0001104659-22-091776 | 20-F | XBRL Viewer

March 31,

Unlisted equity securities

189,129

189,129

29,834

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Document and Entity Information	12 Months Ended
Document and Entity Information	Mar. 31, 2022 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, 2022
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	2022
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
Auditor Name	KPMG Huazhen LLP
Auditor Firm ID	1186
Auditor Location	Beijing, China
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, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Current assets
Cash and cash equivalents	¥ 6,660,984	$ 1,050,744	¥ 6,075,798
Accounts receivable, less allowance for credit losses (March 31, 2021: RMB137,961; March 31, 2022: RMB160,445 (US$25,309))	161,302	25,445	130,298
Inventories	45,879	7,237	44,257
Prepaid expenses and other receivables	17,690	2,793	47,788
Amounts due from related parties	49,148	7,752
Total current assets	6,935,003	1,093,971	6,298,141
Property, plant and equipment, net	473,811	74,742	498,656
Operating lease right-of-use assets	2,880	454	5,039
Non-current deposits	346,228	54,616	344,752
Non-current accounts receivable, less allowance for credit losses (March 31, 2021: RMB67,095; March 31, 2022: RMB59,037 (US$9,313))	254,798	40,193	217,208
Inventories	95,163	15,012	91,446
Intangible assets, net	83,581	13,184	88,202
Investment in equity securities at fair value	93,174	14,698	117,911
Other equity investment	189,129	29,834	189,129
Deferred tax assets	60,758	9,584	55,845
Total assets	8,534,525	1,346,288	7,906,329
Current liabilities
Accounts payable	8,330	1,314	9,479
Accrued expenses and other payables	148,659	23,451	136,448
Operating lease liabilities	147	23	1,636
Deferred revenue	458,262	72,289	449,359
Income tax payable	31,160	4,915	29,547
Total current liabilities	646,558	101,992	626,469
Non-current deferred revenue	2,473,549	390,193	2,392,906
Non-current operating lease liabilities	0	0	147
Other non-current liabilities	505,166	79,688	482,224
Deferred tax liabilities	24,280	3,830	16,132
Total liabilities	3,649,553	575,703	3,517,878
Shareholders' equity of Global Cord Blood Corporation
Ordinary shares - US$0.0001 par value, 250,000,000 shares authorized, 121,687,974 shares issued and 121,551,075 shares outstanding as of March 31, 2021 and 2022, respectively	83	13	83
Additional paid-in capital	2,101,582	331,516	2,101,582
Treasury stock, at cost (March 31, 2021 and 2022: 136,899 shares, respectively)	(2,815)	(444)	(2,815)
Accumulated other comprehensive losses	(106,786)	(16,845)	(103,179)
Retained earnings	2,887,252	455,453	2,386,187
Total equity attributable to Global Cord Blood Corporation	4,879,316	769,693	4,381,858
Non-controlling interests	5,656	892	6,593
Total equity	4,884,972	770,585	4,388,451
Commitments and contingencies
Total liabilities and equity	¥ 8,534,525	$ 1,346,288	¥ 7,906,329

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥) shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 CNY (¥) shares	Mar. 31, 2021 USD ($) $ / shares shares
Consolidated Balance Sheets
Allowance for credit losses current	¥ 160,445	$ 25,309	¥ 137,961
Allowance for credit losses non-current	¥ 59,037	$ 9,313	¥ 67,095	$ 10,584
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, 2022 CNY (¥) ¥ / shares	Mar. 31, 2022 USD ($) $ / shares	Mar. 31, 2021 CNY (¥) ¥ / shares	Mar. 31, 2020 CNY (¥) ¥ / shares
Consolidated Statements of Comprehensive Income
Revenues	¥ 1,243,255	$ 196,119	¥ 1,159,639	¥ 1,221,460
Cost of revenues	(183,307)	(28,916)	(178,947)	(189,128)
Gross profit	1,059,948	167,203	980,692	1,032,332
Operating expenses
Research and development	(22,296)	(3,517)	(23,769)	(21,109)
Sales and marketing	(241,725)	(38,132)	(237,691)	(261,958)
General and administrative	(187,062)	(29,509)	(174,362)	(190,232)
Total operating expenses	(451,083)	(71,158)	(435,822)	(473,299)
Operating income	608,865	96,045	544,870	559,033
Other income, net
Interest income	32,609	5,144	30,899	25,359
Foreign currency exchange (losses)/gains	(642)	(101)	155	(303)
Change in fair value of equity securities	(20,391)	(3,217)	25,385	(13,172)
Dividend income	1,120	177	1,281	507
Others	6,274	990	8,161	7,388
Total other income, net	18,970	2,993	65,881	19,779
Income before income tax	627,835	99,038	610,751	578,812
Income tax expense	(118,352)	(18,669)	(94,546)	(101,084)
Net income	509,483	80,369	516,205	477,728
Net income attributable to non-controlling interests	(8,418)	(1,328)	(7,958)	(7,011)
Net income attributable to Global Cord Blood Corporation's shareholders	¥ 501,065	$ 79,041	¥ 508,247	¥ 470,717
Earnings per share:
Basic \| (per share)	¥ 4.12	$ 0.65	¥ 4.18	¥ 3.87
Diluted \| (per share)	¥ 4.12	$ 0.65	¥ 4.18	¥ 3.87
Other comprehensive losses, net of nil income taxes
Foreign currency translation adjustments	¥ (3,607)	$ (569)	¥ (8,516)	¥ (5,925)
Comprehensive income	505,876	79,800	507,689	471,803
Comprehensive income attributable to non-controlling interests	(8,418)	(1,328)	(7,958)	(7,011)
Comprehensive income attributable to Global Cord Blood Corporation's shareholders	¥ 497,458	$ 78,472	¥ 499,731	¥ 464,792

Consolidated Statements of Comprehensive Income (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Other comprehensive losses
Other comprehensive 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, $ in Thousands	Share capital CNY (¥) shares	Share capital USD ($) shares	Additional paid-in Capital CNY (¥)	Additional paid-in Capital USD ($)	Treasury stock CNY (¥) shares	Treasury stock USD ($) shares	Accumulated other comprehensive losses CNY (¥)	Accumulated other comprehensive losses USD ($)	Retained earnings CNY (¥)	Retained earnings USD ($)	Non-controlling interests CNY (¥)	Non-controlling interests USD ($)	CNY (¥) shares	USD ($) shares
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)
Net income									470,717		7,011		477,728
Other comprehensive losses							(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)
Net income									508,247		7,958		516,205
Other comprehensive losses							(8,516)						(8,516)
Dividend declared to holder of non-controlling interests											(7,729)		(7,729)
Balance at Mar. 31, 2021	¥ 83		2,101,582		¥ (2,815)		(103,179)		2,386,187		6,593		¥ 4,388,451
Balance, shares at Mar. 31, 2021 \| shares	121,687,974	121,687,974			(136,899)	(136,899)							121,551,075	121,551,075
Net income									501,065		8,418		¥ 509,483	$ 80,369
Other comprehensive losses							(3,607)						(3,607)
Dividend declared to holder of non-controlling interests											(9,355)		(9,355)
Balance at Mar. 31, 2022	¥ 83	$ 13	¥ 2,101,582	$ 331,516	¥ (2,815)	$ (444)	¥ (106,786)	$ (16,845)	¥ 2,887,252	$ 455,453	¥ 5,656	$ 892	¥ 4,884,972	$ 770,585
Balance, shares at Mar. 31, 2022 \| 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.

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+ Details

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Operating activities:
Net income	¥ 509,483	$ 80,369	¥ 516,205	¥ 477,728
Adjustments to reconcile net income to net cash provided by operating activities:
Loss/(gain) on disposal of property, plant and equipment	(152)	(24)	(139)	51
Depreciation of property, plant and equipment	43,301	6,831	44,469	44,828
Reduction in the carrying amount of right-of-use assets	2,159	341	2,551	2,335
Amortization of intangible assets	4,621	729	4,621	4,621
Deferred income taxes	3,235	510	(7,152)	(7,206)
Allowance for credit losses	34,339	5,417	37,212	24,395
Change in fair value of equity securities	20,391	3,217	(25,385)	13,172
Changes in operating assets and liabilities:
Accounts receivable	(102,933)	(16,238)	(120,436)	(86,897)
Inventories	(5,339)	(842)	(6,836)	(24,061)
Prepaid expenses and other receivables	29,546	4,660	(3,722)	(19,935)
Amounts due from related parties	(49,148)	(7,753)
Accounts payable	(1,149)	(181)	(10,513)	(13,574)
Accrued expenses and other payables	12,789	2,017	26,261	29,953
Operating lease right-of-use assets			(3,042)
Operating lease liabilities	(1,636)	(258)	(1,716)	(2,259)
Deferred revenue	89,546	14,126	149,752	122,085
Income tax payable	1,613	254	(2,782)	12,216
Other non-current liabilities	22,942	3,619	31,362	46,552
Net cash provided by operating activities	613,608	96,794	630,710	624,004
Investing activities:
Purchase of property, plant and equipment	(19,789)	(3,122)	(20,892)	(24,240)
Proceeds from disposal of property, plant and equipment	154	24	785	1,195
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	(19,635)	(3,098)	(20,107)	(146,061)
Financing activities:
Payment for dividends to holder of non-controlling interests	(7,729)	(1,219)	(6,074)	(4,039)
Net cash used in financing activities	(7,729)	(1,219)	(6,074)	(4,039)
Effect of foreign currency exchange rate change on cash and cash equivalents	(1,058)	(167)	(2,104)	1,608
Net increase in cash and cash equivalents	585,186	92,310	602,425	475,512
Cash and cash equivalents at beginning of year	6,075,798	958,434	5,473,373	4,997,861
Cash and cash equivalents at end of year	6,660,984	1,050,744	6,075,798	5,473,373
Non-cash investing activities:
Property, plant and equipment acquired by non-current deposits			2,608	4,884
Non-cash financing activity:
Payable for dividends to holder of non-controlling interests	9,355	1,476	7,729	6,074
Supplemental disclosures of cash flow information:
Cash paid for income taxes	¥ 113,504	$ 17,905	¥ 104,480	¥ 96,074

Principal activities and basis of presentation

12 Months Ended

Mar. 31, 2022

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, 2022, 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.

