0001104659-21-097584 | 20-F | XBRL Viewer

March 31,

Unlisted equity securities

189,129

189,129

28,867

Document and Entity Information	12 Months Ended
Document and Entity Information	Mar. 31, 2021 shares
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Amendment Flag	false
Entity File Number	001-34541
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	Global Cord Blood Corp
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	48th Floor, Bank of China Tower
Entity Address, Address Line Two	1 Garden Road
Entity Address, City or Town	Central
Entity Address, Country	HK
Entity Central Index Key	0001467808
Title of 12(b) Security	Ordinary Shares, par value $0.0001 per share
Trading Symbol	CO
Security Exchange Name	NYSE
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Filer Category	Accelerated Filer
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Common Stock, Shares Outstanding	121,551,075
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Business Contact
Entity Address, Address Line One	48th Floor, Bank of China Tower
Entity Address, Address Line Two	1 Garden Road
Entity Address, City or Town	Central
Entity Address, Country	HK
Contact Personnel Name	Albert Chen
City Area Code	+852
Local Phone Number	3605 8180
Contact Personnel Email Address	[email protected]

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Current assets
Cash and cash equivalents	¥ 6,075,798	$ 927,349	¥ 5,473,373
Accounts receivable, less allowance for credit losses (March 31, 2020: RMB111,869; March 31, 2021: RMB137,961 (US$21,057))	130,298	19,887	104,251
Inventories	44,257	6,755	43,758
Prepaid expenses and other receivables	47,788	7,294	44,785
Total current assets	6,298,141	961,285	5,666,167
Property, plant and equipment, net	498,656	76,109	522,679
Operating lease right-of-use assets	5,039	769	4,548
Non-current deposits	344,752	52,619	347,360
Non-current accounts receivable, less allowance for credit losses (March 31, 2020: RMB71,421; March 31, 2021: RMB67,095 (US$10,241))	217,208	33,152	160,031
Inventories	91,446	13,957	85,109
Intangible assets, net	88,202	13,462	92,823
Investment in equity securities at fair value	117,911	17,997	101,306
Other equity investment	189,129	28,867	189,129
Deferred tax assets	55,845	8,524	50,701
Total assets	7,906,329	1,206,741	7,219,853
Current liabilities
Accounts payable	9,479	1,447	19,992
Accrued expenses and other payables	136,448	20,825	113,989
Operating lease liabilities	1,636	250	1,717
Deferred revenue	449,359	68,586	402,751
Income tax payable	29,547	4,510	32,329
Total current liabilities	626,469	95,618	570,778
Non-current deferred revenue	2,392,906	365,229	2,289,762
Non-current operating lease liabilities	147	22	1,782
Other non-current liabilities	482,224	73,602	450,900
Deferred tax liabilities	16,132	2,462	18,140
Total liabilities	3,517,878	536,933	3,331,362
Shareholders' equity of Global Cord Blood Corporation
Ordinary shares - US$0.0001 par value, 250,000,000 shares authorized, 121,687,974 and 121,551,075 shares issued and outstanding as of March 31, 2020 and 2021, respectively	83	13	83
Additional paid-in capital	2,101,582	320,764	2,101,582
Treasury stock, at cost (March 31, 2020 and 2021: 136,899 shares, respectively)	(2,815)	(430)	(2,815)
Accumulated other comprehensive losses	(103,179)	(15,748)	(94,663)
Retained earnings	2,386,187	364,203	1,877,940
Total equity attributable to Global Cord Blood Corporation	4,381,858	668,802	3,882,127
Non-controlling interests	6,593	1,006	6,364
Total equity	4,388,451	669,808	3,888,491
Commitments and contingencies
Total liabilities and equity	¥ 7,906,329	$ 1,206,741	¥ 7,219,853

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥) shares	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 CNY (¥) shares	Mar. 31, 2020 USD ($) $ / shares shares
Consolidated Balance Sheets
Allowance for credit losses current	¥ 137,961	$ 21,057	¥ 111,869
Allowance for credit losses non-current	¥ 67,095	$ 10,241	¥ 71,421	$ 10,901
Ordinary shares, par value per share \| $ / shares		$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	250,000,000	250,000,000	250,000,000	250,000,000
Ordinary shares, shares issued	121,687,974	121,687,974	121,687,974	121,687,974
Ordinary shares, shares outstanding	121,551,075	121,551,075	121,551,075	121,551,075
Treasury stock, shares	136,899	136,899	136,899	136,899

Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥) ¥ / shares	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2020 CNY (¥) ¥ / shares	Mar. 31, 2019 CNY (¥) ¥ / shares
Consolidated Statements of Comprehensive Income
Revenues	¥ 1,159,639	$ 176,995	¥ 1,221,460	¥ 986,754
Cost of revenues	(178,947)	(27,313)	(189,128)	(186,027)
Gross profit	980,692	149,682	1,032,332	800,727
Operating expenses
Research and development	(23,769)	(3,628)	(21,109)	(14,688)
Sales and marketing	(237,691)	(36,279)	(261,958)	(235,062)
General and administrative	(174,362)	(26,613)	(190,232)	(169,320)
Total operating expenses	(435,822)	(66,520)	(473,299)	(419,070)
Operating income	544,870	83,162	559,033	381,657
Other (expenses)/income, net
Interest income	30,899	4,716	25,359	25,320
Foreign currency exchange (losses)/ gains	155	24	(303)	(62)
Change in fair value of equity securities	25,385	3,875	(13,172)	(57,125)
Dividend income	1,281	196	507	976
Others	8,161	1,246	7,388	5,695
Total other (expenses)/income, net	65,881	10,057	19,779	(25,196)
Income before income tax	610,751	93,219	578,812	356,461
Income tax expense	(94,546)	(14,431)	(101,084)	(61,260)
Net income	516,205	78,788	477,728	295,201
Net income attributable to non-controlling interests	(7,958)	(1,215)	(7,011)	(4,077)
Net income attributable to Global Cord Blood Corporation's shareholders	¥ 508,247	$ 77,573	¥ 470,717	¥ 291,124
Earnings per share:
Basic \| (per share)	¥ 4.18	$ 0.64	¥ 3.87	¥ 2.40
Diluted \| (per share)	¥ 4.18	$ 0.64	¥ 3.87	¥ 2.40
Other comprehensive income/(losses), net of nil income taxes
Foreign currency translation adjustments	¥ (8,516)	$ (1,300)	¥ (5,925)	¥ 28,232
Comprehensive income	507,689	77,488	471,803	323,433
Comprehensive income attributable to non-controlling interests	(7,958)	(1,215)	(7,011)	(4,077)
Comprehensive income attributable to Global Cord Blood Corporation's shareholders	¥ 499,731	$ 76,273	¥ 464,792	¥ 319,356

Consolidated Statements of Comprehensive Income (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Other comprehensive income/(losses)
Other comprehensive income/(losses), income taxes	¥ 0	¥ 0	¥ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Consolidated Statements of Changes in Equity ¥ in Thousands	Share capital Cumulative Effect, Period of Adoption, Adjusted Balance [Member] CNY (¥)	Share capital Cumulative Effect, Period of Adoption, Adjusted Balance [Member] USD ($)	Share capital CNY (¥) shares	Share capital USD ($) shares	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjusted Balance [Member] CNY (¥)	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Treasury stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member] CNY (¥)	Treasury stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member] USD ($)	Treasury stock CNY (¥) shares	Treasury stock USD ($) shares	Accumulated other comprehensive losses Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Accumulated other comprehensive losses Cumulative Effect, Period of Adoption, Adjusted Balance [Member] CNY (¥)	Accumulated other comprehensive losses CNY (¥)	Accumulated other comprehensive losses USD ($)	Retained earnings Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance [Member] CNY (¥)	Retained earnings CNY (¥)	Retained earnings USD ($)	Non-controlling interests Cumulative Effect, Period of Adoption, Adjusted Balance [Member] CNY (¥)	Non-controlling interests CNY (¥)	Non-controlling interests USD ($)	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] CNY (¥)	CNY (¥) shares	USD ($) shares
Balance (ASU 2016-01) at Mar. 31, 2018												¥ (62,316)				¥ 62,316
Balance at Mar. 31, 2018	¥ 83	$ 120,961,641	¥ 83		¥ 2,053,866	¥ 2,053,866		¥ (2,815)	$ (136,899)	¥ (2,815)			¥ (116,970)	¥ (54,654)			¥ 1,179,189	¥ 1,116,873		¥ 5,389	¥ 5,389		¥ 3,118,742	¥ 3,118,742
Balance, shares at Mar. 31, 2018 \| shares			120,961,641	120,961,641						(136,899)	(136,899)													120,824,742	120,824,742
Net income																		291,124			4,077			¥ 295,201
Other comprehensive income														28,232										28,232
Dividend declared to holder of non-controlling interests																					(4,039)			(4,039)
Dividend declared and ordinary shares issued to the Company's shareholders				$ 726,333		47,716												(63,090)						¥ (15,374)
Dividend declared and ordinary shares issued to the Company's shareholders (in shares) \| shares																								726,333	726,333
Balance at Mar. 31, 2019			¥ 83			2,101,582				¥ (2,815)				(88,738)				1,407,223			5,427			¥ 3,422,762
Balance, shares at Mar. 31, 2019 \| shares			121,687,974	121,687,974						(136,899)	(136,899)													121,551,075	121,551,075
Net income																		470,717			7,011			¥ 477,728
Other comprehensive income														(5,925)										(5,925)
Dividend declared to holder of non-controlling interests																					(6,074)			(6,074)
Balance at Mar. 31, 2020			¥ 83			2,101,582				¥ (2,815)				(94,663)				1,877,940			6,364			¥ 3,888,491
Balance, shares at Mar. 31, 2020 \| shares			121,687,974	121,687,974						(136,899)	(136,899)													121,551,075	121,551,075
Net income																		508,247			7,958			¥ 516,205	$ 78,788,000
Other comprehensive income														(8,516)										(8,516)
Dividend declared to holder of non-controlling interests																					(7,729)			(7,729)
Balance at Mar. 31, 2021			¥ 83	$ 13,000		¥ 2,101,582	$ 320,764,000			¥ (2,815)	$ (430,000)			¥ (103,179)	$ (15,748,000)			¥ 2,386,187	$ 364,203,000		¥ 6,593	$ 1,006,000		¥ 4,388,451	$ 669,808,000
Balance, shares at Mar. 31, 2021 \| shares			121,687,974	121,687,974						(136,899)	(136,899)													121,551,075	121,551,075

- Definition

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

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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+ Details

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Operating activities:
Net income	¥ 516,205	$ 78,788	¥ 477,728	¥ 295,201
Adjustments to reconcile net income to net cash provided by operating activities:
Loss/(gain) on disposal of property, plant and equipment	(139)	(21)	51	451
Depreciation of property, plant and equipment	44,469	6,787	44,828	47,744
Reduction in the carrying amount of right-of-use assets	2,551	389	2,335
Amortization of intangible assets	4,621	705	4,621	4,621
Deferred income taxes	(7,152)	(1,092)	(7,206)	(14,688)
Allowance for credit losses	37,212	5,680	24,395	38,214
Change in fair value of equity securities	(25,385)	(3,875)	13,172	57,125
Changes in operating assets and liabilities:
Accounts receivable	(120,436)	(18,381)	(86,897)	(30,367)
Inventories	(6,836)	(1,042)	(24,061)	(5,330)
Prepaid expenses and other receivables	(3,722)	(568)	(19,935)	(3,071)
Accounts payable	(10,513)	(1,605)	(13,574)	22,194
Accrued expenses and other payables	26,261	4,008	29,953	5,559
Operating lease right-of-use assets	(3,042)	(464)
Operating lease liabilities	(1,716)	(262)	(2,259)
Deferred revenue	149,752	22,857	122,085	330,041
Income tax payable	(2,782)	(425)	12,216	2,706
Other non-current liabilities	31,362	4,787	46,552	41,718
Net cash provided by operating activities	630,710	96,266	624,004	792,118
Investing activities:
Purchase of property, plant and equipment	(20,892)	(3,189)	(24,240)	(30,689)
Proceeds from disposal of property, plant and equipment	785	120	1,195	479
Refund of deposits for purchase of property, plant and equipment			6,984
Refund of non-current deposits			210,000
Payment of non-current deposits			(340,000)
Net cash used in investing activities	(20,107)	(3,069)	(146,061)	(30,210)
Financing activities:
Payment for dividends to shareholders				(18,173)
Payment for dividends to holder of non-controlling interests	(6,074)	(927)	(4,039)	(3,019)
Net cash used in financing activities	(6,074)	(927)	(4,039)	(21,192)
Effect of foreign currency exchange rate change on cash and cash equivalents	(2,104)	(321)	1,608	6,535
Net increase in cash and cash equivalents	602,425	91,949	475,512	747,251
Cash and cash equivalents at beginning of year	5,473,373	835,400	4,997,861	4,250,610
Cash and cash equivalents at end of year	6,075,798	927,349	5,473,373	4,997,861
Non-cash investing activities:
Property, plant and equipment acquired by non-current deposits	2,608	398	4,884	10,783
Payable for dividends to holder of non-controlling interests	7,729	1,181	6,074	4,039
Supplemental disclosures of cash flow information:
Cash paid for income taxes	¥ 104,480	$ 15,947	¥ 96,074	¥ 73,242

Principal activities and basis of presentation

12 Months Ended

Mar. 31, 2021

Principal activities and basis of presentation

Principal activities and basis of presentation

1	Principal activities and basis of presentation

(a)	Principal activities

Global Cord Blood Corporation (the “Company”) and its subsidiaries (collectively the “Group”) are principally engaged in the provision of umbilical cord blood storage and ancillary services in the People’s Republic of China (the “PRC”). The Group provides cord blood testing and processing services and storage services under the direction of subscribers for a cord blood processing fee and a storage fee. The Group also tests, processes and stores donated cord blood, and provides matching services to the public for a fee. As of March 31, 2021, the Group operates three cord blood banks, one in the Beijing municipality, one in the Guangdong province and one in the Zhejiang province, the PRC. The Company’s shares are listed on the New York Stock Exchange (the “NYSE”).

(b)	Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP ”).

Summary of significant accounting policies

12 Months Ended

Mar. 31, 2021

Summary of significant accounting policies

Summary of significant accounting policies

Summary of significant accounting policies

(a)	Principles of consolidation

The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries in which the Company, directly or indirectly, has a controlling financial interest. For consolidated subsidiaries where the Company’s ownership is less than 100%, the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company, are presented as non-controlling interests. All significant intercompany balances and transactions have been eliminated on consolidation.

