “social security insurance”). Both employees and employers make contributions for the first three kinds of social security insurance; and only employers make contributions for the latter two kinds, which means the employers must pay all or a portion of the social security insurance premiums for their employees. If 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 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, 2023, 2022 and 2021, YS Group’s recorded late fees of RMB9.9 million, RMB9.5 million and RMB29.4 million, respectively, for its liabilities related to social security insurance (see Note 11). |
Leases | 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 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 | Convertible Redeemable Preferred Shares YS Group has two classes of preferred shares: Series A and Series B and Series A consists of Series A and Series A-1 (collectively, the “Convertible Redeemable Preferred Shares”). These Convertible Redeemable Preferred Shares are considered “probable of becoming redeemable” as one of the redemption events depends solely on the passage of time, and the shares become redeemable following the respective anniversary of the issuance date. Since the Series A, Series A-1 and Series B Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that depends solely on the passage of time, the Series A, they are accounted for as mezzanine equity on the consolidated balance sheets. The mezzanine equity is carried at the higher of (1) the carrying amount after the attribution of net income of YS Group or (2) the expected redemption value. YS Group accretes the difference between the initial carrying value and the ultimate redemption price using the effective interest rate method from the issuance dates to the earliest possible redemption date. Upon the completion of YS Group’s business combination on March 16, 2023, all the outstanding Convertible Redeemable Preferred Shares were converted into Ordinary Shares. No mezzanine equity was recognized as of March 31, 2023. |
Warrants | Warrants YS Group accounts for warrants as either equity-method or liability-method instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. Warrants recorded as equity are recorded at their relative FV determined at the issuance date and remeasurement is not required. Warrants recorded as liabilities are recorded at their FV, within warrant liabilities on the consolidated balance sheets and are remeasured on each reporting date with changes recorded in FV changes of warrant liabilities on the consolidated statements of operations and comprehensive loss. Upon the consummation of the Business Combination, each Summit Warrant outstanding immediately prior had ceased to be a warrant with respect to Summit Public Shares and was assumed by YS Biopharma and converted into a YS Biopharma Warrant entitling the holder thereof to purchase such number of Ordinary Share on a one-on-one basis. After the merger with Summit, the Company accounts for the 10,750,000 public warrants as equity and 6,000,000 private warrants as liabilities. |
Revenue from Contracts with Customers | 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 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 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 General and administrative expenses consist mainly of payroll and related costs for employees involved in general corporate functions, including accounting, finance, tax, legal and human resources, professional fees, and provision for bad debts, value-added taxes and other general corporate expenses as well as costs associated with the use by these functions of facilities and equipment, such as depreciation and rental expenses. |
Selling and Marketing Expenses | Selling and Marketing Expenses Selling and marketing expenses consist mainly of payroll and benefits for employees involved in the sales and distribution functions, meeting/event fees, promotion fees, marketing and selling expenses that are related to events and activities at YS Group’s service centers designed to promote product sales as well as operating expenses related to the service centers. |
Research and Development Expenses | 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, All costs associated with research and development are expensed as incurred. |
Other Income (Expenses), net | Other Income (Expenses), net Other income (expenses) consists of miscellaneous income and expenses not directly related to YS Group’s core business operations. Other income primarily consists of recovery of previously written-off accounts receivable, and write-off of payment obligations that are either more than three years old or no longer justifiable. Other expenses primarily consist of late fees related to YS Group’s income tax and social security insurance payment obligations, charitable donation, medical waste disposal fee and financial expenses. From December 2013 to June 2019, because YS Group was undergoing the construction and certification process of new manufacturing plant, YS Group didn’t produce and market its rabies vaccine and did not pay any income taxes nor social security insurance for its employees. It accounts for late fees as disclosed in the statements of operations. |
Income Taxes | 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 deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and ● in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the Relevant Periods. Deferred tax assets and liabilities are offset if and only if YS Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. YS Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. YS Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related PRC tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive loss as non-operating expense. |
Value Added Tax (“VAT”) | Value Added Tax (“VAT”) Value-added taxes (“VAT”) collected from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers is excluded from revenue. The VAT payable is presented in the account of accrued expenses and other liabilities. |
Taxes other than Income Tax | Taxes other than Income Tax Under the PRC Tax Law, taxes other than income tax primarily include additional tax calculated based on value-added tax payable, individual income tax, property tax, etc. |
Share-based Compensation | Share-based Compensation YS Group operates a share option scheme to provide incentives and rewards to eligible participants who contribute to the success of YS Group’s operations. Employees (including directors) of Company receive granted shares and share options in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”). The cost of equity-settled transactions with employees for grants is measured by reference to the FV of the equity instruments at the date when they are granted. The FV is determined by an external valuer using a binomial model. The cost of equity-settled transactions is recognized in employee benefit expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at the end of each of the relevant periods until the vesting date reflects the extent to which the vesting period has expired and YS Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the statement of profit or loss for a period represents the movement in the cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date FV of awards, but the likelihood of the conditions being met is assessed as part of the YS Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date FV. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the FV of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. For awards that do not ultimately vest because non-market performance and/or service conditions have not been met, no expense is recognized. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognized for any modification that increases the total fair value of the share-based payments, or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the award is recognized immediately. This includes any award where non-vesting conditions within the control of either the YS Group or the employee are not met. However, if a new award is substituted for the cancelled award, and is designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. When an equity-settled award is surrendered, any expense recognized for the award is reversed immediately. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss consists of two components, net loss and other comprehensive income (loss). Other comprehensive income (loss) consists of foreign currency translation adjustment from YS Group not using RMB as its functional currency. |
Shareholders’ Contribution | Shareholders’ Contribution Main sources of shareholders’ contribution include debt forgiveness from related parties, cash donations from shareholders and offering. YS Group recorded the forgiveness and donations as an increase in additional paid-in capital. |
Loss Per Share | Loss Per Share In accordance with ASC 260, Earnings Per Share, basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary shares plus dilutive equivalent shares outstanding during the period. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. No potential common shares were included in the computation of diluted loss per share when a loss from continuing operations exists. |
Segment Reporting | Segment Reporting ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with YS Group’s internal organizational structure as well as information about geographical areas, business segments and major customers in the CFS for details on YS Group’s business segments. YS Group uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by YS Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. YS Group’s CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing performance of YS Group. Based on management’s assessment, YS Group has only one operating segment, which is the development, production, marketing and sale of biopharmaceutical products. No operating segments were aggregated to form the reportable operating segment. |
Significant Risks | Significant Risks Currency risk A majority of YS Group’s expenses are denominated in RMB and a significant portion of YS Group and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by YS Group in China must be processed through the PBOC or other Company foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. YS Group maintains bank accounts in the PRC. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for YS Group’s accounts, as its aggregate deposits are higher than the compensation limit, which is RMB500,000 for one bank. However, YS Group believes the risk of failure of any of these Chinese banks is remote. Bank failure is uncommon in the PRC and YS Group believes that those Chinese banks that hold YS Group’s cash are financially sound based on public available information. Concentration and political risk Currently, YS Group involves significant operation carried out in the PRC. Accordingly, YS Group’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. YS Group’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. YS Group’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Although YS Group has not experienced losses from these situations and believes that it is in compliance with existing laws, this may not be indicative of future results. Interest rate risk Fluctuations in market interest rates may negatively affect YS Group’s financial condition and results of operations. YS Group is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material. YS Group has not used any derivative financial instruments to manage YS Group’s interest risk exposure. |
Related Parties | Related Parties A party is considered to be related to YS Group if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with YS Group. Related parties also include principal owners of YS Group, its management, members of the immediate families of principal owners of YS Group and its management and other parties with which YS Group may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016- 13, Financial Instruments — Credit Losses (Topic 326). The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. This ASU is effective for annual and interim periods beginning after December 15, 2019 for issuers and December 15, 2020 for non-issuers. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. In May 2019, the FASB issued ASU 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief. This ASU adds optional transition relief for entities to elect the fair value option for certain financial assets previously measured at amortized cost basis to increase comparability of similar financial assets. The ASUs should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified retrospective approach). On November 19, 2019, the FASB issued ASU 2019- 10 to amend the effective date for ASU 2016- 13 to be fiscal years beginning after December 15, 2022 and interim periods therein. YS Group is still evaluating the impact of accounting standard of credit losses on YS Group’s CFS. In December 2019, the FASB issued ASU 2019- 12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740, and improves consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted. YS Group will adopt this ASU within annual reporting period of March 31, 2023 and expects that the adoption of this ASU did not have a material impact on YS Group’s CFS YS Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on YS Group’s consolidated financial position, statements of Income and comprehensive income and cash flows. |
Organization and Business Des_2