(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, 2022

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 allowance for credit losses on 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, 2022 included in the accompanying consolidated financial statements have been translated into U.S. dollars at the rate of US$1.00 = RMB6.3393, being the spot exchange rate of U.S. dollars in effect on March 31, 2022 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, 2022 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, 2021 and 2022, cash and cash equivalents maintained in the PRC amounted to RMB6,071,659 and RMB6,659,003 (US$1,050,432), 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,
	2021		2022
	Original currency	RMB	Original currency	RMB
U.S. dollars	508	3,339	145	913
Australian dollars	4	17	2	12
Renminbi	6,071,697	6,071,697	6,659,034	6,659,034
Hong Kong dollars	879	741	1,259	1,020
Singapore dollars	1	4	1	5
Total		6,075,798		6,660,984

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 equity 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

The Group utilizes a current expected credit losses model 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

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, 2020, 2021 and 2022.

(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 revenues 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 fee 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, 2020, 2021 and 2022, 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 RMB49,392, RMB54,441 and RMB64,921 (US$10,241) for the years ended March 31, 2020, 2021 and 2022, 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 and diluted 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.

(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 20 to the consolidated financial statements.

(v)	Recently adopted accounting standards

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, 2022

Accounts receivable, net

Accounts receivable, net

3	Accounts receivable, net

(a)	Accounts receivable consist of the following:


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Gross accounts receivable	552,562	635,582	100,260
Less: Allowance for credit losses	(205,056)	(219,482)	(34,622)
Total accounts receivable, net	347,506	416,100	65,638

Representing:

Current portion:
- Processing fees	88,748	104,308	16,455
- Storage fees	40,308	56,346	8,888
- Others	1,242	648	102
	130,298	161,302	25,445
Non-current portion - Processing fees	217,208	254,798	40,193
Total accounts receivable, net	347,506	416,100	65,638

Non-current accounts receivable as of March 31, 2022 are due for payment as follows:


	March 31, 2022
	RMB	US$
Fiscal years ending March 31,
2024	83,588	13,186
2025	58,464	9,222
2026	54,675	8,625
2027	47,568	7,504
2028 and thereafter	113,854	17,960
	358,149	56,497
Less: Unearned interest	(44,314)	(6,991)
Total non-current accounts receivable	313,835	49,506

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


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Non-current portion:
- Not past due	284,303	313,835	49,506

Current portion:
- Not past due	87,315	118,862	18,750
- Within one year past due	35,002	46,587	7,349
- Between one to two years past due	19,833	21,587	3,405
- Over two years past due	126,109	134,711	21,250
Total gross accounts receivable	552,562	635,582	100,260

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


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Current portion:

Processing fees:
Balance at beginning of year	44,641	57,648	74,843	11,806
Charged to allowance for credit losses	13,007	17,379	16,248	2,563
Write-off charged against the allowance for the year	—	(184)	(923)	(147)
Balance at end of year	57,648	74,843	90,168	14,222

Storage fees:
Balance at beginning of year	43,077	53,911	62,771	9,902
Charged to allowance for credit losses	13,628	15,777	16,095	2,539
Write-off charged against the allowance for the year	(2,794)	(6,917)	(9,799)	(1,546)
Balance at end of year	53,911	62,771	69,067	10,895

Others:
Balance at beginning of year	1,916	310	347	55
(Credited)/charged to allowance for credit losses	(1,490)	1,016	1,062	168
Write-off charged against the allowance for the year	(116)	(979)	(199)	(31)
Balance at end of year	310	347	1,210	192

Non-current portion - Processing fees:
Balance at beginning of year	74,800	71,421	67,095	10,584
(Credited)/charged to allowance for credit losses	(750)	3,040	934	147
Write-off charged against the allowance for the year	(2,629)	(7,366)	(8,992)	(1,418)
Balance at end of year	71,421	67,095	59,037	9,313

(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 as of March 31, 2022:


	Amortized cost basis by year of origination
						2017 and
						prior to
	2022	2021	2020	2019	2018	2017	Total
	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Processing fees:
Not past due	85,619	59,192	42,161	14,932	5,390	42,751	250,045
Within one year past due	—	8,627	3,048	373	214	1,694	13,956
Between one to two years past due	—	—	5,370	466	—	1,190	7,026
Over two years past due	—	—	—	718	8	42,082	42,808
Total	85,619	67,819	50,579	16,489	5,612	87,717	313,835

The following table presents the amortized cost basis of non-current accounts receivable by credit quality indicator by year of origination as of 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

Inventories

12 Months Ended

Mar. 31, 2022

Inventories

Inventories

4	Inventories

Inventories consist of the following:


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Current portion:
- Consumables and supplies	44,257	45,879	7,237

Non-current portion:
- Processing costs capitalized in donated umbilical cord blood	91,446	95,163	15,012
Total current and non-current inventories	135,703	141,042	22,249

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, 2020, 2021 and 2022.

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, 2022, the weighted average remaining useful life of the donated umbilical cord blood units was estimated to be approximately 16.0 years.

Prepaid expenses and other receivables

12 Months Ended

Mar. 31, 2022

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,
	2021	2022	2022
	RMB	RMB	US$

Prepaid expenses	43,012	11,938	1,884
VAT tax receivables	—	30	5
Other receivables	4,776	5,722	904
Total prepaid expenses and other receivables	47,788	17,690	2,793

Other receivables mainly include advance payments to employees and prepayments.

Property, plant and equipment, net

12 Months Ended

Mar. 31, 2022

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,
	2021	2022	2022
	RMB	RMB	US$
Buildings	603,910	607,166	95,778
Leasehold improvements	14,864	14,864	2,345
Machinery	219,626	226,868	35,788
Motor vehicles	18,598	19,172	3,024
Furniture, fixtures and equipment	56,029	59,814	9,435
Construction-in-progress	3,619	1,908	301
	916,646	929,792	146,671
Less: Accumulated depreciation	(417,990)	(455,981)	(71,929)
Total property, plant and equipment, net	498,656	473,811	74,742

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


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Cost of revenues	28,980	28,574	28,615	4,514
Research and development	1,866	1,893	1,935	305
Sales and marketing	2,742	2,810	2,693	425
General and administrative	11,240	11,192	10,058	1,587
Total depreciation expense	44,828	44,469	43,301	6,831

Non-current deposits

12 Months Ended

Mar. 31, 2022

Non-current deposits

Non-current deposits

7	Non-current deposits

Non-current deposits consist of the following:


		March 31,
	Note	2021	2022	2022
		RMB	RMB	US$

Investment deposit	(i)	340,000	340,000	53,634
Deposit for purchase of machinery		4,752	6,228	982
Total non-current deposits		344,752	346,228	54,616

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, 2022

Intangible assets, net

Intangible assets, net

8	Intangible assets, net


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Cord blood bank operating rights	138,628	138,628	21,868
Less: Accumulated amortization	(50,426)	(55,047)	(8,684)
Total intangible assets, net	88,202	83,581	13,184

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$153) for the years ended March 31, 2020, 2021 and 2022, 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$576) for the years ended March 31, 2020, 2021 and 2022, 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, 2022 are:


	March 31, 2022
	RMB	US$
Fiscal years ending March 31,
2023	4,621	729
2024	4,621	729
2025	4,621	729
2026	4,621	729
2027	4,621	729
2028 and thereafter	60,476	9,539
Total amortization expenses	83,581	13,184

Investment in equity securities at fair value

12 Months Ended

Mar. 31, 2022

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	2021	2022	2022
		RMB	RMB	US$

Listed equity securities
Cordlife Group Limited - listed on Singapore Exchange	(i)	47,249	46,618	7,354
Listed fund investment	(ii)	70,662	46,556	7,344
		117,911	93,174	14,698

Notes:

(i)

As of March 31, 2021 and 2022, 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, 2021 and 2022, the Group’s equity interest in CGL was approximately 10.0%.

(ii)	As of March 31, 2021 and 2022, 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, 2021 and 2022, the cost basis of the investments in equity securities was RMB100,213 and the aggregate fair value was RMB117,911 and RMB93,174 (US$14,698), respectively. Decreases in fair value of equity securities of RMB13,172 and RMB20,391 (US$3,217) for the years ended March 31, 2020 and 2022, and increase in fair value of equity securities of RMB25,385 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, 2020, 2021 and 2022 of RMB507, RMB1,281 and RMB1,120 (US$177), respectively, were recorded in dividend income in the consolidated statements of comprehensive income.

Other equity investment

12 Months Ended

Mar. 31, 2022

Other equity investment

Other equity investment

10	Other equity investment

As of March 31, 2021 and 2022, 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, 2021 and 2022, respectively.

No dividend income was received from Qilu Stem Cells during the years ended March 31, 2020, 2021 and 2022.

Accrued expenses and other payables

12 Months Ended

Mar. 31, 2022

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	2021	2022	2022
		RMB	RMB	US$

Insurance premium received on behalf of insurance company	(i)	43,305	45,884	7,238
Other tax payables		4,503	4,512	712
Accrued salaries, bonus and welfare expenses		54,891	59,022	9,310
Accrued consultancy and professional fees		14,210	19,364	3,055
Payable for property, plant and equipment		349	610	97
Other payables	(ii)	19,190	19,267	3,039
Total accrued expenses and other payables		136,448	148,659	23,451

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. As of March 31, 2022, the amounts attributable to the insurance premiums are RMB45,884 (US$7,238) and RMB501,721(US$79,145), which are included in accrued expenses and other payables, and other non-current liabilities (collected and payable over one year), respectively. Insurance premiums are 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, 2022

Operating leases

Operating leases

12	Operating leases

As of March 31, 2022, the Company had two operating leases for offices with remaining terms expiring in 2022 and 2024 respectively, and a weighted average remaining lease term of 0.8 year. 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, 2020, 2021 and 2022 were RMB3,399, RMB10,374 and RMB5,698 (US$899), respectively. There were no variable lease costs or sublease income for leased assets for the years ended March 31, 2020, 2021 and 2022.