(b)	Use of estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the estimate of stand-alone selling price for each performance obligation in contracts with customers that contain more than one performance obligation, the estimated number of successful match units over the estimated weighted average remaining useful life of donated cord blood units, the useful lives of property, plant and equipment and intangible assets, the recoverability of property, plant and equipment and intangible assets, the collectibility of accounts receivables, and the realizability of inventories and deferred tax assets.

(c)	Foreign currency transactions and translation

The reporting currency of the Company is Renminbi (“RMB”).

The functional currency of Beijing Jiachenhong Biological Technologies Co., Ltd. (“Beijing Jiachenhong”), Guangzhou Municipality Tianhe Nuoya Bio-engineering Co., Ltd. (“Guangzhou Nuoya”) and Zhejiang Lukou Biotechnology Co., Ltd. (“Zhejiang Lukou”) is RMB and the functional currency of the Company is United States dollars (“US$”). The functional currencies of subsidiaries of the Company outside the PRC are either US$ or Hong Kong dollars.

Transactions of Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou denominated in currencies other than RMB are translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing at the dates of the transactions. Monetary assets and liabilities of Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange (losses)/gains in the consolidated statements of comprehensive income.

Transactions of the Company and subsidiaries outside the PRC denominated in currencies other than their functional currencies are translated into their functional currencies at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities of the Company and subsidiaries outside the PRC denominated in foreign currencies are translated into their functional currencies using the applicable exchange rates at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange (losses)/gains in the consolidated statements of comprehensive income.

Assets and liabilities of the Company and subsidiaries outside the PRC are translated into RMB using the exchange rate at the balance sheet date. Revenues and expenses of the Company and subsidiaries outside the PRC are translated at the average exchange rates prevailing during the year. The adjustments resulting from translation of financial statements of the Company and subsidiaries outside the PRC are recorded as a separate component of accumulated other comprehensive losses within shareholders’ equity.

RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the PBOC or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC.

For the convenience of the readers, certain amounts as of and for the year ended March 31, 2021 included in the accompanying consolidated financial statements have been translated into U.S. dollars at the rate of US$1.00 = RMB6.5518, being the spot exchange rate of U.S. dollars in effect on March 31, 2021 for cable transfers in RMB per U.S. dollar as certified for customs purposes by the Federal Reserve, the central bank of the United States of America. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on March 31, 2021 or at any other date. The U.S. dollars convenience translation is not required under U.S. GAAP.

(d)	Cash and cash equivalents

Cash consists of cash on hand and demand deposits. Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of purchase and readily convertible into known amounts of cash. Cash and cash equivalents of the Group are mainly maintained in the PRC and are denominated in several currencies. As of March 31, 2020 and 2021, cash and cash equivalents maintained in the PRC amounted to RMB5,435,526 and RMB6,071,659 (US$926,716), respectively. The Group’s cash and cash equivalents denominated in U.S. dollars, Australian dollars, Renminbi, Hong Kong dollars and Singapore dollars are as follows:


	March 31,
	2020		2021
	Original currency	RMB	Original currency	RMB
U.S. dollars	778	5,547	508	3,339
Australian dollars	4	15	4	17
Renminbi	5,435,559	5,435,559	6,071,697	6,071,697
Hong Kong dollars	32,905	30,088	879	741
Singapore dollars	435	2,164	1	4

Cash and cash equivalents held at financial institutions located in the PRC and Hong Kong are insured up to certain amount. Management believes that these major financial institutions have high credit ratings.

(e)	Investment securities

Equity securities with readily determinable fair value are measured at fair values, and any changes in fair value are recognized in earnings. Where the fair value of an investment in equity securities is not readily determinable, the Group recognizes such investment in other investment, and uses the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

For equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments without readily determinable fair value, at each reporting period, the Group makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Impairment indicators that the Group considers include, but are not limited to, (i) the deterioration of earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; and (iii) a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value and if the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in other expenses equal to the difference between the carrying value and fair value.

Dividend income is recognized in other income when earned.

(f)	Accounts receivable

Accounts receivable represent amounts due from subscribers for cord blood processing and storage services, which are recognized in accordance with the Group’s revenue recognition policies (Note 2(m)). Installments receivable from subscribers which are due for repayment in over one year under the deferred payment option are classified as non-current accounts receivable. Accounts receivable are stated net of allowance for credit losses. Current accounts receivable does not bear interest.

(g)	Allowance for credit losses

Prior to April 1, 2020, an allowance for credit losses was recorded in the period in which a loss was determined to be probable based on an assessment of historical write-off experience, customer specific facts and economic conditions. Allowance was reversed when the underlying balance of credit losses were subsequently collected. Receivable balances were written off when after all means of collection have been exhausted and the potential for recovery is considered remote.

On April 1, 2020, the Group adopted Accounting Standards Codification Topic 326: Financial Instruments - Credit Losses using the modified retrospective approach with no impact on retained earnings. Upon the adoption, the Group changed its impairment model to utilize a current expected credit losses model in place of the incurred loss methodology for financial instruments measured at amortized cost, including accounts receivable and other receivables, as of period ends. After the adoption, losses on accounts receivable are recognized upon origination of the accounts receivable, based on expected credit losses for the life of the accounts receivable.

The Group considers accounts receivable to be delinquent when the balance is past due for one day or more. The Group has identified relevant risk characteristics of accounts receivable which include type of the services the Group provides, nature of the customers or a combination of these characteristics. Accounts receivables with similar risk characteristics have been grouped into pools. For each pool, the Group determines expected credit losses for accounts receivable using an aging schedule as of period ends. The expected credit loss rates under each aging schedule are developed on the basis of historical loss rates from historical observation period, and adjusted to reflect the effects of current and future economic conditions over reasonable and supportable forecast period. After the reasonable and supportable forecast period, the Group applies the immediate reversion method to revert to its historical loss rates for the remaining life of the accounts receivable. Accounts receivable balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

For non-current accounts receivable, the Group uses the aging of current accounts receivable of individual customers to monitor the credit quality of corresponding non-current accounts receivables. Based on historical experience, the aging of current accounts receivable is the strongest indicator of the credit quality of corresponding non-current accounts receivables. The aging category of non-current accounts receivables is updated quarterly.

For the allowance of other receivables, the Group identifies relevant risk characteristics of related receivables. Other receivables with similar risk characteristics are grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, reasonable and supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. When specific other receivables are identified as no longer sharing the same risk profile as their current pool, they are removed from the pool and evaluated separately.

(h)	Inventories

The Group collects, tests, freezes and stores donated umbilical cord blood for future transplantation or research purposes in return for a fee. Collection, testing and processing costs attributable to the processing of donated umbilical cord blood are capitalized as inventories, stated at the lower of cost or net realizable value on a weighted-average basis, and recognized as cost of revenues when revenue is recognized. Cost comprises direct materials, direct labor and an allocation of production overheads. Inventories that are not expected to be realized within 12 months from the balance sheet date are classified as non-current assets. Consumables and supplies are included in inventories and classified as current assets.

(i)	Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation.

Depreciation on property, plant and equipment is calculated based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows:


Buildings		37.5 – 50 years
Leasehold improvements		Shorter of the lease term or estimated useful lives of 10 years
Machinery		5 – 10 years
Motor vehicles		5 years
Furniture, fixtures and office equipment		3 – 5 years

No depreciation expense is provided in respect of construction-in-progress.

Depreciation of property, plant and equipment attributable to the processing of donated umbilical cord blood for future transplantation is capitalized as part of inventories, and is expensed to cost of revenues when revenue is recognized.

(j)	Intangible assets

Intangible assets represent the operating rights to operate cord blood banks and are stated at the fair value on the date of acquisition less accumulated amortization. Where payment for an operating right is non-deductible for tax purpose, the simultaneous equations method is used to record the assigned value of the asset and the related deferred tax liability, such that the carrying amount of the asset

upon initial recognition less deferred tax liability recognized equals the amount paid for the asset. Amortization expense is recognized on a straight-line basis over the estimated useful life of the operating rights of 30 years.

(k)

Leases

Prior to the adoption of ASU No. 2016-02, Leases (Topic 842) and subsequent amendments to the initial guidance including ASU No. 2017-13, ASU No. 2018-10, ASU No. 2018-11, ASU No. 2018-20, and ASU No. 2019-01 (collectively, “Topic 842”), operating leases were not recognized on the balance sheet of the Company, instead, rental expenses with fixed payments were recognized on a straight-line basis over the lease term.

Effective April 1, 2019, the Company adopted Topic 842 using a modified retrospective transition approach for leases that exist at, or are entered into after April 1, 2019, and has not recast the comparative periods presented in the consolidated financial statements. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Operating lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Operating lease right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial cost of revenues incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the Company uses incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate is determined based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company’s option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. For operating leases, the company recognizes a single lease cost on a straight-line basis over the remaining lease term.

The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms. In addition, the company has elected not to separate non-lease components (e.g. common area maintenance fees) from lease components.

(l)	Impairment of long-lived assets

Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and intangible assets with finite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flows models, quoted market values and third-party independent appraisals, as considered necessary. No impairment of long-lived assets was recognized for the years ended March 31, 2019, 2020 and 2021.

(m)	Revenue recognition

The Group receives fees for collecting, testing, freezing and storing of cord blood units. Once the cord blood units are collected, tested, screened and successfully meet all of the required attributes, the Group freezes the units and stores them in a cryogenic freezer. Under the cord blood processing and storage agreement (the “Agreement”) signed with the customer, the Group charges separate processing fee and storage fees to the customer and such Agreement provides a storage period of eighteen years. Pursuant to the Agreement, the processing fee is non-refundable unless the cord blood is non-viable for storage, and no penalty is charged to customers for early termination of the cord blood storage service. The Group offers discount to customers from time to time.

The Group recognizes revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Agreement includes two promised services which are (i) the processing service of cord blood unit; and (ii) the storage service of cord blood unit. As the promise to provide the processing service to subscriber is distinct from the promise to provide the storage service in the contract, two performance obligations are identified in the Agreement. The consideration expected to be received is allocated at contract inception among the performance obligations based on their relative selling prices determined based on prices of these elements as sold on a stand-alone basis, and the applicable revenue recognition criteria are applied to each of the performance obligation. The Group considers all reasonably available information to allocate the overall arrangement fee to processing and storage services based on their relative selling prices. The Group recognizes processing fee revenue when the performance obligation is satisfied at a point in time, which is upon successful completion of processing services and when the cord blood unit meets all the required attributes for storage, and recognizes the storage fee revenues ratably over the annual storage period as the performance obligation is satisfied over time. The Group believes the methodology of recognizing storage revenues over time meaningfully depicts the timing of storage services delivered to customers as it exerts the necessary efforts to deliver such services equally over time.

During the years ended March 31, 2019, 2020 and 2021, the Group offered its customers three payment options:

(i)	Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and the annual storage fee in advance at the beginning of each annual period;

(ii)	Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and an upfront payment of storage fees for a period of eighteen years; and

(iii)

Payment of the processing fee by installment over multiple periods and the annual storage fee in advance at the beginning of each annual period or an upfront payment of storage fees for a period of eighteen years paid by several installments.

Under payment option (ii), it does not contain a financing component, because the difference between the promised consideration and the cash selling price of the service arises for non-finance reasons, the difference is proportional to those non-finance reasons.

Under payment option (iii), the period between fulfillment of the performance obligation of processing services and the receipt of payment is greater than a year, and a significant financing component is present. The promised amount of consideration is discounted to present value based on a discount rate reflective of a separate financing transaction between the customer and the Group, at contract inception. The significant financing component is recorded as a reduction to revenue and accounts receivable initially, with such accounts receivable discount amortized to interest income over the period to receipt of payment. Installments due for payment beyond one year are classified as non-current accounts receivable.

When payment from customers occurs prior to revenue recognition, a contract liability is recorded as deferred revenue on the consolidated balance sheet.

Fees derived from the provision of donated cord blood for transplantation and research are recognized upon the satisfaction of its performance obligation, which is to transfer the control of the promised cord blood unit to the recipient. The transfer of control of the cord blood unit is satisfied at a point in time, which is the delivery of the cord blood unit to the recipient and evidenced by signed acknowledgements.

The Group’s revenues are net of value-added tax collected on behalf of tax authorities at 6% on the invoiced amount in respect of the services rendered.

(n)	Research and development costs

Research and development costs are incurred for research activities conducted to enhance collection and storage technologies, and measures to improve the results in umbilical cord blood stem cells extraction and separation. Research and development costs also include research expenses on the use of cord blood stem cells in different medical treatments. Research and development costs are expensed as incurred.

(o)	Advertising costs

Advertising costs are expensed as incurred and included in sales and marketing expenses in the consolidated statements of comprehensive income in the amount of RMB39,586, RMB49,392 and RMB54,441 (US$8,309) for the years ended March 31, 2019, 2020 and 2021, respectively.

(p)	Employee benefits

Contributions to employee benefits (which are defined contribution plans) are charged to the consolidated statements of comprehensive income when the related employee service is provided. The Group does not have any defined benefit plans.

(q)	Income taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, tax loss carry forwards and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period that includes the enactment date.

The Group recognizes in the consolidated financial statements the impact of a tax position if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of comprehensive income.

A deferred tax liability is not recognized for the excess of the Group’s financial statements carrying amount over the tax base of its investment in a foreign subsidiary, due to the Company’s plan and intention to reinvest these foreign subsidiaries’ earnings indefinitely.

(r)	Commitments and contingencies

In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims that relate to a wide range of matters, including, among others, product liability. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

(s)	Earnings per share

Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income attributable to ordinary shareholders is allocated between ordinary shares and participating securities based on contractual participating rights of security to share in undistributed earnings as if all of the earnings had been distributed.

Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders, as adjusted to exclude any income or expenses related to dilutive ordinary equivalents shares by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. Dilutive potential ordinary shares consist of the ordinary shares issuable as scrip dividend. Dilutive potential ordinary shares in the diluted earnings per share computation are excluded to the extent that their effect is anti-dilutive.

(t)	Segment reporting

The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The CODM regularly reviews financial information at the operating segment level in order to make decisions about resources to be allocated to the segments and to assess their performance. The Group has one operating segment, as defined by Accounting Standards Codification (“ASC”)Topic 280, Segment Reporting, which is processing and storage of cord blood units. All of the Group’s operations and customers are located in the PRC. Consequently, no geographic information is presented.

(u)	Fair value measurement

The Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

●	Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

●	Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

●	Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

See Note 19 to the consolidated financial statements.

