Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Share Name	Share Symbol	Market	Type
UTime Limited	NASDAQ:WTO	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.13	-10.00%	1.17	0.92	1.65	1.34	1.1481	1.27	35,490	05:00:10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2024

Commission File Number: 001-40306

UTime Limited

7th Floor, Building 5A

Shenzhen Software Industry Base

Nanshan District, Shenzhen, 518061

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☐

Explanatory Note

UTime Limited (the “Company”) is furnishing this Form 6-K to provide its financial results for the six months ended September 30, 2023.

The Company hereby furnishes the following documents as exhibits to this report: “Unaudited Condensed Consolidated Financial Statements for the Six Months Ended September 30, 2023 and 2022” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

The Company has 18,267,793 ordinary shares, par value US$0.0001 per share, issued and outstanding as of the date of this Form 6-K.

Exhibits

Exhibit No.		Description
99.1		Unaudited Condensed Consolidated Financial Statements for the Six Months Ended September 30, 2023 and 2022
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	UTIME LIMITED

Date: February 26, 2024	By:	/s/ Hengcong Qiu
	Name:	Hengcong Qiu
	Title:	Chief Executive Officer

Exhibit 99.1

UTIME LIMITED
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data and per share data, or otherwise noted)

(Unaudited)

	As of March 31,			As of September 30,
	2023			2023
Assets	RMB			RMB			USD
Current assets
Cash and cash equivalents		71,925			79,952			11,136
Restricted cash		500			500			70
Accounts receivable, net		52,241			40,838			5,688
Prepaid expenses and other current assets, net		95,311			101,388			14,121
Due from related parties		584			618			86
Inventories		16,169			13,607			1,895
Assets related to discontinued operation		292			307			43
Total current assets		237,022			237,210			33,039
Non-current assets
Property and equipment, net		61,410			58,785			8,188
Operating lease right-of-use assets, net		13,030			11,226			1,564
Intangible assets, net		1,677			1,066			148
Equity method investment		-			-			-
Other non-current assets		-			222			31
Total non-current assets		76,117			71,299			9,931
Total assets		313,139			308,509			42,970

Liabilities and shareholder’s equity
Current liabilities
Accounts payable		126,685			102,782			14,315
Short-term borrowings		53,935			47,430			6,606
Current portion of long-term borrowings		1,080			1,080			150
Due to related parties		5,018			37,512			5,225
Lease liability		3,673			3,803			530
Other payables and accrued liabilities		54,479			62,138			8,655
Income tax payables		18			18			3
Current liabilities related to discontinued operation		781			819			114
Total current liabilities		245,669			255,582			35,598
Non-current liabilities
Long-term borrowings		6,870			6,330			882
Government grants		8,697			8,395			1,169
Deferred tax liability		295			210			29
Lease liability - non-current		10,876			8,941			1,245
Total non-current liabilities		26,738			23,876			3,325
Total liabilities (including amounts of the consolidated VIEs without recourse to the Company of RMB265,773 and RMB225,803 as of March 31, 2022 and September 30, 2023, respectively)		272,407			279,458			38,923
Commitments and contingencies		-			-			-

Shareholder’s equity
- Preference share, par value US$0.0001; Authorized:10,000,000 shares; none issued and outstanding as of March 31, 2023 and September 30, 2023		-			-			-
Ordinary shares, par value US$0.0001; Authorized:140,000,000 shares; Issued and outstanding: 13,567,793 shares as of March 31,2023 and September 30, 2023		9			9			1
Additional paid-in capital		216,504			216,504			30,155
Accumulated deficit		(175,893	)		(186,379	)		(25,959	)
Accumulated other comprehensive income		3,469			3,812			532
Total UTime Limited shareholder’s equity		44,089			33,946			4,729
Non-controlling interests		(3,357	)		(4,895	)		(682	)
Total shareholders’ equity		40,732			29,051			4,047
Total liabilities and shareholders’ equity		313,139			308,509			42,970

The accompanying notes are an integral part of these consolidated financial statements.

F-1

UTIME LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands, except share data and per share data, or otherwise noted)

(Unaudited)

		Six months ended September 30,
	Note	2022			2023
		RMB			RMB			USD

Revenue	17		127,695			83,926			11,689
Cost of sales			115,199			79,980			11,140
Gross profit			12,496			3,946			549
Operating expenses:
Selling expenses			4,176			3,393			473
General and administrative expenses			26,070			15,811			2,202
Other expenses (income), net	13		(7,581	)		(5,458	)		(760	)
Total operating expenses			22,665			13,746			1,915
Loss from operations			(10,169	)		(9,800	)		(1,366	)
Interest expenses			4,075			1,960			273
Loss before income taxes			(14,244	)		(11,760	)		(1,639	)
Income tax benefits			(85	)		(85	)		(12	)
Loss from discontinued operation			1,456			91			13
Net loss			(15,615	)		(11,766	)		(1,640	)
Less: Net loss attributable to non-controlling interests			(1,350	)		(1,280	)		(178	)
Net loss attributable to UTime Limited			(14,265	)		(10,486	)		(1,462	)

Comprehensive loss
Net loss			(15,615	)		(11,766	)		(1,640	)
Foreign currency translation adjustment			3,769			343			48
Total comprehensive loss			(11,847	)		(11,423	)		(1,592	)
Less: Comprehensive loss attributable to non-controlling interest			(1,350	)		(1,280	)		(178	)
Comprehensive loss attributable to UTime Limited			(10,497	)		(10,143	)		(1,414	)

Loss per share attributable to UTime Limited
Continuing operations			(1.55	)		(0.76	)		(0.11	)
Discontinued operation			(0.18	)		(0.01	)		(0.001	)

Weighted average ordinary shares outstanding
Basic and diluted			8,267,793			13,567,793			13,567,793

The accompanying notes are an integral part of these consolidated financial statements.

F-2

UTIME LIMITED
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Amounts in thousands, except share data, or otherwise noted)

(Unaudited)

	Equity attributable to UTime Limited
	Ordinary shares				Additional		Retained Earnings			Accumulated Other		Non-			Total
	Number of Shares		Amount		Paid-in Capital		(Accumulated Deficit)			Comprehensive Income (Loss)		controlling Interests			Shareholders’ Equity
			RMB		RMB		RMB			RMB		RMB			RMB
Balance as of April 1, 2022		8,267,793		5		152,236		(88,277	)		1,024		(520	)		64,468
Net loss		-		-		-		(14,265	)		-		(1,350	)		(15,615	)
Foreign currency translation difference		-		-		-		-			3,769		(196	)		3,573
Balance as of September 30, 2022		8,267,793		5		152,236		(102,542	)		4,793		(2,066	)		52,426

Balance as of April 1, 2023		13,567,793		9		216,504		(175,893	)		3,469		(3,357	)		40,732
Net loss		-		-		-		(10,486	)		-		(1,280	)		(11,766	)
Foreign currency translation difference		-		-		-		-			343		(258	)		85
Balance as of September 30, 2023		13,567,793		9		216,504		(186,379	)		3,812		(4,895	)		29,051

The accompanying notes are an integral part of these consolidated financial statements.

F-3

UTIME LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands or otherwise noted)

(Unaudited)

	Six months ended September 30,
	2022			2023
	RMB			RMB			USD

Cash flows from operating activities:
Net Loss (excluding discontinued operation)		(14,159	)		(11,675	)		(1,627	)
Loss of discontinued operation		(1,456	)		(91	)		(13	)
Adjustments to reconcile net income (loss) from operations to net cash used by operating activities
Depreciation and amortization		2,602			3,237			451
Allowances for obsolete inventories, net		(230	)		-			-
Loss on disposal of property and equipment		118			-			-
Deferred tax		-			(85	)		(12	)
Net changes in operating assets and liabilities:
Accounts receivable		(6,183	)		12,179			1,696
Prepaid expenses and other current assets		(1,133	)		(3,671	)		(511	)
Inventories		17,714			2,566			357
Accounts payable		(2,697	)		(27,321	)		(3,805	)
Other payables and accrued liabilities		(7,140	)		6,817			949
Related parties		935			5,485			764
Government grants		6,928			(302	)		(42	)
Other non-current assets		15			(222	)		(31	)
Net cash used in operating activities		(4,686	)		(13,083	)		(1,824	)

Investing activities:
Payment for property and equipment		(2,057	)		-			-
Payment for intangible assets		(147	)		-			-

Net cash used in investing activities		(2,204	)		-			-

Financing activities:
Proceeds from short-term borrowings		19,310			5,000			696
Loan received from a shareholder		2,000			30,728			4,280
Repayment of loan from a shareholder		(3,000	)		(4,100	)		(571	)
Repayment of short-term borrowings		(11,026	)		(11,505	)		(1,602	)
Repayments of long-term borrowings		(330	)		(540	)		(75	)

Net cash provided by financing activities		6,954			19,583			2,728

Effect of exchange rate changes on cash and cash equivalent and restricted cash		7,726			1,527			214
Net increase in cash and cash equivalent and restricted cash		7,790			8,027			1,118
Cash and cash equivalents and restricted cash at beginning of period		67,192			72,434			10,089
Cash and cash equivalents and restricted cash at end of period		74,982			80,461			11,207

F-4

UTIME LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
(Amounts in thousands or otherwise noted)

	Six months ended September 30,
	2022		2023
	RMB		RMB		USD
Supplemental disclosures of cash flow information:
Income taxes paid (refunded)		-		-		-
Interest paid		4,075		2,464		343

	As of September 30,
	2022		2023
	RMB		RMB		USD
Reconciliation of cash, cash equivalents and restricted cash in unaudited condensed consolidated statements of cash flows
Restricted cash		500		500		70
Cash and cash equivalents		74,482		79,961		11,137
Cash, cash equivalents and restricted cash		74,982		80,461		11,207

The accompanying notes are an integral part of these consolidated financial statements.

F-5

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES

UTime Limited was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on October 9, 2018. UTime Limited does not conduct any substantive operations on its own but instead conducts its business operations through its subsidiaries, variable interest entity (“VIE”) and subsidiaries of the VIE. UTime Limited, its subsidiaries, VIE and subsidiaries of the VIE (together, the “Company”) is primarily engaged in the operation of designing, manufacturing and marketing mobile communication devices, and selling a variety of related accessories.

(a) History and Reorganization

The Company commenced its operations in June 2008 through United Time Technology Co., Ltd. (“UTime SZ” or “VIE”), a People’s Republic of China (the “PRC” or “China”) company established by Mr. Minfei Bao (“Mr. Bao”), Mr. Junlin Zhou (“Mr. Zhou”) and Mr. Bo Tang (“Mr. Tang”). As of March 31, 2017, Mr. Bao, Mr. Zhou and Mr. Tang held 52%, 28% and 20% equity interests of UTime SZ, respectively. In February 2018, Mr. Bao acquired 28% and 20% equity interests of UTime SZ from Mr. Zhou and Mr. Tang, respectively, with the total consideration of RMB9.6 million in cash through his private fund. As of the acquisition date, such non-controlling interests amounted to RMB17.2 million and were transferred to equity attributable to UTime Limited, of which RMB1.0 million relating to foreign currency translation was transferred to the accumulated other comprehensive income, and remaining balance of RMB16.2 million was transferred to additional paid-in capital. After the acquisition, Mr. Bao became the sole shareholder of UTime SZ. Prior to the reorganization, UTime SZ’s equity interests were held by Mr. Bao.

For the purpose of an initial public offering in the United States (“IPO”), the following transactions were undertaken to reorganize the legal structure (the “Reorganization”) of the Company. In October 2018, UTime Limited was incorporated in the Cayman Islands. In November and December 2018, UTime International Limited (“UTime HK”) was incorporated in Hong Kong and Shenzhen UTime Technology Consulting Co., Ltd. (“UTime WFOE”) was incorporated in China, respectively.

In March 2019, UTime WFOE entered into a series of contractual agreements with VIE and Mr. Bao, which were further amended and restated in August and September 2019, respectively, and were entered into among UTime WFOE, VIE, Mr. Bao and Mr. Min He (“Mr. He”). Pursuant to these agreements as detailed in note 1(b), the Company believes that these contractual arrangements would enable the Company to (1) have power to direct the activities that most significantly affect the economic performance of the VIE and its subsidiaries, and (2) receive the economic benefits of the VIE and its subsidiaries that could be significant to the VIE and its subsidiaries. Accordingly, the Company is considered the primary beneficiary of the VIE and is able to consolidate the VIE and its subsidiaries.

Do Mobile India Private Ltd. (“Do Mobile”) was incorporated on October 24, 2016 in New Delhi, India. It is an operating entity that sells cell phone products and provides after-sale services for the Company’s own in-house brand products in India. Prior to the reorganization, the majority of Do Mobile’s equity interests were held by Mr. Bao through an entrust agreement with Mr. Wukai Song through a holding company, Bridgetime Limited (“Bridgetime”). Bridgetime was incorporated on September 5, 2016 in British Virgin Island (“BVI”) under the laws of BVI, with Mr. Wukai Song owning 70% through an entrust agreement between him and Mr. Bao, and Mr. Yunchuan Li owning 30% of equity interest.