Operating lease right-of-use assets and liabilities as of March 31, 2021 and 2022 were as follows:


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Operating lease right-of-use assets	5,039	2,880	454

Operating lease liabilities	1,636	147	23
Non-current operating lease liabilities	147	—	—
Total lease liabilities	1,783	147	23

Supplemental cash flow information related to leases was as follows:


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	4,902	1,700	268
Right-of-use assets obtained in exchange for lease obligations	—	—	—

The maturity analysis of operating leases liabilities as of March 31, 2022 is as follows:


	March 31, 2022
	RMB	US$
Future undiscounted cash flows for the fiscal year ending March 31, 2023	150	24
Less: Discount factor	(3)	(1)
Lease liabilities - Current portion	147	23

Deferred revenue

12 Months Ended

Mar. 31, 2022

Deferred revenue

Deferred revenue

13	Deferred revenue

(a)	Deferred revenue consists of the following:


		March 31,
	Note	2021	2022	2022
		RMB	RMB	US$

Payments made by customers prior to completion of cord blood processing services	(i)	124,346	110,056	17,361
Unearned storage fees	(b)	2,717,919	2,821,755	445,121
Total current and non-current deferred revenue	(ii)	2,842,265	2,931,811	462,482

Representing:
Current portion		449,359	458,262	72,289
Non-current portion		2,392,906	2,473,549	390,193
Total current and non-current deferred revenue		2,842,265	2,931,811	462,482

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 and before the payment becomes non-refundable. Of the balance of RMB124,346 as of March 31, 2021, RMB78,350 (US$12,359) was recognized as revenues for the year ended March 31, 2022 and RMB45,996 (US$7,256) 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 RMB348,206 (US$54,928) in fiscal year 2023, RMB230,019 (US$36,285) in fiscal year 2024, RMB228,228 (US$36,002) in fiscal year 2025, and RMB2,015,302 (US$317,906) in the fiscal year 2026 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,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Balance at beginning of year	2,384,676	2,593,007	2,717,919	428,741
Deferred revenue arose during the year	660,001	617,796	641,689	101,224
Credited to income
- From prior year’s balance	(276,234)	(303,245)	(325,013)	(51,270)
- From deferred revenue arose during the year	(175,436)	(189,639)	(212,840)	(33,574)
Balance at end of year	2,593,007	2,717,919	2,821,755	445,121

Shareholders' equity

12 Months Ended

Mar. 31, 2022

Shareholders' equity

Shareholders' equity

14	Shareholders’ equity

(a)	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 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 RMB20,068, RMB23,384 and RMB17,716 (US$2,795)have been made to the statutory surplus reserve by Beijing Jiachenhong and Zhejiang Lukou for the years ended March 31, 2020, 2021 and 2022, respectively. Accumulated statutory surplus reserves as of March 31, 2021 and 2022 amounted to RMB203,434 and RMB221,150 (US$34,886), respectively.

(b)	Share repurchase program

On 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, 2022. During the year ended March 31, 2022, the Company did not repurchase any of its shares under the new share repurchase programs.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues

12 Months Ended

Mar. 31, 2022

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,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Cord blood processing fees	759,493	653,756	693,001	109,319
Cord blood storage fees	451,670	492,884	537,853	84,844
Fees derived from the provision of donated cord blood for transplantation and research and others	10,297	12,999	12,401	1,956
Total revenues	1,221,460	1,159,639	1,243,255	196,119

Income Tax

12 Months Ended

Mar. 31, 2022

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, 2020, 2021 and 2022. 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 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. Guangzhou Nuoya 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, 2022 to December 31, 2024.

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. In January 2022, Zhejiang Lukou 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, 2021 and will expire on 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. As of March 31, 2022, the Company has provided RMB8,000 (US$1,262) for withholding income tax based on dividend policy. No income taxes were provided for the remaining undistributed earnings which are intended to be reinvested indefinitely in the PRC. As of March 31, 2022, such undistributed earnings that may be subject to the withholding tax amounted to RMB3,863,157 (US$609,398) and the related unrecognized deferred tax liability was RMB386,316 (US$60,940).

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


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

The PRC	668,552	652,494	713,399	112,536
Non-PRC
- Hong Kong	(43)	(43)	(49)	(8)
- British Virgin Islands	(13,313)	26,319	(20,279)	(3,199)
- Cayman Islands	(76,384)	(68,019)	(65,236)	(10,291)
Income before income tax expense	578,812	610,751	627,835	99,038

(a)	Income taxes

Income tax expense represents PRC income tax expense as follows:


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Current tax expense	108,290	101,698	115,117	18,159
Deferred tax (benefit)/expense	(7,206)	(7,152)	3,235	510
Total income tax expense	101,084	94,546	118,352	18,669

(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	2020	2021	2022	2022
		RMB	RMB	RMB	US$

Income before income tax expense		578,812	610,751	627,835	99,038

Computed “expected” tax expense		144,703	152,688	156,959	24,760
Non-PRC entities not subject to income tax
- Hong Kong		11	11	12	2
- British Virgin Islands		3,328	(6,580)	5,070	800
- Cayman Islands		19,096	17,005	16,309	2,572
Dividend withholding tax	(i)	4,500	2,000	15,500	2,445
Preferential tax rates	(ii)	(70,580)	(68,027)	(73,210)	(11,549)
Others		26	(2,551)	(2,288)	(361)
Actual income tax expense		101,084	94,546	118,352	18,669

Notes:

(i)

During the years ended March 31, 2020, 2021 and 2022, PRC withholding tax of RMB4,500, RMB2,000 and RMB7,500 (US$1,183) was levied on dividends distributed by the Company’s PRC subsidiaries to its holding company outside the PRC. During the year ended March 31, 2022, the Company has provided RMB8,000 (US$1,262) for withholding income tax on a portion of the undistributed earnings of its PRC subsidiaries according to the management’s reinvestment plan.

(ii)	Impact of preferential tax rates for both basic and diluted per share is RMB0.58, RMB0.56 and RMB0.60 (US$0.09) for the years ended March 31, 2020, 2021 and 2022, respectively.

(c)	Deferred taxes

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


	March 31,
	2021	2022	2022
	RMB	RMB	US$
Deferred tax assets:
Accounts receivable	56,309	59,736	9,423
Inventories	9,333	9,278	1,464
Others	1,584	1,645	259
Deferred tax assets	67,226	70,659	11,146

Deferred tax liabilities:
Deferred revenue	(29)	(19)	(3)
Property, plant and equipment	(5,433)	(5,266)	(831)
Dividend withholding tax	—	(8,000)	(1,262)
Intangible assets	(22,051)	(20,896)	(3,296)
Deferred tax liabilities	(27,513)	(34,181)	(5,392)

Net deferred tax assets	39,713	36,478	5,754

Classification on consolidated balance sheets:
Deferred tax assets	55,845	60,758	9,584
Deferred tax liabilities	(16,132)	(24,280)	(3,830)
Net deferred tax assets	39,713	36,478	5,754

For the years ended March 31, 2020, 2021 and 2022, 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$16). 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 2017 to 2021 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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-Publisher FASB
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+ Details

Earnings per share

12 Months Ended

Mar. 31, 2022

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, 2020, 2021 and 2022:


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Numerator:
Net income attributable to the Company’s shareholders	470,717	508,247	501,065	79,041

Denominator:
Weighted average ordinary shares outstanding for basic and diluted net income per share	121,551,075	121,551,075	121,551,075	121,551,075

Earnings per share
- Basic	3.87	4.18	4.12	0.65
- Diluted	3.87	4.18	4.12	0.65

Related party transactions

12 Months Ended

Mar. 31, 2022

Related party transactions

Related party transactions

18	Related party transactions

As of March 31, 2022, the Group identified Golden Meditech Holdings Limited (“GMHL”) and its subsidiaries as related parties.

(i)	For the year ended March 31, 2022, the Group purchased raw materials of RMB23,613 (US$3,725) from China Bright Group Co. Limited, a subsidiary of GMHL (RMB12,811 and RMB12,011 for the years ended March 31, 2020 and 2021, respectively).

(ii)	For the year ended March 31, 2022, the Group purchased raw materials and machineries of RMB1,713 (US$270) from Beijing Jingjing Jiahong Medical Equipment Co., Ltd., a subsidiary of GMHL (RMB29,960 and RMB28,892 for the years ended March 31, 2020 and 2021, respectively).

(iii)

Consultancy services were provided by GMHL for a fee of RMB7,699 (US$1,214) for the year ended March 31, 2022. No such services were provided during the years ended March 31, 2020 or 2021.

(iv)	For the year ended March 31, 2022, general and administrative expenses of RMB7,501 (US$1,183) were charged by GMHL to the Group (RMB4,010 and RMB16,666 for the years ended March 31, 2020 and 2021, respectively).

Employee benefits

12 Months Ended

Mar. 31, 2022

Employee benefits

Employee benefits

19	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 RMB40,378, RMB32,191 and RMB35,779 (US$5,643) for the years ended March 31, 2020, 2021 and 2022, respectively, were charged to expenses in the consolidated statements of comprehensive income.

For the years ended March 31, 2020, 2021 and 2022, 61%, 61% and 59% 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, 2022

Fair value measurements

Fair value measurements

20	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, 2021 and 2022. 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, 2022

Business and credit concentrations

Business and credit concentrations

21	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 21.2%, 19.6% and 19.7% of revenues for the years ended March 31, 2020, 2021 and 2022, respectively. Revenues derived from the subsidiary in the Guangdong province accounted for 62.9%, 63.7% and 63.0% of revenues for the years ended March 31, 2020, 2021 and 2022, respectively. Revenues derived from the subsidiary in the Zhejiang province accounted for 15.9%, 16.7% and 17.3% of revenues for the years ended March 31, 2020, 2021 and 2022, 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	2020		2021		2022
		RMB	%	RMB	%	RMB	US$	%

China Bright Group Co. Limited		12,811	14	12,011	16	23,613	3,725	30
Beijing Jingjing Jiahong Medical Equipment Co., Ltd.	(i)	29,960	32	28,892	38	—	—	—
Guangzhou Paper Biotech Company Limited	(ii)	—	—	—	—	8,864	1,398	11
Total		42,771	46	40,903	54	32,477	5,123	41

None of the individual accounts payable due to major suppliers exceeded 10% of outstanding accounts payable balance as of March 31, 2021 and 2022.

Note:

(i)	The purchases from Beijing Jingjing Jiahong Medical Equipment Co., Ltd. were less than 10% of gross purchases for the year ended March 31, 2022.

(ii)	The purchases from Guangzhou Paper Biotech Company Limited were less than 10% of gross purchases for the years ended March 31, 2020 and 2021.

Commitments and contingencies

12 Months Ended

Mar. 31, 2022

Commitments and contingencies

Commitments and contingencies

22	Commitments and contingencies

Contractual commitments

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 RMB3,500 (US$552) with a term of four years effective from November 2021.