(v)	Recently adopted accounting standards

In February 2016, the FASB issued Topic 842 which requires companies to generally recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. The standard is effective for publicly-traded companies for annual reporting periods, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company adopted this standard on a modified retrospective basis and used the following practical expedients:

-the Company did not reassess if any expired or existing contracts are or contain leases; and

-the Company did not reassess the classification of any expired or existing leases.

The adoption of Topic 842 resulted in the recognition of the right-of-use assets and the lease liabilities for operating lease as of April 1, 2019 of RMB6,883 and RMB5,758, respectively. There was no cumulative effect to the retained earnings as of April 1, 2019.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”) and subsequent amendments to the initial guidance including ASU No. 2018-19, ASU No. 2019-04, and ASU No. 2019-05 (collectively, Topic 326). Topic 326 requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This standard is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company adopted Topic 326 on April 1, 2020 using the modified retrospective approach with no impact on the retained earnings.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements of fair value

measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures upon the issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted this standard since April 1, 2020 and the adoption of this standard did not have material impact on its consolidated financial statements.

Accounts receivable, net

12 Months Ended

Mar. 31, 2021

Accounts receivable, net

Accounts receivable, net

3	Accounts receivable, net

(a)	Accounts receivable consist of the following:


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Accounts receivable	447,572	552,562	84,337
Less: Allowance for credit losses	(183,290)	(205,056)	(31,298)
Total accounts receivable, net	264,282	347,506	53,039

Representing:

Current portion:
- Processing fees	72,072	88,748	13,545
- Storage fees	30,907	40,308	6,152
- Others	1,272	1,242	190
	104,251	130,298	19,887
Non-current portion - Processing fees	160,031	217,208	33,152
Total accounts receivable, net	264,282	347,506	53,039

Non-current accounts receivable as of March 31, 2021 are due for payment as follows:


	March 31, 2021
	RMB	US$
Fiscal years ending March 31,
2023	70,990	10,835
2024	53,447	8,157
2025	45,231	6,904
2026	42,841	6,539
2027 and thereafter	104,602	15,965
	317,111	48,400
Less: Unearned interest	(32,808)	(5,007)
Total non-current accounts receivable	284,303	43,393

(b)	An aging analysis of accounts receivable based on due date is as follows:


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Non-current portion:
- Not past due	231,452	284,303	43,393

Current portion:
- Not past due	53,684	87,315	13,327
- Within one year past due	27,179	35,002	5,342
- Between one to two years past due	20,645	19,833	3,027
- Over two years past due	114,612	126,109	19,248
Total accounts receivable	447,572	552,562	84,337

(c)	An analysis of the allowance for credit losses is as follows:


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$
Current portion:

Processing fees:
Balance at beginning of year	29,795	44,641	57,648	8,800
Charged to allowance for credit losses	14,846	13,007	17,379	2,653
Write-off charged against the allowance for the year	—	—	(184)	(29)
Balance at end of year	44,641	57,648	74,843	11,424

Storage fees:
Balance at beginning of year	27,310	43,077	53,911	8,228
Charged to allowance for credit losses	16,807	13,628	15,777	2,408
Write-off charged against the allowance for the year	(1,040)	(2,794)	(6,917)	(1,056)
Balance at end of year	43,077	53,911	62,771	9,580

Others:
Balance at beginning of year	1,122	1,916	310	47
Charged/(credited) to allowance for credit losses	850	(1,490)	1,016	155
Write-off charged against the allowance for the year	(56)	(116)	(979)	(149)
Balance at end of year	1,916	310	347	53

Non-current portion - Processing fees:
Balance at beginning of year	69,713	74,800	71,421	10,901
Charged/(credited) to allowance for credit losses	5,711	(750)	3,040	464
Write-off charged against the allowance for the year	(624)	(2,629)	(7,366)	(1,124)
Balance at end of year	74,800	71,421	67,095	10,241

(d)	An analysis of the non-current accounts receivable by credit quality indicator is as follows:

The following table presents the amortized cost basis of non-current accounts receivable by credit quality indicator by year of origination at March 31, 2021:


	Amortized cost basis by year of origination
						2016 and
						prior to
	2021	2020	2019	2018	2017	2016	Total
	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Processing fees:
Not past due	80,802	55,388	18,921	9,751	—	50,187	215,049
Within one year past due	8	6,839	658	—	450	2,038	9,993
Between one to two years past due	—	—	1,005	—	—	1,338	2,343
Over two years past due	—	—	—	—	—	56,918	56,918
Total	80,810	62,227	20,584	9,751	450	110,481	284,303

The following table presents non-current accounts receivable by credit quality indicator at March 31, 2020:


		March 31, 2020
		RMB

Processing fees:
Not past due		159,150
Within one year past due		4,801
Between one to two years past due		1,660
Over two years past due		65,841
Total		231,452

Inventories

12 Months Ended

Mar. 31, 2021

Inventories

Inventories

4	Inventories

Inventories consist of the following:


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Current portion:
- Consumables and supplies	43,758	44,257	6,755

Non-current portion:
- Processing costs capitalized in donated umbilical cord blood	85,109	91,446	13,957
Total current and non-current inventories	128,867	135,703	20,712

Collection, testing and processing costs attributable to the processing of donated umbilical cord blood are capitalized as inventories. Management assesses the recoverability of such inventories with reference to future projections of matching fees, number of donated cord blood units of the Group, demand for cord blood units for transplantation and research purposes, and the probability of finding a match in light of the number of units held. Based on such assessments, the management considers that the cord blood processing costs capitalized are recoverable and no write-down for inventories was made during the years ended March 31, 2019, 2020 and 2021.

The Group recognizes the revenue for each matched donated umbilical cord blood unit upon delivery of the unit and recognizes the cost of the cord blood unit equal to the carrying amount of the total inventory (donated umbilical cord blood units) divided by the estimated future number of successful matches which would become realized through sales during the estimated weighted average remaining useful life of the donated umbilical cord blood unit. As of March 31, 2021, the weighted average remaining useful life of the donated umbilical cord blood units was estimated to be approximately 16.9 years. Based on the historical increase in the number of donated umbilical cord blood matching inquiries and the number of successful matches of donated umbilical cord blood units, the Group estimated the number of successful matches of donated umbilical cord blood units will increase by 7% per annum. There were no material changes to the estimates and assumptions underlying the methodology for the years ended March 31, 2019, 2020 and 2021.

Prepaid expenses and other receivables

12 Months Ended

Mar. 31, 2021

Prepaid expenses and other receivables

Prepaid expenses and other receivables

5	Prepaid expenses and other receivables

Prepaid expenses and other receivables consist of the following:


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Prepaid expenses	38,760	43,012	6,565
VAT tax receivables	856	—	—
Other receivables	5,169	4,776	729
Total prepaid expenses and other receivables	44,785	47,788	7,294

Other receivables mainly include advance payments to employees and prepayments.

Property, plant and equipment, net

12 Months Ended

Mar. 31, 2021

Property, plant and equipment, net

Property, plant and equipment, net

6	Property, plant and equipment, net

Property, plant and equipment, net consist of the following:


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Buildings	604,112	603,910	92,174
Leasehold improvements	14,864	14,864	2,269
Machinery	208,377	219,626	33,521
Motor vehicles	19,088	18,598	2,839
Furniture, fixtures and equipment	55,722	56,029	8,552
Construction-in-progress	1,356	3,619	552
	903,519	916,646	139,907
Less: Accumulated depreciation	(380,840)	(417,990)	(63,798)
Total property, plant and equipment, net	522,679	498,656	76,109

Depreciation expense of property, plant and equipment is allocated to the following expense items:


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

Cost of revenues	30,848	28,980	28,574	4,361
Research and development	1,358	1,866	1,893	289
Sales and marketing	3,371	2,742	2,810	429
General and administrative	12,167	11,240	11,192	1,708
Total depreciation expense	47,744	44,828	44,469	6,787

Non-current deposits

12 Months Ended

Mar. 31, 2021

Non-current deposits

Non-current deposits

7	Non-current deposits

Non-current deposits consist of the following:


		March 31,
	Note	2020	2021	2021
		RMB	RMB	US$

Investment deposit	(i)	340,000	340,000	51,894
Deposit for purchase of machinery		7,360	4,752	725
Total non-current deposits		347,360	344,752	52,619

Note:

(i)	During the year ended March 31, 2020, the Group entered into a Letter of Intent with a third party to potentially acquire non-controlling equity interests in a healthcare company with a refundable earnest money deposit of RMB340,000.

Intangible assets, net

12 Months Ended

Mar. 31, 2021

Intangible assets, net

Intangible assets, net

8	Intangible assets, net


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Cord blood bank operating rights	138,628	138,628	21,159
Less: Accumulated amortization	(45,805)	(50,426)	(7,697)
Total intangible assets, net	92,823	88,202	13,462

Intangible assets represent the cord blood bank operating rights in the Guangdong and Zhejiang provinces, the PRC.

The cord blood bank operating right in the Guangdong province was acquired through the acquisition of Guangzhou Nuoya in May 2007. The estimated useful life of the operating right is thirty years. Amortization expenses of the operating right in the Guangdong province were RMB971, RMB971 and RMB971 (US$148) for the years ended March 31, 2019, 2020 and 2021, respectively. The operating right is subject to renewal and the next renewal is due in May 2024.

In February 2011, the Group acquired the right to operate the cord blood bank in the Zhejiang province from a third party for cash consideration of US$12,500 (equivalent to RMB82,124). Payment for the operating right is non-deductible for tax purpose. The simultaneous equations method is used to record the assigned value of the asset of RMB109,499 and a related deferred tax liability of RMB27,375 (Note 16(c)), in accordance with the guidance in ASC Topic 740-10-25-51, such that the carrying amount of the asset upon initial recognition less the related deferred tax liability equals the cash consideration paid. The estimated useful life of the operating right in the Zhejiang province is thirty years. Amortization expenses were RMB3,650, RMB3,650 and RMB3,650 (US$557) for the years ended March 31, 2019, 2020 and 2021, respectively. The operating right is subject to renewal and the next renewal is due in September 2022.

The Group determined that a thirty-year period as useful life of the cord blood bank operating rights to be appropriate, following the pattern in which the expected benefits of the asset will be consumed or otherwise used up. The Group’s renewal period with the provincial governmental authorities generally is every three (for cord blood banks in Guangdong and Zhejiang provinces) or nine (for cord blood bank in Beijing municipality) years. The Group has historically renewed cord blood bank operating rights without incurring any significant costs. There are no other legal or regulatory provisions that limit the useful life of the cord blood bank operating rights or that cause the cash flows and useful life of such cord blood bank operating rights to be constrained. In addition, the Group expects the effect of obsolescence, demand, competition, and other economic factors to be minimal.

The Group engaged independent third-party valuation firms in determining the fair values of the cord blood bank operating rights during the acquisitions. The fair values of the cord blood bank operating rights were determined using an income approach and considered assumptions (including turnover rate) that a market participant would make consistent with the highest and best use of the asset by market participants. The periods of expected cash flows used to measure the fair values of the cord blood bank operating

rights were thirty years. Without evidence to the contrary, the Group expects that the cord blood bank operating rights will be renewed at the same rate as a market participant would expect, and no other factors would indicate a different useful life is more appropriate. Accordingly, in the absence of other entity-specific factors, the useful life of the cord blood bank operating rights was determined to be thirty years.

A straight-line method of amortization has been adopted as the pattern in which the economic benefits of the operating rights are used up cannot be reliably determined. Estimated amortization expenses for the years ending after March 31, 2021 are:


	March 31, 2021
	RMB	US$
Fiscal years ending March 31,
2022	4,621	705
2023	4,621	705
2024	4,621	705
2025	4,621	705
2026	4,621	705
2027 and thereafter	65,097	9,937
Total amortization expenses	88,202	13,462

Investment in equity securities at fair value

12 Months Ended

Mar. 31, 2021

Investment in equity securities at fair value

Investment in equity securities at fair value

9	Investment in equity securities at fair value


		March 31,
	Note	2020	2021	2021
		RMB	RMB	US$

Listed equity securities
Cordlife Group Limited - listed on Singapore Exchange	(i)	40,653	47,249	7,212
Listed fund investment	(ii)	60,653	70,662	10,785
		101,306	117,911	17,997

Notes:

(i)

As of March 31, 2020 and 2021, the Group held 25,516,666 ordinary shares in Cordlife Group Limited (“CGL”), respectively. CGL is a provider of cord blood banking services with operations in Singapore, Hong Kong, India, Indonesia, Malaysia and the Philippines (as well as brand presence in Bangladesh, Brunei, Macau, Myanmar, Thailand and Vietnam), and is listed on the Singapore Exchange. As of March 31, 2020 and 2021, the Group’s equity interest in CGL was approximately 10.0%, respectively.

(ii)	As of March 31, 2020 and 2021, the Group held an investment in industry specific fund which are classified as equity securities measured at fair value since they have readily determinable fair value.

As of March 31, 2020 and 2021, the cost basis of the investments in equity securities was RMB100,213 and the aggregate fair value was RMB101,306 and RMB117,911 (US$17,997), respectively. Decreases in fair value of equity securities of RMB57,125 and RMB13,172 for the years ended March 31, 2019 and 2020, respectively, and increase in fair value of equity securities of RMB25,385 (US$3,875) for the year ended March 31, 2021 were recognized as other (expenses)/income, through net income.

Dividends received from CGL during the years ended March 31, 2019, 2020 and 2021 of RMB976, RMB507 and RMB1,281 (US$196), respectively, were recorded in dividend income in the consolidated statements of comprehensive income.

Other equity investment

12 Months Ended

Mar. 31, 2021

Other equity investment

Other equity investment

10	Other equity investment

As of March 31, 2020 and 2021, the Group owned 24% equity interest of Shandong Province Qilu Stem Cells Engineering Co., Ltd. (“Qilu Stem Cells”), which operates a cord blood bank in the Shandong province, the PRC. Since the Group does not have any representation in the board of directors and does not have significant influence over the financial and operating decisions of Qilu Stem Cells, and the equity interests do not have a readily determinable fair value, the investment is stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of Qilu Stem Cells. The Group performed an impairment assessment based on Qilu Stem Cells’s operational performance, local demographic trend and the economic environment of the Shandong province and no impairment indicator was identified for the years ended March 31, 2020 and 2021, respectively.

No dividend income was received from Qilu Stem Cells during the years ended March 31, 2019, 2020 and 2021.