On March 5, 2018, Bridgetime issued 100,000 shares to Mr. Wukai Song, changing shareholders’ structure to Mr. Wukai Song owning 90% equity interest, which are controlled by Mr. Bao through an entrust agreement between Mr. Bao and Mr. Wukai Song, and Mr. Yunchuan Li owning 10% of equity interest. On December 5, 2018, Bridgetime approved a board resolution that appointed and registered Mr. Yihuang Chen as a new director. On March 11, 2019, Bridgetime approved a board resolution that transferred 1 share of Do Mobile to Mr. Yihuang Chen and made him nominal shareholder of Do Mobile, removed Mr. Yunchuan Li as the director of Bridgetime and authorized representative of Do Mobile, and appointed Mr. Wukai Song as the authorized representative of Do Mobile. On April 4, 2019, Bridgetime approved a board resolution that forfeited 15,000 shares held by Mr. Yunchuan Li, cancelled those shares accordingly and amended Bridgetime’s memorandum of association that changed authorized shares from 150,000 to 135,000 at a par value of US$1.00 which was accounted as a cancellation of non-controlling interest in the consolidated statements of shareholders’ equity.

F-6

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.)

After this, Mr. WuKai Song owned 100% of equity interest of Bridgetime, which are controlled by Mr. Bao through an entrust agreement between Mr. Bao and Mr. Wukai Song. On May 23, 2019, Bridgetime approved a board resolution that transferred 135,000 ordinary shares owning by Mr. Wukai Song to UTime Limited. Since inception, Bridgetime has only made nominal investments into Do Mobile and no substantial business operations have occurred.

On May 20, 2019, the Company approved a board resolution that agreed to transfer 12,000,000 ordinary shares being owned by Mr. Bao to Grandsky Phoenix Limited, a company that was established under the laws of the BVI and 100% owned by Mr. Bao.

As all the entities involved in the process of the Reorganization are under common control before and after the Reorganization, the Reorganization is accounted for in a manner similar to a pooling-of-interest with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts.

On June 3, 2019, the Company entered into a share subscription agreement with HMercury Capital Limited, a company that was incorporated under the laws of the BVI and controlled by Mr. He. HMercury Capital Limited purchased an aggregation of 377,514 ordinary shares. On the same day, the Company approved a board resolution for issuance of 377,514 ordinary shares at par value US$0.0001 to HMercury Capital Limited based on the share subscription agreement. As a result, Grandsky Phoenix Limited and HMercury Capital Limited own 96.95% and 3.05% of equity interest of the Company.

On April 29, 2020, the Company approved a board resolution, which became effective immediately, that agreed to repurchase 7,620,000 and 239,721 ordinary shares, which were subsequently cancelled, at par value (the “Repurchased Shares”) from Grandsky Phoenix Limited and HMercury Capital Limited, respectively, in accordance with their respective share percentages based on the share repurchase agreement that the Company entered into with Grandsky Phoenix Limited and HMercury Capital Limited on April 29, 2020. On August 13, 2020, the Company approved a board resolution and signed capital contribution letter with Grandsky Phoenix Limited and HMercury Capital Limited, respectively. Based on the capital contribution letter, each shareholder opted not to receive the consideration for the Repurchased Shares and made a pure capital contribution in the sum of the purchase price in favor of the Company without the issue of additional shares of the Company. Before and after the repurchase of ordinary shares, Mr. Bao, through Grandsky Phoenix Limited, and Mr. He, through HMercury Capital Limited, own 96.95% and 3.05% of our issued and outstanding ordinary shares, respectively. The Company considers this repurchase of ordinary shares was part of the Company’s recapitalization to result in 4,517,793 ordinary shares issued and outstanding prior to completion of its IPO. The Company believes it is appropriate to reflect these nominal share repurchases to result in 4,517,793 ordinary shares being issued and outstanding or reduction of 63.5% of total ordinary shares being issued and outstanding after the repurchase of ordinary shares similar to 0.365-for-1 reverse stock split.

As of September 30, 2023, details of the subsidiaries and VIE of the Company are set out below:

Name	Date of Incorporation	Place of Incorporation	Percentage of Beneficial Ownership	Principal Activities
Subsidiaries
UTime HK	November 1, 2018	Hong Kong	100%	Investment Holding
UTime WFOE	December 18, 2018	China	100%	Investment Holding
Bridgetime	September 5, 2016	British Virgin Island	100%	Investment Holding
Do Mobile	October 24, 2016	India	99.99%	Sales of in-house brand products in India

F-7

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.)

Name	Date of Incorporation	Place of Incorporation	Percentage of Beneficial Ownership	Principal Activities
VIE
UTime SZ	June 12, 2008	China	100%	Research and development of products, and sales
Subsidiaries of the VIE
Guizhou United Time Technology Co., Ltd. (“UTime GZ”)	September 23, 2016	China	VIE’s subsidiary	Manufacturing
UTime Technology (HK) Company Limited (“UTime Trading”)	June 25, 2015	Hong Kong	VIE’s subsidiary	Trading
UTime India Private Limited (“UTime India”)	February 7, 2019	India	UTime Trading’s subsidiary	Trading
Guangxi UTime Technology Co., Ltd. (“UTime Guangxi”)	November 1, 2021	China	UTime Trading’s subsidiary	Manufacturing
Gesoper S De R.L. De C.V. (“Gesoper”)	October 21, 2020	Mexico	UTime Trading’s subsidiary	Trading
Firts Communications And Technologies De Mexico S.A. De C.V. (“Firts”)	November 12, 2021	Mexico	Gesoper’s subsidiary	Trading

(b) VIE Arrangements between the VIE and the Company’s PRC subsidiary

The Company conducts substantial majority of business in the PRC through a series of contractual arrangements with the VIE and its subsidiaries. The VIE and subsidiaries of the VIE hold the requisite licenses and permits necessary to conduct the Company’s business. In addition, the VIE and subsidiaries of the VIE hold the assets necessary to operate the Company’s business and generate substantial majority of the Company’s revenues.

Our contractual arrangements with the VIE and its respective shareholders allow us to (i) determine the most significant economic activities of the VIE; (ii) receive substantially all of the economic benefits of the VIE; and (iii) have an exclusive option to purchase all or part of the equity interest in and/or assets of the VIE when and to the extent permitted by PRC laws. As a result of our direct ownership in UTime WFOE and the contractual arrangements with the VIE, we are regarded as the primary beneficiary of the VIE, and we treat the VIE and its subsidiaries as our consolidated affiliated entities under generally accepted accounting principles in the United States of America (“US GAAP”). We have consolidated the financial results of the VIE and its subsidiaries in our consolidated financial statements in accordance with US GAAP.

The following is a summary of the contractual arrangements by and among UTime WFOE, the VIE and the shareholders of the VIE and their spouses, as applicable.

Exclusive Technical Consultation and Service Agreement. Pursuant to the exclusive technical consultation and service agreement entered into between UTime WFOE and the VIE, dated on March 19, 2019, UTime WFOE has the exclusive right to provide or designate any entity to provide the VIE business support, technical and consulting services. The VIE agrees to pay UTime WFOE (i) the service fees equal to the sum of 100% of the net income of the VIE of that year or such other amount otherwise agreed by UTime WFOE and the VIE; and (ii) service fee otherwise confirmed by UTime WFOE and the VIE for specific technical services and consulting services provided by UTime WFOE in accordance with the VIE’s requirement from time to time. The exclusive consultation and service agreement will continue to be valid unless the written agreement is signed by all parties to terminate it or a mandatory termination is requested in accordance with applicable PRC laws and regulations.

F-8

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.)

Equity Pledge Agreement. Pursuant to the equity pledge agreement dated March 19, 2019 and amended on September 4, 2019 among UTime WFOE, the VIE and the shareholders of the VIE, the shareholders of the VIE agree to pledge their 100% equity interests in the VIE to UTime WFOE to secure the performance of the VIE’s obligations under the existing exclusive call option agreement, power of attorney, exclusive technical consultation and service agreement, business operation agreement and also the equity pledge agreement. If events of default defined therein occur, upon giving written notice to the shareholders, UTime WFOE may exercise the right to enforce the pledge to the extent permitted by PRC laws.

Exclusive Call Option Agreements. Pursuant to the exclusive call option agreement dated March 19, 2019 and amended on September 4, 2019 among UTime WFOE, the VIE and the shareholders of the VIE, each of the shareholders has irrevocably granted UTime WFOE an exclusive option to purchase all or part of its equity interests in the VIE, and the VIE has irrevocably granted UTime WFOE an exclusive option to purchase all or part of its assets. With regard to the equity transfer option, the total transfer price to be paid by UTime WFOE or any other entity or individual designated by UTime WFOE for exercising such option shall be the capital contribution mirrored by the corresponding transferred equity in the registered capital of the VIE. But if the lowest price permitted by the then-effective PRC Law is lower than the above capital contribution, the transfer price shall be the lowest price permitted by the PRC Law. With regard to the asset purchase option, the transfer price to be paid by UTime WFOE or any other entity or individual designated by UTime WFOE for exercising such option shall be the lowest price permitted by the then-effective PRC Law.

Power of Attorney. Pursuant to a series of powers of attorney dated March 19, 2019 and amended on September 4, 2019 issued by each shareholder of the VIE, each shareholder of the VIE irrevocably authorizes UTime WFOE or any natural person duly appointed by UTime WFOE to exercise on the behalf of such shareholders with respect to all matters concerning the shareholding of such shareholders in the VIE, including without limitation, attending shareholders’ meetings of the VIE, exercising all the shareholders’ rights and shareholders’ voting rights, and designating and appointing the legal representative, the chairperson, directors, supervisors, the chief executive officer and any other senior management of the VIE.

Business Operation Agreement. Pursuant to the business operation agreement dated March 19, 2019 and amended on September 4, 2019 among UTime WFOE, the VIE and the shareholders of the VIE, the shareholders of the VIE hereby acknowledge, agree and jointly and severally warrant that without the prior written consent of UTime WFOE or any party designated by UTime WFOE, the VIE shall not engage in any transaction which may have a material or adverse effect on any of its assets, businesses, employees, obligations, rights or operations (except for those occurring in the due course of business or in day-to-day business operations, or those already disclosed to UTime WFOE and with the explicit prior written consent of UTime WFOE). In addition, the VIE and its shareholders hereby jointly agree to accept and strictly implement any proposal made by UTime WFOE from time to time regarding the employment and removal of the VIE’s employees, its day-to-day business management and the financial management system of the VIE.

Spouse Consent Letter. Pursuant to a series of spousal consent letters dated March 19, 2019 and amended on September 4, 2019, executed by the spouses of the shareholders of the VIE, Mr. Bao and Mr. He, the signing spouses confirmed and agreed that the equity interests of the VIE are the own property of their spouses and shall not constitute the community property of the couples. The spouses also irrevocably waived any potential right or interest that may be granted by operation of applicable law in connection with the equity interests of the VIE held by their spouses.

F-9

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.)

Risks in relation to VIE structure

The Company believes that the contractual arrangements with its VIEs and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If we or the VIE are found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures, including:

●

revoke the business and operating licenses of the Company’s PRC subsidiary and VIE;

●

discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and VIE;

●

limit the Company’s business expansion in China by way of entering into contractual arrangements;

●

imposing fines, confiscating the income from the Company’s PRC subsidiary or the VIE, or imposing other requirements with which we or the VIE may not be able to comply;

●

requiring us to restructure our ownership structure or operations, including terminating the contractual arrangements with the VIE and deregistering the equity pledges of the VIE, which in turn would affect our ability to consolidate, derive economic interests from, or determine the most significant economic activities of the VIE; or

●

restricting or prohibiting our use of the proceeds of its IPO to finance our business and operations in China.

The Company’s ability to conduct its business may be negatively affected if the PRC government were to carry out any of the aforementioned actions. As a result, the Company may not be able to consolidate its VIE in its consolidated financial statements as it may lose the ability to determine the most significant economic activities of the VIE and it may lose the ability to receive economic benefits from the VIE. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiary or VIE.

Mr. Bao and Mr. He hold 96.95% and 3.05% equity interest in the VIE, respectively. The shareholders of the VIE may have potential conflicts of interest with us. The shareholders may breach, or cause the VIE to breach, or refuse to renew, the existing contractual arrangements we have with them and the VIE, which would have a material and adverse effect on our ability to determine the most significant economic activities of the VIE and receive economic benefits from it. For example, the shareholders may be able to cause our agreements with the VIE to be performed in a manner adverse to us by, among other things, failing to remit payments due under the contractual arrangements to us on a timely basis. We cannot assure you that when conflicts of interest arise the shareholders will act in the best interests of our company or such conflicts will be resolved in our favor. Currently, we do not have any arrangements to address potential conflicts of interest between the shareholders and our company. If we cannot resolve any conflict of interest or dispute between us and the shareholders, we would have to rely on legal proceedings, which could result in disruption of our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.

F-10

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.)

The Company has aggregated the financial information of the VIE and subsidiaries of the VIE in the table below. The aggregate carrying value of assets and liabilities of VIE and its subsidiaries (after elimination of intercompany transactions and balances) in the Company’s consolidated balance sheets as of March 31, 2023 and September 30, 2023 are as follows:

	As of		As of
	March 31,		September 30,
	2023		2023
	RMB		RMB

Assets
Current assets
Cash and cash equivalents		277		3,286
Restricted cash		500		500
Accounts receivable, net		52,241		40,838
Prepaid expenses and other current assets, net		70,202		75,154
Due from related parties		584		618
Inventories		16,169		13,607
Total current assets		139,973		134,003
Non-current assets
Property and equipment, net		61,411		58,785
Operating lease right-of-use assets, net		13,030		11,226
Intangible assets, net		1,677		1,066
Equity method investment		-		-
Other non-current assets		-		222
Total non-current assets		76,118		71,299
Total assets		216,091		205,302

Liabilities
Current liabilities
Accounts payable		126,683		102,782
Short-term borrowings		53,935		47,430
Current portion of long-term borrowings		1,080		1,080
Due to related parties		4,705		9,789
Lease liability		3,673		3,803
Other payables and accrued liabilities		48,941		37,025
Income tax payables		18		18
Total current liabilities		239,035		201,927
Non-current liabilities
Long-term borrowings		6,870		6,330
Government grants		8,697		8,395
Deferred tax liability		295		210
Lease liability - non-current		10,876		8,941
Total non-current liabilities		26,738		23,876

Total liabilities		265,773		225,803

F-11

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.)