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$568).

As of March 31, 2022, the total future minimum payments under cooperation agreements are as follows:


	March 31, 2022
	RMB	US$
Fiscal years ending March 31,
2023	7,100	1,120
2024	7,100	1,120
2025	7,100	1,120
2026	5,933	936
2027	3,600	568
2028 and thereafter	9,300	1,467
Total payments	40,133	6,331

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

12 Months Ended

Mar. 31, 2022

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

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

23	2019 novel coronavirus (“COVID-19”) pandemic outbreak

Since late 2019, COVID-19 has spread across China, including our primary markets of Beijing, Guangdong, and Zhejiang. The World Health Organization declared the outbreak of COVID-19 a pandemic on March 11, 2020. As COVID-19 continues to spread, different cities in China have taken various restrictive measures, including implementing complete or partial lockdowns. For example, the 2020 Chinese Lunar New Year holidays were extended in order to curb the spread of the virus, resulting in insufficient work force and delayed production for many industries. These preventive measures have continued to impact our daily operations. The government’s efforts to control COVID-19 have placed heavy pressure on our marketing, promotional and sales activities. From time to time, part of our salesforce were unable to return to work due to lockdowns implemented in various cities, and some hospitals were restricting entrance to hospital staffs and patients only. As a result, these measures have had adverse impact on our marketing efforts and access to potential clients, rendering client conversion challenging. We focus on protecting the safety and well-being of our work force while also ensuring that no disruption occurs to the day-to-day services that we provide to existing clients. Therefore, we have increased our efforts to purchase necessary medical supplies and equipment, which has led to an increase in operating costs. In addition, the negative economic impact brought forth by the COVID-19 pandemic has affected numerous industries and further erodes already weak consumer sentiment. It is yet difficult to estimate how long it will take to restore people’s normal lives, or whether certain pandemic-control measures will become part of a new norm. These conditions, compounded by other factors, have adversely affect potential clients’ pregnancy decisions. With vaccination rate gradually increasing in China, the impact from COVID-19 may be alleviated. However, certain variants have proven to be more severe or infectious, especially the Omicron variant, which have resulted in an increase in cases globally. These or future variants of COVID-19 could also prove to be more resistant to vaccines. In addition, while the world is facing various challenges in response to COVID-19, China may continue to tighten its anti-pandemic policies and measures, which would add further headwinds to the recovery pace of China’s economy and consumer confidence. Taking into consideration the potential effects of COVID-19 on fertility, as well as the observed impacts of the COVID-19 pandemic on socio-economic conditions, the number of newborns in the respective regions where we operate is expected to remain low in the near term.

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. There is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies that have been adopted by the central banks and financial authorities of some of the world’s leading economies to counter the negative economic impact brought forth by COVID-19. In addition, inflation has accelerated in many economies, in particular the United States, and policy actions to address inflation may slow or reverse economic growth or have other negative effects on economic conditions. These government policies and actions could have lasting effects on our business, our expansion plans and our ability to raise capital required to implement our expansion plans, the extent of which is difficult to predict.

Subsequent events

12 Months Ended

Mar. 31, 2022

Subsequent events

Subsequent events

24	Subsequent events

On April 29, 2022, the Company entered into a series of stock purchase agreements, dated April 29, 2022 (collectively the “SPAs”) with the holders of approximately 95% of the outstanding shares of common stock of Cellenkos, Inc. (“Cellenkos”). The SPAs provide for the acquisition by the Company, directly and indirectly, of the equity securities of Cellenkos held by such holders, subject to the satisfaction or waiver of customary closing conditions set forth in the SPAs (including that neither Dr. Simrit Parmar nor Jackie Leong would have repudiated his or her employment agreement with the Company and/or Cellenkos), in exchange for an aggregate of approximately 65.7 million ordinary shares of the Company, and certain units of Cellenkos Holdings L.P. which may be redeemed upon the unit holders’ request with aggregate consideration of 36,112,267 ordinary shares of the Company on a fully diluted basis. On June 27, 2022, the Company and the counterparties to each of the SPAs entered into an amendment thereto providing that the date by which the acquisition of Cellenkos shall have been consummated in order to avoid the terminability thereof by either of the parties shall be extended from June 28, 2022 to July 28, 2022.

Moreover, the Company entered into a framework agreement dated April 29, 2022 (the “Framework Agreement”) with GM Precision Medicine (BVI) Limited (“GMPM BVI Company”), which is a subsidiary of GMHL. The consideration for the Equity Transfer and Assignment as defined in the Framework Agreement consists of approximately 12.4 million ordinary shares of the Company (the “Stage 1 Share Issue”) and US$664 million cash consideration (the “Stage 1 Payment”), each to be issued/paid to GMPM BVI Company and/or its designated person(s) in accordance with the Framework Agreement, with the purpose to provide the Company with the intellectual property (“Cellenkos Asia Rights”) and certain PRC laboratory assets that will be necessary to develop Cellenkos’ product candidates in the field of umbilical cord blood treatment for acute and chronic autoimmune diseases and inflammatory disorders in Asia.

The Stage 1 Payment and the Stage 1 Share Issue were completed on April 29, 2022 and May 4, 2022, respectively. As of the date of this report, GCBC acquired the Cellenkos Asia Rights and held an indirect 100% interest in Shanghai GM Life Bank Co., Ltd. and Shanghai GM Diagnosis Co., Ltd.

On May 6, 2022, the Company received a winding up petition (the “Petition”) filed by Blue Ocean Structure Investment Company Ltd (“Blue Ocean”) in the Grand Court of the Cayman Islands (the “Cayman Court”). Among other things, the Petition seeks orders that: (i) the Company refrain from proceeding with a proposed transaction by which the Company would acquire Cellenkos, as described in a Form 6-K filed by the Company on April 29, 2022 (the “Cellenkos Acquisition”); (ii) the Company amend and restate its Memorandum and Articles of Association; and (iii) the Company convene an extraordinary general meeting to propose the removal of its current Board of Directors and the appointment of alternative directors proposed by Blue Ocean. In the alternative, the Petition seeks an order for, among other things, the winding up of the Company. On May 16, 2022, a litigation steering committee (the “Litigation Steering Committee”), consisting of Ms. Ting Zheng (Ms. Ting Zheng is the chairman of the Litigation Steering Committee), Mr. Albert Chen, Mr. Mark Chen, Dr. Ken Lu, Ms. Jennifer Wang, Mr. Jack Chow and Mr. Jacky Cheng, was formed to oppose the Petition and to bring such other actions to satisfactorily resolve the matter.

The Cayman Court made various orders in relation to various interlocutory applications filed in the Petition. Among other things:

On May 12, 2022, upon Blue Ocean’s application, the Cayman Court issued an ex parte order preventing the completion of the Cellenkos Acquisition (the “12 May Injunction”).

On June 15, 2022, upon the Company’s application, the Cayman Court ordered, among other things, that, until further order of the Court, any resolution or resolutions (the “Resolutions”) that might be passed or purported to be passed at any extraordinary general meeting of the Company to be held or purporting to be held on June 16, 2022 (the “Purported EGM”) or other meeting held or purporting to be held pursuant to a Notice of Extraordinary General Meeting dated June 3, 2022 (on June 16, 2022 or any other date) shall not take effect and shall not be implemented, and Blue Ocean must not rely or purport to rely upon any such Resolutions and/or seek to convene or convene any extraordinary general meeting of the Company or other meeting (the “EGM Injunction”).

Following a hearing of various interlocutory applications on July 13-14, 2022, the Cayman Court subsequently issued a judgment (the “Judgment”). Among other things:

(i)the Cayman Court observed that Blue Ocean’s shareholding in and standing as a member of the Company was subject to challenge in proceedings it had commenced by way of the BVI Claim (Claim No. BVIHCV (COM) 2022/0101);

(ii)the Cayman Court determined that the 12 May Injunction is to be discharged (for the avoidance of doubt, this aspect of the Judgment, amongst others, will not come into effect until the various consequential matters are heard, a date for which has not yet been set, and the final Order of Court is perfected/ sealed. Therefore, as of the date of this report, the 12 May Injunction remains in place);

(iii)the Cayman Court ordered that the EGM Injunction continue until further Order;

(iv)the Cayman Court adjourned the Company’s application for, among other things, a declaration that the Purported EGM has been invalidly convened and, further or alternatively, a declaration that all proceedings at the Purported EGM are invalid and any resolutions purported to be passed at the Purported EGM are of no effect, with liberty to apply; and

(v)the Cayman Court dismissed the Company's application for, among other things, a declaration that Section 99 of the Cayman Islands Companies Act (2022 Revision) does not apply to any disposition of the Company’s property and any transfer of shares made prior to the commencement of the Petition, and an order that the Company be permitted to effect the transactions contemplated in the Cellenkos Acquisition.

The Company cautions its shareholders and others that the Judgment, despite having been delivered, will not legally take effect until the various consequential matters, including applications for leave to appeal and/or a stay of execution pending appeal, are heard and the final Order of Court is perfected/ sealed. The Judgment provides that the final Order of Court “should, if necessary, take effect from the date it is perfected so as to preserve any appeal rights which might otherwise be affected”.

As of the date of this report, a date for any further hearing(s) has not been fixed and the final Order of Court has not been perfected. This means, among other things, that both the 12 May Injunction and the EGM Injunction still apply. There is also a possibility that the Judgment could still be revised until the final Order of Court is sealed.

Separately, on June 8, 2022, Blue Ocean issued a Writ of Summons (the “Writ”) in the Cayman Court against the Company, our current directors, and other parties in relation to the Cellenkos Acquisition. Among other things, Blue Ocean seeks: (i) a declaration that the Cellenkos Acquisition is void; (ii) equitable compensation against various defendants; (iii) rectification of the Company’s register of members; and (iv) declarations that certain defendants hold shares/ funds received as trustee of the Company on constructive trust.

Therefore, the Cellenkos Acquisition remains the subject of legal proceedings against, among others, the Company and the current Board of Directors. The ultimate resolution of these proceedings may have a material adverse impact on our business, financial condition, results of operations or cash flows. Failure to settle these proceedings or other unfavorable outcomes in these proceedings – including but not limited to the winding up of the Company, the appointment of joint official liquidators, or the appointment of joint provisional liquidators - could result in significant damages, additional penalties or other remedies imposed against the Company, our current or former directors or officers.