Accrued expenses and other payables

12 Months Ended

Mar. 31, 2021

Accrued expenses and other payables

Accrued expenses and other payables

11	Accrued expenses and other payables

Accrued expenses and other payables consist of the following:


		March 31,
	Note	2020	2021	2021
		RMB	RMB	US$

Insurance premium received on behalf of insurance company	(i)	40,198	43,305	6,610
Other tax payables		921	4,503	687
Accrued salaries, bonus and welfare expenses		30,436	54,891	8,378
Accrued consultancy and professional fees		21,475	14,210	2,168
Payable for property, plant and equipment		2,423	349	53
Other payables	(ii)	18,536	19,190	2,929
Total accrued expenses and other payables		113,989	136,448	20,825

Notes:

(i)

The Group has an agreement with an insurance company under which the Group collects insurance premiums on behalf of the insurance company from customers who store umbilical cord blood in the Group’s cord blood bank and are enrolled in the insurance scheme of the insurance company. Thus, the amount of gross storage payment from customers includes insurance premiums collected on behalf of the insurance company. The amount attributable to the insurance premiums is included in current and other non-current liabilities (collected and payable over one year) and is not recognized as revenue.

(ii)	Other payables mainly include fee refundable to customers whose cord blood unit does not qualify for subsequent storage, dividends payable to holder of non-controlling interests and other procurement payables.

Operating leases

12 Months Ended

Mar. 31, 2021

Operating leases

Operating leases

12	Operating leases

As of March 31, 2021, the Company had two operating leases for office with remaining terms expiring in 2022 and 2024 respectively, and a weighted average remaining lease term of 1.8 years. The Company had fair value renewal options for one of the Company’s existing leases, none of which were considered reasonably certain of being exercised or included in the minimum lease term. Weighted average discount rates used in the calculation of the lease liability was 4.75%. The discount rates reflected the estimated incremental borrowing rate, which included an assessment of the credit rating to determine the rate that the Company would have to pay to borrow, on a collateralized basis for a similar term, an amount equal to the lease payments in a similar economic environment.

Rental expenses for the years ended March 31, 2019, 2020 and 2021 were RMB3,265, RMB3,399 and RMB10,374 (US$1,583), respectively. There were no variable lease costs or sublease income for leased assets for the years ended March 31, 2020 and 2021.

Operating lease right-of-use assets and liabilities as of March 31, 2020 and 2021 were as follows:


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Operating lease right-of-use assets	4,548	5,039	769

Operating lease liabilities	1,717	1,636	250
Non-current operating lease liabilities	1,782	147	22
Total lease liabilities	3,499	1,783	272

Supplemental cash flow information related to leases was as follows:


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	2,512	4,902	748
Right-of-use assets obtained in exchange for lease obligations	—	—	—

The maturity analysis of operating leases liabilities as of March 31, 2021 is as follows:


	March 31, 2021
	RMB	US$
Fiscal years ending March 31,
2022	1,700	259
2023	149	23
Total future undiscounted cash flows	1,849	282
Less: Discount factor	(66)	(10)
Lease liabilities	1,783	272

Representing:
Current portion	1,636	250
Non-current portion	147	22
Lease liabilities	1,783	272

Deferred revenue

12 Months Ended

Mar. 31, 2021

Deferred revenue

Deferred revenue

13	Deferred revenue

(a)	Deferred revenue consists of the following:


		March 31,
	Note	2020	2021	2021
		RMB	RMB	US$

Payments made by customers prior to completion of cord blood processing services	(i)	99,506	124,346	18,979
Unearned storage fees	(b)	2,593,007	2,717,919	414,836
Total current and non-current deferred revenue	(ii)	2,692,513	2,842,265	433,815

Representing:
Current portion		402,751	449,359	68,586
Non-current portion		2,289,762	2,392,906	365,229
Total current and non-current deferred revenue		2,692,513	2,842,265	433,815

Notes:

(i)

The balance of payments made by customers prior to completion of cord blood processing services represented payments received from customers during the year upon the signing of the Agreement but before the performance obligation for processing services is satisfied and before the commencement of storage. Of the balance of RMB99,506 as of March 31, 2020, RMB61,332 (US$9,361) was recognized as revenues for the year ended March 31, 2021 and RMB38,174 (US$5,826) from prior year’s balance was reclassified as unearned storage fees which was included in the increase in unearned storage fees during the year in the analysis disclosed in Note 13(b).

(ii)

Of the total balances of current and non-current deferred revenue, the Group expected to recognize RMB325,013 (US$49,607) in fiscal year 2022, RMB206,851 (US$31,572) in fiscal year 2023, RMB206,950 (US$31,587) in fiscal year 2024, and RMB1,979,105 (US$302,070) in the fiscal year 2025 and thereafter, upon the completion of the Group’s performance obligations on related processing and storage services.

(b)	An analysis of unearned storage fees is as follows:


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

Balance at beginning of year	2,112,195	2,384,676	2,593,007	395,770
Deferred revenue arose during the year	658,262	660,001	617,796	94,295
Credited to income
- From prior year’s balance	(238,181)	(276,234)	(303,245)	(46,284)
- From deferred revenue arose during the year	(147,600)	(175,436)	(189,639)	(28,945)
Balance at end of year	2,384,676	2,593,007	2,717,919	414,836

Shareholders' equity

12 Months Ended

Mar. 31, 2021

Shareholders' equity

Shareholders' equity

14	Shareholders’ equity

(a)	Share capital

As of March 31, 2018, the Company had 120,961,641 shares issued and 120,824,742 shares outstanding.

During the year ended March 31, 2019, the Company issued 726,333 ordinary shares as scrip dividend (Note 14(d)). As a result, the Company’s issued and outstanding shares increased to 121,687,974 and 121,551,075, respectively, as of March 31, 2019, 2020 and 2021.

(b)	Statutory reserves

According to PRC rules and regulations and their Articles of Association, Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou are required to transfer 10% of net income, as determined in accordance with the relevant financial regulations established by the Ministry of Finance of the PRC, to a statutory surplus reserves until the reserve balance reaches 50% of their respective registered capital. The transfer to this reserve must be made before distribution of dividends to equity holders can be made.

The statutory surplus reserve is non-distributable but can be used to make good previous years’ losses, if any, and may be converted into issued capital in proportion to the respective equity holding of the equity holders, provided that the balance of the reserve after such conversion is not less than 25% of the registered capital.

Aggregated transfers of RMB15,841, RMB20,068 and RMB23,384 (US$3,569)have been made to the statutory surplus reserve by Beijing Jiachenhong and Zhejiang Lukou for the years ended March 31, 2019, 2020 and 2021, respectively. Accumulated statutory surplus reserves as of March 31, 2020 and 2021 amounted to RMB180,050 and RMB203,434 (US$31,050), respectively.

(c)	Share repurchase program

During the year ended March 31, 2013, the Company repurchased 7,450,914 ordinary shares at a total cost of RMB131,302 of which 7,314,015 shares were subsequently sold to CGL. As of March 31, 2020 and 2021, the remaining 136,899 repurchased ordinary shares had not been cancelled and therefore were presented as treasury stock in the consolidated balance sheets.

On July 29, 2020 and July 29, 2021, the Board of Directors approved a new share repurchase program in the aggregate amount of US$20,000 for 12 months until July 29, 2021 and July 29, 2022. During the year ended March 31, 2021, the Company did not repurchase any of its shares under the new share repurchase programs.

(d)	Dividend declared

On June 26, 2018, the Company’s Board of Directors declared a dividend of US$0.08 per ordinary share of the Company, to be paid in cash or in scrip at the election of the shareholders. As a result of the election of the shareholders, the Company issued a total of 726,333 ordinary shares and paid a cash dividend of RMB18,173 during the year ended March 31, 2019.

Revenues

12 Months Ended

Mar. 31, 2021

Revenues

Revenues

15	Revenues

The Group’s revenues are primarily derived from the provision of umbilical cord blood processing and storage services.

Since the Group operates and manages its business solely in the PRC and services are predominately provided to customers located in the PRC, no geographical segment information is provided.

The Group’s revenues by category are as follows:


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

Cord blood processing fees	592,123	759,493	653,756	99,782
Cord blood storage fees	385,781	451,670	492,884	75,229
Fees derived from the provision of donated cord blood for transplantation and research and others	8,850	10,297	12,999	1,984
Total revenues	986,754	1,221,460	1,159,639	176,995

Income Tax

12 Months Ended

Mar. 31, 2021

Income tax

Income tax

16	Income tax

Cayman Islands and British Virgin Islands

Under the current laws of the Cayman Islands and the British Virgin Islands, the Company and its subsidiaries that are incorporated in the Cayman Islands and the British Virgin Islands are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies, no Cayman Islands or British Virgin Islands withholding tax is imposed.

Hong Kong

The Company’s subsidiaries that are incorporated or operate in Hong Kong are subject to Hong Kong Profits Tax on income arising in or derived from Hong Kong. No provision was made for Hong Kong Profits Tax as the subsidiaries did not earn income subject to Hong Kong Profits Tax for the years ended March 31, 2019, 2020 and 2021. The payments of dividends by Hong Kong tax residents are not subject to any Hong Kong withholding tax.

The PRC

The Company’s PRC subsidiaries are subject to PRC statutory income tax rate of 25% unless otherwise specified.

In February 2018, Beijing Jiachenhong received approval from the tax authority on the renewal of its High and New Technology Enterprises (“HNTE”) status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2017 to December 31, 2019. In February 2021, Beijing Jiachenhong received approval from the tax authority on the renewal of its HNTE status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2020 and will expire on December 31, 2022.

In March 2017, Guangzhou Nuoya received approval from the tax authority on the renewal of its HNTE status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2016 to December 31, 2018. In February 2020, Guangzhou Nuoya received approval from the tax authority on the renewal of its HNTE status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2019 to December 31, 2021.

Zhejiang Lukou’s HNTE certificate was dated November 30, 2018 with a validity of 3 years. In March 2019, Zhejiang Lukou received approval from the tax authority that it qualified as a HNTE which entitled it to the preferential income tax rate of 15% effective retrospectively from January 1, 2018 to December 31, 2020. Zhejiang Lukou is in the process of reapplication for its HNTE certificate which, upon approval, will entitle it to the preferential income tax rate of 15% from January 1, 2021 to December 31, 2023.

The Enterprise Income Tax Law and its implementation rules also impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends receivable by non-PRC-resident enterprises from PRC-resident enterprises in respect of earnings accumulated beginning on January 1, 2008. The Company has not provided for income taxes on such accumulated earnings of its PRC subsidiaries as of March 31, 2021 since these earnings are intended to be reinvested indefinitely in the PRC. As of March 31, 2021, such undistributed earnings that may be subject to the withholding tax amounted to RMB3,374,742 (US$515,086) and the related unrecognized deferred tax liability was RMB337,474 (US$51,509).

Income before income tax expense arose from the following tax jurisdictions:


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

The PRC	447,195	668,552	652,494	99,590
Non-PRC
- Hong Kong	(65)	(43)	(43)	(7)
- British Virgin Islands	(56,616)	(13,313)	26,319	4,017
- Cayman Islands	(34,053)	(76,384)	(68,019)	(10,381)
Income before income tax expense	356,461	578,812	610,751	93,219

(a)	Income taxes

Income tax expense represents PRC income tax expense as follows:


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

Current tax expense	75,948	108,290	101,698	15,523
Deferred tax benefit	(14,688)	(7,206)	(7,152)	(1,092)
Total income tax expense	61,260	101,084	94,546	14,431

(b)	Reconciliation of expected income tax to actual income tax expense

The actual income tax expense reported in the consolidated statements of comprehensive income differs from the amount computed by applying the statutory PRC income tax rate of 25% due to the following:


		Year ended March 31,
	Note	2019	2020	2021	2021
		RMB	RMB	RMB	US$

Income before income tax expense		356,461	578,812	610,751	93,219

Computed “expected” tax expense		89,115	144,703	152,688	23,305
Non-PRC entities not subject to income tax
- Hong Kong		16	11	11	2
- British Virgin Islands		14,154	3,328	(6,580)	(1,004)
- Cayman Islands		8,513	19,096	17,005	2,595
PRC dividend withholding tax	(i)	—	4,500	2,000	305
Preferential tax rates	(ii)	(51,428)	(70,580)	(68,027)	(10,383)
Others		890	26	(2,551)	(389)
Actual income tax expense		61,260	101,084	94,546	14,431

Notes:

(i)	During the years ended March 31, 2020 and 2021, PRC withholding tax of RMB4,500 and RMB2,000 (US$305) was levied on dividends distributed by the Company’s PRC subsidiary to its holding company outside the PRC.

(ii)	Impact of preferential tax rates for both basic and diluted per share is RMB0.42, RMB0.58 and RMB0.56 (US$0.09) for the years ended March 31, 2019, 2020 and 2021, respectively.

(c)	Deferred taxes

The tax effects of temporary differences that give rise to deferred tax assets/(liabilities) are presented below:


	March 31,
	2020	2021	2021
	RMB	RMB	US$
Deferred tax assets:
Accounts receivable	51,092	56,309	8,594
Inventories	8,431	9,333	1,424
Others	1,786	1,584	242
Deferred tax assets	61,309	67,226	10,260

Deferred tax liabilities:
Deferred revenue	(38)	(29)	(4)
Property, plant and equipment	(5,504)	(5,433)	(829)
Intangible assets	(23,206)	(22,051)	(3,365)
Deferred tax liabilities	(28,748)	(27,513)	(4,198)

Net deferred tax assets	32,561	39,713	6,062

Classification on consolidated balance sheets:
Deferred tax assets	50,701	55,845	8,524
Deferred tax liabilities	(18,140)	(16,132)	(2,462)
Net deferred tax assets	32,561	39,713	6,062

For the years ended March 31, 2019, 2020 and 2021, the Group did not have any unrecognized tax benefits and thus no interest and penalties related to unrecognized tax benefits were recorded. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months.

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100 (US$15). In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Group’s PRC subsidiaries for the calendar years from 2016 to 2020 are open to examination by the PRC state and local tax authorities.

- Definition

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

+ References + Details

Earnings per share

12 Months Ended

Mar. 31, 2021

Earnings per share

Earnings per share

17	Earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended March 31, 2019, 2020 and 2021:


		Year ended March 31,
	Note	2019	2020	2021	2021
		RMB	RMB	RMB	US$
Numerator:
Net income attributable to the Company’s shareholders		291,124	470,717	508,247	77,573

Denominator:
Weighted average ordinary shares outstanding for basic net income per share		121,270,491	121,551,075	121,551,075	121,551,075
Dilutive effect of scrip dividend	(i)	151,091	—	—	—
Weighted average ordinary shares outstanding for diluted net income per share		121,421,582	121,551,075	121,551,075	121,551,075
Earnings per share
- Basic		2.40	3.87	4.18	0.64
- Diluted		2.40	3.87	4.18	0.64

Note:

(i)	During the year ended March 31, 2019, included in the diluted earnings per share computation was the potential dilutive ordinary shares of 151,091 represented shares issuable as scrip dividend.