Organization and Business Description (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of YS group's current legal entity | Legal Entity Nature of Operations Date of Incorporation Place of Incorporation YS Biopharma Co., Ltd. (“YS Biopharma”)*** Holding Company November 16, Cayman Islands YishengBio (Hong Kong) Holdings Limited (“HK Yisheng”) Holding Company December 28, Hong Kong Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”)** Research and development of vaccines and therapeutic biologics November 28, Singapore Yisheng US Biopharma Inc. (“US Yisheng”) Research of vaccines and therapeutic biologics September 29, US Liaoning Yisheng Biopharma Co., Ltd. (“Liaoning Yisheng”)* Research and development, manufacturing and commercialization of vaccines and therapeutic biologics May 26, PRC Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”) Research and development of vaccines and therapeutic biologics February 4, PRC Hudson Biomedical Group Co., Ltd. Purpose of effecting a merger August 15, Cayman Islands * Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005. ** Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011 *** YS Biopharma, formerly known as Yisheng Bio Co., Ltd with the name changed on March 16, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of currency exchange rates used in preparing YS Group's CFS | As of March 31, Years Ended March 31, 2022 2023 2021 2022 2023 Foreign currency Balance Sheet Balance Sheet Profit/Loss Profit/Loss Profit/Loss RMB:1US$ 6.3482 6.8717 6.8282 6.4598 6.6100 RMB:1S$ 4.6932 5.1760 4.9246 4.7850 4.9346 |
Schedule of property, plant and equipment to its residual value over its estimated useful life | Category Estimated useful life Plant and building 6-20 years Machinery and equipment 5-10 years Furniture and fixtures 3-7 years Motor vehicle 4-5 years Leasehold improvement Lesser of the lease term or life of assets |
Schedule of percentage of YS Group's top 5 vendors accounting for total purchases | Year Ended March 31, 2023 (RMB) (US$) Vendor A 48,006,500 $ 6,986,117 37.9 % Vendor F 15,178,020 2,208,772 12.0 % Vendor G 10,053,600 1,463,044 7.9 % Vendor H 6,846,214 996,291 5.4 % Vendor C 4,746,530 690,736 3.7 % Total 84,830,864 $ 12,344,960 66.9 % Year Ended March 31, 2022 (RMB) (US$) Vendor A 35,172,250 $ 5,540,508 20.9 % Vendor B 16,227,146 2,556,181 9.6 % Vendor C 9,995,189 1,574,492 5.9 % Vendor D 7,426,500 1,169,859 4.4 % Vendor E 6,621,300 1,043,020 3.9 % Total 75,442,385 $ 11,884,060 44.7 % Year Ended March 31, 2021 (RMB) (US$) Vendor A 32,063,500 $ 4,879,324 37.9 % Vendor F 5,781,888 879,870 6.8 % Vendor G 4,862,320 739,933 5.7 % Vendor C 4,568,088 695,157 5.4 % Vendor H 3,199,200 486,844 3.8 % Total 50,474,996 $ 7,681,128 59.6 % |
Schedule of percentage of YS Group’s top 5 vendors accounting for accounts payable | As of March 31, 2023 (RMB) (US$) Vendor A 3,220,000 $ 468,589 4.0 % Vendor F 420 61 0.0 % Vendor H 16,118 2,346 0.0 % Total 3,236,538 $ 470,996 4.0 % As of March 31, 2022 (RMB) (US$) Vendor E 1,420,549 $ 223,772 4.6 % Total 1,420,549 $ 223,772 4.6 % |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounts Receivable, Net [Abstract] | |
Schedule of accounts receivable, net | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Trade receivables 322,170,980 487,418,616 $ 70,931,300 Allowance for doubtful accounts (13,615,875 ) (24,366,824 ) (3,545,967 ) Accounts receivable, net 308,555,105 463,051,792 $ 67,385,333 |
Schedule of analysis of the movements in the allowance for doubtful accounts | Year Ended March 31, 2022 2023 2023 (RMB) (RMB) (US$) Balance at beginning of the year 8,530,951 13,615,875 $ 1,981,442 Additions 5,084,924 10,750,949 1,564,525 Balance at end of the year 13,615,875 24,366,824 $ 3,545,967 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Raw materials 57,926,980 50,453,180 $ 7,342,169 Work in progress 40,795,744 61,275,177 8,917,033 Finished goods 73,285,870 78,432,041 11,413,775 Allowance for slow-moving or obsolete inventories (5,503,029 ) (4,779,446 ) (695,526 ) Inventories, net 166,505,565 185,380,952 $ 26,977,451 |
Schedule of movements in the allowance for slow-moving or obsolete inventories | Year Ended March 31, 2022 2023 2023 (RMB) (RMB) (US$) Balance at beginning of the year 41,301,797 5,503,029 $ 800,825 Additions 4,393,629 3,670,046 534,081 Inventories written off (40,192,397 ) (4,393,629 ) (639,380 ) Balance at end of the year 5,503,029 4,779,446 $ 695,526 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of property, plant and equipment | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Cost Construction in progress 318,000,074 309,948,621 $ 45,105,086 Plant and buildings 170,206,987 178,756,490 26,013,430 Machinery and equipment 194,875,303 237,637,928 34,582,116 Electronic equipment 10,107,578 11,117,440 1,617,859 Motor vehicles 2,978,155 3,031,087 441,097 Office equipment and furniture 29,888,526 34,423,995 5,009,531 Leasehold improvements 4,390,980 5,597,019 814,503 Total Cost 730,447,603 780,512,580 113,583,622 Less: accumulated depreciation (150,402,597 ) (178,864,241 ) (26,029,112 ) Less: asset impairment (29,891,896 ) (29,891,896 ) (4,349,998 ) Property and equipment, net 550,153,110 571,756,443 $ 83,204,512 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses and Other Current Assets, Net [Abstract] | |
Schedule of prepaid expenses and other current asset | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Deposits (1) 2,807,847 4,339,791 $ 631,545 Staff advances (2) 383,251 606,859 88,313 Staff’s social security (3) 615,581 252,090 36,685 Value added tax recoverable (4) 3,442,733 4,249,718 618,438 Clinical trial insurance (5) - 178,699 26,005 Other receivable (6) 854,245 901,355 131,169 Allowance (7) (115,743 ) (115,743 ) (16,843 ) Total 7,987,914 10,412,769 $ 1,515,312 (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) Clinical trial insurance represented human clinical trial legal liability insurance for evaluating the safety, immunogenicity and preliminary efficacy of multiple ascending doses of PIKA recombinant protein COID-19 Vaccine in the treatment of adult patients with mild to moderate COVID-19 infection. (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) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets, Net [Abstract] | |
Schedule of intangible assets | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Cost Patents 79,608,000 79,608,000 $ 11,584,906 Licenses, software and laboratory information system 6,143,880 10,435,478 1,518,617 Land use rights 67,181,860 67,181,860 9,776,600 Total Cost 152,933,740 157,225,338 22,880,123 Less: Accumulated Amortization (72,215,762 ) (79,168,546 ) (11,520,955 ) Intangible Assets, net 80,717,978 78,056,792 $ 11,359,168 |
Bank Loans and Other Borrowin_2
Bank Loans and Other Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Bank Loans and Other Borrowings [Abstract] | |
Schedule of bank loans | As of March 31, Maturity Interest 2022 2023 2023 Date Rate (RMB) (RMB) (US$) China Guangfa Bank Co., Ltd. - Shenyang Branch (1) 46,456,142 41,191,031 $ 5,994,300 2023/10/13- 5.66 % Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch (2) 64,647,870 82,964,518 12,073,361 2023/6/29- 5.30 % Citi Bank (3) 234,743 - - 2022/5/1 1.00 % R-Bridge Healthcare Fund, LP (4) 394,999 - - 2026/9/15 4.00 % China CITIC Bank Shenyang Tiexi Branch (5) - 23,596,350 3,433,845 2023/10/13- 5.00 % China CITIC Bank Shenyang Tiexi Branch (6) - 5,000,000 727,622 2023/5/25- 3.25 % China Construction Bank Shenyang Heping Branch (7) - 31,330,000 4,559,279 2023/9/8- 4.00 % China Construction Bank Shenyang Heping Branch (8) - 988,000 143,778 2024/1/12 3.90 % Zhongguancun Technology Leasing Co., Ltd (10) - 8,666,664 1,261,212 2025/11/7 5.00 % Bank loans due within one year 111,733,754 193,736,563 $ 28,193,397 R-Bridge Healthcare Fund, LP (4) 253,928,000 274,868,000 40,000,000 2026/9/15 4.00 % China Construction Bank Shenyang Heping Branch (9) - 4,430,000 644,673 2024/9/16 4.00 % Zhongguancun Technology Leasing Co., Ltd (10) 14,492,596 2,109,026 2025/11/7 5.00 % Long-term bank loans 253,928,000 293,790,596 $ 42,753,699 Total bank loans 365,661,754 487,527,159 $ 70,947,096 (1) On September 13, 2021, YS Group entered into a credit facility of RMB100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB41.2 million in total from October 14 2022 to January 13, 2023 with interest at 5.66%, which is due from October 13, 2023 to December 16, 2023. In June, 2023, YS Group repaid RMB31.7 million in advance. (2) On July 12, 2021, YS Group entered into a credit facility of RMB140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew down RMB83.0 million from June 30, 2022 to December 13, 2022 with interest at 5.30%, which is due from June 29, 2023 to December 12, 2023. In April and July, 2023, YS Group repaid RMB20.9 million and RMB32.4 million in advance, respectively. (3) On May 2, 2020, YS Group borrowed RMB1,103,609 (US$166,400) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. Before March 31, 2022, YS Group repaid approximately RMB869,000 (US$129,422). As of March 31, 2022, the balance of approximately RMB235,000 (US$36,978) was outstanding, which amount was repaid in full in May, 2022. (4) On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB274,868,000 (US$40,000,000) for 54 months with interest at 4.00%. YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below: (5) On January 13, 2023, YS Group entered into a credit facility of RMB40 million with China CITIC Bank Shenyang Tiexi Branch, due on November 29, 2023, to finance its working capital requirements. YS Group drew RMB23.6 million from January 18, 2023 to February 17, 2023 with interest at 5.00%, which is due from October 13, 2023 to November 9, 2023. (6) On May 6, 2022, China CITIC Bank Shenyang Tiexi Branch issued one letter of credit of RMB5.0 million to YS Group with interest at 3.25%. As of March 31, 2023, YS Group had RMB4.7 million in letters of credit issued, which is due from May 19, 2023 to July 17, 2023. From May to July 2023, YS Group repaid RMB4.7 million. (7) From September 9, 2022 to November 25, 2022, YS Group borrowed RMB31.3 million in total with interest at 4.00% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due from September 8, 2023 to November 24, 2023. On June 5, 2023, YS Group repaid RMB9.7 million in advance. (8) On January 16, 2023, YS Group borrowed RMB988,000 with interest at 3.90% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due on January 12, 2024. (9) On March 17, 2023, YS Group borrowed RMB4.4 million with interest at 4.00% from China Construction Bank Shenyang Heping Branch for 18 months. The loan will be due on September 16, 2024. (10) On November 8, 2022, YS Group borrowed RMB26.0 million with interest at 5.00% from Zhongguancun Technology Leasing Co., Ltd for 36 months. YS Group shall repay RMB722,222 monthly from December 15, 2022 to October 15, 2025 and pay the last repayment of RMB722,230 on November 7, 2025. YS Group repaid RMB2.9 million from December 2022 to March 2023. The balance of RMB23.1 million is outstanding, of which RMB8.6 million is due within one year. From April 13 to July 17, YS Group repaid RMB2.9 million according to the arrangement. |
Schedule of aggregate outstanding principal amount | Repayment Date Repayment Instalment April 7, 2025 6,400,000 July 7, 2025 6,400,000 October 7, 2025 6,400,000 January 7, 2026 6,400,000 April 7, 2026 6,400,000 July 7, 2026 8,000,000 Total 40,000,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of summary of operating leases | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Operating lease ROU assets 14,850,283 11,132,428 $ 1,620,040 Operating lease liabilities - current 4,322,252 4,753,547 $ 691,757 Operating lease liabilities – non-current 10,605,260 6,348,890 $ 923,918 Weighted average remaining lease term 3.4 2.5 2.5 Weighted average discount rate 4.8 % 4.7 % 4.7 % |
Schedule of summary of lease cost recognized supplemental cash flow information related to operating leases | Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) Operating lease cost 2,643,917 4,594,967 5,002,684 $ 728,013 Cash paid for operating leases 2,601,625 4,587,894 3,349,856 $ 487,486 |
Schedule of summary of maturity of operating lease liabilities under the non-cancelable operating leases | Year Ended March 31, (RMB) (US$) 2024 5,178,993 $ 753,670 2025 5,040,835 733,564 2026 1,526,270 222,110 Total lease payments 11,746,098 1,709,344 Less: Interest (643,661 ) (93,669 ) Present value of operating lease liabilities 11,102,437 $ 1,615,675 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of accrued expenses and other current liabilities | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Salaries and social security insurance payable (1) 57,459,273 55,188,497 $ 8,031,273 Promotion service fee (2) 64,883,477 87,567,459 12,743,202 Taxes other than income tax 1,171,381 379,595 55,240 Late fees (3) 9,499,595 9,927,056 1,444,629 Payable for property, plant and equipment 48,774,134 47,579,463 6,923,973 CDC transportation and storage fee 35,023,095 49,976,200 7,272,756 Guarantee deposits (4) 94,528,659 108,795,884 15,832,455 Professional service fee (5) 7,758,448 5,121,970 745,372 Interest payable(6) - 6,055,245 881,186 Other payable (7) 7,653,291 6,945,275 1,010,707 Total 326,751,353 377,536,644 $ 54,940,793 (1) This payable includes unpaid salaries and outstanding social security insurance. During fiscal 2023, YS Group paid approximately RMB2.3 million to reduce its payable for salaries and social security insurance. During the period from April 1, 2023 to the date of this report, YS Group paid approximately RMB10.2 million to reduce this payable. Salaries and social security insurance payables consist of the following: (2) Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax and social security insurance and housing reserve fund contributions due to the fact that YS Group failed to pay the income tax related to calendar year 2011 to calendar year 2013, taxes other than income tax related to calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to calendar year 2015 to the beginning of calendar year 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. From fiscal year 2022, the late fee is incurred for unpaid social insurance. (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee 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 don’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from consultants and other advisors . (6) Interest payable primarily represented interest and royalties payable to R-Bridge Healthcare Fund, LP. (7) Other payable primarily represented employees’ reimbursement and value added tax. |