The table sets forth the revenue, net loss and cash flows of the VIE and subsidiaries of VIE in the table below.

	Six months ended September 30,
	2022			2023
	RMB			RMB
Revenue		127,695			83,926
Net loss		(11,604	)		(9,947	)
Net cash used in operating activities		(4,409	)		4,806
Net cash used in investing activities		(2,204	)		-
Net cash provided by financing activities		6,954			(1,945	)

(c) Initial Public Offering

On April 8, 2021, the Company completed its IPO on Nasdaq Capital Market. In the offering, 3,750,000 of the Company’s ordinary shares were issued and sold to the public at a price of US$4 per share for gross proceeds of US$15 million. The Company recorded net proceeds (after deducting underwriting discounts and commissions and other offering fees and expenses) of approximately $13.9 million (approximately RMB88.2 million) from the offering.

(d) Asset Acquisitions

On December 17, 2021, the Company, through UTime Trading, acquired a 51% of the controlling equity interest of Gesoper. Subsequently, on January 17, 2022, Gesoper acquired 85% economic equity interest in Firts, which were determined to be variable interest entities of which the Company is considered the primary beneficiary.

(e) Discontinued operation in India

The Company ceased operations in India, where in-house brand products were produced, for the six months ended September 30, 2023. Due to an overall change of business environment in India since July 2021, the Company decided to make a strategic shift and switch focus from India to Mexico. Assets, liabilities and expenses of India are disclosed as assets, liabilities and loss of discontinued operation in the consolidated financial statements.

The following table presents carrying amounts of the classes of assets and liabilities of discontinued operation of Do Mobile in India:

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Assets classified as discontinued operation		292		307

Liabilities classified as discontinued operation		781		819

The financial results of Do Mobile are presented as loss from discontinued operation in the consolidated statement of comprehensive loss.

	Six months ended September 30,
	2022		2023
	RMB		RMB

Loss from discontinued operation, net of income taxes		1,456		91

F-12

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 2 — GOING CONCERN

The Company’s financial statements is prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern.

As of September 30, 2023, the Company had current assets of RMB237.2 million (US$33.0 million) and current liabilities of RMB255.6 million (US$35.6 million), resulting in a working capital deficit of approximately RMB18.4 million (US$2.6 million). As of March 31, 2023, the Company had current assets of RMB237.0 million and current liabilities of RMB245.7 million, resulting in a working capital deficit of approximately RMB8.7 million.

The Company had accumulated deficit of RMB175.9 million and RMB186.4 million (US$26.0 million) as of March 31, 2023 and September 30, 2023, respectively. For the six months ended September 30 2023, the Company incurred a net loss of RMB11.8 million (US$1.6 million).

The Company continues to focus on improving operational efficiency and cost reductions, developing core cash-generating business and enhancing efficiency. The Company expects that the existing and future cash generated from operation will be sufficient to fund the future operating expenses and capital expenditure requirements. In addition, the Company is also working on raising additional funding to finance the operations as well as business expansion.

The consolidated financials have been prepared assuming that the Company will continue as a going concern and, accordingly financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

F-13

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Principles of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries, VIE and VIE’s subsidiaries for which the Company is the primary beneficiary. All significant inter-company balances and transactions between the Company, its subsidiaries, VIE and VIE’s subsidiaries are eliminated.

Use of estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Management evaluates these estimates and assumptions on a regular basis. Significant accounting estimates reflected in the Company’s consolidated financial statements include but are not limited to estimates and judgments applied in the allowance for receivables, write down of other assets, estimated useful lives of property and equipment, impairment on inventory, sales return, product warranties, the valuation allowance for deferred tax assets and income tax and provision for employee benefits. Actual results could differ from those estimates and judgments.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, bank deposits and short-term, highly liquid investments with original maturities of three months or less at the date of purchase, that are readily convertible to known amounts of cash and have insignificant risk of changes in value related to changes in interest rates.

Restricted cash

Restricted cash consisted of collateral representing cash deposits for long-term borrowings.

F-14

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Accounts receivable, net

Accounts receivable and other receivables are reflected in the Company’s consolidated balance sheets at their estimated collectible amounts. A substantial majority of its accounts receivable are derived from sales to well-known technological clients. The Company follows the allowance method of recognizing uncollectible accounts receivable and other receivables, pursuant to which the Company regularly assesses its ability to collect outstanding customer invoices and make estimates of the collectability of accounts receivable and other receivables. The Company provides an allowance for doubtful accounts when it determines that the collection of an outstanding customer receivable is not probable. The allowance for doubtful accounts is reviewed on a timely basis to assess the adequacy of the allowance. The Company takes into consideration (a) historical bad debts experience, (b) any circumstances of which it is aware of a customer’s or debtor’s inability to meet its financial obligations, (c) changes in its customer or debtor payment history, and (d) its judgments as to prevailing economic conditions in the industry and the impact of those conditions on its customers and debtors. If circumstances change, such that the financial conditions of its customers or debtors are adversely affected and they are unable to meet their financial obligations to the Company, it may need to record additional allowances, which would result in a reduction of its net income.

Concentration of credit risk and major customers

Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable and other current assets. The maximum exposure of such assets to credit risk is their carrying amounts as at the balance sheet dates. As of March 31, 2022 and September 30, 2023, the aggregate amounts of cash and cash equivalents, and restricted cash are RMB67.2 million and RMB72.4 million respectively.

To limit exposure to credit risk relating to deposits, the Company primarily place cash deposits with large financial institutions in PRC. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company establishes an accounting policy for allowance for doubtful accounts on the individual customer’s financial condition, credit history, and the current economic conditions. As of March 31, 2023 and September 30, 2023, the Company recorded RMB0.1 million of allowances for accounts receivable.

Major customers and accounts receivable — During the six months ended September 30, 2022, the Company had three customers that accounted over 10% of revenues, and revenue from the customers amounted to RMB27.9 million, RMB20.0 million and RMB19.6 million, respectively, relate to OEM/ ODM services segment. During the six months ended September 30, 2023, the Company had four customers that accounted over 10% of revenues, and revenue from the customers amounted to RMB17.3 million, RMB16.1 million, 10.2 million and RMB8.4 million, respectively, relate to OEM/ ODM services segment.

Major suppliers —During the six months ended September 30, 2022, the Company had no suppliers accounting over 10% of total purchases and processing fees. During the six months ended September 30, 2023, the Company had two suppliers accounting over 10% of total purchases and processing fees.

Inventories

Inventories of the Company consist of raw materials, finished goods and work in process. Inventories are stated at lower of cost or net realizable value with cost being determined on the weighted average method. Elements of cost in inventories include raw materials, direct labor costs, other direct costs, consignment manufacturing cost and manufacturing overhead. The Company assesses the valuation of inventory and periodically writes down the value for estimated excess and obsolete inventory based upon the product life-cycle.

F-15

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment, if any. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance and repairs are charged to expenses as incurred. Depreciation of property and equipment are provided using the straight-line method over their estimated useful lives as follows:

		Useful life
Office real estate		48 years
Furniture and equipment		3 – 6 years
Production and other machineries		5 – 10 years

Upon retirement or sale of an asset, the cost of the asset and the related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is credited or charged to other (income) expenses, net.

Intangible assets, net

Intangible asset results from the acquisition of the licensed software and customer relationships. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. The Company accounts for such licensed software with definite lives and amortized using the straight-line method over its estimated useful life of 3 to 10 years.

Impairment of long-lived assets

The Company reviews the carrying value of long-lived assets to be held and used when events and circumstances warrants such a review. The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed are determined in a similar manner, except that fair market values are reduced for the cost to dispose. No impairment charge was recognized for all periods presented.

Equity method investment

The Company’s long-term investments consist of equity method investment. Investment in entities in which the Company can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323 (“ASC 323”), Investments-Equity Method and Joint Ventures. Under the equity method, the Company initially records its investment at cost. The Company subsequently adjusts the carrying amount of the investments to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Company evaluates the equity method investment for impairment under ASC 323. An impairment loss on the equity method investment is recognized in earnings when the decline in value is determined to be other-than-temporary.

F-16

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Fair value of financial instruments

Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable inputs. The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on observability of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values.

Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

	Level 1	Valuations for assets and liabilities traded in active exchange markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

	Level 2	Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities.

	Level 3	Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. Level 3 valuations incorporate certain unobservable assumptions and projections in determining the fair value assigned to such assets.

All transfers between fair value hierarchy levels are recognized by the Company at the end of each reporting period. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risks associated with investment in those instruments.

Fair Value Measured or Disclosed on a Recurring Basis

Borrowings — Interest rates under the borrowing agreements with the lending parties were determined based on the prevailing interest rates in the market. The Company classifies the valuation techniques that use these inputs as Level 2 fair value measurement. The carrying value of the Company’s borrowings approximates fair value as the borrowing bears interest rates that are similar to existing market rates.

Other financial items for disclosure purpose — The fair value of other financial items of the Company for disclosure purpose, including cash and cash equivalents, restricted cash, accounts receivable, other receivables, other current assets, accounts payable, other payables and accrued liabilities, approximate their carrying value due to their short-term nature.

Government Grants

Government grants are recognized in the balance sheet initially when there is reasonable assurance that they will be received and that the enterprise will comply with the conditions attached to them. When the Company received the government grants but the conditions attached to the grants have not been fulfilled, such government grants are deferred and recorded as deferred revenue. As of September 30, 2023 and March 31, 2023, the deferred revenue were RMB 8.4 million and RMB 8.7 million, respectively. The classification of short-term or long-term liabilities is depended on the management’s expectation of when the conditions attached to the grant can be fulfilled. Grants that compensate the Company for expenses incurred are recognized as other income in statement of income on a systematic basis in the same periods in which the expenses are incurred. Government subsidies recognized as other income in the consolidated statement of comprehensive loss for the six months ended September 30, 2022 and 2023 were RMB0.3 million and RMB0.03 million, respectively.

F-17

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease, right-of-use (“ROU”) assets and lease liabilities in the consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease, ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. It uses the implicit rate when readily determinable. The operating lease, ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company have elected not to recognize ROU assets and lease liabilities for short-term leases for all classes of underlying assets. Short-term leases are leases with terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise.

Commitments and Contingencies

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

Revenue recognition

The Company derives revenue principally from the sale of mobile phones and accessories. Revenue from contracts with customers is recognized using the following five steps:

Identify the contract(s) with a customer;

Identify the performance obligations in the contract;

Determine the transaction price;

Allocate the transaction price to the performance obligations in the contract; and

Recognize revenue when (or as) the entity satisfies a performance obligation.

A contract contains a promise (or promises) to transfer goods or services to a customer. A performance obligation is a promise (or a group of promises) that is distinct. The transaction price is the amount of consideration the Company expects to be entitled from a customer in exchange for providing the goods or services.

F-18

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

The unit of account for revenue recognition is a performance obligation (a good or service). A contract may contain one or more performance obligations. Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the good or service is distinct in the context of the contract. Otherwise, performance obligations are combined with other promised goods or services until the Company identifies a bundle of goods or services that is distinct. Promises in contracts which do not result in the transfer of a good or service are not performance obligations, as well as those promises that are administrative in nature, or are immaterial in the context of the contract. The Company has addressed whether various goods and services promised to the customer represent distinct performance obligations. The Company applied the guidance of ASC Topic 606-10-25-16 through 18 in order to verify which promises should be assessed for classification as distinct performance obligations.

The Company’s revenue is primary derived from (i) OEM and ODM services for well-known brands; (2) its own in-house brands, positioned in the emerging middle class consumer groups and price-sensitive consumers in emerging markets. Refer to Note 18 to the consolidated financial statements for disaggregation of the Company’s revenue by type of product and geography information for the six months ended September 30, 2022 and 2023.

1) Cooperation with OEM/ODM customers

Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company generates its revenue through product sales, and shipping terms generally indicate when it has fulfilled its performance obligations and passed control of products to its customer, when the goods have been shipped to the customer’s specific location (delivery). Following delivery, the customer has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when selling the goods and bears the risks of obsolescence and loss in relation to the goods but has no right to return the products (other than for defective products). A receivable is recognized by the Company when the goods are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Revenue from OEM/ODM customers does not meet the criteria to be recognized over time since 1) it does not have the right of payment for the performance completed to date, 2) its work neither creates or enhances an asset controlled by customers until goods are delivered to the customer, 3) customers do not receive and consume benefits simultaneously provided by its performance.

F-19

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

2) Sales of products for in-house brands

The Company ceased operations in India where in-house brand products were produced, for the six months ended September 30, 2023. Due to an overall change of business environment in India since July 2021, the Company has decided to make a strategic shift and switch focus from India to Mexico.

Contract assets and liabilities

Contract assets, such as costs to obtain or fulfill contracts, are an insignificant component of the Company’s revenue recognition process. The majority of the Company’s cost of fulfillment as a manufacturer of products is classified as inventories and property and equipment, which are accounted for under the respective guidance for those asset types. Other costs of contract fulfillment are immaterial due to the nature of the Company’s products and their respective manufacturing processes.

Contract liabilities are mainly advance from customers.