Employee benefits

12 Months Ended

Mar. 31, 2021

Employee benefits

Employee benefits

18	Employee benefits

Pursuant to the relevant PRC regulations, Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou are required to make various defined contributions organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at a rate of approximately 40% on a standard salary base as determined by the local Social Security Bureau. The amounts of the defined contributions of RMB38,231, RMB40,378 and RMB32,191 (US$4,912) for the years ended March 31, 2019, 2020 and 2021, respectively, were charged to expenses in the consolidated statements of comprehensive income.

For the years ended March 31, 2019, 2020 and 2021, 63%, 61% and 61% of costs of employee benefits were recorded in sales and marketing expenses, respectively, with the remaining portion of the contributions recorded in general and administrative expenses, cost of revenues and research and development expenses of each year.

The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above.

Fair value measurements

12 Months Ended

Mar. 31, 2021

Fair value measurements

Fair value measurements

19	Fair value measurements

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Investment in equity securities - based on quoted market prices on the last trading value as of March 31, 2020 and 2021. Such investments are classified as Level 1 in the hierarchy.

Short-term financial instruments (including cash and cash equivalents, accounts receivable, prepaid expenses and other receivables, accounts payable, accrued expenses and other payables) - cost approximates their respective fair values due to their short-term nature.

Non-current accounts receivable - The carrying amounts of non-current accounts receivable approximate their fair value. The fair value is estimated using discounted cash flow analysis based on the customers’ incremental borrowing rates for similar borrowing.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Business and credit concentrations

12 Months Ended

Mar. 31, 2021

Business and credit concentrations

Business and credit concentrations

20	Business and credit concentrations

The operation of cord blood banks in the PRC is regulated by certain laws and regulations. Due to the lack of a consistent and well-developed regulatory framework, operation in the cord blood banking industry in the PRC involves significant ambiguities, uncertainties and risks. The industry is highly regulated and any unilateral changes in regulations by the authorities may have a significant adverse impact on the Group’s results of operations.

All of the Group’s customers are located in the PRC. Revenues from and accounts receivable due from customers are individually immaterial. The Group derives a substantial portion of net revenues from the entities in the Beijing municipality, Guangdong and Zhejiang provinces. Revenues derived from the subsidiary in the Beijing municipality accounted for 23.8%, 21.2% and 19.6% of revenues for the years ended March 31, 2019, 2020 and 2021, respectively. Revenues derived from the subsidiary in the Guangdong province accounted for 61.0%, 62.9% and 63.7% of revenues for the years ended March 31, 2019, 2020 and 2021, respectively. Revenues derived from the subsidiary in the Zhejiang province accounted for 15.2%, 15.9% and 16.7% of revenues for the years ended March 31, 2019, 2020 and 2021, respectively. As a result of this geographic concentration, the results of operations are significantly affected by economic conditions in the Beijing municipality, Guangdong and Zhejiang provinces. Furthermore, any change in number of newborns in the Beijing municipality, Guangdong and Zhejiang provinces could significantly impact our operations. Deterioration in economic conditions in these markets could decrease the demand for our business, which in turn could negatively impact our operations and business prospects.

The Group purchases raw materials from a few major suppliers. Management believes that other suppliers could provide similar raw materials on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect the Company’s business, financial position and results of operations. The following are purchases from suppliers that individually comprise 10% or more of gross purchases in the respective years:


		Year ended March 31,

Suppliers	Note	2019		2020		2021
		RMB	%	RMB	%	RMB	US$	%

Beijing Jingjing Jiahong Medical Equipment Co., Ltd.	(i)	—	—	29,960	32	28,892	4,410	38
Beijing Jingjing Medical Equipment Co., Ltd.	(ii)	23,741	30	—	—	—	—	—
China Bright Group Co. Limited	(iii)	—	—	12,811	14	12,011	1,833	16
Total		23,741	30	42,771	46	40,903	6,243	54

None of the individual accounts payable due to major suppliers exceeded 10% of outstanding accounts payable balance as of March 31, 2020 and 2021.

Notes:

(i)	The purchases from Beijing Jingjing Jiahong Medical Equipment Co., Ltd. were less than 10% of gross purchases for the year ended March 31, 2019.

(ii)	The purchases from Beijing Jingjing Medical Equipment Co., Ltd. were less than 10% of gross purchases for the years ended March 31, 2020 and 2021.

(iii)

The purchases from China Bright Group Co. Limited were less than 10% of gross purchases for the year ended March 31, 2019.

Commitments and contingencies

12 Months Ended

Mar. 31, 2021

Commitments and contingencies

Commitments and contingencies

21	Commitments and contingencies

Contractual commitments – Cooperation agreements

In June 2006, the Group entered into a cooperation agreement with Peking University People’s Hospital (“PUPH”), with an annual fee of RMB2,600. Pursuant to the agreement, PUPH provides technical consultancy services to the Group in relation to the operation of a cord blood bank. The annual service fee was renewed to RMB3,000 (US$458) effective from September 2017. The renewed agreement has a term of four years commencing in September 2017.

In November 2009, Guangzhou Nuoya entered into a cooperation agreement with Guangdong Women and Children’s Hospital and Health Institute (“GWCH”) for a term of 20 years, with an annual fee of RMB2,000. Pursuant to the agreement, GWCH provides technical consultancy services to the Group. The annual service fee was renewed to RMB3,200 commencing in October 2013. With effect from April 2020, the annual service fee was increased to RMB3,600 (US$549).

As of March 31, 2021, the total future minimum payments under the cooperation agreements are as follows:


	March 31, 2021
	RMB	US$

Fiscal years ending March 31,
2022	4,850	740
2023	3,600	549
2024	3,600	549
2025	3,600	549
2026	3,600	549
2027 and thereafter	12,900	1,971
Total payments	32,150	4,907

2019 novel coronavirus ("COVID-19") pandemic outbreak

12 Months Ended

Mar. 31, 2021

2019 novel coronavirus ("COVID-19") pandemic outbreak

2019 novel coronavirus ("COVID-19") pandemic outbreak

22	2019 novel coronavirus (“COVID-19”) pandemic outbreak

On December 31, 2019, the Wuhan Municipal Health Commission first reported the appearance of COVID-19 in the city. Since then, COVID-19 has spread to other regions of China, including in our primary markets of Beijing, Guangdong, and Zhejiang. The efforts enacted to control COVID-19 have placed heavy pressure on the Company’s marketing, promotional and sales activities and had adverse impact on its marketing efforts and access to potential clients. The negative economic impact brought forth by the COVID-19 pandemic has affected numerous industries and further erodes already weak consumer sentiment. Although the Group’s operating markets in China has adopted various infection prevention and control measures implemented by the PRC government for COVID-19 that turn out to be relatively effective, it is yet difficult to estimate how long will it take to restore people’s normal lives, or whether certain measures will become part of a new norm. With vaccination rate gradually increase in China, the impact from COVID-19 may be alleviated. In light of the rapidly changing situation across different countries and regions, it remains difficult to estimate the duration and magnitude of COVID-19 impact.

Summary of significant accounting policies (Policies)

12 Months Ended

Mar. 31, 2021

Summary of significant accounting policies

Principles of consolidation

(a)	Principles of consolidation

Use of estimates

(b)	Use of estimates

Foreign currency transactions and translation

(c)	Foreign currency transactions and translation

The reporting currency of the Company is Renminbi (“RMB”).

Cash and cash equivalents

(d)	Cash and cash equivalents


	March 31,
	2020		2021
	Original currency	RMB	Original currency	RMB
U.S. dollars	778	5,547	508	3,339
Australian dollars	4	15	4	17
Renminbi	5,435,559	5,435,559	6,071,697	6,071,697
Hong Kong dollars	32,905	30,088	879	741
Singapore dollars	435	2,164	1	4

Investment securities

(e)	Investment securities

Dividend income is recognized in other income when earned.

Accounts receivable

(f)	Accounts receivable

Allowance for credit losses

(g)	Allowance for credit losses

Inventories

(h)	Inventories

Property, plant and equipment

(i)	Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation.


Buildings		37.5 – 50 years
Leasehold improvements		Shorter of the lease term or estimated useful lives of 10 years
Machinery		5 – 10 years
Motor vehicles		5 years
Furniture, fixtures and office equipment		3 – 5 years

No depreciation expense is provided in respect of construction-in-progress.

Intangible assets

(j)	Intangible assets

Leases

(k)

Leases

Impairment of long-lived assets

(l)	Impairment of long-lived assets

Revenue recognition

(m)	Revenue recognition

During the years ended March 31, 2019, 2020 and 2021, the Group offered its customers three payment options:

(i)	Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and the annual storage fee in advance at the beginning of each annual period;

(ii)	Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and an upfront payment of storage fees for a period of eighteen years; and

(iii)

When payment from customers occurs prior to revenue recognition, a contract liability is recorded as deferred revenue on the consolidated balance sheet.

The Group’s revenues are net of value-added tax collected on behalf of tax authorities at 6% on the invoiced amount in respect of the services rendered.

Research and development costs

(n)	Research and development costs

Advertising costs

(o)	Advertising costs

Employee benefits

(p)	Employee benefits

Income taxes

(q)	Income taxes

Commitments and contingencies

(r)	Commitments and contingencies

Earnings per share

(s)	Earnings per share

Segment reporting

(t)	Segment reporting

Fair value measurement

(u)	Fair value measurement

●	Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

●	Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

●	Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

See Note 19 to the consolidated financial statements.

Recently adopted accounting standards

(v)	Recently adopted accounting standards

-the Company did not reassess if any expired or existing contracts are or contain leases; and

-the Company did not reassess the classification of any expired or existing leases.

Summary of significant accounting policies (Tables)

12 Months Ended

Mar. 31, 2021

Summary of significant accounting policies

Schedule of cash and cash equivalents denominated in several currencies


	March 31,
	2020		2021
	Original currency	RMB	Original currency	RMB
U.S. dollars	778	5,547	508	3,339
Australian dollars	4	15	4	17
Renminbi	5,435,559	5,435,559	6,071,697	6,071,697
Hong Kong dollars	32,905	30,088	879	741
Singapore dollars	435	2,164	1	4

Schedule of estimated useful lives of property, plant and equipment


Buildings		37.5 – 50 years
Leasehold improvements		Shorter of the lease term or estimated useful lives of 10 years
Machinery		5 – 10 years
Motor vehicles		5 years
Furniture, fixtures and office equipment		3 – 5 years

Accounts receivable, net (Tables)

12 Months Ended

Mar. 31, 2021

Accounts receivable, net

Schedule of accounts receivable


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Accounts receivable	447,572	552,562	84,337
Less: Allowance for credit losses	(183,290)	(205,056)	(31,298)
Total accounts receivable, net	264,282	347,506	53,039

Representing:

Current portion:
- Processing fees	72,072	88,748	13,545
- Storage fees	30,907	40,308	6,152
- Others	1,272	1,242	190
	104,251	130,298	19,887
Non-current portion - Processing fees	160,031	217,208	33,152
Total accounts receivable, net	264,282	347,506	53,039

Schedule of non-current accounts receivable due for payment


	March 31, 2021
	RMB	US$
Fiscal years ending March 31,
2023	70,990	10,835
2024	53,447	8,157
2025	45,231	6,904
2026	42,841	6,539
2027 and thereafter	104,602	15,965
	317,111	48,400
Less: Unearned interest	(32,808)	(5,007)
Total non-current accounts receivable	284,303	43,393

(b)	An aging analysis of accounts receivable based on due date is as follows:

Schedule of aging analysis of accounts receivable based on due date


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Non-current portion:
- Not past due	231,452	284,303	43,393

Current portion:
- Not past due	53,684	87,315	13,327
- Within one year past due	27,179	35,002	5,342
- Between one to two years past due	20,645	19,833	3,027
- Over two years past due	114,612	126,109	19,248
Total accounts receivable	447,572	552,562	84,337

(c)	An analysis of the allowance for credit losses is as follows:

Schedule of allowance for credit losses


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$
Current portion:

Processing fees:
Balance at beginning of year	29,795	44,641	57,648	8,800
Charged to allowance for credit losses	14,846	13,007	17,379	2,653
Write-off charged against the allowance for the year	—	—	(184)	(29)
Balance at end of year	44,641	57,648	74,843	11,424

Storage fees:
Balance at beginning of year	27,310	43,077	53,911	8,228
Charged to allowance for credit losses	16,807	13,628	15,777	2,408
Write-off charged against the allowance for the year	(1,040)	(2,794)	(6,917)	(1,056)
Balance at end of year	43,077	53,911	62,771	9,580

Others:
Balance at beginning of year	1,122	1,916	310	47
Charged/(credited) to allowance for credit losses	850	(1,490)	1,016	155
Write-off charged against the allowance for the year	(56)	(116)	(979)	(149)
Balance at end of year	1,916	310	347	53

Non-current portion - Processing fees:
Balance at beginning of year	69,713	74,800	71,421	10,901
Charged/(credited) to allowance for credit losses	5,711	(750)	3,040	464
Write-off charged against the allowance for the year	(624)	(2,629)	(7,366)	(1,124)
Balance at end of year	74,800	71,421	67,095	10,241

(d)	An analysis of the non-current accounts receivable by credit quality indicator is as follows:

Schedule of aging of non-current accounts receivable by credit quality indicator


	Amortized cost basis by year of origination
						2016 and
						prior to
	2021	2020	2019	2018	2017	2016	Total
	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Processing fees:
Not past due	80,802	55,388	18,921	9,751	—	50,187	215,049
Within one year past due	8	6,839	658	—	450	2,038	9,993
Between one to two years past due	—	—	1,005	—	—	1,338	2,343
Over two years past due	—	—	—	—	—	56,918	56,918
Total	80,810	62,227	20,584	9,751	450	110,481	284,303

The following table presents non-current accounts receivable by credit quality indicator at March 31, 2020:


		March 31, 2020
		RMB

Processing fees:
Not past due		159,150
Within one year past due		4,801
Between one to two years past due		1,660
Over two years past due		65,841
Total		231,452

Inventories (Tables)

12 Months Ended

Mar. 31, 2021

Inventories

Schedule of inventories


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Current portion:
- Consumables and supplies	43,758	44,257	6,755

Non-current portion:
- Processing costs capitalized in donated umbilical cord blood	85,109	91,446	13,957
Total current and non-current inventories	128,867	135,703	20,712

Prepaid expenses and other receivables (Tables)

12 Months Ended

Mar. 31, 2021

Prepaid expenses and other receivables

Schedule of prepaid expenses and other receivables


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Prepaid expenses	38,760	43,012	6,565
VAT tax receivables	856	—	—
Other receivables	5,169	4,776	729
Total prepaid expenses and other receivables	44,785	47,788	7,294

Property, plant and equipment, net (Tables)

12 Months Ended

Mar. 31, 2021

Property, plant and equipment, net

Schedule of property, plant and equipment, net


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Buildings	604,112	603,910	92,174
Leasehold improvements	14,864	14,864	2,269
Machinery	208,377	219,626	33,521
Motor vehicles	19,088	18,598	2,839
Furniture, fixtures and equipment	55,722	56,029	8,552
Construction-in-progress	1,356	3,619	552
	903,519	916,646	139,907
Less: Accumulated depreciation	(380,840)	(417,990)	(63,798)
Total property, plant and equipment, net	522,679	498,656	76,109

Schedule of depreciation expense of property, plant and equipment


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

Cost of revenues	30,848	28,980	28,574	4,361
Research and development	1,358	1,866	1,893	289
Sales and marketing	3,371	2,742	2,810	429
General and administrative	12,167	11,240	11,192	1,708
Total depreciation expense	47,744	44,828	44,469	6,787

Non-current deposits (Tables)

12 Months Ended

Mar. 31, 2021

Non-current deposits

Schedule of non-current deposits


		March 31,
	Note	2020	2021	2021
		RMB	RMB	US$

Investment deposit	(i)	340,000	340,000	51,894
Deposit for purchase of machinery		7,360	4,752	725
Total non-current deposits		347,360	344,752	52,619

Note:

(i)	During the year ended March 31, 2020, the Group entered into a Letter of Intent with a third party to potentially acquire non-controlling equity interests in a healthcare company with a refundable earnest money deposit of RMB340,000.