Schedule of salaries and social security insurance payables | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Salaries 49,020,045 47,390,831 $ 6,896,522 Social security insurance 7,732,161 7,179,828 1,044,840 Union Fee 707,067 617,838 89,911 Total 57,459,273 55,188,497 $ 8,031,273 (2) Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information. (3) Late fees primarily represent late fees related to corporate income tax, taxes other than income tax and social security insurance and housing reserve fund contributions due to the fact that YS Group failed to pay the income tax related to calendar year 2011 to calendar year 2013, taxes other than income tax related to calendar year 2014 to the beginning of calendar year 2021 and social security insurance related to calendar year 2015 to the beginning of calendar year 2021. As of June, 2021, YS Group has fully paid the unpaid taxes, including income tax and other taxes other than income tax, as well as the late fees charge of them. From fiscal year 2022, the late fee is incurred for unpaid social insurance. (4) Guarantee deposits primarily represented refundable deposits paid to YS Group by external service providers as a measurement to guarantee 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 don’t assume inventory risk for the vaccines before they are transferred to the end customers. (5) Professional service fees primarily represented service fees from consultants and other advisors . (6) Interest payable primarily represented interest and royalties payable to R-Bridge Healthcare Fund, LP. (7) Other payable primarily represented employees’ reimbursement and value added tax. |
Convertible Redeemable Prefer_2
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Convertible Redeemable Preferred Shares [Abstract] | |
Schedule 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) (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 Accretion to redemption value 65,904,705 5,463,610 66,623,382 137,991,697 20,081,159 Foreign currency translation adjustment 34,734,369 5,866,010 77,857,300 118,457,680 795,044 Converted to ordinary shares (15,534,276 ) (490,202,733 ) (6,014,313 ) (79,840,429 ) (65,414,858 ) (1,056,627,606 ) (1,626,670,769 ) (236,720,284 ) As of March 31, 2023 - - - - - - - - |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of private warrants are accounted for as liabilities | As of March 31, 2023 Fair value of the underlying asset as of the Valuation Date 1.6 Strike price 11.5 Life to expiration (Years.) 4.9 Volatility 62.9 % Number of steps 100 Redemption price (per share) 0.1 |
Schedule of the aggregate value of the private warrants | April 1, Additions Change in Foreign currency translation March 31, March 31, (RMB) (RMB) (RMB) (RMB) (RMB) (US$) Private Warrants - 8,814,592 (21,358 ) (845 ) 8,792,389 $ 1,279,507 Total - 8,814,592 (21,358 ) (845 ) 8,792,389 $ 1,279,507 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Schedule of exercise prices and exercise periods, giving retroactive effect of combination | Number of shares options Average exercise price per share option (RMB) As of March 31, 2021 3,253,565 29.3156 Granted during the period - - Forfeited during the period - - Exercised during the period - - Expired during the period - - As of March 31, 2022 3,253,565 29.3156 Granted during the period - Forfeited during the period - - Exercised during the period - - Expired during the period - - As of March 31, 2023 3,253,565 32.4020 |
Schedule of exercise prices and exercise periods, giving retroactive effect of combination | Year Ended 31 March 2023 Number of options Exercise price Exercise period (RMB) 1,533,252 13.938 2021-2031 613,369 25.8524 2021-2026 1,106,944 52.5376 2021-2026 3,253,565 |
Schedule of stock-based compensation expense | Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) Research and development 4,200,464 975,171 (997,846 ) $ (145,211 ) General and administrative 72,501,943 6,789,277 4,502,847 655,274 Selling and marketing 54,093 - - - Total stock-based compensation 76,756,500 7,764,448 3,505,001 $ 510,063 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions and Balances [Abstract] | |
Schedule of transactions with related parties | Name of related parties Relationship with YS Group Yisheng Biopharma Co., Ltd An entity controlled by Yi Zhang Yisheng Biopharma Holdings Ltd. An entity controlled by Yi Zhang Kaifeng Yisheng Pan-Asia Technology Co., Ltd An entity controlled by Yi Zhang Beijing Yisheng Xingye Technology Co., Ltd. An entity controlled by Yi Zhang Changchun Bailong Biotechnology Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Huizhong Health Services Co., Ltd. An entity controlled by Yi Zhang Henan Yisheng Biopharma Co., Ltd. An entity controlled by Yi Zhang Beijing Huaerdun Kangqi Biotechnology Co., Ltd. An entity controlled by Yi Zhang Liaoning Yisheng Pan-Asia An entity controlled by Yi Zhang Yi Zhang Chairman of Board of Directors Hui Shao Chief Executive Officer Zhongkai Shi* Chief Medical Officer Nan Zhang Daughter of the Chairman Xu Zhang Daughter of the Chairman * Zhongkai Shi resigned in September 2021. |
Schedule of transactions with related parties | Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) Amounts due from related party: Yisheng Biopharma Holdings Limited (Hong Kong) Receivable collected on behalf of YS Group 30,088,833 2,966,777 - - Repayment to YS Group 33,055,610 - - |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation of statutory rate to YS Group's effective tax rate | Years Ended March 31, 2021 2022 2023 PRC statutory income tax rate 25.00 % 25.00 % 25.00 % Effect of different tax rates in different jurisdictions (20.56 )% (18.26 )% (36.00 )% Effect of PRC preferential tax rate (0.77 )% 4.56 % 8.72 % Effect of research and development expenses deduction and others 7.8 % 33.2 % 25.50 % Temporary differences* 10.01 % 4.88 % 0.79 % Change in valuation allowance (11.49 )% (44.47 )% (23.23 )% Effective tax rate 9.99 % 4.91 % 0.78 % * Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants. |
Schedule of net deferred tax assets | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Deferred tax assets: Write-down of inventories to net realizable value 825,454 716,917 $ 104,329 Impairment of property, plant and building 2,031,460 1,769,405 257,492 Deferred government grants 4,852,383 3,296,223 479,681 Losses available for offsetting against future taxable profits 58,257,270 39,366,020 5,728,716 Less: valuation allowance (58,257,270 ) (39,366,020 ) (5,728,716 ) Total deferred tax assets, net 7,709,297 5,782,545 841,502 Deferred tax liabilities: Fair value adjustments arising from historical acquisition of subsidiaries (4,670,213 ) (3,876,964 ) (564,193 ) Total deferred tax liabilities (4,670,213 ) (3,876,964 ) (564,193 ) Net deferred tax asset 3,039,084 1,905,581 $ 277,309 |
Deferred Government Grants (Tab
Deferred Government Grants (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Government Assistance [Abstract] | |
Schedule of deferred government grants | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) Government grants for property, plant and equipment Balance at beginning of the year 21,847,340 22,030,690 $ 3,206,003 Addition 1,552,000 - - Recognized as income (1,368,650 ) (1,455,678 ) (211,837 ) Subtotal 22,030,690 20,575,012 $ 2,994,166 Government grants for research and development Balance at beginning of the year 11,158,551 10,318,528 $ 1,501,598 Addition - 4,000,000 582,098 Recognized as income (840,023 ) (8,991,332 ) (1,308,458 ) Subtotal 10,318,528 5,327,196 $ 775,238 Total deferred government grants 32,349,218 25,902,208 $ 3,769,404 Less:current portion 2,295,701 2,295,701 $ 334,081 Non-current portion 30,053,517 23,606,507 $ 3,435,323 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of commitments to purchase raw materials or services | As of March 31, 2023 2023 (RMB) (US$) Other professional service fee 3,229,699 $ 470,000 Research and development 185,648,604 27,016,401 Purchase raw materials 15,528,566 2,259,785 Total 204,406,869 $ 29,746,186 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of non-current assets can be aggregated to form the reportable geographical segment | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) PRC 604,094,049 645,210,788 $ 93,893,911 Other countries/regions 26,777,039 4,602,447 $ 669,769 |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of parent company balance sheets | As of March 31, 2022 2023 2023 (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) ASSETS Current Assets Cash 252,611,535 3,045,660 $ 443,218 Amounts due from related parties 519,236,876 1,039,986,896 151,343,466 Total current assets 771,848,411 1,043,032,556 151,786,684 Non-current assets Long-term investments, net 146,641,652 158,734,357 23,099,722 Total non-current assets 146,641,652 158,734,357 23,099,722 Total Assets 918,490,063 1,201,766,913 $ 174,886,406 LIABILITIES AND EQUITY Current Liabilities Accrued expenses and other liabilities 244,082,464 461,105,636 $ 67,102,120 Warrants liability - 8,792,389 1,279,507 Amounts due to related parties 3,155,395 3,415,603 497,054 Total current liabilities 247,237,859 473,313,628 68,878,681 Total Liabilities 247,237,859 473,313,628 68,878,681 Mezzanine equity Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding) 458,074,468 - - Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding) 912,146,924 - - Total mezzanine equity 1,370,221,392 - - Shareholders’ (deficit)/equity: Ordinary shares, par value US$0.00002 per share; 9,950,000,000 shares authorized; 61,827,883 and 93,058,197 shares issued and outstanding as of March 31, 2022 and 2023, respectively; * 7,978 12,297 1,790 Additional paid-in capital 808,502,018 2,656,891,036 386,642,466 Accumulated deficit (1,590,567,163 ) (1,874,037,965 ) (272,718,245 ) Accumulated other comprehensive income/(loss) 83,087,979 (54,412,083 ) (7,918,286 ) Total shareholders’ (deficit)/equity (698,969,188 ) 728,453,285 106,007,725 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 918,490,063 1,201,766,913 $ 174,886,406 * Gives retroactive effect to reflect the reorganization in February 2021 and combination in March 2023. |
Schedule of parent company statements of operations and comprehensive loss | Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Equity loss of subsidiaries (60,903,713 ) (75,864,722 ) (138,758,136 ) $ (20,192,694 ) Operating expenses: Selling and marketing 54,278 - - - General and administrative 104,562,058 29,178,255 7,630,726 1,110,456 Research and development 4,352,356 988,531 (887,280 ) (129,121 ) Total operating expenses 108,968,692 30,166,786 6,743,446 981,335 Loss from operations (169,872,405 ) (106,031,508 ) (145,501,582 ) (21,174,029 ) Other income (expenses): Financial income/(expenses) (21,953,837 ) 27,107 1,119 163 Fair value changes of warrant liability - - 21,358 3,108 Total other income/(expense), net (21,953,837 ) 27,107 22,477 3,271 Net income/(loss) (191,826,242 ) (106,004,401 ) (145,479,105 ) (21,170,758 ) Accretion to redemption value of convertible redeemable preferred shares (16,610,297 ) (130,662,326 ) (137,991,697 ) (20,081,159 ) Net loss attributable to YS Biopharma (208,436,538 ) (236,666,727 ) (283,470,802 ) (41,251,917 ) Net loss (191,826,242 ) (106,004,401 ) (145,479,105 ) (21,170,758 ) Foreign currency translation gain(loss) 22,455,217 38,864,606 (137,500,062 ) (20,009,614 ) Total comprehensive loss (169,371,025 ) (67,139,795 ) (282,979,167 ) $ (41,180,372 ) Loss per share*: – Basic and Diluted (3.10 ) (1.71 ) (1.56 ) $ (0.23 ) Weighted average number of ordinary shares outstanding*: – Basic and Diluted 61,827,883 61,827,883 93,058,197 93,058,197 * Gives retroactive effect to reflect the reorganization in February 2021 and combination in March 2023. |
Schedule of parent company statements of cash flows | Years Ended March 31, 2021 2022 2023 2023 (RMB) (RMB) (RMB) (US$) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net loss (191,826,242 ) (106,004,401 ) (145,479,105 ) $ (21,170,758 ) Equity loss of subsidiaries 60,903,713 75,864,722 138,758,136 20,192,694 Share-based compensation 76,756,500 7,764,448 3,505,001 510,063 Fair value changes of warrant liability - - (21,358 ) (3,108 ) Changes in operating assets and liabilities: Amounts due from related parties (421,125,633 ) (23,299,705 ) (520,750,020 ) (75,781,833 ) Amounts due to related parties 2,906,881 (110,893 ) 260,208 37,867 Accrued expenses and other liabilities 77,228,629 (24,732,348 ) 48,377,785 7,040,148 Net cash used in operating activities (395,156,152 ) (70,518,177 ) (475,349,353 ) (69,174,927 ) Cash flows from investing activities: Payment for long-term investment (7,658,738 ) (813,776 ) - - Net cash used in investing activities (7,658,738 ) (813,776 ) - - Cash flows from financing activities: Proceeds from issuance of mezzanine equity 729,412,999 - - - Shareholders’ contributions 1,589,236 - - - Proceeds from acquisition - - 252,457,329 36,738,701 Offering cost (35,884,661 ) (5,222,094 ) Net cash provided by financing activities 731,002,235 - 216,572,668 31,516,607 Effect of exchange rate on cash 2,109,604 (6,353,461 ) 9,210,810 1,340,397 Net (decrease) increase in cash 330,296,949 (77,685,414 ) (249,565,875 ) (36,317,923 ) Cash at the beginning of the year - 330,296,949 252,611,535 36,761,141 Cash at the end of the year 330,296,949 252,611,535 3,045,660 $ 443,218 Non-cash transactions: Accretion to redemption value of convertible redeemable preferred shares 16,610,297 130,662,326 (137,991,697 ) $ (20,081,159 ) Forgiveness from related parties 446,092,527 - - - Equity transaction from warrants - - (8,870,007 ) $ (1,290,802 ) Equity transaction from preferred shares - - 1,636,897,084 $ 238,208,461 |