Warranty

The Company offers a standard product warranty that the product will operate under normal use. For products sold to OEM/ODM customers, the warranty period generally ranges from one to two years from the time of final acceptance. In general, the Company ships free spare parts as product warranty to these customers while the products are sold. For products sold to end users through retailers in India, the warranty period includes a one year warranty to end users. The Company has the obligation, at its option, to either repair or replace the defective product. The customers cannot separately purchase the warranty and the warranty doesn’t provide the customer with additional service other than assurance that the product will function as expected. At the time revenue is recognized, an estimate of future warranty costs is recorded as a component of cost of revenues. The reserves established are regularly monitored based upon historical experience and any actual claims charged against the reserve.

Value added tax

In the PRC, value added tax (the “VAT”) of 17% (before May 1, 2018), 16% (from May 1, 2018 to April 1, 2019) and 13% (after April 1, 2019 until now) on invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The Company reports revenue net of VAT. VIE and its subsidiary in China that are VAT general tax payers are allowed to offset qualified VAT paid against their output VAT liabilities.

Cost of sales

Cost of sales consists primarily of material costs, direct labor costs, other direct costs, consignment manufacturing cost and manufacturing overhead, which are directly attributable to the production of products. Write-down of inventories to lower of cost or net realizable value is also recorded in cost of sales.

F-20

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Borrowing cost

Borrowing costs attributable directly to the acquisition, construction or production of qualifying assets which require a substantial period of time to be ready for their intended use or sale, are capitalized as part of the cost of those assets. Income earned on temporary investments of specific borrowings pending their expenditure on those assets is deducted from borrowing costs capitalized. All other borrowing costs are recognized in interest expenses in the consolidated statement of comprehensive loss in the period in which they are incurred.

Income taxes

Income taxes are accounted for using the asset and liability method as prescribed by ASC 740 “Income Taxes.” Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance would be provided for those deferred tax assets for which if it is more likely than not that the related benefit will not be realized.

Uncertain tax positions

The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Company’s uncertain tax positions and determining its provision for income taxes. The Company recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses in its statement of comprehensive income. The Company did not recognize any interest and penalties associated with uncertain tax positions for the six months ended September 30, 2022 and 2023. As of March 31, 2023 and September 30, 2023, the Company did not have any significant unrecognized uncertain tax positions.

F-21

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Foreign currency translation and transactions

The reporting currency of the Company is the RMB. The Company’s subsidiaries, consolidated VIE and VIE’s subsidiaries with operations in the PRC, Hong Kong, and other jurisdictions generally use their respective local currencies as their functional currencies, except that UTime Trading uses United States dollar (“US$”) as functional currency. The financial statements of the Company’s subsidiaries, other than the consolidated VIE and VIE’s subsidiary with the functional currency in RMB, are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities, historical exchange rate for equity amounts and the average rate during the reporting period for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive income or loss as a component of shareholders’ equity.

In the financial statements of the Company’s subsidiaries and consolidated VIE and VIE’s subsidiary, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in other (income) expenses, net in the consolidated statements of comprehensive loss.

Convenience translation

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into USD as of and for the six months ended September 30, 2023 are solely for the convenience of the reader and has been made at the exchange rate quoted by the central parity of RMB against the USD by the People’s Bank of China on September 30, 2023 of USD1.00 = RMB7.1798. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on September 30, 2023, or at any other rate.

F-22

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Comprehensive loss

Comprehensive loss is comprised of the Company’s net loss and comprehensive loss. The component of comprehensive loss is consisted solely of foreign currency translation adjustments.

Loss per share

Basic net loss per share is the amount of net loss available to each share of ordinary shares outstanding during the reporting period. Diluted net loss per share is the amount of net loss available to each share of ordinary shares outstanding during the reporting period adjusted to include the effect of potentially dilutive ordinary shares, if any. Basic and diluted loss per share for each of the periods presented are calculated as follows:

	Six months ended September 30,
	2022			2023
	RMB			RMB

Numerator:
Net loss		(15,615	)		(11,766	)
Net loss attributable to non-controlling interest		(1,350	)		(1,280	)
Net loss attributable to UTime Limited, basic and diluted		(14,265	)		(10,486	)
Denominator:
Weighted average shares outstanding, basic and diluted		8,267,793			13,567,793
Net loss attributable to UTime Limited per ordinary share:
Continuing operations		(1.55	)		(0.76	)
Discontinued operation		(0.18	)		(0.01	)

F-23

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Recently issued accounting standards

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements.

NOTE 4 — ACCOUNTS RECEIVABLE, NET

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Accounts receivable		52,444			40,980
Allowance for doubtful accounts		(136	)		(142	)
Accounts receivable, net		52,308			40,838

The Company analyzed the collectability of accounts receivable based on historical collection and the customers’ intention of payment. As a result of such analysis, the allowance for doubtful accounts was as follows:

	For the six months ended September 30,
	2022		2023
	RMB		RMB
Balance at beginning of period		126		136
Additions for the period		-		-
Written off for the period		-		-
Foreign currency translation difference		15		6
Balance at the end of period		141		142

F-24

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 4 — ACCOUNTS RECEIVABLE, NET (cont.)

As of March 31, 2023 and September 30, 2023, the allowance for doubtful accounts amounted to RMB0.1 million. The Company determined that the collection of these customers’ receivable is not probable due to financial difficulties experienced by related customers.

NOTE 5 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Advance to suppliers		63,410			75,093
Input GST/IVA		384			455
Receivables from supply chain service provider		7,648			4,727
Expected return assets		-			-
Other receivables		24,224			21,468
Allowance for doubtful accounts		(355	)		(355	)
Prepaid expenses and other current assets, net		95,311			101,388

As of March 31, 2023, other receivables consisted of deposits for leased equipment and VAT accrued for purchase of raw materials amounted to RMB2 million and RMB7 million. As of September 30, 2023, other receivables consisted of deposits for leased equipment and VAT accrued for purchase of raw materials amounted to RMB2 million and RMB3 million.

F-25

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 6 — INVENTORIES

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Raw materials		12,294			9,929
Work in progress		2,972			2,164
Finished goods		11,217			11,860
Total inventory, gross		26,483			23,953
Inventory reserve		(10,314	)		(10,346	)
Total inventory, net		16,169			13,607

The Company analyzed the valuation of inventory and disposed obsolete inventories. As a result of such analysis, the movement of inventory reserve was as follows:

	Six months ended September 30,			Six months ended September 30,
	2022			2023
	RMB			RMB
Balance at beginning of year		10,792			10,314
Additional charge (written off), net		(224	)		-
Foreign currency translation difference		-			32
Balance at the end of year		10,568			10,346

NOTE 7 — PROPERTY AND EQUIPMENT, NET

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
Office real estate		20,996		20,995
Furniture and equipment		5,991		5,991
Production and other machineries		55,004		55,004
Total		81,991		81,990
Less: accumulated depreciation		20,581		23,205
Property and equipment, net		61,410		58,785

Depreciation charged to expense amounted to RMB2.0 million and RMB2.6 million for the six months ended September 30, 2022 and 2023, respectively.

No impairment for property and equipment was recorded for the six months ended September 30, 2022 and 2023.

F-26

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 8 — LEASE LIABILITIES

Operating leases as lessor

The Company has non-cancellable agreements to lease our equipment to tenant under operating lease for 1 to 3 years. The leases do not contain contingent payments. At September 30, 2023, the minimum future rental income to be received is as follows:

As of September 30,	RMB
2024		402
2025		201
Total		603

For the six months ended September 30, 2022 and 2023, the operating lease income of RMB1.6 million and RMB1.6 million, respectively, net of the depreciation charges of corresponding equipment of RMB1.4 million and RMB1.3 million, respectively, were recorded in other expenses, net in the consolidated statements of comprehensive loss.

Operating leases as lessee

The Company leases space under non-cancelable operating leases for office and manufacturing locations and production equipment. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions.

Most leases include option to renew in condition that it is agreed by the landlord before expiry. Therefore, the majority of renewals to extend the lease terms are not included in its right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluate the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term.

As most of the Company’s leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments.

The components of the Company’s lease expense are as follows:

	Six months ended September 30,
	2022		2023
	RMB		RMB

Operating lease cost		1,758		1,593
Short-term lease cost		-		-
Lease cost		1,758		1,593

F-27

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 8 — LEASE LIABILITIES (cont.)

Supplemental cash flow information related to its operating leases was as follows for the six months ended September 30, 2022 and 2023:

	Six months ended September 30,
	2022		2023
	RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases		2,226		2,287

Maturities of its lease liabilities for all operating leases are as follows as of September 30, 2023:

	RMB			USD
2024		4,575			637
2025		4,575			637
2026 and after		5,069			706
Total lease payments		14,219			1,980
Less: Interest		(1,475	)		(205	)
Present value of lease liabilities		12,744			1,775
Less current portion, record in current liabilities		(3,803	)		(530	)
Present value of lease liabilities		8,941			1,245

The weighted average remaining lease terms and discount rates for all of its operating leases were as follows as of March 31, 2023 and September 30, 2023:

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Remaining lease term and discount rate:
Weighted average remaining lease term (years)		3.61			3.11
Weighted average discount rate		7.00	%		7.00	%

NOTE 9 — EQUITY METHOD INVESTMENT

For the six months ended September 30, 2022 and 2023, the Company recorded its pro-rata share of losses in Philectronics of RMBnil, as other (income) expenses, net in the consolidated statements of comprehensive loss. The Company recorded RMBnil impairment losses on its investment during the six months ended September 30, 2022 and 2023, as other expenses, net in the consolidated statements of comprehensive loss. Philectronics has net liability position and temporarily ceased its operation without foreseeable plan for resuming its business operation.

	Six months ended September 30,
	2022			2023
	RMB			RMB

Cost		1,425			1,425
Less: accumulated impairment		(1,425	)		(1,425	)
Equity method investment, net		-			-

F-28

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 10 — OTHER NON-CURRENT ASSETS

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Prepayment for property and equipment and intangible asset		-		222
Total other non-current assets		-		222

NOTE 11 — BORROWINGS

			As of March 31,		As of September 30,
	Note		2023		2023
			RMB		RMB
Short-term borrowings
Secured loan		(a)		7,800		7,300
PingAn Bank Co., Ltd.		(b)		2,000		-
China Resources Bank of Zhuhai Co., Ltd. Loan 1		(c)		22,000		22,000
China Resources Bank of Zhuhai Co., Ltd. Loan 2		(d)		2,000		2,000
Baosheng County Bank		(e)		2,400		-
WeBank Co., Ltd. 1		(f)		1,990		1,373
WeBank Co., Ltd. 2		(g)		1,000		762
WeBank Co., Ltd. 3		(h)		1,745		995
China Resources SZITIC Trust Company Limited		(i)		3,000		3,000
Industrial and Commercial Bank of China (“ICBC”) Loan 1		(j)		5,000		5,000
ICBC Loan 2		(k)		5,000		5,000
				53,935		47,430

Long-term borrowings
Shenzhen Rural Commercial Bank loan 1		(l)		6,370		5,950
Shenzhen Rural Commercial Bank loan 2		(m)		1,580		1,460
				7,950		7,410


Representing by:
Current portion of long-term borrowings				1,080		1,080
Non-current portion of long-term borrowings				6,870		6,330

(a)

In November 2020, UTime SZ and TCL Commercial Factoring (Shenzhen) Company Limited (“TCL Factoring”) executed a factoring agreement, pursuant to which UTime SZ received a revolving credit facility and may submit unlimited number of loan applications, so long as, among other conditions, the balance of the loan does not exceed the credit line. The annual effective interest rate range is from 8.0% to 9.0%. TCL Factoring has the right of recourse to UTime SZ, and as a result, these transactions were recognized as secured borrowings. UTime SZ agreed to pledge to TCL Factoring its accounts receivable from TCL Mobile Communication Company Limited (“TCL Huizhou”). This credit facility was also guaranteed respectively by Mr. Bao and UTime GZ, each for an amount up to RMB20 million. UTime SZ agreed not to withdraw, utilize or dispose the accounts receivables paid to it by TCL Huizhou without the prior consent of TCL Factoring. As of March 31, 2023 and September 30, 2023, UTime SZ obtained loans under the factoring agreement at the total amount of RMB7.8 million and RMB7.3 million, respectively.

F-29

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 11 — BORROWINGS (cont.)

(b)	In November 2021, UTime SZ entered into a credit agreement with PingAn Bank Co., Ltd. to borrow RMB2 million for a term of 3 years, with an annual effective rate of 12.96%. The loan is guaranteed by Mr. Bao and his spouse. The loan was repaid in May 2023.

(c)

On November 24, 2022, UTime SZ entered into a working capital loan agreement with China Resources Bank of Zhuhai Co., Ltd., to borrow RMB22 million as working capital at an annual effective interest rate of 5.5%. The loan is secured by the office owned by UTime SZ and guaranteed by UTime GZ, Mr. Bao and his spouse. The loan will be due in November 2023.

(d)	On December 5, 2022, UTime SZ entered into a working capital loan agreement with China Resources Bank of Zhuhai Co., Ltd., to borrow RMB2 million as working capital at an annual effective interest rate of 8.0%. The loan will be due on October 25, 2023.

(e)

On August 31, 2022, UTime SZ entered into a credit line agreement with Shenzhen Nanshan Baosheng County Bank Co., Ltd. (“Baosheng County Bank”) according to which Baosheng County Bank agreed to provide UTime SZ with a credit facility of up to RMB3 million with a one-year term from August 31, 2022 to August 31, 2023. On August 31, 2022, UTime SZ entered into a working capital loan agreement with Baosheng County Bank to borrow RMB3 million as working capital for one year at an annual effective interest rate of 8.0%. It is payable at monthly installment of RMB0.1 million from September 2021 to August 2022, with a balloon payment of the remaining balance in the last installment. The loan is secured by the office owned by UTime SZ and guaranteed by UTime Guangxi, Mr. Bao and his spouse. The loan was fully repaid in August 2023.