Intangible assets, net (Tables)

12 Months Ended

Mar. 31, 2021

Intangible assets, net

Schedule of components of intangible assets, net


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Cord blood bank operating rights	138,628	138,628	21,159
Less: Accumulated amortization	(45,805)	(50,426)	(7,697)
Total intangible assets, net	92,823	88,202	13,462

Schedule of estimated amortization expenses


	March 31, 2021
	RMB	US$
Fiscal years ending March 31,
2022	4,621	705
2023	4,621	705
2024	4,621	705
2025	4,621	705
2026	4,621	705
2027 and thereafter	65,097	9,937
Total amortization expenses	88,202	13,462

Investment in equity securities at fair value (Tables)

12 Months Ended

Mar. 31, 2021

Investment in equity securities at fair value

Schedule of listed equity securities


		March 31,
	Note	2020	2021	2021
		RMB	RMB	US$

Listed equity securities
Cordlife Group Limited - listed on Singapore Exchange	(i)	40,653	47,249	7,212
Listed fund investment	(ii)	60,653	70,662	10,785
		101,306	117,911	17,997

Notes:

(i)

(ii)	As of March 31, 2020 and 2021, the Group held an investment in industry specific fund which are classified as equity securities measured at fair value since they have readily determinable fair value.

Other equity investment (Tables)

12 Months Ended

Mar. 31, 2021

Other equity investment

Schedule of other equity investments

Accrued expenses and other payables (Tables)

12 Months Ended

Mar. 31, 2021

Accrued expenses and other payables

Schedule of accrued expenses and other payables


		March 31,
	Note	2020	2021	2021
		RMB	RMB	US$

Insurance premium received on behalf of insurance company	(i)	40,198	43,305	6,610
Other tax payables		921	4,503	687
Accrued salaries, bonus and welfare expenses		30,436	54,891	8,378
Accrued consultancy and professional fees		21,475	14,210	2,168
Payable for property, plant and equipment		2,423	349	53
Other payables	(ii)	18,536	19,190	2,929
Total accrued expenses and other payables		113,989	136,448	20,825

Notes:

(i)

(ii)	Other payables mainly include fee refundable to customers whose cord blood unit does not qualify for subsequent storage, dividends payable to holder of non-controlling interests and other procurement payables.

Operating leases (Tables)

12 Months Ended

Mar. 31, 2021

Operating leases

Schedule of operating lease right-of-use assets and liabilities


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Operating lease right-of-use assets	4,548	5,039	769

Operating lease liabilities	1,717	1,636	250
Non-current operating lease liabilities	1,782	147	22
Total lease liabilities	3,499	1,783	272

Schedule of supplemental cash flow information related to leases


	March 31,
	2020	2021	2021
	RMB	RMB	US$

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	2,512	4,902	748
Right-of-use assets obtained in exchange for lease obligations	—	—	—

Schedule of maturity analysis of operating lease liabilities


	March 31, 2021
	RMB	US$
Fiscal years ending March 31,
2022	1,700	259
2023	149	23
Total future undiscounted cash flows	1,849	282
Less: Discount factor	(66)	(10)
Lease liabilities	1,783	272

Representing:
Current portion	1,636	250
Non-current portion	147	22
Lease liabilities	1,783	272

Deferred revenue (Tables)

12 Months Ended

Mar. 31, 2021

Deferred revenue

Schedule of deferred revenue


		March 31,
	Note	2020	2021	2021
		RMB	RMB	US$

Payments made by customers prior to completion of cord blood processing services	(i)	99,506	124,346	18,979
Unearned storage fees	(b)	2,593,007	2,717,919	414,836
Total current and non-current deferred revenue	(ii)	2,692,513	2,842,265	433,815

Representing:
Current portion		402,751	449,359	68,586
Non-current portion		2,289,762	2,392,906	365,229
Total current and non-current deferred revenue		2,692,513	2,842,265	433,815

Notes:

(i)

(ii)

Unearned storage fees

Deferred revenue

Schedule of deferred revenue


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

Balance at beginning of year	2,112,195	2,384,676	2,593,007	395,770
Deferred revenue arose during the year	658,262	660,001	617,796	94,295
Credited to income
- From prior year’s balance	(238,181)	(276,234)	(303,245)	(46,284)
- From deferred revenue arose during the year	(147,600)	(175,436)	(189,639)	(28,945)
Balance at end of year	2,384,676	2,593,007	2,717,919	414,836

Revenues (Tables)

12 Months Ended

Mar. 31, 2021

Revenues

Schedule of revenue by category


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

Cord blood processing fees	592,123	759,493	653,756	99,782
Cord blood storage fees	385,781	451,670	492,884	75,229
Fees derived from the provision of donated cord blood for transplantation and research and others	8,850	10,297	12,999	1,984
Total revenues	986,754	1,221,460	1,159,639	176,995

Income tax (Tables)

12 Months Ended

Mar. 31, 2021

Income tax

Schedule of income before income tax expense


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

The PRC	447,195	668,552	652,494	99,590
Non-PRC
- Hong Kong	(65)	(43)	(43)	(7)
- British Virgin Islands	(56,616)	(13,313)	26,319	4,017
- Cayman Islands	(34,053)	(76,384)	(68,019)	(10,381)
Income before income tax expense	356,461	578,812	610,751	93,219

Schedule of income tax expense


	Year ended March 31,
	2019	2020	2021	2021
	RMB	RMB	RMB	US$

Current tax expense	75,948	108,290	101,698	15,523
Deferred tax benefit	(14,688)	(7,206)	(7,152)	(1,092)
Total income tax expense	61,260	101,084	94,546	14,431

Schedule of the reconciliation of expected income tax to actual income tax expense


		Year ended March 31,
	Note	2019	2020	2021	2021
		RMB	RMB	RMB	US$

Income before income tax expense		356,461	578,812	610,751	93,219

Computed “expected” tax expense		89,115	144,703	152,688	23,305
Non-PRC entities not subject to income tax
- Hong Kong		16	11	11	2
- British Virgin Islands		14,154	3,328	(6,580)	(1,004)
- Cayman Islands		8,513	19,096	17,005	2,595
PRC dividend withholding tax	(i)	—	4,500	2,000	305
Preferential tax rates	(ii)	(51,428)	(70,580)	(68,027)	(10,383)
Others		890	26	(2,551)	(389)
Actual income tax expense		61,260	101,084	94,546	14,431

Notes:

(i)	During the years ended March 31, 2020 and 2021, PRC withholding tax of RMB4,500 and RMB2,000 (US$305) was levied on dividends distributed by the Company’s PRC subsidiary to its holding company outside the PRC.

(ii)	Impact of preferential tax rates for both basic and diluted per share is RMB0.42, RMB0.58 and RMB0.56 (US$0.09) for the years ended March 31, 2019, 2020 and 2021, respectively.

Schedule of deferred tax assets/(liabilities)


	March 31,
	2020	2021	2021
	RMB	RMB	US$
Deferred tax assets:
Accounts receivable	51,092	56,309	8,594
Inventories	8,431	9,333	1,424
Others	1,786	1,584	242
Deferred tax assets	61,309	67,226	10,260

Deferred tax liabilities:
Deferred revenue	(38)	(29)	(4)
Property, plant and equipment	(5,504)	(5,433)	(829)
Intangible assets	(23,206)	(22,051)	(3,365)
Deferred tax liabilities	(28,748)	(27,513)	(4,198)

Net deferred tax assets	32,561	39,713	6,062

Classification on consolidated balance sheets:
Deferred tax assets	50,701	55,845	8,524
Deferred tax liabilities	(18,140)	(16,132)	(2,462)
Net deferred tax assets	32,561	39,713	6,062

Earnings per share (Tables)

12 Months Ended

Mar. 31, 2021

Earnings per share

Schedule of computation of basic and diluted earnings per share


		Year ended March 31,
	Note	2019	2020	2021	2021
		RMB	RMB	RMB	US$
Numerator:
Net income attributable to the Company’s shareholders		291,124	470,717	508,247	77,573

Denominator:
Weighted average ordinary shares outstanding for basic net income per share		121,270,491	121,551,075	121,551,075	121,551,075
Dilutive effect of scrip dividend	(i)	151,091	—	—	—
Weighted average ordinary shares outstanding for diluted net income per share		121,421,582	121,551,075	121,551,075	121,551,075
Earnings per share
- Basic		2.40	3.87	4.18	0.64
- Diluted		2.40	3.87	4.18	0.64

Note:

(i)	During the year ended March 31, 2019, included in the diluted earnings per share computation was the potential dilutive ordinary shares of 151,091 represented shares issuable as scrip dividend.

Business and credit concentrations (Tables)

12 Months Ended

Mar. 31, 2021

Business and credit concentrations

Schedule of major suppliers


		Year ended March 31,

Suppliers	Note	2019		2020		2021
		RMB	%	RMB	%	RMB	US$	%

Beijing Jingjing Jiahong Medical Equipment Co., Ltd.	(i)	—	—	29,960	32	28,892	4,410	38
Beijing Jingjing Medical Equipment Co., Ltd.	(ii)	23,741	30	—	—	—	—	—
China Bright Group Co. Limited	(iii)	—	—	12,811	14	12,011	1,833	16
Total		23,741	30	42,771	46	40,903	6,243	54

None of the individual accounts payable due to major suppliers exceeded 10% of outstanding accounts payable balance as of March 31, 2020 and 2021.

Notes:

(i)	The purchases from Beijing Jingjing Jiahong Medical Equipment Co., Ltd. were less than 10% of gross purchases for the year ended March 31, 2019.

(ii)	The purchases from Beijing Jingjing Medical Equipment Co., Ltd. were less than 10% of gross purchases for the years ended March 31, 2020 and 2021.

(iii)

The purchases from China Bright Group Co. Limited were less than 10% of gross purchases for the year ended March 31, 2019.

Commitments and contingencies (Tables)

12 Months Ended

Mar. 31, 2021

Commitments and contingencies

Schedule of future minimum payments under the cooperation agreements


	March 31, 2021
	RMB	US$

Fiscal years ending March 31,
2022	4,850	740
2023	3,600	549
2024	3,600	549
2025	3,600	549
2026	3,600	549
2027 and thereafter	12,900	1,971
Total payments	32,150	4,907

Principal activities and basis of presentation (Details)	Mar. 31, 2021 item
Principal activities
Number of cord banking licenses issued by authorities that are held by the entity	3
Beijing municipality
Principal activities
Number of cord banking licenses issued by authorities that are held by the entity	1
Guangdong province
Principal activities
Number of cord banking licenses issued by authorities that are held by the entity	1
Zhejiang province
Principal activities
Number of cord banking licenses issued by authorities that are held by the entity	1

Summary of significant accounting policies - Foreign currency translation (Details)	Mar. 31, 2021 $ / ¥
Summary of significant accounting policies
Foreign currency convenience translation rate	6.5518

Summary of significant accounting policies - Cash and cash equivalents, and Accounts receivable (Details) ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Mar. 31, 2021 HKD ($)	Mar. 31, 2021 SGD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 AUD ($)	Mar. 31, 2020 HKD ($)	Mar. 31, 2020 SGD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 AUD ($)
Cash and Cash Equivalents
Cash and cash equivalents			¥ 6,075,798	$ 927,349				¥ 5,473,373
PRC
Cash and Cash Equivalents
Cash and cash equivalents			6,071,659	926,716				5,435,526
U.S. dollar
Cash and Cash Equivalents
Cash and cash equivalents			3,339	$ 508				5,547	$ 778
Australian dollars
Cash and Cash Equivalents
Cash and cash equivalents			17		$ 4			15		$ 4
Renminbi
Cash and Cash Equivalents
Cash and cash equivalents			6,071,697					5,435,559
Hong Kong dollars
Cash and Cash Equivalents
Cash and cash equivalents	$ 879		741			$ 32,905		30,088
Singapore dollars
Cash and Cash Equivalents
Cash and cash equivalents		$ 1	¥ 4				$ 435	¥ 2,164