Organization and Business Des_3
Organization and Business Description (Details) | 12 Months Ended |
Mar. 31, 2023 shares | |
Accounting Policies [Abstract] | |
Number of companies and their subsidiaries owned | 4 |
Ordinary Share | 1 |
Organization and Business Des_4
Organization and Business Description (Details) - Schedule of YS group's current legal entity | 12 Months Ended | |
Mar. 31, 2023 | ||
YS Biopharma Co., Ltd. (“YS Biopharma”) [Member] | ||
Organization and Business Description (Details) - Schedule of YS group's current legal entity [Line Items] | ||
Nature of Operations | Holding Company | [1] |
Date of Incorporation | Nov. 16, 2020 | [1] |
Place of Incorporation | Cayman Islands | [1] |
YishengBio (Hong Kong) Holdings Limited (“HK Yisheng”) [Member] | ||
Organization and Business Description (Details) - Schedule of YS group's current legal entity [Line Items] | ||
Nature of Operations | Holding Company | |
Date of Incorporation | Dec. 28, 2020 | |
Place of Incorporation | Hong Kong | |
Yisheng Biopharma (Singapore) Pte. Ltd. (“Singapore Yisheng”) [Member] | ||
Organization and Business Description (Details) - Schedule of YS group's current legal entity [Line Items] | ||
Nature of Operations | Research and development of vaccines and therapeutic biologics | [2] |
Date of Incorporation | Nov. 28, 2009 | [2] |
Place of Incorporation | Singapore | [2] |
Yisheng US Biopharma Inc. (“US Yisheng”) [Member] | ||
Organization and Business Description (Details) - Schedule of YS group's current legal entity [Line Items] | ||
Nature of Operations | Research of vaccines and therapeutic biologics | |
Date of Incorporation | Sep. 29, 2009 | |
Place of Incorporation | US | |
Liaoning Yisheng Biopharma Co., Ltd. (“Liaoning Yisheng”) [Member] | ||
Organization and Business Description (Details) - Schedule of YS group's current legal entity [Line Items] | ||
Nature of Operations | Research and development, manufacturing and commercialization of vaccines and therapeutic biologics | [3] |
Date of Incorporation | May 26, 1994 | [3] |
Place of Incorporation | PRC | [3] |
Beijing Yisheng Biotechnology Co., Ltd. (“Beijing Yisheng”) [Member] | ||
Organization and Business Description (Details) - Schedule of YS group's current legal entity [Line Items] | ||
Nature of Operations | Research and development of vaccines and therapeutic biologics | |
Date of Incorporation | Feb. 04, 2021 | |
Place of Incorporation | PRC | |
Hudson Biomedical Group Co., Ltd. [Member] | ||
Organization and Business Description (Details) - Schedule of YS group's current legal entity [Line Items] | ||
Nature of Operations | Purpose of effecting a merger | |
Date of Incorporation | Aug. 15, 2022 | |
Place of Incorporation | Cayman Islands | |
[1]YS Biopharma, formerly known as Yisheng Bio Co., Ltd with the name changed on March 16, 2023.[2]Singapore Yisheng was incorporated November 28, 2009, and acquired by YS Group in fiscal 2011[3]Liaoning Yisheng was incorporated May 26, 1994, and acquired by YS Group in fiscal 2005. |
Liquidity (Details)
Liquidity (Details) | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | |
Liquidity [Abstract] | ||||
Company reported net loss | ¥ 145,479,105 | ¥ 106,004,401 | ¥ 191,826,242 | |
Accumulated deficit | (1,874,037,965) | ¥ (1,590,567,163) | $ (272,718,245) | |
Cash | 370,400,000 | 53,900,000 | ||
Outstanding bank loans and other borrowing | ¥ 487,500,000 | $ 70,900,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||||
Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Translated amount | ¥ 6.8717 | $ 1 | ||||
Advance to suppliers | ¥ 54,870 | |||||
Account receivable balance percentage | 10% | 10% | ||||
Net revenue percentage | 10% | 10% | ||||
Late fees related to social security insurance | 0.05% | |||||
Late fee charge of social insurance (in Yuan Renminbi) | ¥ | ¥ 9,900,000 | ¥ 9,500,000 | ¥ 29,400,000 | |||
Statutory income tax rate | 25% | 25% | 25% | |||
Number of operating segment | 1 | |||||
Bank (in Yuan Renminbi) | ¥ | ¥ 500,000 | |||||
Public Warrants [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Warrant shares (in Shares) | shares | 10,750,000 | 10,750,000 | ||||
Private Warrants [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Warrant shares (in Shares) | shares | 6,000,000 | 6,000,000 | ||||
Minimum [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Amortization term | 48 years 9 months | 48 years 9 months | ||||
Maximum [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Amortization term | 50 years | 50 years | ||||
Singapore [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Statutory income tax rate | 17% | |||||
China [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Statutory income tax rate | 25% | |||||
United States [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Statutory income tax rate | 21% | |||||
State income tax rate | 8.25% | |||||
Patents [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Finite-lived intangible asset, useful life | 15 years | 15 years | ||||
Computer Software, Intangible Asset [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Finite-lived intangible asset, useful life | 10 years | 10 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of currency exchange rates used in preparing YS Group's CFS | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
United States of America, Dollars [Member] | |||
Intercompany Foreign Currency Balance [Line Items] | |||
Currency exchange rates as of Balance Sheet | 6.8717 | 6.3482 | |
Currency exchange rates, Profit/Loss | 6.61 | 6.4598 | 6.8282 |
Singapore, Dollars [Member] | |||
Intercompany Foreign Currency Balance [Line Items] | |||
Currency exchange rates as of Balance Sheet | 5.176 | 4.6932 | |
Currency exchange rates, Profit/Loss | 4.9346 | 4.785 | 4.9246 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life | 12 Months Ended |
Mar. 31, 2023 | |
Plant and building [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Estimated useful life of property, plant and equipment | 6 years |
Plant and building [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Estimated useful life of property, plant and equipment | 20 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Estimated useful life of property, plant and equipment | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Estimated useful life of property, plant and equipment | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Estimated useful life of property, plant and equipment | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Estimated useful life of property, plant and equipment | 7 years |
Motor vehicle [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Estimated useful life of property, plant and equipment | 4 years |
Motor vehicle [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Estimated useful life of property, plant and equipment | 5 years |
Leasehold improvement [Member] | |
Summary of Significant Accounting Policies (Details) - Schedule of property, plant and equipment to its residual value over its estimated useful life [Line Items] | |
Leasehold improvement | Lesser of the lease term or life of assets |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of percentage of YS Group's top 5 vendors accounting for total purchases - Total purchases [Member] - Vendors concentration risk [Member] | 12 Months Ended | |||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2021 USD ($) | |
Vendor A [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 48,006,500 | $ 6,986,117 | ¥ 35,172,250 | $ 5,540,508 | ¥ 32,063,500 | $ 4,879,324 |
Concentration risk | 37.90% | 37.90% | 20.90% | 20.90% | 37.90% | 37.90% |
Vendor F [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 15,178,020 | $ 2,208,772 | ¥ 5,781,888 | $ 879,870 | ||
Concentration risk | 12% | 12% | 6.80% | 6.80% | ||
Vendor G [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 10,053,600 | $ 1,463,044 | ¥ 4,862,320 | $ 739,933 | ||
Concentration risk | 7.90% | 7.90% | 5.70% | 5.70% | ||
Vendor H [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 6,846,214 | $ 996,291 | ¥ 3,199,200 | $ 486,844 | ||
Concentration risk | 5.40% | 5.40% | 3.80% | 3.80% | ||
Vendor C [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 4,746,530 | $ 690,736 | ¥ 9,995,189 | $ 1,574,492 | ¥ 4,568,088 | $ 695,157 |
Concentration risk | 3.70% | 3.70% | 5.90% | 5.90% | 5.40% | 5.40% |
Vendors [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 84,830,864 | $ 12,344,960 | ¥ 75,442,385 | $ 11,884,060 | ¥ 50,474,996 | $ 7,681,128 |
Concentration risk | 66.90% | 66.90% | 44.70% | 44.70% | 59.60% | 59.60% |
Vendor B [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 16,227,146 | $ 2,556,181 | ||||
Concentration risk | 9.60% | 9.60% | ||||
Vendor D [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 7,426,500 | $ 1,169,859 | ||||
Concentration risk | 4.40% | 4.40% | ||||
Vendor E [Member] | ||||||
Schedule of Percentage of Ys Group's Top 5 Vendors Accounting for Total Purchases [Abstract] | ||||||
Cost of revenues | ¥ 6,621,300 | $ 1,043,020 | ||||
Concentration risk | 3.90% | 3.90% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of percentage of YS Group’s top 5 vendors accounting for accounts payable - Accounts Payable [Member] - Vendors concentration risk [Member] | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Vendor A [Member] | ||||
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract] | ||||
Accounts payable | ¥ 3,220,000 | $ 468,589 | ||
Concentration risk | 4% | |||
Vendor F [Member] | ||||
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract] | ||||
Accounts payable | ¥ 420 | 61 | ||
Concentration risk | 0% | |||
Vendor H [Member] | ||||
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract] | ||||
Accounts payable | ¥ 16,118 | 2,346 | ||
Concentration risk | 0% | |||
Vendors [Member] | ||||
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract] | ||||
Accounts payable | ¥ 3,236,538 | ¥ 1,420,549 | $ 470,996 | $ 223,772 |
Concentration risk | 4% | 4.60% | ||
Vendor E [Member] | ||||
Schedule of Percentage of Ys Group’s Top 5 Vendors Accounting for Accounts Payable [Abstract] | ||||
Accounts payable | ¥ 1,420,549 | $ 223,772 | ||
Concentration risk | 4.60% |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - Schedule of accounts receivable, net | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Schedule of Accounts Receivable, Net [Abstract] | |||
Trade receivables | ¥ 487,418,616 | $ 70,931,300 | ¥ 322,170,980 |
Allowance for doubtful accounts | (24,366,824) | (3,545,967) | (13,615,875) |
Accounts receivable, net | ¥ 463,051,792 | $ 67,385,333 | ¥ 308,555,105 |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details) - Schedule of analysis of the movements in the allowance for doubtful accounts | 12 Months Ended | ||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |
Schedule of analysis of the movements in the allowance for doubtful account [Abstract] | |||
Balance at beginning of the year | ¥ 13,615,875 | $ 1,981,442 | ¥ 8,530,951 |
Additions | 10,750,949 | 1,564,525 | 5,084,924 |
Balance at end of the year | ¥ 24,366,824 | $ 3,545,967 | ¥ 13,615,875 |
Inventories, Net (Details) - Sc
Inventories, Net (Details) - Schedule of inventories | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Schedule of inventories [Abstract] | |||
Raw materials | ¥ 50,453,180 | $ 7,342,169 | ¥ 57,926,980 |
Work in progress | 61,275,177 | 8,917,033 | 40,795,744 |
Finished goods | 78,432,041 | 11,413,775 | 73,285,870 |
Allowance for slow-moving or obsolete inventories | (4,779,446) | (695,526) | (5,503,029) |
Inventories, net | ¥ 185,380,952 | $ 26,977,451 | ¥ 166,505,565 |
Inventories, Net (Details) - _2
Inventories, Net (Details) - Schedule of movements in the allowance for slow-moving or obsolete inventories | 12 Months Ended | ||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |
Schedule of movements in the allowance for slow-moving or obsolete inventories [Abstract] | |||
Balance at beginning of the year | ¥ 5,503,029 | $ 800,825 | ¥ 41,301,797 |
Additions | 3,670,046 | 534,081 | 4,393,629 |
Inventories written off | (4,393,629) | (639,380) | (40,192,397) |
Balance at end of the year | ¥ 4,779,446 | $ 695,526 | ¥ 5,503,029 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) ¥ in Millions | 12 Months Ended |
Mar. 31, 2014 CNY (¥) | |
Property, Plant and Equipment [Abstract] | |
Asset impairment on property, plant and equipment | ¥ 29.9 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Details) - Summary of property, plant and equipment | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Cost | |||
Total Cost | ¥ 780,512,580 | $ 113,583,622 | ¥ 730,447,603 |
Less: accumulated depreciation | (178,864,241) | (26,029,112) | (150,402,597) |
Less: asset impairment | (29,891,896) | (4,349,998) | (29,891,896) |
Property and equipment, net | 571,756,443 | 83,204,512 | 550,153,110 |
Construction in Progress [Member] | |||
Cost | |||
Total Cost | 309,948,621 | 45,105,086 | 318,000,074 |
Plant and Buildings [Member] | |||
Cost | |||
Total Cost | 178,756,490 | 26,013,430 | 170,206,987 |
Machinery and Equipment [Member] | |||
Cost | |||
Total Cost | 237,637,928 | 34,582,116 | 194,875,303 |
Electronic Equipment [Member] | |||
Cost | |||
Total Cost | 11,117,440 | 1,617,859 | 10,107,578 |
Motor Vehicles [Member] | |||
Cost | |||
Total Cost | 3,031,087 | 441,097 | 2,978,155 |
Office Equipment and Furniture [Member] | |||
Cost | |||
Total Cost | 34,423,995 | 5,009,531 | 29,888,526 |
Leasehold Improvements [Member] | |||
Cost | |||