Summary of significant accounting policies (Policies)

12 Months Ended

Mar. 31, 2022

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,
	2021		2022
	Original currency	RMB	Original currency	RMB
U.S. dollars	508	3,339	145	913
Australian dollars	4	17	2	12
Renminbi	6,071,697	6,071,697	6,659,034	6,659,034
Hong Kong dollars	879	741	1,259	1,020
Singapore dollars	1	4	1	5
Total		6,075,798		6,660,984

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, 2020, 2021 and 2022, 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

Basic and diluted 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.

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.

●

See Note 20 to the consolidated financial statements.

Recently adopted accounting standards

(v)	Recently adopted accounting standards

Summary of significant accounting policies (Tables)

12 Months Ended

Mar. 31, 2022

Summary of significant accounting policies

Schedule of cash and cash equivalents denominated in several currencies


	March 31,
	2021		2022
	Original currency	RMB	Original currency	RMB
U.S. dollars	508	3,339	145	913
Australian dollars	4	17	2	12
Renminbi	6,071,697	6,071,697	6,659,034	6,659,034
Hong Kong dollars	879	741	1,259	1,020
Singapore dollars	1	4	1	5
Total		6,075,798		6,660,984

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, 2022

Accounts receivable, net

Schedule of accounts receivable


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Gross accounts receivable	552,562	635,582	100,260
Less: Allowance for credit losses	(205,056)	(219,482)	(34,622)
Total accounts receivable, net	347,506	416,100	65,638

Representing:

Current portion:
- Processing fees	88,748	104,308	16,455
- Storage fees	40,308	56,346	8,888
- Others	1,242	648	102
	130,298	161,302	25,445
Non-current portion - Processing fees	217,208	254,798	40,193
Total accounts receivable, net	347,506	416,100	65,638

Schedule of non-current accounts receivable due for payment


	March 31, 2022
	RMB	US$
Fiscal years ending March 31,
2024	83,588	13,186
2025	58,464	9,222
2026	54,675	8,625
2027	47,568	7,504
2028 and thereafter	113,854	17,960
	358,149	56,497
Less: Unearned interest	(44,314)	(6,991)
Total non-current accounts receivable	313,835	49,506

Schedule of aging analysis of accounts receivable based on due date


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Non-current portion:
- Not past due	284,303	313,835	49,506

Current portion:
- Not past due	87,315	118,862	18,750
- Within one year past due	35,002	46,587	7,349
- Between one to two years past due	19,833	21,587	3,405
- Over two years past due	126,109	134,711	21,250
Total gross accounts receivable	552,562	635,582	100,260

Schedule of allowance for credit losses


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Current portion:

Processing fees:
Balance at beginning of year	44,641	57,648	74,843	11,806
Charged to allowance for credit losses	13,007	17,379	16,248	2,563
Write-off charged against the allowance for the year	—	(184)	(923)	(147)
Balance at end of year	57,648	74,843	90,168	14,222

Storage fees:
Balance at beginning of year	43,077	53,911	62,771	9,902
Charged to allowance for credit losses	13,628	15,777	16,095	2,539
Write-off charged against the allowance for the year	(2,794)	(6,917)	(9,799)	(1,546)
Balance at end of year	53,911	62,771	69,067	10,895

Others:
Balance at beginning of year	1,916	310	347	55
(Credited)/charged to allowance for credit losses	(1,490)	1,016	1,062	168
Write-off charged against the allowance for the year	(116)	(979)	(199)	(31)
Balance at end of year	310	347	1,210	192

Non-current portion - Processing fees:
Balance at beginning of year	74,800	71,421	67,095	10,584
(Credited)/charged to allowance for credit losses	(750)	3,040	934	147
Write-off charged against the allowance for the year	(2,629)	(7,366)	(8,992)	(1,418)
Balance at end of year	71,421	67,095	59,037	9,313

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


	Amortized cost basis by year of origination
						2017 and
						prior to
	2022	2021	2020	2019	2018	2017	Total
	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Processing fees:
Not past due	85,619	59,192	42,161	14,932	5,390	42,751	250,045
Within one year past due	—	8,627	3,048	373	214	1,694	13,956
Between one to two years past due	—	—	5,370	466	—	1,190	7,026
Over two years past due	—	—	—	718	8	42,082	42,808
Total	85,619	67,819	50,579	16,489	5,612	87,717	313,835

The following table presents the amortized cost basis of non-current accounts receivable by credit quality indicator by year of origination as of 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

Inventories (Tables)

12 Months Ended

Mar. 31, 2022

Inventories

Schedule of inventories


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Current portion:
- Consumables and supplies	44,257	45,879	7,237

Non-current portion:
- Processing costs capitalized in donated umbilical cord blood	91,446	95,163	15,012
Total current and non-current inventories	135,703	141,042	22,249

Prepaid expenses and other receivables (Tables)

12 Months Ended

Mar. 31, 2022

Prepaid expenses and other receivables

Schedule of prepaid expenses and other receivables


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Prepaid expenses	43,012	11,938	1,884
VAT tax receivables	—	30	5
Other receivables	4,776	5,722	904
Total prepaid expenses and other receivables	47,788	17,690	2,793

Property, plant and equipment, net (Tables)

12 Months Ended

Mar. 31, 2022

Property, plant and equipment, net

Schedule of property, plant and equipment, net


	March 31,
	2021	2022	2022
	RMB	RMB	US$
Buildings	603,910	607,166	95,778
Leasehold improvements	14,864	14,864	2,345
Machinery	219,626	226,868	35,788
Motor vehicles	18,598	19,172	3,024
Furniture, fixtures and equipment	56,029	59,814	9,435
Construction-in-progress	3,619	1,908	301
	916,646	929,792	146,671
Less: Accumulated depreciation	(417,990)	(455,981)	(71,929)
Total property, plant and equipment, net	498,656	473,811	74,742

Schedule of depreciation expense of property, plant and equipment


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Cost of revenues	28,980	28,574	28,615	4,514
Research and development	1,866	1,893	1,935	305
Sales and marketing	2,742	2,810	2,693	425
General and administrative	11,240	11,192	10,058	1,587
Total depreciation expense	44,828	44,469	43,301	6,831

Non-current deposits (Tables)

12 Months Ended

Mar. 31, 2022

Non-current deposits

Schedule of non-current deposits


		March 31,
	Note	2021	2022	2022
		RMB	RMB	US$

Investment deposit	(i)	340,000	340,000	53,634
Deposit for purchase of machinery		4,752	6,228	982
Total non-current deposits		344,752	346,228	54,616

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, 2022

Intangible assets, net

Schedule of components of intangible assets, net


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Cord blood bank operating rights	138,628	138,628	21,868
Less: Accumulated amortization	(50,426)	(55,047)	(8,684)
Total intangible assets, net	88,202	83,581	13,184

Schedule of estimated amortization expenses


	March 31, 2022
	RMB	US$
Fiscal years ending March 31,
2023	4,621	729
2024	4,621	729
2025	4,621	729
2026	4,621	729
2027	4,621	729
2028 and thereafter	60,476	9,539
Total amortization expenses	83,581	13,184

Investment in equity securities at fair value (Tables)

12 Months Ended

Mar. 31, 2022

Investment in equity securities at fair value

Schedule of listed equity securities


		March 31,
	Note	2021	2022	2022
		RMB	RMB	US$

Listed equity securities
Cordlife Group Limited - listed on Singapore Exchange	(i)	47,249	46,618	7,354
Listed fund investment	(ii)	70,662	46,556	7,344
		117,911	93,174	14,698

Notes:

(i)

(ii)	As of March 31, 2021 and 2022, 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, 2022

Other equity investment

Schedule of other equity investments

Accrued expenses and other payables (Tables)

12 Months Ended

Mar. 31, 2022

Accrued expenses and other payables.

Schedule of accrued expenses and other payables


		March 31,
	Note	2021	2022	2022
		RMB	RMB	US$

Insurance premium received on behalf of insurance company	(i)	43,305	45,884	7,238
Other tax payables		4,503	4,512	712
Accrued salaries, bonus and welfare expenses		54,891	59,022	9,310
Accrued consultancy and professional fees		14,210	19,364	3,055
Payable for property, plant and equipment		349	610	97
Other payables	(ii)	19,190	19,267	3,039
Total accrued expenses and other payables		136,448	148,659	23,451

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, 2022

Operating leases

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


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Operating lease right-of-use assets	5,039	2,880	454

Operating lease liabilities	1,636	147	23
Non-current operating lease liabilities	147	—	—
Total lease liabilities	1,783	147	23

Schedule of supplemental cash flow information related to leases


	March 31,
	2021	2022	2022
	RMB	RMB	US$

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	4,902	1,700	268
Right-of-use assets obtained in exchange for lease obligations	—	—	—

Schedule of the maturity analysis of operating leases liabilities


	March 31, 2022
	RMB	US$
Future undiscounted cash flows for the fiscal year ending March 31, 2023	150	24
Less: Discount factor	(3)	(1)
Lease liabilities - Current portion	147	23

Deferred revenue (Tables)

12 Months Ended

Mar. 31, 2022

Deferred revenue

Schedule of deferred revenue


		March 31,
	Note	2021	2022	2022
		RMB	RMB	US$

Payments made by customers prior to completion of cord blood processing services	(i)	124,346	110,056	17,361
Unearned storage fees	(b)	2,717,919	2,821,755	445,121
Total current and non-current deferred revenue	(ii)	2,842,265	2,931,811	462,482

Representing:
Current portion		449,359	458,262	72,289
Non-current portion		2,392,906	2,473,549	390,193
Total current and non-current deferred revenue		2,842,265	2,931,811	462,482

Notes:

(i)

(ii)

Unearned storage fees

Deferred revenue

Schedule of deferred revenue


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Balance at beginning of year	2,384,676	2,593,007	2,717,919	428,741
Deferred revenue arose during the year	660,001	617,796	641,689	101,224
Credited to income
- From prior year’s balance	(276,234)	(303,245)	(325,013)	(51,270)
- From deferred revenue arose during the year	(175,436)	(189,639)	(212,840)	(33,574)
Balance at end of year	2,593,007	2,717,919	2,821,755	445,121

Revenues (Tables)