Summary of significant accounting policies - Property, plant and equipment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Property, plant and equipment, net
Depreciation expense	¥ 44,469	$ 6,787	¥ 44,828	¥ 47,744
Buildings \| Minimum
Property, plant and equipment, net
Estimated useful lives	37 years 6 months	37 years 6 months
Buildings \| Maximum
Property, plant and equipment, net
Estimated useful lives	50 years	50 years
Leasehold improvements
Property, plant and equipment, net
Estimated useful lives	10 years	10 years
Machinery \| Minimum
Property, plant and equipment, net
Estimated useful lives	5 years	5 years
Machinery \| Maximum
Property, plant and equipment, net
Estimated useful lives	10 years	10 years
Motor vehicles
Property, plant and equipment, net
Estimated useful lives	5 years	5 years
Furniture, fixtures and office equipment \| Minimum
Property, plant and equipment, net
Estimated useful lives	3 years	3 years
Furniture, fixtures and office equipment \| Maximum
Property, plant and equipment, net
Estimated useful lives	5 years	5 years
Construction-in-progress
Property, plant and equipment, net
Depreciation expense	¥ 0

Summary of significant accounting policies - Others (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥) payment item	Mar. 31, 2021 USD ($) payment item	Mar. 31, 2020 CNY (¥) payment	Mar. 31, 2019 CNY (¥) payment	Mar. 31, 2021 USD ($)	Apr. 01, 2019 CNY (¥)	Mar. 31, 2018 CNY (¥)
Estimated useful life of the operating rights	30 years	30 years
Impairment of long-lived assets	¥ 0		¥ 0	¥ 0
Agreement with customers, blood storage period	18 years	18 years
Number of promised services \| item	2	2
Value-added tax rate (as a percent)	6.00%	6.00%
Number of performance obligations under the Agreement \| item	2	2
Number of customer payment options \| payment	3	3	3	3
Advertising and promotion costs	¥ 54,441	$ 8,309	¥ 49,392	¥ 39,586
Number of operating segments \| item	1	1
Equity	¥ 4,388,451		3,888,491	3,422,762	$ 669,808		¥ 3,118,742
Cumulative effect of accounting change	(4,388,451)		(3,888,491)	(3,422,762)	(669,808)		(3,118,742)
Operating lease right-of-use assets	5,039		4,548		769
Operating lease liabilities	1,783		3,499		272
Accumulated other comprehensive losses
Equity	(103,179)		(94,663)	(88,738)	(15,748)		(54,654)
Cumulative effect of accounting change	103,179		94,663	88,738	15,748		54,654
Retained earnings
Equity	2,386,187		1,877,940	1,407,223	364,203		1,116,873
Cumulative effect of accounting change	¥ (2,386,187)		¥ (1,877,940)	¥ (1,407,223)	$ (364,203)		¥ (1,116,873)
Topic 842
Operating lease right-of-use assets						¥ 6,883
Operating lease liabilities						5,758
Topic 842 \| Retained earnings
Equity						0
Cumulative effect of accounting change						¥ 0

Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Accounts receivable, net
Accounts receivable	¥ 552,562	$ 84,337	¥ 447,572
Less: Allowance for credit losses	(205,056)	(31,298)	(183,290)
Total accounts receivable, net	347,506	53,039	264,282
Accounts receivable, current portion	130,298	19,887	104,251
Accounts receivable, non-current portion	217,208	33,152	160,031
Processing fees
Accounts receivable, net
Accounts receivable, current portion	88,748	13,545	72,072
Accounts receivable, non-current portion	217,208	33,152	160,031
Storage fees
Accounts receivable, net
Accounts receivable, current portion	40,308	6,152	30,907
Others
Accounts receivable, net
Accounts receivable, current portion	¥ 1,242	$ 190	¥ 1,272

Accounts receivable, net - Non current amounts (Details) - Mar. 31, 2021 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Non-current accounts receivable
2023	¥ 70,990	$ 10,835
2024	53,447	8,157
2025	45,231	6,904
2026	42,841	6,539
2027 and thereafter	104,602	15,965
Non-current gross accounts receivable due for payment	317,111	48,400
Less: Unearned interest	(32,808)	(5,007)
Total	¥ 284,303	$ 43,393

Accounts receivable, net - Aging (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Aging of accounts receivable based on due date
Accounts receivable, non-current portion	¥ 284,303	$ 43,393
Accounts receivable, current portion	552,562	84,337	¥ 447,572
Not past due
Aging of accounts receivable based on due date
Accounts receivable, non-current portion	284,303	43,393	231,452
Accounts receivable, current portion	87,315	13,327	53,684
Within one year past due
Aging of accounts receivable based on due date
Accounts receivable, current portion	35,002	5,342	27,179
Between one to two years past due
Aging of accounts receivable based on due date
Accounts receivable, current portion	19,833	3,027	20,645
Over two years past due
Aging of accounts receivable based on due date
Accounts receivable, current portion	¥ 126,109	$ 19,248	¥ 114,612

Accounts receivable, net - Allowance for credit losses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Analysis of the allowance for doubtful accounts
Balance at beginning of year, current portion	¥ 111,869
Balance at end of year, current portion	137,961	$ 21,057	¥ 111,869
Balance at beginning of year, non-current portion	71,421	10,901	74,800	¥ 69,713
Charged/(credited) to allowance for doubtful accounts, non-current portion	3,040	464	(750)	5,711
Write-off charged against the allowance for the year, non-current portion	(7,366)	(1,124)	(2,629)	(624)
Balance at end of year, non-current portion	67,095	10,241	71,421	74,800
Processing fees
Analysis of the allowance for doubtful accounts
Balance at beginning of year, current portion	57,648	8,800	44,641	29,795
Charged/(credited) to allowance for credit losses	17,379	2,653	13,007	14,846
Write-off charged against the allowance for the year, current	(184)	(29)
Balance at end of year, current portion	74,843	11,424	57,648	44,641
Storage fees
Analysis of the allowance for doubtful accounts
Balance at beginning of year, current portion	53,911	8,228	43,077	27,310
Charged/(credited) to allowance for credit losses	15,777	2,408	13,628	16,807
Write-off charged against the allowance for the year, current	(6,917)	(1,056)	(2,794)	(1,040)
Balance at end of year, current portion	62,771	9,580	53,911	43,077
Others
Analysis of the allowance for doubtful accounts
Balance at beginning of year, current portion	310	47	1,916	1,122
Charged/(credited) to allowance for credit losses	1,016	155	(1,490)	850
Write-off charged against the allowance for the year, current	(979)	(149)	(116)	(56)
Balance at end of year, current portion	¥ 347	$ 53	¥ 310	¥ 1,916

Accounts receivable, net - non-current accounts receivable by credit quality (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Aging of non- current accounts receivables:
Total	¥ 284,303	$ 43,393
Not past due
Aging of non- current accounts receivables:
Total	284,303	$ 43,393	¥ 231,452
Processing fees
Aging of non- current accounts receivables:
2021	80,810
2020	62,227
2019	20,584
2018	9,751
2017	450
2016 and prior to 2016	110,481
Total	284,303		231,452
Processing fees \| Not past due
Aging of non- current accounts receivables:
2021	80,802
2020	55,388
2019	18,921
2018	9,751
2016 and prior to 2016	50,187
Total	215,049		159,150
Processing fees \| Within one year past due
Aging of non- current accounts receivables:
2021	8
2020	6,839
2019	658
2017	450
2016 and prior to 2016	2,038
Total	9,993		4,801
Processing fees \| Between one to two years past due
Aging of non- current accounts receivables:
2019	1,005
2016 and prior to 2016	1,338
Total	2,343		1,660
Processing fees \| Over two years past due
Aging of non- current accounts receivables:
2016 and prior to 2016	56,918
Total	¥ 56,918		¥ 65,841

Inventories - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Inventories
Current portion: - Consumables and supplies	¥ 44,257	$ 6,755	¥ 43,758
Non-current portion: - Processing costs capitalized in donated umbilical cord blood	91,446	13,957	85,109
Total current and non-current inventories	135,703	20,712	128,867
Consumables and supplies
Inventories
Current portion: - Consumables and supplies	44,257	6,755	43,758
Processing costs capitalized in donated umbilical cord blood
Inventories
Non-current portion: - Processing costs capitalized in donated umbilical cord blood	¥ 91,446	$ 13,957	¥ 85,109

Inventories - Provision (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Inventories - Provision (Details) - CNY (¥) ¥ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Inventories
Write-down for inventories	¥ 0	¥ 0	¥ 0
Weighted average remaining useful life of donated cord blood units	16 years 10 months 24 days
The estimated increase per annum in number of successful matches of donated units (as a percent)	7.00%

Prepaid expenses and other receivables (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Prepaid expenses and other receivables
Prepaid expenses	¥ 43,012	$ 6,565	¥ 38,760
VAT tax receivables	0	0	856
Other receivables	4,776	729	5,169
Total prepaid expenses and other receivables	¥ 47,788	$ 7,294	¥ 44,785

Property, plant and equipment, net - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Property, plant and equipment, net
Property, plant and equipment	¥ 916,646	$ 139,907	¥ 903,519
Less: Accumulated depreciation	(417,990)	(63,798)	(380,840)
Total property, plant and equipment, net	498,656	76,109	522,679
Buildings
Property, plant and equipment, net
Property, plant and equipment	603,910	92,174	604,112
Leasehold improvements
Property, plant and equipment, net
Property, plant and equipment	14,864	2,269	14,864
Machinery
Property, plant and equipment, net
Property, plant and equipment	219,626	33,521	208,377
Motor vehicles
Property, plant and equipment, net
Property, plant and equipment	18,598	2,839	19,088
Furniture, fixtures and equipment
Property, plant and equipment, net
Property, plant and equipment	56,029	8,552	55,722
Construction-in-progress
Property, plant and equipment, net
Property, plant and equipment	¥ 3,619	$ 552	¥ 1,356

Property, plant and equipment, net - Depreciation expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Property, plant and equipment, net
Depreciation expense	¥ 44,469	$ 6,787	¥ 44,828	¥ 47,744
Cost of revenues
Property, plant and equipment, net
Depreciation expense	28,574	4,361	28,980	30,848
Research and development
Property, plant and equipment, net
Depreciation expense	1,893	289	1,866	1,358
Sales and marketing
Property, plant and equipment, net
Depreciation expense	2,810	429	2,742	3,371
General and administrative
Property, plant and equipment, net
Depreciation expense	¥ 11,192	$ 1,708	¥ 11,240	¥ 12,167

Non-current deposits (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Investment deposit	¥ 340,000	$ 51,894	¥ 340,000
Deposit for purchase of machinery	4,752	725	7,360
Total non-current deposits	¥ 344,752	$ 52,619	347,360
Potential Seller
Investment deposit			¥ 340,000

Intangible assets, net - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Intangible assets, net
Cord blood bank operating rights	¥ 138,628	$ 21,159	¥ 138,628
Less: Accumulated amortization	(50,426)	(7,697)	(45,805)
Total intangible assets, net	¥ 88,202	$ 13,462	¥ 92,823

Intangible assets, net - Narrative (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2011 CNY (¥)	Feb. 28, 2011 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2021 USD ($)
Finite-Lived Intangible Assets
Estimated useful life of operating rights			30 years	30 years
Amortization expense of operating rights			¥ 4,621	$ 705	¥ 4,621	¥ 4,621
Deferred tax liability			¥ 22,051		23,206		$ 3,365
Guangdong province
Finite-Lived Intangible Assets
Estimated useful life of operating rights			30 years	30 years
Amortization expense of operating rights			¥ 971	$ 148	971	971
Zhejiang province
Finite-Lived Intangible Assets
Estimated useful life of operating rights			30 years	30 years
Amortization expense of operating rights			¥ 3,650	$ 557	¥ 3,650	¥ 3,650
Consideration for operating rights	¥ 82,124	$ 12,500
Value of acquired operating rights	109,499
Deferred tax liability	¥ 27,375
Guangdong and Zhejiang province
Finite-Lived Intangible Assets
General renewal period with provincial authorities			3 years	3 years
Beijing municipality
Finite-Lived Intangible Assets
General renewal period with provincial authorities			9 years	9 years

Intangible assets, net - Estimated amortization expense (Details) - Mar. 31, 2021 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Intangible assets, net
2022	¥ 4,621	$ 705
2023	4,621	705
2024	4,621	705
2025	4,621	705
2026	4,621	705
2027 and thereafter	65,097	9,937
Total amortization expenses	¥ 88,202	$ 13,462

Investment in equity securities at fair value - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Schedule of listed equity securities
Listed equity securities	¥ 117,911	$ 17,997	¥ 101,306
Listed fund investments
Schedule of listed equity securities
Listed equity securities	70,662	10,785	60,653
Cordlife Group Limited \| Listed equity securities
Schedule of listed equity securities
Listed equity securities	¥ 47,249	$ 7,212	¥ 40,653

Investment in equity securities at fair value - Narrative (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥) shares	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥) shares	Mar. 31, 2019 CNY (¥)	Mar. 31, 2021 USD ($) shares
Schedule of listed equity securities
Investments in equity securities, cost basis \| ¥	¥ 100,213		¥ 100,213
Change in fair value of equity securities	25,385	$ 3,875	(13,172)	¥ (57,125)
Dividend income	1,281	196	507	976
Aggregate fair values of the investments in securities	¥ 117,911		¥ 101,306		$ 17,997
Cordlife Group Limited
Schedule of listed equity securities
Ordinary shares held \| shares	25,516,666		25,516,666		25,516,666
Percentage equity interest owned	10.00%		10.00%		10.00%
Dividend income	¥ 1,281	$ 196	¥ 507	¥ 976

Other equity investment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2021 USD ($)
Investments
Unlisted equity securities	¥ 189,129		¥ 189,129		$ 28,867
Dividend income	¥ 1,281	$ 196	¥ 507	¥ 976
Qilu Stem Cells
Investments
Percentage equity interest acquired	24.00%	24.00%	24.00%
Dividend income	¥ 0		¥ 0	¥ 0

Accrued expenses and other payables (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Accrued expenses and other payables
Insurance premium received on behalf of insurance company	¥ 43,305	$ 6,610	¥ 40,198
Other tax payables	4,503	687	921
Accrued salaries, bonus and welfare expenses	54,891	8,378	30,436
Accrued consultancy and professional fees	14,210	2,168	21,475
Payable for property, plant and equipment	349	53	2,423
Other payables	19,190	2,929	18,536
Total accrued expenses and other payables	¥ 136,448	$ 20,825	¥ 113,989

Operating leases - Consolidated balance sheet (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Operating leases
Operating lease right-of-use assets	¥ 5,039	$ 769	¥ 4,548
Operating lease liabilities	1,636	250	1,717
Non-current operating lease liabilities	147	22	1,782
Total Lease liabilities	¥ 1,783	$ 272	¥ 3,499

Operating leases - Supplemental cash flow information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Operating leases
Operating cash flows	¥ 4,902	$ 748	¥ 2,512