Total Cost | ¥ 5,597,019 | $ 814,503 | ¥ 4,390,980 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets, Net (Details) - Schedule of prepaid expenses and other current asset | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |||
Schedule of prepaid expenses and other current assets [Abstract] | ||||||
Deposits | [1] | ¥ 4,339,791 | $ 631,545 | ¥ 2,807,847 | ||
Staff advances | [2] | 606,859 | 88,313 | 383,251 | ||
Staff’s social security | [3] | 252,090 | 36,685 | 615,581 | ||
Value added tax recoverable | [4] | 4,249,718 | 618,438 | 3,442,733 | ||
Clinical trial insurance | 178,699 | [5] | 26,005 | [5] | ||
Other receivable | [6] | 901,355 | 131,169 | 854,245 | ||
Allowance | [7] | (115,743) | (16,843) | (115,743) | ||
Total | ¥ 10,412,769 | $ 1,515,312 | ¥ 7,987,914 | |||
[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]Clinical trial insurance represented human clinical trial legal liability insurance for evaluating the safety, immunogenicity and preliminary efficacy of multiple ascending doses of PIKA recombinant protein COID-19 Vaccine in the treatment of adult patients with mild to moderate COVID-19 infection.[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 (Details
Intangible Assets, Net (Details) - Schedule of intangible assets | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Total Cost | ¥ 157,225,338 | $ 22,880,123 | ¥ 152,933,740 |
Less: Accumulated Amortization | (79,168,546) | (11,520,955) | (72,215,762) |
Intangible Assets, net | 78,056,792 | 11,359,168 | 80,717,978 |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total Cost | 79,608,000 | 11,584,906 | 79,608,000 |
Licenses, Software and Laboratory Information System [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total Cost | 10,435,478 | 1,518,617 | 6,143,880 |
Land Use Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total Cost | ¥ 67,181,860 | $ 9,776,600 | ¥ 67,181,860 |
Bank Loans and Other Borrowin_3
Bank Loans and Other Borrowings (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 09, 2023 CNY (¥) | Jul. 31, 2023 CNY (¥) | Jun. 30, 2023 CNY (¥) | May 06, 2023 USD ($) | Apr. 30, 2023 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 17, 2023 CNY (¥) | Jan. 16, 2023 CNY (¥) | Jan. 13, 2023 CNY (¥) | Nov. 08, 2022 CNY (¥) | Nov. 08, 2022 USD ($) | Sep. 13, 2021 CNY (¥) | Jul. 12, 2021 CNY (¥) | May 02, 2020 CNY (¥) | May 02, 2020 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Jul. 17, 2023 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CNY (¥) | May 06, 2023 CNY (¥) | Mar. 16, 2022 CNY (¥) | Mar. 16, 2022 USD ($) | |
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Credit facility | ¥ 40,000,000 | ¥ 5,000,000 | ||||||||||||||||||||||||
Amount drawn or borrowed | ¥ 247,387,392 | $ 36,000,901 | ¥ 414,116,587 | ¥ 32,253,609 | ||||||||||||||||||||||
Annual interest rate | 5% | 3.25% | ||||||||||||||||||||||||
Repaid amount | ¥ 32,400,000 | ¥ 31,700,000 | ¥ 20,900,000 | ¥ 2,900,000 | ||||||||||||||||||||||
Accrued interest on loan | 23,400,000 | 3,400,000 | ||||||||||||||||||||||||
Repaid amount | ¥ 2,900,000 | ¥ 23,600,000 | 146,510,134 | $ 21,320,799 | 49,558,442 | 160,407,571 | ||||||||||||||||||||
Debt instrument periodic payment (in Dollars) | $ | $ 4,700,000 | |||||||||||||||||||||||||
Repayment of debt | ¥ 4,700,000 | |||||||||||||||||||||||||
Interest expense | ¥ 32,000,000 | 2,800,000 | ¥ 5,800,000 | |||||||||||||||||||||||
China Guangfa Bank Co., Ltd. [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Credit facility | ¥ 100,000,000 | |||||||||||||||||||||||||
Term of credit facility | 3 years | |||||||||||||||||||||||||
Amount drawn or borrowed | ¥ 41,200,000 | |||||||||||||||||||||||||
Annual interest rate | 5.66% | |||||||||||||||||||||||||
Shanghai Pudong Development Bank Co., Ltd. [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Credit facility | ¥ 140,000,000 | |||||||||||||||||||||||||
Term of credit facility | 3 years | |||||||||||||||||||||||||
Amount drawn or borrowed | ¥ 83,000,000 | |||||||||||||||||||||||||
Annual interest rate | 5.30% | |||||||||||||||||||||||||
Citi Bank [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Amount drawn or borrowed | ¥ 1,103,609 | $ 166,400 | ||||||||||||||||||||||||
Annual interest rate | 1% | 1% | ||||||||||||||||||||||||
Repayments of debt | ¥ 869,000 | $ 129,422 | ¥ 235,000 | $ 36,978 | ||||||||||||||||||||||
R-Bridge Healthcare Fund, LP [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Credit facility | ¥ 274,868,000 | $ 40,000,000 | ||||||||||||||||||||||||
R-Bridge Healthcare Fund, LP [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Annual interest rate | 4% | 4% | ||||||||||||||||||||||||
R-Bridge Healthcare Fund, LP [Member] | Minimum [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Royalty rate | 1.50% | 1.50% | ||||||||||||||||||||||||
R-Bridge Healthcare Fund, LP [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Royalty rate | 3.50% | 3.50% | ||||||||||||||||||||||||
China Construction Bank Shenyang Heping Branch [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Amount drawn or borrowed | ¥ 31,300,000 | ¥ 4,400,000 | ¥ 988,000 | |||||||||||||||||||||||
Annual interest rate | 4% | 4% | 3.90% | |||||||||||||||||||||||
Repaid amount | ¥ 9,700,000 | |||||||||||||||||||||||||
Zhongguancun Technology Leasing Co., Ltd [Member] | ||||||||||||||||||||||||||
Bank Loans and Other Borrowings (Details) [Line Items] | ||||||||||||||||||||||||||
Amount drawn or borrowed | ¥ 26,000,000 | |||||||||||||||||||||||||
Annual interest rate | 5% | |||||||||||||||||||||||||
Debt instrument periodic payment (in Dollars) | $ | $ 722,222 | |||||||||||||||||||||||||
Repayment of debt | ¥ 722,230 |
Bank Loans and Other Borrowin_4
Bank Loans and Other Borrowings (Details) - Schedule of bank loans | 12 Months Ended | |||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | ||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 193,736,563 | $ 28,193,397 | ¥ 111,733,754 | |||
Bank loans due within one year | 293,790,596 | 42,753,699 | 253,928,000 | |||
Bank loans due within one year | 487,527,159 | 70,947,096 | 365,661,754 | |||
China Guangfa Bank Co., Ltd. – Shenyang Branch [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 41,191,031 | [1] | $ 5,994,300 | [1] | 46,456,142 | [1] |
Maturity Date | 2023/10/13- 2023/12/16 | [1] | ||||
Interest Rate | 5.66% | [1] | 5.66% | [1] | ||
Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 82,964,518 | [2] | $ 12,073,361 | [2] | 64,647,870 | [2] |
Maturity Date | 2023/6/29- 2023/12/12 | [2] | ||||
Interest Rate | 5.30% | [2] | 5.30% | [2] | ||
Citi Bank [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | [3] | [3] | 234,743 | [3] | ||
Maturity Date | 2022/5/1 | [3] | ||||
Interest Rate | 1% | [3] | 1% | [3] | ||
R-Bridge Healthcare Fund, LP [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | [4] | [4] | 394,999 | [4] | ||
Maturity Date | 2026/9/15 | [4] | ||||
Interest Rate | 4% | [4] | 4% | [4] | ||
Bank loans due within one year | ¥ 274,868,000 | [4] | $ 40,000,000 | [4] | 253,928,000 | [4] |
Maturity Date | Sep. 15, 2026 | [4] | Sep. 15, 2026 | [4] | ||
Interest Rate | 4% | [4] | 4% | [4] | ||
China CITIC Bank Shenyang Tiexi Branch [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 23,596,350 | [5] | $ 3,433,845 | [5] | [5] | |
Maturity Date | 2023/10/13- 2023/11/9 | [5] | ||||
Interest Rate | 5% | [5] | 5% | [5] | ||
China CITIC Bank Shenyang Tiexi Branch2 [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 5,000,000 | [6] | $ 727,622 | [6] | [6] | |
Maturity Date | 2023/5/25- 2023/7/17 | [6] | ||||
Interest Rate | 3.25% | [6] | 3.25% | [6] | ||
China Construction Bank Shenyang Heping Branch [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 31,330,000 | [7] | $ 4,559,279 | [7] | [7] | |
Maturity Date | 2023/9/8- 2023/11/24 | [7] | ||||
Interest Rate | 4% | [7] | 4% | [7] | ||
China Construction Bank Shenyang Heping Branch [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 988,000 | [8] | $ 143,778 | [8] | [8] | |
Maturity Date | 2024/1/12 | [8] | ||||
Interest Rate | 3.90% | [8] | 3.90% | [8] | ||
Zhongguancun Technology Leasing Co., Ltd [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 8,666,664 | [9] | $ 1,261,212 | [9] | [9] | |
Maturity Date | 2025/11/7 | [9] | ||||
Interest Rate | 5% | [9] | 5% | [9] | ||
Bank loans due within one year | ¥ 14,492,596 | [9] | $ 2,109,026 | [9] | ||
Maturity Date | Nov. 07, 2025 | [9] | Nov. 07, 2025 | [9] | ||
Interest Rate | 5% | [9] | 5% | [9] | ||
China Construction Bank Shenyang Heping Branch [Member] | ||||||
Schedule of Bank Loans [Abstract] | ||||||
Bank loans due within one year | ¥ 4,430,000 | [10] | $ 644,673 | [10] | [10] | |
Maturity Date | Sep. 16, 2024 | [10] | Sep. 16, 2024 | [10] | ||
Interest Rate | 4% | [10] | 4% | [10] | ||
[1]On September 13, 2021, YS Group entered into a credit facility of RMB100 million with China Guangfa Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew RMB41.2 million in total from October 14 2022 to January 13, 2023 with interest at 5.66%, which is due from October 13, 2023 to December 16, 2023. In June, 2023, YS Group repaid RMB31.7 million in advance.[2]On July 12, 2021, YS Group entered into a credit facility of RMB140 million with Shanghai Pudong Development Bank Co., Ltd. Shenyang Branch for three years to finance its working capital requirements. YS Group drew down RMB83.0 million from June 30, 2022 to December 13, 2022 with interest at 5.30%, which is due from June 29, 2023 to December 12, 2023. In April and July, 2023, YS Group repaid RMB20.9 million and RMB32.4 million in advance, respectively.[3]On May 2, 2020, YS Group borrowed RMB1,103,609 (US$166,400) with interest at 1.00% from Citi Bank. The loan was due on May 1, 2022. Before March 31, 2022, YS Group repaid approximately RMB869,000 (US$129,422). As of March 31, 2022, the balance of approximately RMB235,000 (US$36,978) was outstanding, which amount was repaid in full in May, 2022.[4]On March 16, 2022, YS Group entered into a facility agreement with R-Bridge Healthcare Fund, LP, as agent, to finance RMB274,868,000 (US$40,000,000) for 54 months with interest at 4.00%. YS Group shall repay the loan in instalments by repaying on each Repayment Date which means the fifth business day after each financial quarter date an amount equal to the relevant percentage of the aggregate outstanding principal amount of the loan as at the end of the Availability Period as set out in the table below:[5]On January 13, 2023, YS Group entered into a credit facility of RMB40 million with China CITIC Bank Shenyang Tiexi Branch, due on November 29, 2023, to finance its working capital requirements. YS Group drew RMB23.6 million from January 18, 2023 to February 17, 2023 with interest at 5.00%, which is due from October 13, 2023 to November 9, 2023.[6]On May 6, 2022, China CITIC Bank Shenyang Tiexi Branch issued one letter of credit of RMB5.0 million to YS Group with interest at 3.25%. As of March 31, 2023, YS Group had RMB4.7 million in letters of credit issued, which is due from May 19, 2023 to July 17, 2023. From May to July 2023, YS Group repaid RMB4.7 million.[7]From September 9, 2022 to November 25, 2022, YS Group borrowed RMB31.3 million in total with interest at 4.00% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due from September 8, 2023 to November 24, 2023. On June 5, 2023, YS Group repaid RMB9.7 million in advance.[8]On January 16, 2023, YS Group borrowed RMB988,000 with interest at 3.90% from China Construction Bank Shenyang Heping Branch for one year. The loan will be due on January 12, 2024.[9]On November 8, 2022, YS Group borrowed RMB26.0 million with interest at 5.00% from Zhongguancun Technology Leasing Co., Ltd for 36 months. YS Group shall repay RMB722,222 monthly from December 15, 2022 to October 15, 2025 and pay the last repayment of RMB722,230 on November 7, 2025. YS Group repaid RMB2.9 million from December 2022 to March 2023. The balance of RMB23.1 million is outstanding, of which RMB8.6 million is due within one year. From April 13 to July 17, YS Group repaid RMB2.9 million according to the arrangement.[10]On March 17, 2023, YS Group borrowed RMB4.4 million with interest at 4.00% from China Construction Bank Shenyang Heping Branch for 18 months. The loan will be due on September 16, 2024. |
Bank Loans and Other Borrowin_5
Bank Loans and Other Borrowings (Details) - Schedule of aggregate outstanding principal amount | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Schedule of Aggregate Outstanding Principal Amount [Abstract] | |
Repayment Instalment | $ 40,000,000 |
April Seven Two Thousand Twenty Five [Member] | |
Schedule of Aggregate Outstanding Principal Amount [Abstract] | |
Repayment Instalment | 6,400,000 |
July Seven Two Thousand Twenty Five [Member] | |
Schedule of Aggregate Outstanding Principal Amount [Abstract] | |
Repayment Instalment | 6,400,000 |
October Seven Two Thousand Twenty Five [Member] | |
Schedule of Aggregate Outstanding Principal Amount [Abstract] | |
Repayment Instalment | 6,400,000 |
January Seven Two Thousand Twenty Six [Member] | |
Schedule of Aggregate Outstanding Principal Amount [Abstract] | |
Repayment Instalment | 6,400,000 |
April Seven Two Thousand Twenty Six [Member] | |
Schedule of Aggregate Outstanding Principal Amount [Abstract] | |
Repayment Instalment | 6,400,000 |
July Seven Two Thousand Twenty Six [Member] | |
Schedule of Aggregate Outstanding Principal Amount [Abstract] | |
Repayment Instalment | $ 8,000,000 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of summary of operating leases | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Schedule of Summary of Operating Leases [Abstract] | |||
Operating lease ROU assets | ¥ 11,132,428 | $ 1,620,040 | ¥ 14,850,283 |
Operating lease liabilities - current | 4,753,547 | 691,757 | 4,322,252 |