(f)

On May 19, 2022, UTime SZ entered into a credit line agreement with WeBank Co., Ltd. (“WeBank”) according to which WeBank agreed to provide UTime SZ with a credit facility of up to RMB1.99 million with a two-year term from May 19, 2022 to May 19, 2024, with an annual effective interest rate of 9.45%. The loan is guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, UTime SZ loans under the credit agreement was RMB1.99 million and RMB1.37 million, respectively.

(g)

On May 19, 2022, UTime SZ entered into a credit line agreement with WeBank according to which WeBank agreed to provide UTime SZ with a credit facility of up to RMB1 million with a two-year term from May 19, 2022 to May 19, 2024, with an annual effective interest rate of 9.45%. The loan is guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, UTime SZ loans under the credit agreement was RMB1 million and RMB0.8 million, respectively.

(h)

On May 18, 2022, UTime SZ entered into a credit line agreement with WeBank according to which WeBank agreed to provide UTime SZ with a credit facility of up to RMB3 million with a two-year term from May 18, 2022 to May 18, 2024, with an annual effective interest rate of 11.34%. The loan is guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, UTime SZ loans under the credit agreement was RMB1.7 million and RMB1.0 million, respectively.

(i)

On January 10, 2023, UTime SZ entered into a working capital loan agreement with China CITIC Bank, to borrow RMB3 million as working capital at an annual effective interest rate of 4.35%. The loan will be due in January 2024.

(j)

On December 2, 2022, UTime SZ entered into a loan agreement with Industrial and Commercial Bank of China (“ICBC”), to borrow RMB 5 million as working capital at an annual effective interest rate of 3.75%. The loan will be due in 12 months.

F-30

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 11 — BORROWINGS (cont.)

(k)	On December 7, 2022, UTime SZ entered into a loan agreement with ICBC, to borrow RMB 5 million as working capital at an annual effective interest rate of 3.75%. The loan will be due in 12 months.

(l)	On June 29, 2021, UTime SZ entered into a credit agreement with Shenzhen Rural Commercial Bank to borrow RMB7 million for a term of 3 years, which is payable at monthly installment of RMB0.07 million from July 2022 to July 2024, with a balloon payment of the remaining balance in the last installment. The loan bears a fixed interest rate of 4.5% per annum. The loan was secured by real estate owned by Mr. Bao and guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, the balance of the loan was RMB6.37 million and RMB5.95 million, respectively. Out of the total outstanding loan balance, current portion amounted were RMB0.84 million and RMB0.84 million, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of RMB5.53 million and RMB5.11 million, which is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2023 and September 30, 2023, respectively.

(m)	In July 2021, UTime SZ entered into a credit agreement with Shenzhen Rural Commercial Bank to borrow RMB2 million for a term of 3 years, which is payable at monthly installment of RMB0.02 million from July 2021 to July 2024, with a balloon payment of the remaining balance in the last installment. The loan is secured by real estate owned by Mr. Bao and guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, the balance of the loan are RMB1.58 million and RMB1.46 million, respectively. Out of the total outstanding loan balance, current portion amounted were RMB0.24 million and RMB0.24 million, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of RMB1.34 million and RMB1.22 million, which is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2023 and September 30, 2023, respectively.

NOTE 12 — OTHER PAYABLES AND ACCRUED LIABILITIES

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
Advance from customers		16,902		12,770
Accrued payroll		11,853		11,211
VAT payable		7,292		3,591
Other payables		18,432		34,566
Total		54,479		62,138

As of March 31, 2023, other payables mainly included RMB6.8 million advance from supply chain service provider, RMB2.2 million advance refundable to a customer and RMB3 million refundable to a vendor. As of September 30, 2023, other payables mainly included RMB6.8 million advance from supply chain service provider, RMB2.2 million advance refundable to a customer and RMB22.3 million advances from a third party to the Company, for developing and promoting healthcare wearable devices in the US market.

F-31

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 13 — OTHER EXPENSES/(INCOME), NET

	Six months ended September 30,
	2022			2023
	RMB			RMB
Exchange gains		(7,449	)		(4,924	)
Government grants		(264	)		31
Others		132			(565	)
Total		(7,581	)		(5,458	)

NOTE 14 — RELATED PARTIES BALANCES AND TRANSACTIONS

Related parties with whom the Company had transactions are:

Related Parties		Relationship
Mr. Bao		Controlling shareholder of the Company

Mr. He		Beneficial shareholder of the Company

Mr. Yu		Chief Financial Officer of the Company

Philectronics		An equity method investee of the Company

Grandsky Phoenix Limited		100% owned by Mr. Bao

(1)	Due from related parties

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Philectronics		536		560
Mr. Yu		48		58

		584		618

F-32

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 14 — RELATED PARTIES BALANCES AND TRANSACTIONS (cont.)

(2)	Due to related parties

	As of March 31,		As of September 30,
	2023		2023
		RMB		RMB

Mr. Bao		4,779		9,893
Grandsky Phoenix Limited		239		27,619
		5,018		37,512

(1)	On April 1, 2023, The Company entered into a loan agreement with Grandsky Phoenix Limited to borrow USD3.5 million, with a term of one year. The loan is interest free and will be due by March 31, 2024.

NOTE 15 — SHAREHOLDERS’ EQUITY

As of March 31, 2021, the Company had 140,000,000 authorized ordinary shares, and 4,517,793 ordinary shares were issued and outstanding, respectively.

On June 29, 2022, the board of directors of the Company approved the 2022 Performance Incentive Plan (the “2022 PIP”). Under the 2022 PIP, the Company has reserved a total of 5,300,000 shares of common stock for issuance as or under awards to be made to the participants of the Company. On November 7, 2022, 5,300,000 shares of common stock were issued and granted under the 2022 PIP. Total fair value of the shares of common stock granted was calculated at $9,301,500 as of the date of issuance at $1.755 per share.

F-33

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 16 — COMMITMENTS AND CONTINGENCIES

(a)

Capital commitment

As of September 30, 2023, the Company had no capital commitments.

(b)

Legal proceedings

From time to time, the Company is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of these unresolved matters, individually and in the aggregate, is likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company has not recorded any material liabilities in this regard as of March 31, 2023 and September 30, 2023.

However, litigation is subject to inherent uncertainties and the Company’s view of these matters may change in the future. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the Company’s financial position and results of operations for the periods in which the unfavorable outcome occurs.

NOTE 17 — REVENUE AND GEOGRAPHY INFORMATION

	Six months ended September 30,
	2022		2023
	RMB		RMB
Feature phone		61,090		48,413
Smart phone		50,714		22,295
Others		15,891		13,218
Total		127,695		83,926

The Company’s sales breakdown based on location of customers is as follows:

	Six months ended September 30,
	2022		2023
	RMB		RMB
Mainland China		53,727		58,495
Hong Kong		4,813		-
Africa		27,452		6,662
The United States		12,367		7,831
Mexico		22,201		7,375
South America		934		-
Others		6,201		3,563
Total		127,695		83,926

The location of the Company’s long-lived assets is as follows:

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
PRC		74,438		70,008
Mexico		3		3
Total		74,441		70,011

Pursuant to ASC 280-10-50-41, the other non-current assets of RMB nil and RMB0.2 million, and the intangible assets, net of RMB1.8 million and RMB1.1 million were excluded from long-lived assets as of March 31, 2023 and September 30, 2023 respectively.

F-34

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 18 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The amounts restricted include paid-in capital, capital surplus and statutory reserves, after intercompany eliminations, as determined pursuant to PRC generally accepted accounting principles, totaling RMB72.1 million as of March 31, 2023 and September 30, 2023.

The subsidiaries did not pay any dividend to the parent for the periods presented. For the purpose of presenting parent only financial information, the Company records investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiary” and the income of the subsidiary is presented as “Income from equity method investments.” Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.

BALANCE SHEETS

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
ASSETS
Current assets
Cash and Cash equivalents	2		1,809
Prepaid expenses and other current assets	25,109		26,235
Inter-company receivable	79,393		91,630
Non-current assets
Investment in subsidiary	(18,929	)	(29,971	)
Total assets	85,575		89,703

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Inter-company payable	35,634		2,921
Due to related parties	313		27,723
Other payables and accrued liabilities	5,539		25,113
Total liabilities	41,486		55,757

Shareholders’ equity
Preference share, par value US$0.0001; Authorized:10,000,000 shares; none issued and outstanding As of March 31, 2023 and As of September 30, 2023, respectively	-		-
Ordinary shares, par value US$0.0001; Authorized:140,000,000 shares; Issued and outstanding: 13,567,793 shares as of March 31,2023 and 13,567,793 shares as of September 30, 2023	9		9
Additional paid-in capital	216,504		216,504
Accumulated deficit	(175,893	)	(186,379	)
Accumulated other comprehensive income	3,469		3,812
Total shareholder’s equity	44,089		33,946
Total liabilities and shareholders’ equity	85,575		89,703

F-35

UTIME LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 18 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (cont.)

STATEMENTS OF COMPREHENSIVE LOSS

	Six months ended September 30,
	2022			2023
	RMB			RMB

Loss from equity method investments		(11,304	)		(8,583	)
Operating expenses		(2,961	)		(1,903	)
Net loss		(14,265	)		(10,486	)
Foreign currency translation difference		3,770			342
Comprehensive loss		(10,496	)		(10,144	)

STATEMENTS OF CASH FLOWS

	Six months ended September 30,
	2022			2023
	RMB			RMB

CASH FLOW FROM OPERATING ACTIVTIES
Net loss		(14,265	)		(10,486	)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity loss of subsidiaries		11,304			8,583
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(1,173	)		-
Inter-company payable (net of inter-company receivable)		7,028			(42,455	)
Related parties		-			5,528
Other payables and accrued liabilities		2,241			19,087
Net cash used in operating activities		5,135			(19,743	)
Loan received from a shareholder		-			21,528
Effect of exchange rate changes on cash and cash equivalent and restricted cash		(1,618	)		22
Net change in cash and cash equivalent		3,517			1,807
Cash and cash equivalents, beginning of year		6			2
Cash and cash equivalents, end of year		3,523			1,809

The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of March 31, 2023 and September 30, 2023, respectively.

NOTE 19 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

F-36

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Exhibit 99.2

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion and analysis should be read in conjunction with our consolidated financial statements, the notes to those financial statements and other financial data that appear elsewhere in this annual report. In addition to historical information, the following discussion contains forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and the timing of certain events may differ significantly from those projected in such forward-looking statements due to a number of factors, including those set forth in “Risk Factors” and elsewhere in this report. Our consolidated financial statements are prepared in conformity with U.S. GAAP.

5A. Operating Results

We design, manufacture, and distribute mobile phones and other consumer electronics through our operation plants in China. Our products are categorized into the following major categories: feature phone, smartphone, face mask and mobile phone accessories. Most of our products are produced to fulfill OEM/ODM orders received from our long-term clients and sold globally, including India, Brazil, the United States, and other emerging markets in South Asia and Africa as well as Europe. The following charts display our products contribution for the six months ended September 30, 2022 and 2023.

The following table sets forth our revenues by product lines and as a percentage of revenue for the fiscal years indicated:

	Six months ended September 30,
	2022				2023
Category	Amount		%		Amount				%
	RMB				RMB		US$
		(in thousands, except for percentages)
Feature phone		61,090		47.8		48,413		6,743		57.7
Smart phone		50,714		39.8		22,295		3,105		26.6
Others		15,891		12.4		13,218		1,841		15.7
Total		127,695		100		83,926		11,689		100

The following table sets forth our revenues by geographic region and as a percentage of revenue for the fiscal years indicated:

	Six months ended September 30,
	2022				2023
Category	Amount		%		Amount				%
	RMB				RMB		US$
	(in thousands, except for percentages)
PRC		53,727		42.1		58,495		8,147		69.7
Hong Kong		4,813		3.8		-		-		-
Africa		27,452		21.5		6,662		928		7.9
The United States		12,367		9.7		7,831		1,091		9.3
Mexico		22,201		17.3		7,375		1,027		8.8
South America		934		0.7		-		-		-
Japan		6,201		4.9		3,563		496		4.3
Total		127,695		100		83,926		11,689		100

Overview

The table below sets forth certain line items from our consolidated statement of comprehensive loss for the fiscal six months ended September 30, 2022 and 2023:

	Six months ended September 30,
	2022			2023
	RMB			RMB			US$
	(in thousands)
Revenues		127,695			83,926			11,689
Costs of sales		115,199			79,980			11,140
Gross profit		12,496			3,946			549
Operating expenses		22,665			13,746			1,915
Interest expenses		4,075			1,960			273
Loss before income taxes		(14,244	)		(11,760	)		(1,639	)
Income tax expenses		(85	)		(85	)		(12	)
Loss from discontinued operation		1,456			91			13
Net loss		(15,615	)		(11,766	)		(1,640	)

●

Revenue from Original Equipment Manufacturer (“OEM”) and Original Design Manufacturer (“ODM”) services deceased from RMB127.7 million to RMB83.9 million (US$11.7 million), representing a 34% decrease. We ceased our operations in India. Due to an overall change of business environment in India since July 2021, we have decided to make a strategic shift and switch focus from India to Mexico.

●

Gross profit margin decreased from 9.8% to 4.7%. Margin squeezed due to decline of demands in consumer electronic products.

●

Net loss reached RMB11.8 million (US$1.6 million), compared to net loss of RMB15.6 million during the same period last year. This is mainly due to decrease of the gross profit, partially offset by the decrease selling expenses, R&D expenses and general and administration expenses.