12 Months Ended

Mar. 31, 2022

Revenues

Schedule of revenue by category


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Cord blood processing fees	759,493	653,756	693,001	109,319
Cord blood storage fees	451,670	492,884	537,853	84,844
Fees derived from the provision of donated cord blood for transplantation and research and others	10,297	12,999	12,401	1,956
Total revenues	1,221,460	1,159,639	1,243,255	196,119

Income tax (Tables)

12 Months Ended

Mar. 31, 2022

Income tax

Schedule of income before income tax expense


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

The PRC	668,552	652,494	713,399	112,536
Non-PRC
- Hong Kong	(43)	(43)	(49)	(8)
- British Virgin Islands	(13,313)	26,319	(20,279)	(3,199)
- Cayman Islands	(76,384)	(68,019)	(65,236)	(10,291)
Income before income tax expense	578,812	610,751	627,835	99,038

Schedule of income tax expense


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Current tax expense	108,290	101,698	115,117	18,159
Deferred tax (benefit)/expense	(7,206)	(7,152)	3,235	510
Total income tax expense	101,084	94,546	118,352	18,669

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


		Year ended March 31,
	Note	2020	2021	2022	2022
		RMB	RMB	RMB	US$

Income before income tax expense		578,812	610,751	627,835	99,038

Computed “expected” tax expense		144,703	152,688	156,959	24,760
Non-PRC entities not subject to income tax
- Hong Kong		11	11	12	2
- British Virgin Islands		3,328	(6,580)	5,070	800
- Cayman Islands		19,096	17,005	16,309	2,572
Dividend withholding tax	(i)	4,500	2,000	15,500	2,445
Preferential tax rates	(ii)	(70,580)	(68,027)	(73,210)	(11,549)
Others		26	(2,551)	(2,288)	(361)
Actual income tax expense		101,084	94,546	118,352	18,669

Notes:

(i)

(ii)	Impact of preferential tax rates for both basic and diluted per share is RMB0.58, RMB0.56 and RMB0.60 (US$0.09) for the years ended March 31, 2020, 2021 and 2022, respectively.

Schedule of deferred tax assets/(liabilities)


	March 31,
	2021	2022	2022
	RMB	RMB	US$
Deferred tax assets:
Accounts receivable	56,309	59,736	9,423
Inventories	9,333	9,278	1,464
Others	1,584	1,645	259
Deferred tax assets	67,226	70,659	11,146

Deferred tax liabilities:
Deferred revenue	(29)	(19)	(3)
Property, plant and equipment	(5,433)	(5,266)	(831)
Dividend withholding tax	—	(8,000)	(1,262)
Intangible assets	(22,051)	(20,896)	(3,296)
Deferred tax liabilities	(27,513)	(34,181)	(5,392)

Net deferred tax assets	39,713	36,478	5,754

Classification on consolidated balance sheets:
Deferred tax assets	55,845	60,758	9,584
Deferred tax liabilities	(16,132)	(24,280)	(3,830)
Net deferred tax assets	39,713	36,478	5,754

Earnings per share (Tables)

12 Months Ended

Mar. 31, 2022

Earnings per share

Schedule of computation of basic and diluted earnings per share


	Year ended March 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Numerator:
Net income attributable to the Company’s shareholders	470,717	508,247	501,065	79,041

Denominator:
Weighted average ordinary shares outstanding for basic and diluted net income per share	121,551,075	121,551,075	121,551,075	121,551,075

Earnings per share
- Basic	3.87	4.18	4.12	0.65
- Diluted	3.87	4.18	4.12	0.65

Business and credit concentrations (Tables)

12 Months Ended

Mar. 31, 2022

Business and credit concentrations

Schedule of major suppliers


		Year ended March 31,
Suppliers	Note	2020		2021		2022
		RMB	%	RMB	%	RMB	US$	%

China Bright Group Co. Limited		12,811	14	12,011	16	23,613	3,725	30
Beijing Jingjing Jiahong Medical Equipment Co., Ltd.	(i)	29,960	32	28,892	38	—	—	—
Guangzhou Paper Biotech Company Limited	(ii)	—	—	—	—	8,864	1,398	11
Total		42,771	46	40,903	54	32,477	5,123	41

None of the individual accounts payable due to major suppliers exceeded 10% of outstanding accounts payable balance as of March 31, 2021 and 2022.

Note:

(i)	The purchases from Beijing Jingjing Jiahong Medical Equipment Co., Ltd. were less than 10% of gross purchases for the year ended March 31, 2022.

(ii)	The purchases from Guangzhou Paper Biotech Company Limited were less than 10% of gross purchases for the years ended March 31, 2020 and 2021.

Commitments and contingencies (Tables)

12 Months Ended

Mar. 31, 2022

Commitments and contingencies

Schedule of future minimum payments under the cooperation agreements


	March 31, 2022
	RMB	US$
Fiscal years ending March 31,
2023	7,100	1,120
2024	7,100	1,120
2025	7,100	1,120
2026	5,933	936
2027	3,600	568
2028 and thereafter	9,300	1,467
Total payments	40,133	6,331

Principal activities and basis of presentation (Details)	Mar. 31, 2022 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 [Domain]
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 transactions and translation (Details)	Mar. 31, 2022 $ / ¥
Summary of significant accounting policies
Foreign currency convenience translation rate	6.3393

Summary of significant accounting policies - Cash and cash equivalents (Details) ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Mar. 31, 2022 HKD ($)	Mar. 31, 2022 SGD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 AUD ($)	Mar. 31, 2021 HKD ($)	Mar. 31, 2021 SGD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 AUD ($)
Cash and Cash Equivalents
Cash and cash equivalents			¥ 6,660,984	$ 1,050,744				¥ 6,075,798
PRC
Cash and Cash Equivalents
Cash and cash equivalents			6,659,003	1,050,432				6,071,659
U.S. dollar
Cash and Cash Equivalents
Cash and cash equivalents			913	$ 145				3,339	$ 508
Australian dollars
Cash and Cash Equivalents
Cash and cash equivalents			12		$ 2			17		$ 4
Renminbi
Cash and Cash Equivalents
Cash and cash equivalents			6,659,034					6,071,697
Hong Kong dollars
Cash and Cash Equivalents
Cash and cash equivalents	$ 1,259		1,020			$ 879		741
Singapore dollars
Cash and Cash Equivalents
Cash and cash equivalents		$ 1	¥ 5				$ 1	¥ 4

Summary of significant accounting policies - Property, plant and equipment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Property, plant and equipment, net
Depreciation expense	¥ 43,301	$ 6,831	¥ 44,469	¥ 44,828
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, 2022 CNY (¥) payment item	Mar. 31, 2022 USD ($) payment item	Mar. 31, 2021 CNY (¥) payment	Mar. 31, 2020 CNY (¥) payment
Summary of significant accounting policies
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	2	2
Value-added tax rate (as a percent)	6.00%	6.00%
Number of performance obligations under the Agreement	2	2
Number of customer payment options \| payment	3	3	3	3
Advertising and promotion costs	¥ 64,921	$ 10,241	¥ 54,441	¥ 49,392
Number of operating segments	1	1

Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Accounts receivable, net
Gross accounts receivable	¥ 635,582	$ 100,260	¥ 552,562
Less: Allowance for credit losses	(219,482)	(34,622)	(205,056)
Total accounts receivable, net	416,100	65,638	347,506
Accounts receivable, current portion	161,302	25,445	130,298
Accounts receivable, non-current portion	254,798	40,193	217,208
Processing fees
Accounts receivable, net
Accounts receivable, current portion	104,308	16,455	88,748
Accounts receivable, non-current portion	254,798	40,193	217,208
Storage fees
Accounts receivable, net
Accounts receivable, current portion	56,346	8,888	40,308
Others
Accounts receivable, net
Accounts receivable, current portion	¥ 648	$ 102	¥ 1,242

Accounts receivable, net - Non current amounts (Details) - Mar. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Non-current accounts receivable
2024	¥ 83,588	$ 13,186
2025	58,464	9,222
2026	54,675	8,625
2027	47,568	7,504
2028 and thereafter	113,854	17,960
Non-current gross accounts receivable due for payment	358,149	56,497
Less: Unearned interest	(44,314)	(6,991)
Total	¥ 313,835	$ 49,506

Accounts receivable, net - Aging (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Aging of accounts receivable based on due date
Accounts receivable, non-current portion	¥ 313,835	$ 49,506
Accounts receivable, current portion	635,582	100,260	¥ 552,562
Not past due
Aging of accounts receivable based on due date
Accounts receivable, non-current portion	313,835	49,506	284,303
Accounts receivable, current portion	118,862	18,750	87,315
Within one year past due
Aging of accounts receivable based on due date
Accounts receivable, current portion	46,587	7,349	35,002
Between one to two years past due
Aging of accounts receivable based on due date
Accounts receivable, current portion	21,587	3,405	19,833
Over two years past due
Aging of accounts receivable based on due date
Accounts receivable, current portion	¥ 134,711	$ 21,250	¥ 126,109

Accounts receivable, net - Allowance for credit losses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Analysis of the allowance for credit losses
Balance at beginning of year, current portion	¥ 137,961
Balance at end of year, current portion	160,445	$ 25,309	¥ 137,961
Balance at beginning of year, non-current portion	67,095	10,584	71,421	¥ 74,800
(Credited)/charged to allowance for credit losses, non-current portion	934	147	3,040	(750)
Write-off charged against the allowance for the year, non-current portion	(8,992)	(1,418)	(7,366)	(2,629)
Balance at end of year, non-current portion	59,037	9,313	67,095	71,421
Processing fees
Analysis of the allowance for credit losses
Balance at beginning of year, current portion	74,843	11,806	57,648	44,641
(Credited)/charged to allowance for credit losses	16,248	2,563	17,379	13,007
Write-off charged against the allowance for the year	(923)	(147)	(184)
Balance at end of year, current portion	90,168	14,222	74,843	57,648
Storage fees
Analysis of the allowance for credit losses
Balance at beginning of year, current portion	62,771	9,902	53,911	43,077
(Credited)/charged to allowance for credit losses	16,095	2,539	15,777	13,628
Write-off charged against the allowance for the year	(9,799)	(1,546)	(6,917)	(2,794)
Balance at end of year, current portion	69,067	10,895	62,771	53,911
Others
Analysis of the allowance for credit losses
Balance at beginning of year, current portion	347	55	310	1,916
(Credited)/charged to allowance for credit losses	1,062	168	1,016	(1,490)
Write-off charged against the allowance for the year	(199)	(31)	(979)	(116)
Balance at end of year, current portion	¥ 1,210	$ 192	¥ 347	¥ 310