Operating lease liabilities – non-current | ¥ 6,348,890 | $ 923,918 | ¥ 10,605,260 |
Weighted average remaining lease term | 2 years 6 months | 2 years 6 months | 3 years 4 months 24 days |
Weighted average discount rate | 4.70% | 4.70% | 4.80% |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of summary of lease cost recognized supplemental cash flow information related to operating leases | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Schedule of Summary of Lease Cost Recognized in YS Group’s CFS and Supplemental Cash Flow Information Related to Operating Leases [Abstract] | ||||
Operating lease cost | ¥ 5,002,684 | $ 728,013 | ¥ 4,594,967 | ¥ 2,643,917 |
Cash paid for operating leases | ¥ 3,349,856 | $ 487,486 | ¥ 4,587,894 | ¥ 2,601,625 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of summary of maturity of operating lease liabilities under the non-cancelable operating leases - Mar. 31, 2023 | CNY (¥) | USD ($) |
Schedule of Summary of Maturity of Operating Lease Liabilities under the YS Group’s Non-Cancelable Operating Leases [Abstract] | ||
2024 | ¥ 5,178,993 | $ 753,670 |
2025 | 5,040,835 | 733,564 |
2026 | 1,526,270 | 222,110 |
Total lease payments | 11,746,098 | 1,709,344 |
Less: Interest | (643,661) | (93,669) |
Present value of operating lease liabilities | ¥ 11,102,437 | $ 1,615,675 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - CNY (¥) ¥ in Millions | 1 Months Ended | 12 Months Ended |
Apr. 30, 2023 | Mar. 31, 2023 | |
Accrued Expenses and Other Current Liabilities (Details) [Line Items] | ||
Payments of salaries, social security insurance | ¥ 2.3 | |
Subsequent Event [Member] | ||
Accrued Expenses and Other Current Liabilities (Details) [Line Items] | ||
Payments of salaries, social security insurance | ¥ 10.2 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities | 12 Months Ended | ||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2023 USD ($) | ||
Schedule of Accrued Expenses and Other Current Liabilities [Abstract] | |||||
Salaries and social security insurance payable | [1] | ¥ 55,188,497 | ¥ 57,459,273 | $ 8,031,273 | |
Promotion service fee | [2] | 87,567,459 | 64,883,477 | 12,743,202 | |
Taxes other than income tax | 379,595 | 1,171,381 | 55,240 | ||
Late fees | [3] | 9,927,056 | 9,499,595 | 1,444,629 | |
Payable for property, plant and equipment | 47,579,463 | 48,774,134 | 6,923,973 | ||
CDC transportation and storage fee | 49,976,200 | 35,023,095 | 7,272,756 | ||
Guarantee deposits | [4] | 108,795,884 | 94,528,659 | 15,832,455 | |
Professional service fee | [5] | 5,121,970 | 7,758,448 | 745,372 | |
Interest payable | [6] | 6,055,245 | 881,186 | ||
Other payable | [7] | 6,945,275 | 7,653,291 | $ 1,010,707 | |
Total | ¥ 377,536,644 | $ 54,940,793 | ¥ 326,751,353 | ||
[1]This payable includes unpaid salaries and outstanding social security insurance. During fiscal 2023, YS Group paid approximately RMB2.3 million to reduce its payable for salaries and social security insurance. During the period from April 1, 2023 to the date of this report, YS Group paid approximately RMB10.2 million to reduce this payable. Salaries and social security insurance payables consist of the following:[2] Promotion service fee primarily represents fees for the vaccine promotion, including design and implementation of academic activities, and collection of market information. . royalties payable to R-Bridge Healthcare Fund, LP. |
Accrued Expenses and Other Cu_5
Accrued Expenses and Other Current Liabilities (Details) - Schedule of salaries and social security insurance payables | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Schedule of Salaries and Social Security Insurance Payables [Abstract] | |||
Salaries | ¥ 47,390,831 | $ 6,896,522 | ¥ 49,020,045 |
Social security insurance | 7,179,828 | 1,044,840 | 7,732,161 |
Union Fee | 617,838 | 89,911 | 707,067 |
Total | ¥ 55,188,497 | $ 8,031,273 | ¥ 57,459,273 |
Convertible Redeemable Prefer_3
Convertible Redeemable Preferred Shares (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Sep. 04, 2020 | Dec. 10, 2012 | Feb. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2022 | May 06, 2023 | Mar. 31, 2023 | Mar. 16, 2023 | Jan. 13, 2023 | |
Convertible Redeemable Preferred Shares (Details) [Line Items] | |||||||||
Convertible redeemable preferred share par value (in Dollars per share) | $ 0.00002 | $ 0.00002 | |||||||
Annual compound interest | 3.25% | 5% | |||||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||||
Convertible Redeemable Preferred Shares (Details) [Line Items] | |||||||||
Convertible preferred share | 21,548,589 | ||||||||
Per share (in Dollars per share) | $ 0.93 | ||||||||
Total cash consideration (in Dollars) | $ 20,000,000 | ||||||||
Series A transferred shares | 6,014,313 | 6,014,313 | |||||||
Temporary equity, shares Issued | 15,534,276 | ||||||||
Interest rate | 8% | ||||||||
Annual compound interest | 17% | ||||||||
Series A-1 Redeemable Convertible Preferred Stock [Member] | |||||||||
Convertible Redeemable Preferred Shares (Details) [Line Items] | |||||||||
Temporary equity, shares Issued | 6,014,313 | ||||||||
Series B Redeemable Convertible Preferred Stock [Member] | |||||||||
Convertible Redeemable Preferred Shares (Details) [Line Items] | |||||||||
Per share (in Dollars per share) | $ 2.0703 | ||||||||
Total cash consideration (in Dollars) | $ 3,000,000 | $ 88,000,000 | |||||||
Temporary equity, shares Issued | 65,414,858 | 65,414,858 | |||||||
Accrued interest (in Dollars) | $ 20,389,315 | ||||||||
Converted preferred shares | 18,393,610 | ||||||||
Per share (in Dollars per share) | $ 1.1085 | ||||||||
Convertible Notes and converted preferred shares | 9,660,324 | ||||||||
Convertible preferred shares | 1,231,679 | 36,129,245 | |||||||
Interest rate | 8% | ||||||||
Annual compound interest | 8% |
Convertible Redeemable Prefer_4
Convertible Redeemable Preferred Shares (Details) - Schedule of outstanding convertible redeemable preferred shares | 12 Months Ended | |||||
Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 CNY (¥) shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2021 CNY (¥) shares | Mar. 31, 2021 USD ($) shares | |
Redeemable Noncontrolling Interest [Line Items] | ||||||
Balance at the beginning | ¥ 1,370,221,392 | $ 215,844,081 | ¥ 1,285,458,571 | $ 202,491,820 | ¥ 440,585,213 | $ 69,403,171 |
Conversion of convertible notes | 131,425,527 | 20,702,802 | ||||
Call option under convertible notes | 131,425,290 | 20,702,765 | ||||
New insurance | 597,987,709 | 94,197,995 | ||||
Shares transferred | ||||||
Accretion to redemption value | 137,991,697 | 20,081,159 | 130,662,326 | 20,582,579 | 16,610,297 | 2,616,536 |
Converted to ordinary shares | (1,626,670,769) | (236,720,284) | ||||
Foreign currency translation adjustment | 118,457,680 | 795,044 | (45,899,505) | (7,230,318) | (32,575,465) | (5,131,449) |
Balance at the ending | ¥ 1,370,221,392 | $ 215,844,081 | ¥ 1,285,458,571 | $ 202,491,820 | ||
Series A Redeemable Convertible Preferred Stock [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Balance at the beginning (in Shares) | shares | 15,534,276 | 15,534,276 | 15,534,276 | 15,534,276 | 21,548,589 | 21,548,589 |
Balance at the beginning | ¥ 389,563,659 | ¥ 344,661,893 | ¥ 440,585,213 | |||
Conversion of convertible notes | ||||||
Call option under convertible notes | ||||||
New insurance | ||||||
Shares transferred (in Shares) | shares | (6,014,313) | (6,014,313) | ||||
Shares transferred | ¥ (68,232,451) | |||||
Accretion to redemption value | ¥ 65,904,705 | 57,598,340 | 1,758,690 | |||
Converted to ordinary shares (in Shares) | shares | (15,534,276) | (15,534,276) | ||||
Converted to ordinary shares | ¥ (490,202,733) | |||||
Foreign currency translation adjustment | 34,734,369 | ¥ (12,696,574) | ¥ (29,449,559) | |||
Balance at the ending (in Shares) | shares | 15,534,276 | 15,534,276 | 15,534,276 | 15,534,276 | ||
Balance at the ending | ¥ 389,563,659 | ¥ 344,661,893 | ||||
Series A-1 Redeemable Convertible Preferred Stock [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Balance at the beginning (in Shares) | shares | 6,014,313 | 6,014,313 | 6,014,313 | 6,014,313 | ||
Balance at the beginning | ¥ 68,510,809 | ¥ 65,665,315 | ||||
Conversion of convertible notes | ||||||
Call option under convertible notes | ||||||
New insurance | ||||||
Shares transferred (in Shares) | shares | 6,014,313 | 6,014,313 | ||||
Shares transferred | ¥ 68,232,451 | |||||
Accretion to redemption value | ¥ 5,463,610 | 5,164,090 | ||||
Converted to ordinary shares (in Shares) | shares | (6,014,313) | (6,014,313) | ||||
Converted to ordinary shares | ¥ (79,840,429) | |||||
Foreign currency translation adjustment | 5,866,010 | ¥ (2,318,596) | ¥ (2,567,136) | |||
Balance at the ending (in Shares) | shares | 6,014,313 | 6,014,313 | 6,014,313 | 6,014,313 | ||
Balance at the ending | ¥ 68,510,809 | ¥ 65,665,315 | ||||
Series B Redeemable Convertible Preferred Stock [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Balance at the beginning (in Shares) | shares | 65,414,858 | 65,414,858 | 65,414,858 | 65,414,858 | ||
Balance at the beginning | ¥ 912,146,924 | ¥ 875,131,363 | ||||
Conversion of convertible notes (in Shares) | shares | 18,393,610 | 18,393,610 | ||||
Conversion of convertible notes | ¥ 131,425,527 | |||||
Call option under convertible notes (in Shares) | shares | 9,660,324 | 9,660,324 | ||||
Call option under convertible notes | ¥ 131,425,290 | |||||
New insurance (in Shares) | shares | 37,360,924 | 37,360,924 | ||||
New insurance | ¥ 597,987,709 | |||||
Shares transferred | ||||||
Accretion to redemption value | ¥ 66,623,382 | 67,899,896 | 14,851,607 | |||
Converted to ordinary shares (in Shares) | shares | (65,414,858) | (65,414,858) | ||||
Converted to ordinary shares | ¥ (1,056,627,606) | |||||
Foreign currency translation adjustment | 77,857,300 | ¥ (30,884,335) | ¥ (558,770) | |||
Balance at the ending (in Shares) | shares | 65,414,858 | 65,414,858 | 65,414,858 | 65,414,858 | ||
Balance at the ending | ¥ 912,146,924 | ¥ 875,131,363 |
Warrants (Details)
Warrants (Details) | 12 Months Ended |
Mar. 31, 2023 CNY (¥) shares | |
Warrants (Details) [Line Items] | |
Warrant shares | 1 |
Aggregate value (in Yuan Renminbi) | ¥ | ¥ 8,700,000 |
Change in fair value (in Yuan Renminbi) | ¥ | ¥ 21,358 |
Public Warrants [Member] | |
Warrants (Details) [Line Items] | |
Warrant shares | 10,750,000 |
Private Warrants [Member] | |
Warrants (Details) [Line Items] | |
Warrant shares | 6,000,000 |
Business Combination [Member] | Public Warrants [Member] | |
Warrants (Details) [Line Items] | |
Warrant shares | 10,000,000 |
Business Combination [Member] | Private Warrants [Member] | |
Warrants (Details) [Line Items] | |
Warrant shares | 6,000,000 |
Warrants (Details) - Schedule o
Warrants (Details) - Schedule of private warrants are accounted for as liabilities | 12 Months Ended |
Mar. 31, 2023 $ / shares $ / item shares | |
Schedule Of Private Warrants Are Accounted For As Liabilities Abstract | |
Fair value of the underlying asset as of the Valuation Date | $ 1.6 |
Strike price (in Dollars per Item) | $ / item | 11.5 |
Life to expiration (Years.) | 4 years 10 months 24 days |
Volatility | 62.90% |
Number of steps (in Shares) | shares | 100 |
Redemption price (per share) | $ 0.1 |
Warrants (Details) - Schedule_2
Warrants (Details) - Schedule of the aggregate value of the private warrants | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Warrants (Details) - Schedule of the aggregate value of the private warrants [Line Items] | ||||
Warrant liabilities beginning balance | ||||
Additions | 8,814,592 | |||
Change in fair value | (21,358) | $ (3,108) | ||
Foreign currency translation | (845) | |||
Warrant liabilities ending balance | 8,792,389 | |||
Warrant liabilities ending balance (in Dollars) | $ | 1,279,507 | |||
Private Warrants [Member] | ||||
Warrants (Details) - Schedule of the aggregate value of the private warrants [Line Items] | ||||
Warrant liabilities beginning balance | ||||
Additions | 8,814,592 | |||
Change in fair value | (21,358) | |||
Foreign currency translation | (845) | |||
Warrant liabilities ending balance | ¥ 8,792,389 | |||
Warrant liabilities ending balance (in Dollars) | $ | $ 1,279,507 |
Warrants Accounted as Equity-_2
Warrants Accounted as Equity-Method Instruments (Details) | 12 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Warrants Accounted as Equity-Method Instruments (Details) [Line Items] | |
Public warrants (in Shares) | shares | 10,000,000 |
Sale in public warrants (in Shares) | shares | 750,000 |
Exercise price of warrants (in Dollars per share) | $ / shares | $ 0.1 |
Ordinary price per share (in Dollars) | $ | $ 10 |
Warrant redemption period | 30 days |
Warrant, description | (1) may be less than the value the holders would have received if they had exercised their Warrants at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the warrants, including because the number of YS Biopharma Ordinary Shares received is capped at 0.361 YS Biopharma Ordinary Shares per warrant (subject to adjustment) irrespective of the remaining life of the warrants |
Warrant [Member] | |
Warrants Accounted as Equity-Method Instruments (Details) [Line Items] | |
Warrant redemption period | 30 days |
Minimum [Member] | |
Warrants Accounted as Equity-Method Instruments (Details) [Line Items] | |
Trading days | 20 |
Maximum [Member] | |
Warrants Accounted as Equity-Method Instruments (Details) [Line Items] | |
Trading days | 30 |
Parent Company [Member] | |
Warrants Accounted as Equity-Method Instruments (Details) [Line Items] | |
Exercise price of warrants (in Dollars per share) | $ / shares | $ 0.01 |
Parent Company [Member] | Minimum [Member] | |
Warrants Accounted as Equity-Method Instruments (Details) [Line Items] | |
Trading days | 20 |
Parent Company [Member] | Maximum [Member] | |
Warrants Accounted as Equity-Method Instruments (Details) [Line Items] | |