●

Exchange rate between RMB and US Dollar considerably affected the Company’s financial results, as 30%-60% of our products were sold to customers outside of mainland China, our revenue was affected by fluctuations in the exchange rate between US dollar and RMB.

Comparison of the six months ended September 30, 2023 and 2022

Revenue

Revenue for the six months ended September 30, 2023 was RMB83.9 million (US$11.7 million), a decrease of RMB43.8 million, or 34%, from RMB127.7 million for the same period of 2022. The decrease was primarily attributable to the decrease in OEM/ODM sales.

Cost of sales

Cost of sales for the six months ended September 30, 2023 was RMB80.0 million (US$11.1 million), a decrease of RMB35.2 million, or 30.5%, from RMB115.2 million for the same period of 2022. The decrease was in line with the decrease in sales volume.

Our cost of sales mainly consists of cost of raw materials, third party processing fees and rental of building and machinery.

We import screens and mother boards from overseas and purchase camera, battery and electronic components from domestic markets for mobile phone processing and assembling.

Gross profit

Gross profit for the six months ended September 30, 2023 was RMB3.9 million (US$0.5 million), representing a decrease of RMB8.6 million, or 68.8%, from the gross profit of RMB12.5 million for the same period of 2022 as a result of factors mentioned above.

Overall gross profit margin for the six months ended September 30, 2023 was 4.7%, or 5.1 percentage points lower, as compared to gross profit margin of 9.8% for the same period of 2022.

Operating expenses

	Six months ended September 30,
	2022			2023
	RMB			RMB			US$
	(in thousands)
Selling expenses		4,176			3,393			473
General and administrative expenses⁽¹⁾		16,423			10,984			1,530
R&D related expenses⁽¹⁾		9,647			4,827			672
Other (income) expenses, net		(7,581	)		(5,458	)		(760	)
Total		22,665			13,746			1,915

(1)	These expenses are combined as general and administrative expenses in consolidated statements of comprehensive income (loss).

Our operating expenses consist of selling expenses, general and administrative expenses, R&D expenses and other expenses, net. Operating expenses decreased by RMB9 million, or 39.3%, from RMB22.7 million for the six months ended September 30, 2022 to RMB13.7 million (US$1.9 million) for the six months ended September 30, 2023.

Selling expenses consist of salary and benefits, business travel, shipping expenses, entertainment, market promotion and other expenses relating to our sales and marketing activities. The increase in selling expense was mainly due to increase expenses on moulds and consumables.

General and administrative expenses primarily include salary and benefits to our accounting, human resources, design and executive office staff, rental expenses, property management and utilities, office supplies. General and administrative expenses decreased by RMB5.4 million, or 33%, from RMB16.4 million for the six months ended September 30, 2022 to RMB11.0 million (US$1.5 million) for the six months ended September 30, 2023. The decrease was mainly due to the decrease in consumable expenses.

R&D related expenses mainly consist of salary and benefits, material and consumables and other expenses to carry out R&D activities. The decrease was mainly due to the decrease in consumable materials.

Other expenses (income), net for the six months ended September 30, 2023 was net income of RMB5.5 million (US$0.8 million), as compared to net income of RMB7.6 million for the same period of 2022. The decrease in income was mainly attributed to change in exchange rate of U.S. Dollar against RMB.

Income tax benefits

Income tax benefit is RMB0.1 million for the six months ended September 30, 2022 and 2023.

Net loss

Net loss was RMB11.8 million (US$1.6 million) for the six months ended September 30, 2023 compared to net loss of RMB15.6 million for the six months ended September 30, 2022.

5B. Liquidity and Capital Resources

On April 1, 2023, The Company entered into a loan agreement with Grandsky Phoenix Limited to borrow USD3.5 million, with a term of one year. The loan is interest free and will be due by March 31, 2024.

We continues to focus on improving operational efficiency and cost reductions, developing core cash-generating business and enhancing efficiency. We expect that the existing and future cash generated from operation will be sufficient to fund the future operating expenses and capital expenditure requirements. In addition, we are also working on raising additional funding to finance the operations as well as business expansion.

Cash and Cash Equivalents and restricted cash

The following table sets forth certain historical information with respect to our statements of cash flows:

	Six months ended September 30,
	2022			2023
	RMB			RMB			USD
	(in thousands)
Net Cash Used in Operating Activities		(4,686	)		(13,083	)		(1,824	)
Net Cash Used in Investing Activities		(2,204	)		-			-
Net Cash Provided by Financing Activities		6,954			19,583			2,728
Effect of exchange rate changes on cash and cash equivalents		7,726			1,527			214
Net Increase in Cash and Cash Equivalents		7,790			8,027			1,118

We had cash, cash equivalent and restricted cash of approximate RMB72.4 million and RMB80.5 million (US$10.6 million) as of March 31, 2023 and September 30, 2023, respectively.

Net cash used in operating activities was RMB13.1 million (US$1.8 million) for the six months ended September 30, 2023 as compared with net cash used in operating activities of RMB4.7 million for the same period of 2022.

Net cash used in investing activities for six months ended September 30, 2023 was RMBnil as compared to net cash used in investing activities of RMB 2.2 million for the same period of 2022. Cash used in the six months ended September 30, 2022 were for payments of property and equipment.

Net cash provided by financing activities for six months ended September 30, 2023 was RMB19.6 million (US$2.7 million) as compared to net cash provided by financing activities of RMB7.0 million for the same period of 2022. The net cash inflow was mainly attributed to loans from a shareholder.

Contractual Obligations

In December 2017, UTime SZ signed a property sale contract with Shenzhen Fumeibang Technology Co., Ltd (“Fumeibang”), previously known as “BuTa Entertainment” for selling office real estate in Nanshan District, Shenzhen, China for a cash price of RMB20.1 million (US$3.1 million). BuTa Entertainment agreed to lease the office estate back to the Company for a term of up to 3 years, with an annual rental payment of approximately RMB1.0 million (US$0.15 million). According the lease agreement, the eleven months from February 2018 to December 2018 is free of rental charge.

In September 2019, UTime SZ signed a lease agreement with Fumeibang for a term of one year, with an annual rental payment of approximately RMB1.0 million (US$0.15 million) and was most recently renewed on April 1, 2022.

On September 1, 2017, UTime GZ entered a lease agreement with Guizhou Jietongda Technology Co., Ltd. (“Jietongda”). Jietongda agreed to lease the factory building located in Xinpu District of Guizhou, China to UTime GZ, for a term of up to 4.5 years, with an annual rental payment of approximately RMB 4.2 million (US$0.6 million).

During the year ended March 31, 2020, UTime GZ entered into supplementary agreement with Jietongda and modified the original warehouse lease contract effective since September 1, 2017. Total lease amount reduced from RMB18.9 million (US$2.7 million) to RMB7.5 million (US$1.1 million) for the 4 years and 6 months’ lease period.

On September 1, 2017, UTime GZ entered into a lease agreement with Jietongda. Jietongda agreed to lease the equipment for processing mobile phones to UTime GZ, for a term of up to 5 years, with an annual rental payment of approximately RMB0.6 million (US$0.1 million).

In November 2021, UTime Guangxi entered into a Factory Lease Agreement to lease Factory for production from Nanning Industrial Investment Group Cp., Ltd, for a term of up to 5 years, with a monthly rental payment of RMB 384,853.8 (including 6 months rent-free period).

In March 2022, UTime Guangxi entered into a Lease Agreement to lease dormitory for staff from Nanning Industrial Investment Group Cp., Ltd, for a term from March 25, 2022 to March 31, 2027, with a monthly rental payment of RMB 30,706.06.

The following table sets forth our contractual obligations as of September 30, 2023, which included the lease and loan arrangement described above:

Payments due by period (in thousands)
Contractual obligations	Total		Less than 1 year		1-2 years		2-3 years		More than 3 years
Short term borrowings		47,430		47,430		-		-		-
Current portion of long-term borrowings		1,080		1,080		-		-		-
Long term borrowings		6,330		-		1,080		5,250		-
Operating lease payments		14,219		4,575		4,575		5,069		-
Total		69,059		53,085		5,655		10,319		-

Document And Entity Information	6 Months Ended
Document And Entity Information	Sep. 30, 2023
Document Information Line Items
Entity Registrant Name	UTime Limited
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001789299
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-40306

Consolidated Balance Sheets (Unaudited) ¥ in Thousands, $ in Thousands	Sep. 30, 2023 CNY (¥)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 CNY (¥)
Current assets
Cash and cash equivalents	¥ 79,952	$ 11,136	¥ 71,925
Restricted cash	500	70	500
Accounts receivable, net	40,838	5,688	52,241
Prepaid expenses and other current assets, net	101,388	14,121	95,311
Inventories	13,607	1,895	16,169
Assets related to discontinued operation	307	43	292
Total current assets	237,210	33,039	237,022
Non-current assets
Property and equipment, net	58,785	8,188	61,410
Operating lease right-of-use assets, net	11,226	1,564	13,030
Intangible assets, net	1,066	148	1,677
Equity method investment
Other non-current assets	222	31
Total non-current assets	71,299	9,931	76,117
Total assets	308,509	42,970	313,139
Current liabilities
Accounts payable	102,782	14,315	126,685
Short-term borrowings	47,430	6,606	53,935
Current portion of long-term borrowings	1,080	150	1,080
Lease liability	3,803	530	3,673
Other payables and accrued liabilities	62,138	8,655	54,479
Income tax payables	18	3	18
Current liabilities related to discontinued operation	819	114	781
Total current liabilities	255,582	35,598	245,669
Non-current liabilities
Long-term borrowings	6,330	882	6,870
Government grants	8,395	1,169	8,697
Deferred tax liability	210	29	295
Lease liability - non-current	8,941	1,245	10,876
Total non-current liabilities	23,876	3,325	26,738
Total liabilities (including amounts of the consolidated VIEs without recourse to the Company of RMB265,773 and RMB225,803 as of March 31, 2022 and September 30, 2023, respectively)	279,458	38,923	272,407
Commitments and contingencies
Shareholder’s equity
- Preference share, par value US$0.0001; Authorized:10,000,000 shares; none issued and outstanding as of March 31, 2023 and September 30, 2023
Ordinary shares, par value US$0.0001; Authorized:140,000,000 shares; Issued and outstanding: 13,567,793 shares as of March 31,2023 and September 30, 2023	9	1	9
Additional paid-in capital	216,504	30,155	216,504
Accumulated deficit	(186,379)	(25,959)	(175,893)
Accumulated other comprehensive income	3,812	532	3,469
Total UTime Limited shareholder’s equity	33,946	4,729	44,089
Non-controlling interests	(4,895)	(682)	(3,357)
Total shareholders’ equity	29,051	4,047	40,732
Total liabilities and shareholders’ equity	308,509	42,970	313,139
Related Party
Current assets
Due from related parties	618	86	584
Current liabilities
Due to related parties	¥ 37,512	$ 5,225	¥ 5,018

Consolidated Balance Sheets (Unaudited) (Parentheticals) ¥ in Thousands, $ in Thousands	Sep. 30, 2023 CNY (¥) ¥ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 CNY (¥) ¥ / shares shares
Statement of Financial Position [Abstract]
Including amounts of the consolidated VIEs (in Dollars and Yuan Renminbi)	¥ 225,803	$ 225,803	¥ 265,773
Preferred share, par value (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ 0.0001	$ 0.0001	¥ 0.0001
Preferred share, shares authorized	10,000,000	10,000,000	10,000,000
Preferred share, shares issued
Preferred share, shares outstanding
Ordinary shares, par value (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ 0.0001	$ 0.0001	¥ 0.0001
Ordinary shares, shares authorized	140,000,000	140,000,000	140,000,000
Ordinary shares, shares issued	13,567,793	13,567,793	13,567,793
Ordinary shares, shares outstanding	13,567,793	13,567,793	13,567,793

Consolidated Statements of Comprehensive Loss (Unaudited) ¥ in Thousands, $ in Thousands	6 Months Ended
	Sep. 30, 2023 CNY (¥) ¥ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 CNY (¥) ¥ / shares shares
Income Statement [Abstract]
Revenue	¥ 83,926	$ 11,689	¥ 127,695
Cost of sales	79,980	11,140	115,199
Gross profit	3,946	549	12,496
Operating expenses:
Selling expenses	3,393	473	4,176
General and administrative expenses	15,811	2,202	26,070
Other expenses (income), net	(5,458)	(760)	(7,581)
Total operating expenses	13,746	1,915	22,665
Loss from operations	(9,800)	(1,366)	(10,169)
Interest expenses	1,960	273	4,075
Loss before income taxes	(11,760)	(1,639)	(14,244)
Income tax benefits	(85)	(12)	(85)
Loss from discontinued operation	91	13	1,456
Net loss	(11,766)	(1,640)	(15,615)
Less: Net loss attributable to non-controlling interests	(1,280)	(178)	(1,350)
Net loss attributable to UTime Limited	(10,486)	(1,462)	(14,265)
Comprehensive loss
Net loss	(11,766)	(1,640)	(15,615)
Foreign currency translation adjustment	343	48	3,769
Total comprehensive loss	(11,423)	(1,592)	(11,847)
Less: Comprehensive loss attributable to non-controlling interest	(1,280)	(178)	(1,350)
Comprehensive loss attributable to UTime Limited	¥ (10,143)	$ (1,414)	¥ (10,497)
Loss per share attributable to UTime Limited
Continuing operations (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (0.76)	$ (0.11)	¥ (1.55)
Discontinued operation (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (0.01)	$ (0.001)	¥ (0.18)
Weighted average ordinary shares outstanding
Basic (in Shares)	13,567,793	13,567,793	8,267,793