Accounts receivable, net - Non-current accounts receivable by credit quality (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Aging of non- current accounts receivables:
Total	¥ 313,835	$ 49,506
Not past due
Aging of non- current accounts receivables:
Total	313,835	$ 49,506	¥ 284,303
Processing fees
Aging of non- current accounts receivables:
2022	85,619		80,810
2021	67,819		62,227
2020	50,579		20,584
2019	16,489		9,751
2018	5,612		450
2017 and prior to 2017	87,717		110,481
Total	313,835		284,303
Processing fees \| Not past due
Aging of non- current accounts receivables:
2022	85,619
2021	59,192		80,802
2020	42,161		55,388
2019	14,932		18,921
2018	5,390		9,751
2017 and prior to 2017	42,751
2016 and prior to 2016			50,187
Total	250,045		215,049
Processing fees \| Within one year past due
Aging of non- current accounts receivables:
2021	8,627		8
2020	3,048		6,839
2019	373		658
2018	214
2017 and prior to 2017	1,694
2017			450
2016 and prior to 2016			2,038
Total	13,956		9,993
Processing fees \| Between one to two years past due
Aging of non- current accounts receivables:
2020	5,370
2019	466		1,005
2017 and prior to 2017	1,190
2016 and prior to 2016			1,338
Total	7,026		2,343
Processing fees \| Over two years past due
Aging of non- current accounts receivables:
2019	718
2018	8
2017 and prior to 2017	42,082
2016 and prior to 2016			56,918
Total	¥ 42,808		¥ 56,918

Inventories - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Inventories
Current portion: - Consumables and supplies	¥ 45,879	$ 7,237	¥ 44,257
Non-current portion: - Processing costs capitalized in donated umbilical cord blood	95,163	15,012	91,446
Total current and non-current inventories	141,042	22,249	135,703
Consumables and supplies
Inventories
Current portion: - Consumables and supplies	45,879	7,237	44,257
Processing costs capitalized in donated umbilical cord blood
Inventories
Non-current portion: - Processing costs capitalized in donated umbilical cord blood	¥ 95,163	$ 15,012	¥ 91,446

Inventories - Provision (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Inventories - Provision (Details) - CNY (¥) ¥ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Inventories
Write-down for inventories	¥ 0	¥ 0	¥ 0
Weighted average remaining useful life of donated cord blood units	16 years

Prepaid expenses and other receivables (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Prepaid expenses and other receivables
Prepaid expenses	¥ 11,938	$ 1,884	¥ 43,012
VAT tax receivables	30	5
Other receivables	5,722	904	4,776
Total prepaid expenses and other receivables	¥ 17,690	$ 2,793	¥ 47,788

Property, plant and equipment, net - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Property, plant and equipment, net
Property, plant and equipment	¥ 929,792	$ 146,671	¥ 916,646
Less: Accumulated depreciation	(455,981)	(71,929)	(417,990)
Total property, plant and equipment, net	473,811	74,742	498,656
Buildings
Property, plant and equipment, net
Property, plant and equipment	607,166	95,778	603,910
Leasehold Improvements
Property, plant and equipment, net
Property, plant and equipment	14,864	2,345	14,864
Machinery
Property, plant and equipment, net
Property, plant and equipment	226,868	35,788	219,626
Motor Vehicles
Property, plant and equipment, net
Property, plant and equipment	19,172	3,024	18,598
Furniture, fixtures and equipment
Property, plant and equipment, net
Property, plant and equipment	59,814	9,435	56,029
Construction-in-progress
Property, plant and equipment, net
Property, plant and equipment	¥ 1,908	$ 301	¥ 3,619

Property, plant and equipment, net - Depreciation expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Property, plant and equipment, net
Depreciation expense	¥ 43,301	$ 6,831	¥ 44,469	¥ 44,828
Cost of revenues
Property, plant and equipment, net
Depreciation expense	28,615	4,514	28,574	28,980
Research and development
Property, plant and equipment, net
Depreciation expense	1,935	305	1,893	1,866
Sales and marketing
Property, plant and equipment, net
Depreciation expense	2,693	425	2,810	2,742
General and administrative
Property, plant and equipment, net
Depreciation expense	¥ 10,058	$ 1,587	¥ 11,192	¥ 11,240

Non-current deposits (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Investment deposit	¥ 340,000	$ 53,634	¥ 340,000
Deposit for purchase of machinery	6,228	982	4,752
Total non-current deposits	¥ 346,228	$ 54,616	¥ 344,752
Potential Seller
Investment deposit				¥ 340,000

Intangible assets, net - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Intangible assets, net
Cord blood bank operating rights	¥ 138,628	$ 21,868	¥ 138,628
Less: Accumulated amortization	(55,047)	(8,684)	(50,426)
Total intangible assets, net	¥ 83,581	$ 13,184	¥ 88,202

Intangible assets, net - Narrative (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2011 CNY (¥)	Feb. 28, 2011 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2022 USD ($)
Finite-Lived Intangible Assets
Estimated useful life of operating rights			30 years	30 years
Amortization expense of operating rights			¥ 4,621	$ 729	¥ 4,621	¥ 4,621
Deferred tax liability			¥ 20,896		22,051		$ 3,296
Guangdong Province [Domain]
Finite-Lived Intangible Assets
Estimated useful life of operating rights			30 years	30 years
Amortization expense of operating rights			¥ 971	$ 153	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	$ 576	¥ 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, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Intangible assets, net
2023	¥ 4,621	$ 729
2024	4,621	729
2025	4,621	729
2026	4,621	729
2027	4,621	729
2028 and thereafter	60,476	9,539
Total amortization expenses	¥ 83,581	$ 13,184

Investment in equity securities at fair value - Schedule (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Schedule of listed equity securities
Listed equity securities	¥ 93,174	$ 14,698	¥ 117,911
Listed fund investments
Schedule of listed equity securities
Listed equity securities	46,556	7,344	70,662
Cordlife Group Limited \| Listed equity securities
Schedule of listed equity securities
Listed equity securities	¥ 46,618	$ 7,354	¥ 47,249

Investment in equity securities at fair value - Narrative (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥) shares	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥) shares	Mar. 31, 2020 CNY (¥)	Mar. 31, 2022 USD ($) shares
Schedule of listed equity securities
Investments in equity securities, cost basis \| ¥	¥ 100,213		¥ 100,213
Change in fair value of equity securities	(20,391)	$ (3,217)	25,385	¥ (13,172)
Dividend income	1,120	177	1,281	507
Aggregate fair values of the investments in securities	¥ 93,174		¥ 117,911		$ 14,698
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	¥ 1,120	$ 177	¥ 1,281	¥ 507

Other equity investment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2022 USD ($)
Investments
Unlisted equity securities	¥ 189,129		¥ 189,129		$ 29,834
Dividend income	¥ 1,120	$ 177	¥ 1,281	¥ 507
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, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Accrued expenses and other payables.
Insurance premium received on behalf of insurance company	¥ 45,884	$ 7,238	¥ 43,305
Other tax payables	4,512	712	4,503
Accrued salaries, bonus and welfare expenses	59,022	9,310	54,891
Accrued consultancy and professional fees	19,364	3,055	14,210
Payable for property, plant and equipment	610	97	349
Other payables	19,267	3,039	19,190
Total accrued expenses and other payables	¥ 148,659	$ 23,451	¥ 136,448

Accrued expenses and other payables - Additional information (Details) - Mar. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Accrued expenses and other payables
Debt Instrument [Line Items]
Accrued Insurance	¥ 45,884	$ 7,238
Other non-current liabilities
Debt Instrument [Line Items]
Accrued Insurance	¥ 501,721	$ 79,145

Operating leases - Consolidated balance sheet (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Operating leases
Operating lease right-of-use assets	¥ 2,880	$ 454	¥ 5,039
Operating lease liabilities	147	23	1,636
Non-current operating lease liabilities	0	0	147
Total Lease liabilities	¥ 147	$ 23	¥ 1,783

Operating leases - Supplemental cash flow information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Operating leases
Operating cash flows	¥ 1,700	$ 268	¥ 4,902

Operating leases - Maturity analysis of operating lease liabilities (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)
Lessee, Lease, Description [Line Items]
Total Lease liabilities	¥ 147	$ 23	¥ 1,636
Operating leases for offices
Lessee, Lease, Description [Line Items]
Future undiscounted cash flows for the fiscal year ending March 31, 2023	150	24
Less: Discount factor	(3)	(1)
Total Lease liabilities	¥ 147	$ 23

Operating leases - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥) item	Mar. 31, 2022 USD ($) item	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Operating leases
Number of operating leases for office \| item	2	2
Weighted average remaining lease term	9 months 18 days	9 months 18 days
Weighted average discount rate	4.75%	4.75%
Rent expense	¥ 5,698	$ 899	¥ 10,374	¥ 3,399
Variable lease costs	0		0	0
Sublease income	¥ 0		¥ 0	¥ 0

Deferred revenue - Composition (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2019 CNY (¥)
Deferred revenue
Current portion	¥ 458,262		¥ 449,359		$ 72,289
Non-current portion	2,473,549		2,392,906		390,193
Total current and non-current deferred revenue	2,931,811		2,842,265		462,482
Revenue expected to be recognized in 2023	348,206	$ 54,928
Revenue expected to be recognized in 2024	230,019	36,285
Revenue expected to be recognized in 2025	228,228	36,002
Revenue expected to be recognized in 2026 and thereafter	2,015,302	317,906
Payments made by customers prior to completion of cord blood processing services
Deferred revenue
Total current and non-current deferred revenue	110,056		124,346		17,361
Credited to income from prior year's balance	78,350	12,359
Prior year's deferred revenue balance reclassified as unearned storage fees	45,996	7,256
Unearned storage fees
Deferred revenue
Total current and non-current deferred revenue	2,821,755		2,717,919	¥ 2,593,007	$ 445,121	$ 428,741	¥ 2,384,676
Credited to income from prior year's balance	¥ 325,013	$ 51,270	¥ 303,245	¥ 276,234