Trading days | 30 |
Business Combination [Member] | |
Warrants Accounted as Equity-Method Instruments (Details) [Line Items] | |
Ordinary price per share (in Dollars) | $ | $ 18 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended | |||||||||
Aug. 15, 2022 shares | Aug. 01, 2018 shares | Jul. 25, 2018 CNY (¥) $ / shares shares | Feb. 01, 2018 $ / shares shares | Jan. 01, 2015 shares | Jan. 01, 2014 | Jun. 21, 2010 shares | Mar. 31, 2023 shares | Mar. 31, 2022 CNY (¥) shares | Mar. 31, 2020 shares | |
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Annual grant | ||||||||||
Divided into six month periods | 6 months | |||||||||
YS Group registered shares | 143,750 | |||||||||
Share-Based Payment Arrangement, Employee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Grantee terminates | 12 months | |||||||||
Share Incentive Plan 2010 [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Contractual term | 10 years | |||||||||
Ordinary shares | 2,725,650 | |||||||||
Maximum number of shares percentage | 1.50% | |||||||||
Vested over a period | 3 years | |||||||||
Equal quarterly instalments | 0.08% | |||||||||
Option vested | 100% | |||||||||
Annual grant | 127,500 | |||||||||
Grantee terminates | 5 years | |||||||||
Share Incentive Plan 2010 [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Contractual term | 10 years | |||||||||
Share Incentive Plan 2010 [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Contractual term | 10 years | |||||||||
Bonus Incentive Plan [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Contractual term | 6 years | |||||||||
Divided periods | 2 | |||||||||
Divided into six month periods | 6 months | |||||||||
Independent performance | 1 month | |||||||||
Share Incentive Plan 2020 [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Ordinary shares | 8,750,000 | |||||||||
Fair value of the underlying ordinary shares | 2,093,418 | |||||||||
Shares reserved but not issued | 6,656,582 | |||||||||
Subscribe for ordinary shares | 3,471,546 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Group granted | 692,500 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Group granted | 270,000 | |||||||||
Per share granted (in Dollars per share) | $ / shares | $ 1.84 | |||||||||
Unrecognized shares (in Yuan Renminbi) | ¥ | ||||||||||
Independent directors | 3 | 3 | ||||||||
Awarded | 7,500 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Group granted | 692,500 | |||||||||
Per share granted (in Dollars per share) | $ / shares | $ 7.24 | |||||||||
Unrecognized shares (in Yuan Renminbi) | ¥ | ||||||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Vested over a period | 3 months | |||||||||
Fair value of the underlying ordinary shares | 30,000 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Fair value of the underlying ordinary shares | 405,000 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One, Vesting in Six Equal Semi-annual Installments [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Vested over a period | 3 years | |||||||||
Service conditions vesting | 6 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One, Vesting in Eight Equal Semi-annual Installments [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Vested over a period | 4 years | |||||||||
Service conditions vesting | 8 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Vested over a period | 2 months | |||||||||
Fair value of the underlying ordinary shares | 5,000 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
Fair value of the underlying ordinary shares | 287,500 | |||||||||
Share-Based Payment Arrangement [Member] | ||||||||||
Stock-Based Compensation (Details) [Line Items] | ||||||||||
YS Group registered shares | 0.00002 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of exercise prices and exercise periods, giving retroactive effect of combination - ¥ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Exercise Prices and Exercise Periods of the Share Options Outstanding [Abstract] | ||
Number of share options, At the opening | 3,253,565 | 3,253,565 |
Average exercise price per share option, At the opening | ¥ 29.3156 | ¥ 29.3156 |
Number of share options, Granted during the period | ||
Average exercise price per share option, Granted during the period | ||
Number of share options, Forfeited during the period | ||
Average exercise price per share option, Forfeited during the period | ||
Number of share options, Exercised during the period | ||
Average exercise price per share option, Exercised during the period | ||
Number of share options, Expired during the period | ||
Average exercise price per share option, Expired during the period | ||
Number of share options, At the ending | 3,253,565 | 3,253,565 |
Average exercise price per share option, At the ending | ¥ 32.402 | ¥ 29.3156 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details) - Schedule of exercise prices and exercise periods, giving retroactive effect of combination | 12 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of options (in Shares) | 3,253,565 |
Exercise Price One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of options (in Shares) | 1,533,252 |
Exercise price (in Dollars per share) | $ / shares | $ 13.938 |
Exercise Price One [Member] | Minimum [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise period | 2021 years |
Exercise Price One [Member] | Maximum [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise period | 2031 years |
Exercise Price Two [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of options (in Shares) | 613,369 |
Exercise price (in Dollars per share) | $ / shares | $ 25.8524 |
Exercise Price Two [Member] | Minimum [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise period | 2021 years |
Exercise Price Two [Member] | Maximum [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise period | 2026 years |
Exercise Price Three [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of options (in Shares) | 1,106,944 |
Exercise price (in Dollars per share) | $ / shares | $ 52.5376 |
Exercise Price Three [Member] | Minimum [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise period | 2021 years |
Exercise Price Three [Member] | Maximum [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise period | 2026 years |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details) - Schedule of stock-based compensation expense | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | ¥ 3,505,001 | $ 510,063 | ¥ 7,764,448 | ¥ 76,756,500 |
Research and development [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | (997,846) | (145,211) | 975,171 | 4,200,464 |
General and administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 4,502,847 | 655,274 | 6,789,277 | 72,501,943 |
Selling and marketing [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | ¥ 54,093 |
Related Party Transactions an_3
Related Party Transactions and Balances (Details) - Yisheng Biopharma Holding Ltd (Hong Kong) [Member] - CNY (¥) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transactions and Balances (Details) [Line Items] | ||
Amount lent to related party | ¥ 2,966,777 | ¥ 30,088,833 |
Loan repaid | 33,055,610 | |
Amounts due from related party |
Related Party Transactions an_4
Related Party Transactions and Balances (Details) - Schedule of companies are related parties that had balances or transactions with YS Group | 12 Months Ended | |
Dec. 31, 2021 | ||
Yisheng Biopharma Co., Ltd [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Yisheng Biopharma Holdings Ltd [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Kaifeng Yisheng Pan-Asia Technology Co., Ltd [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Beijing Yisheng Xingye Technology Co., Ltd [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Changchun Bailong Biotechnology Co., Ltd [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Henan Yisheng Huizhong Health Services Co., Ltd [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Henan Yisheng Biopharma Co., Ltd [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Beijing Huaerdun Kangqi Biotechnology Co., Ltd [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Liaoning Yisheng Pan-Asia [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | An entity controlled by Yi Zhang | |
Yi Zhang [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | Chairman of Board of Directors | |
Hui Shao [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | Chief Executive Officer | |
Zhongkai Shi [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | Chief Medical Officer | [1] |
Nan Zhang [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | Daughter of the Chairman | |
Xu Zhang [Member] | ||
Schedule of Companies are Related Parties that had Balances or Transactions with YS Group [Member] | ||
Name of related parties | Daughter of the Chairman | |
[1]Zhongkai Shi resigned in September 2021. |
Related Party Transactions an_5
Related Party Transactions and Balances (Details) - Schedule of transactions with related parties | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Receivable Collected on Behalf of YS Group [Member] | Yisheng Biopharma Holding Ltd (Hong Kong) [Member] | ||||
Yisheng Biopharma Holdings Limited (Hong Kong) | ||||
Amounts due from related party | ¥ 2,966,777 | ¥ 30,088,833 | ||
Receivable Collected on Behalf of YS Group [Member] | Yisheng Biopharma Holdings Limited (Hong Kong) [Member] | ||||
Yisheng Biopharma Holdings Limited (Hong Kong) | ||||
Amounts due from related party | ||||
Repayment to YS Group [Member] | Yisheng Biopharma Holding Ltd (Hong Kong) [Member] | ||||
Yisheng Biopharma Holdings Limited (Hong Kong) | ||||
Amounts due from related party | ¥ 33,055,610 | |||
Repayment to YS Group [Member] | Yisheng Biopharma Holdings Limited (Hong Kong) [Member] | ||||
Yisheng Biopharma Holdings Limited (Hong Kong) | ||||
Amounts due from related party |
Income Tax (Details)
Income Tax (Details) - CNY (¥) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax (Details) [Line Items] | ||||
Statutory federal corporate income tax | 25% | 25% | 25% | |
Uncertain tax positions (in Yuan Renminbi) | ||||
Singapore [Member] | ||||
Income Tax (Details) [Line Items] | ||||
Statutory federal corporate income tax | 17% | |||
China [Member] | ||||
Income Tax (Details) [Line Items] | ||||
Statutory federal corporate income tax | 25% | |||
Enterprise income tax rate | 25% | |||
High and new technology enterprises, income tax rate | 15% | 15% | ||
Term for high and new technology enterprises status | 3 years | |||
United States [Member] | ||||
Income Tax (Details) [Line Items] | ||||
Statutory federal corporate income tax | 21% | |||
State income tax rate | 8.25% |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of reconciliation of statutory rate to YS Group's effective tax rate | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Schedule of Reconciliation of Statutory Rate To Ys Groups Effective Tax Rate [Abstract] | ||||
PRC statutory income tax rate | 25% | 25% | 25% | |
Effect of different tax rates in different jurisdictions | (36.00%) | (18.26%) | (20.56%) | |
Effect of PRC preferential tax rate | 8.72% | 4.56% | (0.77%) | |
Effect of research and development expenses deduction and others | 25.50% | 33.20% | 7.80% | |
Temporary differences | [1] | 0.79% | 4.88% | 10.01% |
Change in valuation allowance | (23.23%) | (44.47%) | (11.49%) | |
Effective tax rate | 0.78% | 4.91% | 9.99% | |
[1]Temporary differences primarily relate to impairment of inventories, property, plant and equipment and government grants. |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of net deferred tax assets | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Deferred tax assets: | |||
Write-down of inventories to net realizable value | ¥ 716,917 | $ 104,329 | ¥ 825,454 |
Impairment of property, plant and building | 1,769,405 | 257,492 | 2,031,460 |
Deferred government grants | 3,296,223 | 479,681 | 4,852,383 |
Losses available for offsetting against future taxable profits | 39,366,020 | 5,728,716 | 58,257,270 |
Less: valuation allowance | (39,366,020) | (5,728,716) | (58,257,270) |
Total deferred tax assets, net | 5,782,545 | 841,502 | 7,709,297 |
Deferred tax liabilities: | |||
Fair value adjustments arising from historical acquisition of subsidiaries | (3,876,964) | (564,193) | (4,670,213) |
Total deferred tax liabilities | (3,876,964) | (564,193) | (4,670,213) |
Net deferred tax asset | ¥ 1,905,581 | $ 277,309 | ¥ 3,039,084 |
Deferred Government Grants (Det
Deferred Government Grants (Details) | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Deferred Government Grants (Details) [Line Items] | ||||
Government grants deferred | ¥ 4,000,000 | ¥ 3,600,000 | ||
Government grants income | 26,072,517 | $ 3,794,187 | 23,020,413 | ¥ 3,530,405 |
Government Assistance, Other Subsidies [Member] | ||||
Deferred Government Grants (Details) [Line Items] | ||||
Government grants income | 15,700,000 | 20,800,000 | ||
Government Grants for Property, Plant and Equipment [Member] | ||||
Deferred Government Grants (Details) [Line Items] | ||||
Government grants income | 18,500,000 | |||
Government grant recognized income | 1,500,000 | |||
Amortized deferred government grant | 1,400,000 | |||
Current deferred | 1,500,000 | |||
Current deferred government grant | 19,100,000 | |||
Government Grants for Research and Development [Member] | ||||
Deferred Government Grants (Details) [Line Items] | ||||
Government grants income | 9,000,000 | 2,000,000 | ||
Current deferred | 800,000 | |||
Current deferred government grant | 4,500,000 | |||
Government grant recognized income | ¥ 800,000 | |||
Government grants [Member] | ||||
Deferred Government Grants (Details) [Line Items] | ||||
Government grants income | ¥ 100,000 |
Deferred Government Grants (D_2