Consolidated Statements of Comprehensive Loss (Unaudited) (Parentheticals) - shares	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Diluted	13,567,793	8,267,793

Consolidated Statements of Shareholders’ Equity (Unaudited) ¥ in Thousands, $ in Thousands	Ordinary Shares CNY (¥) shares	Additional Paid-in Capital CNY (¥)	Retained Earnings (Accumulated Deficit) CNY (¥)	Accumulated Other Comprehensive Income (Loss) CNY (¥)	Non- Controlling Interests CNY (¥)	CNY (¥)	USD ($)
Balance at Mar. 31, 2022	¥ 5	¥ 152,236	¥ (88,277)	¥ 1,024	¥ (520)	¥ 64,468
Balance (in Shares) at Mar. 31, 2022 \| shares	8,267,793
Net loss			(14,265)		(1,350)	(15,615)
Foreign currency translation difference				3,769	(196)	3,573
Balance at Sep. 30, 2022	¥ 5	152,236	(102,542)	4,793	(2,066)	52,426
Balance (in Shares) at Sep. 30, 2022 \| shares	8,267,793
Balance at Mar. 31, 2023	¥ 9	216,504	(175,893)	3,469	(3,357)	40,732
Balance (in Shares) at Mar. 31, 2023 \| shares	13,567,793
Net loss			(10,486)		(1,280)	(11,766)	$ (1,640)
Foreign currency translation difference				343	(258)	85
Balance at Sep. 30, 2023	¥ 9	¥ 216,504	¥ (186,379)	¥ 3,812	¥ (4,895)	¥ 29,051	$ 4,047
Balance (in Shares) at Sep. 30, 2023 \| shares	13,567,793

Consolidated Statements of Cash Flows (Unaudited) ¥ in Thousands, $ in Thousands	6 Months Ended
	Sep. 30, 2023 CNY (¥)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 CNY (¥)
Cash flows from operating activities:
Net Loss (excluding discontinued operation)	¥ (11,675)	$ (1,627)	¥ (14,159)
Loss of discontinued operation	(91)	(13)	(1,456)
Adjustments to reconcile net income (loss) from operations to net cash used by operating activities
Depreciation and amortization	3,237	451	2,602
Allowances for obsolete inventories, net			(230)
Loss on disposal of property and equipment			118
Deferred tax	(85)	(12)
Net changes in operating assets and liabilities:
Accounts receivable	12,179	1,696	(6,183)
Prepaid expenses and other current assets	(3,671)	(511)	(1,133)
Inventories	2,566	357	17,714
Accounts payable	(27,321)	(3,805)	(2,697)
Other payables and accrued liabilities	6,817	949	(7,140)
Related parties	5,485	764	935
Government grants	(302)	(42)	6,928
Other non-current assets	(222)	(31)	15
Net cash used in operating activities	(13,083)	(1,824)	(4,686)
Investing activities:
Payment for property and equipment			(2,057)
Payment for intangible assets			(147)
Net cash used in investing activities			(2,204)
Financing activities:
Proceeds from short-term borrowings	5,000	696	19,310
Loan received from a shareholder	30,728	4,280	2,000
Repayment of loan from a shareholder	(4,100)	(571)	(3,000)
Repayment of short-term borrowings	(11,505)	(1,602)	(11,026)
Repayments of long-term borrowings	(540)	(75)	(330)
Net cash provided by financing activities	19,583	2,728	6,954
Effect of exchange rate changes on cash and cash equivalent and restricted cash	1,527	214	7,726
Net increase in cash and cash equivalent and restricted cash	8,027	1,118	7,790
Cash and cash equivalents and restricted cash at beginning of period	72,434	10,089	67,192
Cash and cash equivalents and restricted cash at end of period	80,461	11,207	74,982
Supplemental disclosures of cash flow information:
Income taxes paid (refunded)
Interest paid	2,464	343	4,075
Restricted cash	500	70	500
Cash and cash equivalents	79,961	11,137	74,482
Cash, cash equivalents and restricted cash	¥ 80,461	$ 11,207	¥ 74,982

Organization and Principal Activities

6 Months Ended

Sep. 30, 2023

Organization and Principal Activities [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES

(a) History and Reorganization

As of September 30, 2023, details of the subsidiaries and VIE of the Company are set out below:

Name	Date of Incorporation	Place of Incorporation	Percentage of Beneficial Ownership	Principal Activities
Subsidiaries
UTime HK	November 1, 2018	Hong Kong	100%	Investment Holding
UTime WFOE	December 18, 2018	China	100%	Investment Holding
Bridgetime	September 5, 2016	British Virgin Island	100%	Investment Holding
Do Mobile	October 24, 2016	India	99.99%	Sales of in-house brand products in India

Name	Date of Incorporation	Place of Incorporation	Percentage of Beneficial Ownership	Principal Activities
VIE
UTime SZ	June 12, 2008	China	100%	Research and development of products, and sales
Subsidiaries of the VIE
Guizhou United Time Technology Co., Ltd. (“UTime GZ”)	September 23, 2016	China	VIE’s subsidiary	Manufacturing
UTime Technology (HK) Company Limited (“UTime Trading”)	June 25, 2015	Hong Kong	VIE’s subsidiary	Trading
UTime India Private Limited (“UTime India”)	February 7, 2019	India	UTime Trading’s subsidiary	Trading
Guangxi UTime Technology Co., Ltd. (“UTime Guangxi”)	November 1, 2021	China	UTime Trading’s subsidiary	Manufacturing
Gesoper S De R.L. De C.V. (“Gesoper”)	October 21, 2020	Mexico	UTime Trading’s subsidiary	Trading
Firts Communications And Technologies De Mexico S.A. De C.V. (“Firts”)	November 12, 2021	Mexico	Gesoper’s subsidiary	Trading

(b) VIE Arrangements between the VIE and the Company’s PRC subsidiary

The following is a summary of the contractual arrangements by and among UTime WFOE, the VIE and the shareholders of the VIE and their spouses, as applicable.

Risks in relation to VIE structure

●

revoke the business and operating licenses of the Company’s PRC subsidiary and VIE;

●

discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and VIE;

●

limit the Company’s business expansion in China by way of entering into contractual arrangements;

●

imposing fines, confiscating the income from the Company’s PRC subsidiary or the VIE, or imposing other requirements with which we or the VIE may not be able to comply;

●

restricting or prohibiting our use of the proceeds of its IPO to finance our business and operations in China.

	As of		As of
	March 31,		September 30,
	2023		2023
	RMB		RMB

Assets
Current assets
Cash and cash equivalents		277		3,286
Restricted cash		500		500
Accounts receivable, net		52,241		40,838
Prepaid expenses and other current assets, net		70,202		75,154
Due from related parties		584		618
Inventories		16,169		13,607
Total current assets		139,973		134,003
Non-current assets
Property and equipment, net		61,411		58,785
Operating lease right-of-use assets, net		13,030		11,226
Intangible assets, net		1,677		1,066
Equity method investment		-		-
Other non-current assets		-		222
Total non-current assets		76,118		71,299
Total assets		216,091		205,302

Liabilities
Current liabilities
Accounts payable		126,683		102,782
Short-term borrowings		53,935		47,430
Current portion of long-term borrowings		1,080		1,080
Due to related parties		4,705		9,789
Lease liability		3,673		3,803
Other payables and accrued liabilities		48,941		37,025
Income tax payables		18		18
Total current liabilities		239,035		201,927
Non-current liabilities
Long-term borrowings		6,870		6,330
Government grants		8,697		8,395
Deferred tax liability		295		210
Lease liability - non-current		10,876		8,941
Total non-current liabilities		26,738		23,876

Total liabilities		265,773		225,803

The table sets forth the revenue, net loss and cash flows of the VIE and subsidiaries of VIE in the table below.

	Six months ended September 30,
	2022			2023
	RMB			RMB
Revenue		127,695			83,926
Net loss		(11,604	)		(9,947	)
Net cash used in operating activities		(4,409	)		4,806
Net cash used in investing activities		(2,204	)		-
Net cash provided by financing activities		6,954			(1,945	)

(c) Initial Public Offering

(d) Asset Acquisitions

(e) Discontinued operation in India

The following table presents carrying amounts of the classes of assets and liabilities of discontinued operation of Do Mobile in India:

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Assets classified as discontinued operation		292		307

Liabilities classified as discontinued operation		781		819

The financial results of Do Mobile are presented as loss from discontinued operation in the consolidated statement of comprehensive loss.

	Six months ended September 30,
	2022		2023
	RMB		RMB

Loss from discontinued operation, net of income taxes		1,456		91

Going Concern

6 Months Ended

Sep. 30, 2023

Going Concern [Abstract]

GOING CONCERN

NOTE 2 — GOING CONCERN

Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Principles of consolidation

Use of estimates

Cash and cash equivalents

Restricted cash

Restricted cash consisted of collateral representing cash deposits for long-term borrowings.

Accounts receivable, net

Concentration of credit risk and major customers

Inventories

Property and equipment, net

		Useful life
Office real estate		48 years
Furniture and equipment		3 – 6 years
Production and other machineries		5 – 10 years

Intangible assets, net

Impairment of long-lived assets

Equity method investment

Fair value of financial instruments

Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

	Level 1	Valuations for assets and liabilities traded in active exchange markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

	Level 2	Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities.

	Level 3	Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. Level 3 valuations incorporate certain unobservable assumptions and projections in determining the fair value assigned to such assets.

Fair Value Measured or Disclosed on a Recurring Basis

Government Grants

Leases

Commitments and Contingencies

Revenue recognition

The Company derives revenue principally from the sale of mobile phones and accessories. Revenue from contracts with customers is recognized using the following five steps:

Identify the contract(s) with a customer;

Identify the performance obligations in the contract;

Determine the transaction price;

Allocate the transaction price to the performance obligations in the contract; and

Recognize revenue when (or as) the entity satisfies a performance obligation.

1) Cooperation with OEM/ODM customers

2) Sales of products for in-house brands

Contract assets and liabilities

Contract liabilities are mainly advance from customers.

Warranty

Value added tax

Cost of sales

Borrowing cost

Income taxes

Uncertain tax positions

Foreign currency translation and transactions

Convenience translation

Comprehensive loss

Comprehensive loss is comprised of the Company’s net loss and comprehensive loss. The component of comprehensive loss is consisted solely of foreign currency translation adjustments.

Loss per share

	Six months ended September 30,
	2022			2023
	RMB			RMB

Numerator:
Net loss		(15,615	)		(11,766	)
Net loss attributable to non-controlling interest		(1,350	)		(1,280	)
Net loss attributable to UTime Limited, basic and diluted		(14,265	)		(10,486	)
Denominator:
Weighted average shares outstanding, basic and diluted		8,267,793			13,567,793
Net loss attributable to UTime Limited per ordinary share:
Continuing operations		(1.55	)		(0.76	)
Discontinued operation		(0.18	)		(0.01	)

Recently issued accounting standards

Accounts Receivable, Net

6 Months Ended

Sep. 30, 2023

Accounts Receivables, Net [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 4 — ACCOUNTS RECEIVABLE, NET

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Accounts receivable		52,444			40,980
Allowance for doubtful accounts		(136	)		(142	)
Accounts receivable, net		52,308			40,838

	For the six months ended September 30,
	2022		2023
	RMB		RMB
Balance at beginning of period		126		136
Additions for the period		-		-
Written off for the period		-		-
Foreign currency translation difference		15		6
Balance at the end of period		141		142

Prepaid Expenses and Other Current Assets, Net

6 Months Ended

Sep. 30, 2023

Prepaid Expenses and Other Current Assets, Net [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

NOTE 5 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Advance to suppliers		63,410			75,093
Input GST/IVA		384			455
Receivables from supply chain service provider		7,648			4,727
Expected return assets		-			-
Other receivables		24,224			21,468
Allowance for doubtful accounts		(355	)		(355	)
Prepaid expenses and other current assets, net		95,311			101,388

Inventories

6 Months Ended

Sep. 30, 2023

Inventories [Abstract]

INVENTORIES

NOTE 6 — INVENTORIES

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Raw materials		12,294			9,929
Work in progress		2,972			2,164
Finished goods		11,217			11,860
Total inventory, gross		26,483			23,953
Inventory reserve		(10,314	)		(10,346	)
Total inventory, net		16,169			13,607

The Company analyzed the valuation of inventory and disposed obsolete inventories. As a result of such analysis, the movement of inventory reserve was as follows:

	Six months ended September 30,			Six months ended September 30,
	2022			2023
	RMB			RMB
Balance at beginning of year		10,792			10,314
Additional charge (written off), net		(224	)		-
Foreign currency translation difference		-			32
Balance at the end of year		10,568			10,346

Property and Equipment, Net

6 Months Ended

Sep. 30, 2023

Property and Equipment, Net [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 7 — PROPERTY AND EQUIPMENT, NET

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
Office real estate		20,996		20,995
Furniture and equipment		5,991		5,991
Production and other machineries		55,004		55,004
Total		81,991		81,990
Less: accumulated depreciation		20,581		23,205
Property and equipment, net		61,410		58,785

Depreciation charged to expense amounted to RMB2.0 million and RMB2.6 million for the six months ended September 30, 2022 and 2023, respectively.

No impairment for property and equipment was recorded for the six months ended September 30, 2022 and 2023.