Operating leases - Maturity analysis of operating lease liabilities (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)
Fiscal years ending March 31,
2022	¥ 1,700	$ 259
2023	149	23
Total future undiscounted cash flows	1,849	282
Less: Discount factor	(66)	(10)
Total Lease liabilities	1,783	272	¥ 3,499
Representing:
Current portion	1,636	250	1,717
Non-current portion	147	22	1,782
Total Lease liabilities	¥ 1,783	$ 272	¥ 3,499

Operating leases - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥) item	Mar. 31, 2021 USD ($) item	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Operating leases
Number of operating leases for office \| item	2	2
Weighted average remaining lease term	1 year 9 months 18 days	1 year 9 months 18 days
Weighted average discount rate	4.75%	4.75%
Rent expense	¥ 10,374	$ 1,583	¥ 3,399	¥ 3,265
Variable lease costs	0		0
Sublease income	¥ 0		¥ 0

Deferred revenue - Composition (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2018 CNY (¥)
Deferred revenue
Current portion	¥ 449,359		¥ 402,751		$ 68,586
Non-current portion	2,392,906		2,289,762		365,229
Total current and non-current deferred revenue	2,842,265		2,692,513		433,815
Revenue expected to be recognized in 2022	325,013	$ 49,607
Revenue expected to be recognized in 2023	206,851	31,572
Revenue expected to be recognized in 2024	206,950	31,587
Revenue expected to be recognized in 2025 and thereafter	1,979,105	302,070
Payments made by customers prior to completion of cord blood processing services
Deferred revenue
Total current and non-current deferred revenue	124,346		99,506		18,979
Credited to income from prior year's balance	61,332	9,361
Prior year's deferred revenue balance reclassified as unearned storage fees	38,174	5,826
Unearned storage fees
Deferred revenue
Total current and non-current deferred revenue	2,717,919		2,593,007	¥ 2,384,676	$ 414,836	$ 395,770	¥ 2,112,195
Credited to income from prior year's balance	¥ 303,245	$ 46,284	¥ 276,234	¥ 238,181

Deferred revenue - Rollforward (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Deferred revenue
Balance at beginning of year	¥ 2,692,513
Balance at end of year	2,842,265	$ 433,815	¥ 2,692,513
Payments made by customers prior to completion of cord blood processing services
Deferred revenue
Balance at beginning of year	99,506
Credited to income from prior year's balance	(61,332)	(9,361)
Balance at end of year	124,346	18,979	99,506
Unearned storage fees
Deferred revenue
Balance at beginning of year	2,593,007	395,770	2,384,676	¥ 2,112,195
Deferred revenue arose during the year	617,796	94,295	660,001	658,262
Credited to income from prior year's balance	(303,245)	(46,284)	(276,234)	(238,181)
Credited to income from deferred revenue arose during the year	(189,639)	(28,945)	(175,436)	(147,600)
Balance at end of year	¥ 2,717,919	$ 414,836	¥ 2,593,007	¥ 2,384,676

Shareholders' equity (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands			12 Months Ended
	Jul. 29, 2022	Jul. 29, 2021 USD ($)	Mar. 31, 2021 CNY (¥) shares	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥) shares	Mar. 31, 2019 CNY (¥) shares	Mar. 31, 2013 CNY (¥) shares	Mar. 31, 2021 USD ($) shares	Jul. 29, 2020 USD ($)	Jun. 26, 2018 $ / shares	Mar. 31, 2018 shares
Shareholders' equity
Ordinary shares, shares outstanding			121,551,075		121,551,075	121,551,075		121,551,075			120,824,742
Ordinary shares, shares issued			121,687,974		121,687,974	121,687,974		121,687,974			120,961,641
Dividend declared to the Company's shareholders (in shares)						726,333
The percentage of net income that Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou required to transfer to surplus reserve			10.00%	10.00%
The percentage of their respective registered capital that the statutory surplus reserve must reach before Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou are not required to transfer their net income			50.00%	50.00%
The percentage of registered capital that must be retained in the statutory surplus reserve balance after conversion into issued capital			25.00%	25.00%
Aggregated transfers made to the statutory surplus reserves by Beijing Jiachenhong and Zhejiang Lukou			¥ 23,384	$ 3,569	¥ 20,068	¥ 15,841
Accumulated statutory surplus reserve			¥ 203,434		¥ 180,050			$ 31,050
Purchase of Treasury Stock, shares							7,450,914
Purchase of Treasury Stock \| ¥							¥ 131,302
Sale of treasury shares, shares							7,314,015
Treasury stock, shares			136,899		136,899			136,899
Share repurchase program, amount \| $		$ 20,000							$ 20,000
Share repurchase program, period	12 months	12 months
Dividend declared (in dollars per share) \| $ / shares										$ 0.08
Cash dividend paid \| ¥						¥ 18,173

Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Revenues from External Customers
Total revenues	¥ 1,159,639	$ 176,995	¥ 1,221,460	¥ 986,754
Processing fees
Revenues from External Customers
Total revenues	653,756	99,782	759,493	592,123
Storage fees
Revenues from External Customers
Total revenues	492,884	75,229	451,670	385,781
Fees derived from the provision of donated cord blood for transplantation and research and others
Revenues from External Customers
Total revenues	¥ 12,999	$ 1,984	¥ 10,297	¥ 8,850

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Income tax - Tax rates (Details) ¥ in Thousands, $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended					24 Months Ended	36 Months Ended
	Nov. 30, 2018	Mar. 31, 2021 CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2021 USD ($)
Income tax
Tax expense					¥ 94,546	$ 14,431	¥ 101,084	¥ 61,260
Undistributed earnings that may be subject to the withholding tax		¥ 3,374,742			3,374,742											$ 515,086
Unrecognized deferred tax liability from unremitted earnings of PRC subsidiaries		¥ 337,474			337,474											$ 51,509
Cayman Islands
Income tax
Withholding tax amount on dividends					0
British Virgin Islands
Income tax
Withholding tax amount on dividends					0
Hong Kong
Income tax
Tax expense					¥ 0		¥ 0	¥ 0
PRC
Income tax
Withholding tax rate					10.00%	10.00%
Beijing Jiachenhong
Income tax
HNTE preferential tax rate											15.00%			15.00%
Beijing Jiachenhong \| Forecast
Income tax
HNTE preferential tax rate				15.00%
Guangzhou Nuoya
Income tax
HNTE preferential tax rate												15.00%			15.00%
Zhejiang Lukou
Income tax
Certificate Validity	3 years
HNTE preferential tax rate		15.00%	15.00%						15.00%	15.00%			15.00%
Subsidiaries \| PRC
Income tax
Statutory income tax rate (as a percent)					25.00%	25.00%

Income tax - Income before income tax (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Income tax
Income before income tax expense	¥ 610,751	$ 93,219	¥ 578,812	¥ 356,461
PRC
Income tax
Income before income tax expense, The PRC	652,494	99,590	668,552	447,195
Hong Kong
Income tax
Income before income tax expense, Non-PRC	(43)	(7)	(43)	(65)
British Virgin Islands
Income tax
Income before income tax expense, Non-PRC	26,319	4,017	(13,313)	(56,616)
Cayman Islands
Income tax
Income before income tax expense, Non-PRC	¥ (68,019)	$ (10,381)	¥ (76,384)	¥ (34,053)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income tax - Current and deferred (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Income tax
Current tax expense	¥ 101,698	$ 15,523	¥ 108,290	¥ 75,948
Deferred tax benefit	(7,152)	(1,092)	(7,206)	(14,688)
Total income tax expense	¥ 94,546	$ 14,431	¥ 101,084	¥ 61,260

- Definition

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

+ References + Details

Income tax - Reconciliation of expected income tax to actual income tax expense (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥) ¥ / shares	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2020 CNY (¥) ¥ / shares	Mar. 31, 2019 CNY (¥) ¥ / shares
Income tax
Income before income tax expense	¥ 610,751	$ 93,219	¥ 578,812	¥ 356,461
Computed "expected" tax expense	152,688	23,305	144,703	89,115
PRC dividend withholding tax	2,000	305	4,500
Preferential tax rates	(68,027)	(10,383)	(70,580)	(51,428)
Others	(2,551)	(389)	26	890
Total income tax expense	¥ 94,546	$ 14,431	¥ 101,084	¥ 61,260
Impact of preferential tax rates for both basic and diluted per share \| (per share)	¥ 0.56	$ 0.09	¥ 0.58	¥ 0.42
Hong Kong
Income tax
Non-PRC entities not subject to income tax	¥ 11	$ 2	¥ 11	¥ 16
Total income tax expense	0		0	0
British Virgin Islands
Income tax
Non-PRC entities not subject to income tax	(6,580)	(1,004)	3,328	14,154
Cayman Islands
Income tax
Non-PRC entities not subject to income tax	¥ 17,005	$ 2,595	¥ 19,096	¥ 8,513

Income tax - Deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)	Mar. 31, 2021 USD ($)
Deferred tax assets:
Accounts receivable	¥ 56,309		¥ 51,092		$ 8,594
Inventories	9,333		8,431		1,424
Others	1,584		1,786		242
Deferred tax assets	67,226		61,309		10,260
Deferred tax liabilities:
Deferred revenue	(29)		(38)		(4)
Property, plant and equipment	(5,433)		(5,504)		(829)
Intangible assets	(22,051)		(23,206)		(3,365)
Deferred tax liabilities	(27,513)		(28,748)		(4,198)
Net deferred tax assets	39,713		32,561		6,062
Classification on consolidated balance sheets:
Deferred tax assets	55,845		50,701		8,524
Deferred tax liabilities	(16,132)		(18,140)		(2,462)
Net deferred tax assets	39,713		32,561		$ 6,062
Interest and penalties related to unrecognized tax benefits	¥ 0		¥ 0	¥ 0
PRC
Classification on consolidated balance sheets:
Statute of limitation, underpayment due to computational errors	3 years	3 years
Statute of limitation, special circumstances where underpayment is more than RMB100	5 years	5 years
Underpayment of taxes threshold that extends the statute of limitation	¥ 100	$ 15
Statute of limitation, transfer pricing issues	10 years	10 years

Earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥) ¥ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 CNY (¥) ¥ / shares shares	Mar. 31, 2019 CNY (¥) ¥ / shares shares
Numerator:
Net income attributable to the Company's shareholders	¥ 508,247	$ 77,573	¥ 470,717	¥ 291,124
Denominator:
Weighted average ordinary shares outstanding for basic net income per share	121,551,075	121,551,075	121,551,075	121,270,491
Weighted average ordinary shares outstanding for diluted net income per share	121,551,075	121,551,075	121,551,075	121,421,582
Earnings per share
Basic \| (per share)	¥ 4.18	$ 0.64	¥ 3.87	¥ 2.40
Diluted \| (per share)	¥ 4.18	$ 0.64	¥ 3.87	¥ 2.40
Scrip dividend
Denominator:
Weighted average ordinary shares outstanding for basic net income per share				151,091
Dilutive effect of scrip dividend				151,091

Employee benefits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Employee benefits (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Employee benefits
Defined contribution plan expense	¥ 32,191	$ 4,912	¥ 40,378	¥ 38,231
Percent of costs of employee benefits recorded in sales and marketing expenses	61.00%	61.00%	61.00%	63.00%
Beijing Jiachenhong
Employee benefits
Percent of contributions made on a standard salary base	40.00%	40.00%
Guangzhou Nuoya
Employee benefits
Percent of contributions made on a standard salary base	40.00%	40.00%
Zhejiang Lukou
Employee benefits
Percent of contributions made on a standard salary base	40.00%	40.00%

Business and credit concentrations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2019 CNY (¥)
Supplier \| Purchases of raw materials
Concentration Risk
Purchases from suppliers	¥ 40,903	$ 6,243	¥ 42,771	¥ 23,741
Percentage of concentration risks	54	54	46	30
Supplier \| Purchases of raw materials \| Beijing Jingjing Jiahong Medical Equipment Co., Ltd.
Concentration Risk
Purchases from suppliers	¥ 28,892	$ 4,410	¥ 29,960
Percentage of concentration risks	38	38	32
Supplier \| Purchases of raw materials \| Beijing Jingjing Jiahong Medical Equipment Co., Ltd. \| Maximum
Concentration Risk
Percentage of concentration				10.00%
Supplier \| Purchases of raw materials \| Beijing Jingjing Medical Equipment Co., Ltd.
Concentration Risk
Purchases from suppliers				¥ 23,741
Percentage of concentration risks				30
Supplier \| Purchases of raw materials \| Beijing Jingjing Medical Equipment Co., Ltd. \| Maximum
Concentration Risk
Percentage of concentration	10.00%	10.00%	10.00%
Supplier \| Purchases of raw materials \| China Bright Group Co. Limited
Concentration Risk
Purchases from suppliers	¥ 12,011	$ 1,833	¥ 12,811
Percentage of concentration			14.00%
Percentage of concentration risks	16	16
Supplier \| Purchases of raw materials \| China Bright Group Co. Limited \| Maximum
Concentration Risk
Percentage of concentration				10.00%
Beijing municipality \| Customers \| Revenue
Concentration Risk
Percentage of concentration	19.60%	19.60%	21.20%	23.80%
Guangdong province \| Customers \| Revenue
Concentration Risk
Percentage of concentration	63.70%	63.70%	62.90%	61.00%
Zhejiang province \| Customers \| Revenue
Concentration Risk
Percentage of concentration	16.70%	16.70%	15.90%	15.20%

Commitments and contingencies - Contractual commitments (Details) - Co-operation agreement ¥ in Thousands, $ in Thousands	1 Months Ended
	Apr. 30, 2020 CNY (¥)	Apr. 30, 2020 USD ($)	Sep. 30, 2017 CNY (¥)	Sep. 30, 2017 USD ($)	Oct. 31, 2013 CNY (¥)	Nov. 30, 2009 CNY (¥)	Jun. 30, 2006 CNY (¥)
Peking University People's Hospital
Contractual commitments
Annual advisory fee			¥ 3,000	$ 458			¥ 2,600
Annual advisory fee, time period			4 years	4 years
Guangdong Women and Children's Hospital and Health Institute
Contractual commitments
Annual advisory fee	¥ 3,600	$ 549			¥ 3,200	¥ 2,000
Annual advisory fee, time period						20 years

Commitments and contingencies - Future minimum payments, cooperation agreements (Details) - Mar. 31, 2021 - Co-operation agreement ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Future minimum payments under cooperation agreements
2022	¥ 4,850	$ 740
2023	3,600	549
2024	3,600	549
2025	3,600	549
2026	3,600	549
2027 and thereafter	12,900	1,971
Total payments	¥ 32,150	$ 4,907