Deferred revenue - Rollforward (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Deferred revenue
Balance at beginning of year	¥ 2,842,265
Balance at end of year	2,931,811	$ 462,482	¥ 2,842,265
Payments made by customers prior to completion of cord blood processing services
Deferred revenue
Balance at beginning of year	124,346
Credited to income from prior year's balance	(78,350)	(12,359)
Balance at end of year	110,056	17,361	124,346
Unearned storage fees
Deferred revenue
Balance at beginning of year	2,717,919	428,741	2,593,007	¥ 2,384,676
Deferred revenue arose during the year	641,689	101,224	617,796	660,001
Credited to income from prior year's balance	(325,013)	(51,270)	(303,245)	(276,234)
Credited to income from deferred revenue arose during the year	(212,840)	(33,574)	(189,639)	(175,436)
Balance at end of year	¥ 2,821,755	$ 445,121	¥ 2,717,919	¥ 2,593,007

Shareholders' equity (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Jul. 29, 2021 USD ($)	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2022 USD ($)
Shareholders' equity
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		¥ 17,716	$ 2,795	¥ 23,384	¥ 20,068
Accumulated statutory surplus reserve		¥ 221,150		¥ 203,434		$ 34,886
Share repurchase program, amount	$ 20,000
Share repurchase program, period	12 months

Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Revenues from External Customers
Total revenues	¥ 1,243,255	$ 196,119	¥ 1,159,639	¥ 1,221,460
Processing fees
Revenues from External Customers
Total revenues	693,001	109,319	653,756	759,493
Storage fees
Revenues from External Customers
Total revenues	537,853	84,844	492,884	451,670
Fees derived from the provision of donated cord blood for transplantation and research and others
Revenues from External Customers
Total revenues	¥ 12,401	$ 1,956	¥ 12,999	¥ 10,297

- 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	Dec. 31, 2023	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2022 USD ($)
Income tax
Tax expense				¥ 118,352	$ 18,669	¥ 94,546	¥ 101,084
Provision for withholding tax				8,000										$ 1,262
Withholding tax amount on dividends				7,500	$ 1,183	2,000	4,500
Undistributed earnings that may be subject to the withholding tax				3,863,157										609,398
Unrecognized deferred tax liability from unremitted earnings of PRC subsidiaries				386,316										$ 60,940
Cayman Islands
Income tax
Withholding tax amount on dividends				0
British Virgin Islands
Income tax
Withholding tax amount on dividends				0
Hong Kong Profits Tax
Income tax
Tax expense				¥ 0		¥ 0	¥ 0
PRC tax laws and rules
Income tax
Withholding tax rate				10.00%	10.00%
Beijing Jiachenhong
Income tax
HNTE preferential tax rate										15.00%			15.00%
Guangzhou Nuoya
Income tax
HNTE preferential tax rate											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 tax laws and rules
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, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Income tax
Income before income tax expense	¥ 627,835	$ 99,038	¥ 610,751	¥ 578,812
PRC tax laws and rules
Income tax
Income before income tax expense, The PRC	713,399	112,536	652,494	668,552
Hong Kong Profits Tax
Income tax
Income before income tax expense, Non-PRC	(49)	(8)	(43)	(43)
British Virgin Islands
Income tax
Income before income tax expense, Non-PRC	(20,279)	(3,199)	26,319	(13,313)
Cayman Islands
Income tax
Income before income tax expense, Non-PRC	¥ (65,236)	$ (10,291)	¥ (68,019)	¥ (76,384)

- 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, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Income tax
Current tax expense	¥ 115,117	$ 18,159	¥ 101,698	¥ 108,290
Deferred tax benefit	3,235	510	(7,152)	(7,206)
Total income tax expense	¥ 118,352	$ 18,669	¥ 94,546	¥ 101,084

- 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, 2022 CNY (¥) ¥ / shares	Mar. 31, 2022 USD ($) $ / shares	Mar. 31, 2021 CNY (¥) ¥ / shares	Mar. 31, 2020 CNY (¥) ¥ / shares
Income tax
Income before income tax expense	¥ 627,835	$ 99,038	¥ 610,751	¥ 578,812
Computed "expected" tax expense	156,959	24,760	152,688	144,703
PRC dividend withholding tax	15,500	2,445	2,000	4,500
Preferential tax rates	(73,210)	(11,549)	(68,027)	(70,580)
Others	(2,288)	(361)	(2,551)	26
Total income tax expense	¥ 118,352	$ 18,669	¥ 94,546	¥ 101,084
Impact of preferential tax rates for both basic and diluted per share \| (per share)	¥ 0.60	$ 0.09	¥ 0.56	¥ 0.58
Hong Kong Profits Tax
Income tax
Non-PRC entities not subject to income tax	¥ 12	$ 2	¥ 11	¥ 11
Total income tax expense	0		0	0
British Virgin Islands
Income tax
Non-PRC entities not subject to income tax	5,070	800	(6,580)	3,328
Cayman Islands
Income tax
Non-PRC entities not subject to income tax	¥ 16,309	$ 2,572	¥ 17,005	¥ 19,096

Income tax - Deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)	Mar. 31, 2022 USD ($)
Deferred tax assets:
Accounts receivable	¥ 59,736		¥ 56,309		$ 9,423
Inventories	9,278		9,333		1,464
Others	1,645		1,584		259
Deferred tax assets	70,659		67,226		11,146
Deferred tax liabilities:
Deferred revenue	(19)		(29)		(3)
Property, plant and equipment	(5,266)		(5,433)		(831)
Dividend withholding tax	(8,000)				(1,262)
Intangible assets	(20,896)		(22,051)		(3,296)
Deferred tax liabilities	(34,181)		(27,513)		(5,392)
Net deferred tax assets	36,478		39,713		5,754
Classification on consolidated balance sheets:
Deferred tax assets	60,758		55,845		9,584
Deferred tax liabilities	(24,280)		(16,132)		(3,830)
Net deferred tax assets	36,478		39,713		$ 5,754
Interest and penalties related to unrecognized tax benefits	¥ 0		¥ 0	¥ 0
PRC tax laws and rules
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	$ 16
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, 2022 CNY (¥) ¥ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 CNY (¥) ¥ / shares shares	Mar. 31, 2020 CNY (¥) ¥ / shares shares
Numerator:
Net income for basic and diluted net income per share	¥ 501,065	$ 79,041	¥ 508,247	¥ 470,717
Denominator:
Weighted average ordinary shares outstanding for basic net income per share	121,551,075	121,551,075	121,551,075	121,551,075
Earnings per share
Basic \| (per share)	¥ 4.12	$ 0.65	¥ 4.18	¥ 3.87
Diluted \| (per share)	¥ 4.12	$ 0.65	¥ 4.18	¥ 3.87

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Related party transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Beijing Jingjing Jiahong \| Purchase of raw materials and machineries
Related Party Transaction
Purchases	¥ 1,713	$ 270	¥ 28,892	¥ 29,960
China Bright Group Co. Limited \| Purchase of raw materials
Related Party Transaction
Purchases	23,613	3,725	12,011	12,811
Golden Meditech Holdings Limited (GMHL) \| Consultancy expenses
Related Party Transaction
Expenses incurred	7,699	1,214	0	0
Golden Meditech Holdings Limited (GMHL) \| General and administrative expenses
Related Party Transaction
General and administrative expenses	¥ 7,501	$ 1,183	¥ 16,666	¥ 4,010

Employee benefits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Employee benefits (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Employee benefits
Defined contribution plan expense	¥ 35,779	$ 5,643	¥ 32,191	¥ 40,378
Percent of costs of employee benefits recorded in sales and marketing expenses	59.00%	59.00%	61.00%	61.00%
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, 2022 CNY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 CNY (¥)	Mar. 31, 2020 CNY (¥)
Supplier \| Purchases of raw materials
Concentration Risk
Purchases from suppliers	¥ 32,477	$ 5,123	¥ 40,903	¥ 42,771
Percentage of concentration risks	41	41	54	46
Supplier \| Purchases of raw materials \| Beijing Jingjing Jiahong
Concentration Risk
Purchases from suppliers			¥ 28,892	¥ 29,960
Percentage of concentration risks			38	32
Supplier \| Purchases of raw materials \| Beijing Jingjing Jiahong \| Maximum
Concentration Risk
Percentage of concentration				10.00%
Supplier \| Purchases of raw materials \| Guangzhou Paper Biotech Company Limited
Concentration Risk
Purchases from suppliers	¥ 8,864	$ 1,398
Percentage of concentration risks	11	11
Supplier \| Purchases of raw materials \| Guangzhou Paper Biotech Company Limited \| Maximum
Concentration Risk
Percentage of concentration			10.00%	10.00%
Supplier \| Purchases of raw materials \| China Bright Group Co. Limited
Concentration Risk
Purchases from suppliers	¥ 23,613	$ 3,725	¥ 12,011	¥ 12,811
Percentage of concentration risks	30	30	16	14
Beijing municipality \| Customers \| Revenue
Concentration Risk
Percentage of concentration	19.70%	19.70%	19.60%	21.20%
Guangdong Province [Domain] \| Customers \| Revenue
Concentration Risk
Percentage of concentration	63.00%	63.00%	63.70%	62.90%
Zhejiang Province \| Customers \| Revenue
Concentration Risk
Percentage of concentration	17.30%	17.30%	16.70%	15.90%

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			¥ 3,500	$ 552			¥ 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	$ 568			¥ 3,200	¥ 2,000
Annual advisory fee, time period						20 years

Commitments and contingencies - Future minimum payments, cooperation agreements (Details) - Mar. 31, 2022 - Co-operation agreement ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Future minimum payments under cooperation agreements
2023	¥ 7,100	$ 1,120
2024	7,100	1,120
2025	7,100	1,120
2026	5,933	936
2027	3,600	568
2028 and thereafter	9,300	1,467
Total payments	¥ 40,133	$ 6,331

Subsequent events (Details) - Subsequent Event $ in Millions	Apr. 29, 2022 USD ($) shares
Stock Purchase Agreements
Subsequent Event [Line Items]
Shares consideration	65,700,000
Shares consideration upon the unit holders	36,112,267
Framework Agreements
Subsequent Event [Line Items]
Number of ordinary shares issued	12,400,000
Cash consideration (part of the consideration of the acquisition) \| $	$ 664
Cellenkos, Inc. \| GCBC
Subsequent Event [Line Items]
Percent of outstanding shares acquired	100.00%
Cellenkos, Inc. \| Stock Purchase Agreements
Subsequent Event [Line Items]
Percent of outstanding shares acquired	95.00%