Deferred Government Grants (Details) - Schedule of deferred government grants | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2023 USD ($) | |
Government grants for property, plant and equipment | ||||
Total deferred government grants | ¥ 25,902,208 | ¥ 32,349,218 | $ 3,769,404 | |
Less: current portion | 2,295,701 | 2,295,701 | 334,081 | |
Non-current portion | 23,606,507 | 30,053,517 | $ 3,435,323 | |
Government Grants for Property, Plant and Equipment [Member] | ||||
Government grants for property, plant and equipment | ||||
Balance at beginning of the year | 22,030,690 | $ 3,206,003 | 21,847,340 | |
Addition | 1,552,000 | |||
Recognized as income | (1,455,678) | (211,837) | (1,368,650) | |
Subtotal | 20,575,012 | 2,994,166 | 22,030,690 | |
Government Grants for Research and Development [Member] | ||||
Government grants for property, plant and equipment | ||||
Balance at beginning of the year | 10,318,528 | 1,501,598 | 11,158,551 | |
Addition | 4,000,000 | 582,098 | ||
Recognized as income | (8,991,332) | (1,308,458) | (840,023) | |
Subtotal | ¥ 5,327,196 | $ 775,238 | ¥ 10,318,528 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - CNY (¥) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments and Contingencies (Details) [Line Items] | |||
Amount pay | ¥ 278,707 | ||
Hebei Defense Biological Products Supply Center [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Payment amount | ¥ 2,465,807 | ||
Compensation received | 1,636,755 | ||
Balance compensation | ¥ 829,052 | ||
Chaoyang Center for Disease Control and Prevention [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Payment amount | ¥ 416,900 | ||
Compensation received | 380,000 | ||
Balance compensation | ¥ 36,900 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of commitments to purchase raw materials or services - Mar. 31, 2023 | CNY (¥) | USD ($) |
Schedule of Commitments To Purchase Raw Materials or Services [Abstract] | ||
Other professional service fee | ¥ 3,229,699 | $ 470,000 |
Research and development | 185,648,604 | 27,016,401 |
Purchase raw materials | 15,528,566 | 2,259,785 |
Total | ¥ 204,406,869 | $ 29,746,186 |
Segment Information (Details) -
Segment Information (Details) - Schedule of non-current assets can be aggregated to form the reportable geographical segment | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
PRC [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Non-current assets | ¥ 645,210,788 | $ 93,893,911 | ¥ 604,094,049 |
Other Countries/Regions [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Non-current assets | ¥ 4,602,447 | $ 669,769 | ¥ 26,777,039 |
Subsequent Events (Details)
Subsequent Events (Details) - CNY (¥) ¥ in Millions | 1 Months Ended | 2 Months Ended | ||||
Jul. 13, 2023 | Jul. 11, 2023 | Jun. 07, 2023 | May 29, 2023 | Apr. 28, 2023 | Jul. 18, 2023 | |
Shanghai Pudong Development Bank Co., Ltd. [Member] | Subsequent Event [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Interest borrowings value | ¥ 6.7 | |||||
Interest borrowing rate | 5.30% | |||||
Loan expired term | December 23, 2023 | |||||
China Construction Bank Shenyang Heping Branch [Member] | Subsequent Event [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Interest borrowings value | ¥ 10.3 | |||||
Interest borrowing rate | 4% | |||||
Loan expired term | November and December, 2024 | |||||
YS Group [Member] | Forecast [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Interest borrowings value | ¥ 16.4 | |||||
Interest borrowing rate | 5% | |||||
China CITIC Bank Shenyang Tiexi Branch [Member] | Forecast [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Interest borrowings value | ¥ 3.6 | |||||
Interest borrowing rate | 4.75% | |||||
Loan expired term | February, 2024 to May 2024 | |||||
CITIC Financial Leasing Co., Ltd [Member] | Subsequent Event [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Interest borrowings value | ¥ 40 | |||||
Interest borrowing rate | 4.80% | |||||
Loan expired term | May 29, 2026 | |||||
China Guangfa Bank Co., Ltd. [Member] | Forecast [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Interest borrowings value | ¥ 13.3 | |||||
Interest borrowing rate | 5.66% | |||||
Loan expired term | December 16, 2023 | |||||
Minsheng Bank Shenyang Huanghe Street Branch [Member] | Forecast [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Interest borrowings value | ¥ 11.3 | |||||
Interest borrowing rate | 4% | |||||
Loan expired term | July, 2024. |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information (Unaudited) (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Parent Company Only Condensed Financial Information (Unaudited) (Details) [Line Items] | |
Subsidiaries exceed percentage | 25% |
PRC Subsidiaries [Member] | |
Parent Company Only Condensed Financial Information (Unaudited) (Details) [Line Items] | |
Subsidiaries exceed percentage | 25% |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information (Unaudited) (Details) - Schedule of parent company balance sheets - Parent Company [Member] - Reportable Legal Entities [Member] | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |
Current Assets | ||||
Cash | ¥ 3,045,660 | $ 443,218 | ¥ 252,611,535 | |
Amounts due from related parties | 1,039,986,896 | 151,343,466 | 519,236,876 | |
Total current assets | 1,043,032,556 | 151,786,684 | 771,848,411 | |
Non-current assets | ||||
Long-term investments, net | 158,734,357 | 23,099,722 | 146,641,652 | |
Total non-current assets | 158,734,357 | 23,099,722 | 146,641,652 | |
Total Assets | 1,201,766,913 | 174,886,406 | 918,490,063 | |
Current Liabilities | ||||
Accrued expenses and other liabilities | 461,105,636 | 67,102,120 | 244,082,464 | |
Warrants liability | 8,792,389 | 1,279,507 | ||
Amounts due to related parties | 3,415,603 | 497,054 | 3,155,395 | |
Total current liabilities | 473,313,628 | 68,878,681 | 247,237,859 | |
Total Liabilities | 473,313,628 | 68,878,681 | 247,237,859 | |
Mezzanine equity | ||||
Series A and A-1 redeemable convertible preferred shares (par value US$0.000005 per share, 50,000,000 shares authorized; 21,548,589 shares issued and outstanding) | 458,074,468 | |||
Series B redeemable convertible preferred shares (par value US$0.000005 per share, 100,000,000 shares authorized; 65,414,858 shares issued and outstanding) | 912,146,924 | |||
Total mezzanine equity | 1,370,221,392 | |||
Shareholders’ (deficit)/equity: | ||||
Ordinary shares, par value US$0.00002 per share; 9,950,000,000 shares authorized; 61,827,883 and 93,058,197 shares issued and outstanding as of March 31, 2022 and 2023, respectively; * | [1] | 12,297 | 1,790 | 7,978 |
Additional paid-in capital | 2,656,891,036 | 386,642,466 | 808,502,018 | |
Accumulated deficit | (1,874,037,965) | (272,718,245) | (1,590,567,163) | |
Accumulated other comprehensive income/(loss) | (54,412,083) | (7,918,286) | 83,087,979 | |
Total shareholders’ (deficit)/equity | 728,453,285 | 106,007,725 | (698,969,188) | |
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity | ¥ 1,201,766,913 | $ 174,886,406 | ¥ 918,490,063 | |
[1]Gives retroactive effect to reflect the reorganization in February 2021 and combination in March 2023. |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information (Unaudited) (Details) - Schedule of parent company balance sheets (Parentheticals) - Parent Company [Member] - Reportable Legal Entities [Member] - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Ordinary shares, par value (in Dollars per share) | $ 0.00002 | $ 0.00002 |
Ordinary shares, shares authorized | 9,950,000,000 | 9,950,000,000 |
Ordinary shares, shares issued | 93,058,197 | 61,827,883 |
Ordinary shares, shares outstanding | 93,058,197 | 61,827,883 |
Series A and A-1 redeemable convertible preferred shares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preferred shares par value (in Dollars per share) | $ 0.000005 | |
Redeemable convertible preferred shares, shares authorized | 50,000,000 | |
Redeemable convertible preferred shares shares issued | 21,548,589 | |
Redeemable convertible preferred shares shares outstanding | 21,548,589 | |
Series B redeemable convertible preferred shares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Redeemable convertible preferred shares par value (in Dollars per share) | $ 0.000005 | |
Redeemable convertible preferred shares, shares authorized | 100,000,000 | |
Redeemable convertible preferred shares shares issued | 65,414,858 | |
Redeemable convertible preferred shares shares outstanding | 65,414,858 |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Information (Unaudited) (Details) - Schedule of parent company statements of operations and comprehensive loss - Parent Company [Member] - Reportable Legal Entities [Member] | 12 Months Ended | ||||
Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | Mar. 31, 2021 CNY (¥) ¥ / shares shares | ||
Schedule of Parent Company Statements of Operations and Comprehensive Loss [Abstract] | |||||
Equity loss of subsidiaries | ¥ (138,758,136) | $ (20,192,694) | ¥ (75,864,722) | ¥ (60,903,713) | |
Operating expenses: | |||||
Selling and marketing | 54,278 | ||||
General and administrative | 7,630,726 | 1,110,456 | 29,178,255 | 104,562,058 | |
Research and development | (887,280) | (129,121) | 988,531 | 4,352,356 | |
Total operating expenses | 6,743,446 | 981,335 | 30,166,786 | 108,968,692 | |
Loss from operations | (145,501,582) | (21,174,029) | (106,031,508) | (169,872,405) | |
Other income (expenses): | |||||
Financial income/(expenses) | 1,119 | 163 | 27,107 | (21,953,837) | |
Fair value changes of warrant liability | 21,358 | 3,108 | |||
Total other income/(expense), net | 22,477 | 3,271 | 27,107 | (21,953,837) | |
Net income/(loss) | (145,479,105) | (21,170,758) | (106,004,401) | (191,826,242) | |
Accretion to redemption value of convertible redeemable preferred shares | (137,991,697) | (20,081,159) | (130,662,326) | (16,610,297) | |
Foreign currency translation gain(loss) | (137,500,062) | (20,009,614) | 38,864,606 | 22,455,217 | |
Net loss attributable to YS Biopharma | (283,470,802) | (41,251,917) | (236,666,727) | (208,436,538) | |
Net loss | (145,479,105) | (21,170,758) | (106,004,401) | (191,826,242) | |
Total comprehensive loss | ¥ (282,979,167) | $ (41,180,372) | ¥ (67,139,795) | ¥ (169,371,025) | |
Loss per share*: | |||||
Basic loss per share (in Dollars per share and Yuan Renminbi per share) | (per share) | [1] | ¥ (1.56) | $ (0.23) | ¥ (1.71) | ¥ (3.1) |
Weighted average number of ordinary shares outstanding*: | |||||
Weighted average number of ordinary shares outstanding basic (in Shares) | [1] | 93,058,197 | 93,058,197 | 61,827,883 | 61,827,883 |
[1]Gives retroactive effect to reflect the reorganization in February 2021 and combination in March 2023. |
Parent Company Only Condensed_7
Parent Company Only Condensed Financial Information (Unaudited) (Details) - Schedule of parent company statements of operations and comprehensive loss (Parentheticals) - Parent Company [Member] - Reportable Legal Entities [Member] | 12 Months Ended | ||||
Mar. 31, 2023 $ / shares shares | Mar. 31, 2023 ¥ / shares shares | Mar. 31, 2022 ¥ / shares shares | Mar. 31, 2021 ¥ / shares shares | ||
Schedule of Parent Company Statements of Operations and Comprehensive Loss [Abstract] | |||||
Diluted loss per share (in Dollars per share and Yuan Renminbi per share) | (per share) | [1] | $ (0.23) | ¥ (1.56) | ¥ (1.71) | ¥ (3.10) |
Weighted average number of ordinary shares outstanding Diluted | [1] | 93,058,197 | 93,058,197 | 61,827,883 | 61,827,883 |
[1]Gives retroactive effect to reflect the reorganization in February 2021 and combination in March 2023. |
Parent Company Only Condensed_8
Parent Company Only Condensed Financial Information (Unaudited) (Details) - Schedule of parent company statements of cash flows - Parent Company [Member] - Reportable Legal Entities [Member] | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Schedule of parent company statements of cash flows [Abstract] | ||||
Net loss | ¥ (145,479,105) | $ (21,170,758) | ¥ (106,004,401) | ¥ (191,826,242) |
Equity loss of subsidiaries | 138,758,136 | 20,192,694 | 75,864,722 | 60,903,713 |
Share-based compensation | 3,505,001 | 510,063 | 7,764,448 | 76,756,500 |
Fair value changes of warrant liability | (21,358) | (3,108) | ||
Changes in operating assets and liabilities: | ||||
Amounts due from related parties | (520,750,020) | (75,781,833) | (23,299,705) | (421,125,633) |
Amounts due to related parties | 260,208 | 37,867 | (110,893) | 2,906,881 |
Accrued expenses and other liabilities | 48,377,785 | 7,040,148 | (24,732,348) | 77,228,629 |
Net cash used in operating activities | (475,349,353) | (69,174,927) | (70,518,177) | (395,156,152) |
Cash flows from investing activities: | ||||
Payment for long-term investment | (813,776) | (7,658,738) | ||
Net cash used in investing activities | (813,776) | (7,658,738) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of mezzanine equity | 729,412,999 | |||
Shareholders’ contributions | 1,589,236 | |||
Proceeds from acquisition | 252,457,329 | 36,738,701 | ||
Offering cost | (35,884,661) | (5,222,094) | ||
Net cash provided by financing activities | 216,572,668 | 31,516,607 | 731,002,235 | |
Effect of exchange rate on cash | 9,210,810 | 1,340,397 | (6,353,461) | 2,109,604 |
Net (decrease) increase in cash | (249,565,875) | (36,317,923) | (77,685,414) | 330,296,949 |
Cash at the beginning of the year | 252,611,535 | 36,761,141 | 330,296,949 | |
Cash at the end of the year | 3,045,660 | 443,218 | 252,611,535 | 330,296,949 |
Non-cash transactions: | ||||
Accretion to redemption value of convertible redeemable preferred shares | (137,991,697) | (20,081,159) | 130,662,326 | 16,610,297 |
Forgiveness from related parties | 446,092,527 | |||
Equity transaction from warrants | (8,870,007) | (1,290,802) | ||
Equity transaction from preferred shares | ¥ 1,636,897,084 | $ 238,208,461 |