Lease Liabilities

6 Months Ended

Sep. 30, 2023

Lease Liabilities [Abstract]

LEASE LIABILITIES

NOTE 8 — LEASE LIABILITIES

Operating leases as lessor

As of September 30,	RMB
2024		402
2025		201
Total		603

Operating leases as lessee

The components of the Company’s lease expense are as follows:

	Six months ended September 30,
	2022		2023
	RMB		RMB

Operating lease cost		1,758		1,593
Short-term lease cost		-		-
Lease cost		1,758		1,593

Supplemental cash flow information related to its operating leases was as follows for the six months ended September 30, 2022 and 2023:

	Six months ended September 30,
	2022		2023
	RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases		2,226		2,287

Maturities of its lease liabilities for all operating leases are as follows as of September 30, 2023:

	RMB			USD
2024		4,575			637
2025		4,575			637
2026 and after		5,069			706
Total lease payments		14,219			1,980
Less: Interest		(1,475	)		(205	)
Present value of lease liabilities		12,744			1,775
Less current portion, record in current liabilities		(3,803	)		(530	)
Present value of lease liabilities		8,941			1,245

The weighted average remaining lease terms and discount rates for all of its operating leases were as follows as of March 31, 2023 and September 30, 2023:

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Remaining lease term and discount rate:
Weighted average remaining lease term (years)		3.61			3.11
Weighted average discount rate		7.00	%		7.00	%

Equity Method Investment

6 Months Ended

Sep. 30, 2023

Equity Method Investment [Abstract]

EQUITY METHOD INVESTMENT

NOTE 9 — EQUITY METHOD INVESTMENT

	Six months ended September 30,
	2022			2023
	RMB			RMB

Cost		1,425			1,425
Less: accumulated impairment		(1,425	)		(1,425	)
Equity method investment, net		-			-

Other Non-Current Assets

6 Months Ended

Sep. 30, 2023

Other Non-Current Assets [Abstract]

OTHER NON-CURRENT ASSETS

NOTE 10 — OTHER NON-CURRENT ASSETS

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Prepayment for property and equipment and intangible asset		-		222
Total other non-current assets		-		222

Borrowings

6 Months Ended

Sep. 30, 2023

Borrowing [Abstract]

BORROWINGS

NOTE 11 — BORROWINGS

			As of March 31,		As of September 30,
	Note		2023		2023
			RMB		RMB
Short-term borrowings
Secured loan		(a)		7,800		7,300
PingAn Bank Co., Ltd.		(b)		2,000		-
China Resources Bank of Zhuhai Co., Ltd. Loan 1		(c)		22,000		22,000
China Resources Bank of Zhuhai Co., Ltd. Loan 2		(d)		2,000		2,000
Baosheng County Bank		(e)		2,400		-
WeBank Co., Ltd. 1		(f)		1,990		1,373
WeBank Co., Ltd. 2		(g)		1,000		762
WeBank Co., Ltd. 3		(h)		1,745		995
China Resources SZITIC Trust Company Limited		(i)		3,000		3,000
Industrial and Commercial Bank of China (“ICBC”) Loan 1		(j)		5,000		5,000
ICBC Loan 2		(k)		5,000		5,000
				53,935		47,430

Long-term borrowings
Shenzhen Rural Commercial Bank loan 1		(l)		6,370		5,950
Shenzhen Rural Commercial Bank loan 2		(m)		1,580		1,460
				7,950		7,410


Representing by:
Current portion of long-term borrowings				1,080		1,080
Non-current portion of long-term borrowings				6,870		6,330

(a)

(b)	In November 2021, UTime SZ entered into a credit agreement with PingAn Bank Co., Ltd. to borrow RMB2 million for a term of 3 years, with an annual effective rate of 12.96%. The loan is guaranteed by Mr. Bao and his spouse. The loan was repaid in May 2023.

(c)

(d)	On December 5, 2022, UTime SZ entered into a working capital loan agreement with China Resources Bank of Zhuhai Co., Ltd., to borrow RMB2 million as working capital at an annual effective interest rate of 8.0%. The loan will be due on October 25, 2023.

(e)

(f)

(g)

(h)

(i)

(j)

(k)	On December 7, 2022, UTime SZ entered into a loan agreement with ICBC, to borrow RMB 5 million as working capital at an annual effective interest rate of 3.75%. The loan will be due in 12 months.

(l)	On June 29, 2021, UTime SZ entered into a credit agreement with Shenzhen Rural Commercial Bank to borrow RMB7 million for a term of 3 years, which is payable at monthly installment of RMB0.07 million from July 2022 to July 2024, with a balloon payment of the remaining balance in the last installment. The loan bears a fixed interest rate of 4.5% per annum. The loan was secured by real estate owned by Mr. Bao and guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, the balance of the loan was RMB6.37 million and RMB5.95 million, respectively. Out of the total outstanding loan balance, current portion amounted were RMB0.84 million and RMB0.84 million, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of RMB5.53 million and RMB5.11 million, which is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2023 and September 30, 2023, respectively.

(m)	In July 2021, UTime SZ entered into a credit agreement with Shenzhen Rural Commercial Bank to borrow RMB2 million for a term of 3 years, which is payable at monthly installment of RMB0.02 million from July 2021 to July 2024, with a balloon payment of the remaining balance in the last installment. The loan is secured by real estate owned by Mr. Bao and guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, the balance of the loan are RMB1.58 million and RMB1.46 million, respectively. Out of the total outstanding loan balance, current portion amounted were RMB0.24 million and RMB0.24 million, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of RMB1.34 million and RMB1.22 million, which is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2023 and September 30, 2023, respectively.

Other Payables and Accrued Liabilities

6 Months Ended

Sep. 30, 2023

Other Payables and Accrued Liabilities [Abstract]

OTHER PAYABLES AND ACCRUED LIABILITIES

NOTE 12 — OTHER PAYABLES AND ACCRUED LIABILITIES

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
Advance from customers		16,902		12,770
Accrued payroll		11,853		11,211
VAT payable		7,292		3,591
Other payables		18,432		34,566
Total		54,479		62,138

Other Expenses/(Income), Net

6 Months Ended

Sep. 30, 2023

Other Expenses/(Income), Net [Abstract]

OTHER EXPENSES/(INCOME), NET

NOTE 13 — OTHER EXPENSES/(INCOME), NET

	Six months ended September 30,
	2022			2023
	RMB			RMB
Exchange gains		(7,449	)		(4,924	)
Government grants		(264	)		31
Others		132			(565	)
Total		(7,581	)		(5,458	)

Related Parties Balances and Transactions

6 Months Ended

Sep. 30, 2023

NOTE 14 — RELATED PARTIES BALANCES AND TRANSACTIONS

Related parties with whom the Company had transactions are:

Related Parties		Relationship
Mr. Bao		Controlling shareholder of the Company

Mr. He		Beneficial shareholder of the Company

Mr. Yu		Chief Financial Officer of the Company

Philectronics		An equity method investee of the Company

Grandsky Phoenix Limited		100% owned by Mr. Bao

(1)	Due from related parties

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Philectronics		536		560
Mr. Yu		48		58

		584		618

(2)	Due to related parties

	As of March 31,		As of September 30,
	2023		2023
		RMB		RMB

Mr. Bao		4,779		9,893
Grandsky Phoenix Limited		239		27,619
		5,018		37,512

(1)	On April 1, 2023, The Company entered into a loan agreement with Grandsky Phoenix Limited to borrow USD3.5 million, with a term of one year. The loan is interest free and will be due by March 31, 2024.

Shareholders’ Equity

6 Months Ended

Sep. 30, 2023

Shareholders’ Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 15 — SHAREHOLDERS’ EQUITY

As of March 31, 2021, the Company had 140,000,000 authorized ordinary shares, and 4,517,793 ordinary shares were issued and outstanding, respectively.

Commitments and Contingencies

6 Months Ended

Sep. 30, 2023

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16 — COMMITMENTS AND CONTINGENCIES

(a)

Capital commitment

As of September 30, 2023, the Company had no capital commitments.

(b)

Legal proceedings

Revenue and Geography Information

6 Months Ended

Sep. 30, 2023

Revenue and Geography Information [Abstract]

REVENUE AND GEOGRAPHY INFORMATION

NOTE 17 — REVENUE AND GEOGRAPHY INFORMATION

	Six months ended September 30,
	2022		2023
	RMB		RMB
Feature phone		61,090		48,413
Smart phone		50,714		22,295
Others		15,891		13,218
Total		127,695		83,926

The Company’s sales breakdown based on location of customers is as follows:

	Six months ended September 30,
	2022		2023
	RMB		RMB
Mainland China		53,727		58,495
Hong Kong		4,813		-
Africa		27,452		6,662
The United States		12,367		7,831
Mexico		22,201		7,375
South America		934		-
Others		6,201		3,563
Total		127,695		83,926

The location of the Company’s long-lived assets is as follows:

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
PRC		74,438		70,008
Mexico		3		3
Total		74,441		70,011

Condensed Financial Information of the Parent Company

6 Months Ended

Sep. 30, 2023

Condensed Financial Information of the Parent Company [Abstract]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

NOTE 18 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

BALANCE SHEETS

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
ASSETS
Current assets
Cash and Cash equivalents	2		1,809
Prepaid expenses and other current assets	25,109		26,235
Inter-company receivable	79,393		91,630
Non-current assets
Investment in subsidiary	(18,929	)	(29,971	)
Total assets	85,575		89,703

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Inter-company payable	35,634		2,921
Due to related parties	313		27,723
Other payables and accrued liabilities	5,539		25,113
Total liabilities	41,486		55,757

Shareholders’ equity
Preference share, par value US$0.0001; Authorized:10,000,000 shares; none issued and outstanding As of March 31, 2023 and As of September 30, 2023, respectively	-		-
Ordinary shares, par value US$0.0001; Authorized:140,000,000 shares; Issued and outstanding: 13,567,793 shares as of March 31,2023 and 13,567,793 shares as of September 30, 2023	9		9
Additional paid-in capital	216,504		216,504
Accumulated deficit	(175,893	)	(186,379	)
Accumulated other comprehensive income	3,469		3,812
Total shareholder’s equity	44,089		33,946
Total liabilities and shareholders’ equity	85,575		89,703

STATEMENTS OF COMPREHENSIVE LOSS

	Six months ended September 30,
	2022			2023
	RMB			RMB

Loss from equity method investments		(11,304	)		(8,583	)
Operating expenses		(2,961	)		(1,903	)
Net loss		(14,265	)		(10,486	)
Foreign currency translation difference		3,770			342
Comprehensive loss		(10,496	)		(10,144	)

STATEMENTS OF CASH FLOWS

	Six months ended September 30,
	2022			2023
	RMB			RMB

CASH FLOW FROM OPERATING ACTIVTIES
Net loss		(14,265	)		(10,486	)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity loss of subsidiaries		11,304			8,583
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(1,173	)		-
Inter-company payable (net of inter-company receivable)		7,028			(42,455	)
Related parties		-			5,528
Other payables and accrued liabilities		2,241			19,087
Net cash used in operating activities		5,135			(19,743	)
Loan received from a shareholder		-			21,528
Effect of exchange rate changes on cash and cash equivalent and restricted cash		(1,618	)		22
Net change in cash and cash equivalent		3,517			1,807
Cash and cash equivalents, beginning of year		6			2
Cash and cash equivalents, end of year		3,523			1,809

The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of March 31, 2023 and September 30, 2023, respectively.

Subsequent Events

6 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 19 — SUBSEQUENT EVENTS

Accounting Policies, by Policy (Policies)

6 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

Principles of consolidation

Principles of consolidation

Use of estimates

Use of estimates

Cash and cash equivalents

Cash and cash equivalents

Restricted cash

Restricted cash

Restricted cash consisted of collateral representing cash deposits for long-term borrowings.

Accounts receivable, net

Accounts receivable, net

Concentration of credit risk and major customers

Concentration of credit risk and major customers

Inventories

Inventories

Property and equipment, net

Property and equipment, net

		Useful life
Office real estate		48 years
Furniture and equipment		3 – 6 years
Production and other machineries		5 – 10 years

Intangible assets, net

Intangible assets, net

Impairment of long-lived assets

Impairment of long-lived assets

Equity method investment

Equity method investment

Fair value of financial instruments

Fair value of financial instruments

Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

	Level 1	Valuations for assets and liabilities traded in active exchange markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

	Level 2	Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities.

	Level 3	Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. Level 3 valuations incorporate certain unobservable assumptions and projections in determining the fair value assigned to such assets.

Fair Value Measured or Disclosed on a Recurring Basis

Fair Value Measured or Disclosed on a Recurring Basis

Government Grants

Government Grants

Leases

Leases

Commitments and Contingencies

Commitments and Contingencies

Revenue recognition

Revenue recognition

The Company derives revenue principally from the sale of mobile phones and accessories. Revenue from contracts with customers is recognized using the following five steps:

Identify the contract(s) with a customer;

Identify the performance obligations in the contract;

Determine the transaction price;

Allocate the transaction price to the performance obligations in the contract; and

Recognize revenue when (or as) the entity satisfies a performance obligation.

1) Cooperation with OEM/ODM customers

2) Sales of products for in-house brands

Contract assets and liabilities

Contract assets and liabilities

Contract liabilities are mainly advance from customers.

Warranty

Value added tax

Cost of sales

Borrowing cost

Income taxes

Uncertain tax positions

Uncertain tax positions

Foreign currency translation and transactions

Foreign currency translation and transactions

Convenience translation

Convenience translation

Comprehensive loss

Comprehensive loss

Comprehensive loss is comprised of the Company’s net loss and comprehensive loss. The component of comprehensive loss is consisted solely of foreign currency translation adjustments.

Loss per share

Loss per share

	Six months ended September 30,
	2022			2023
	RMB			RMB

Numerator:
Net loss		(15,615	)		(11,766	)
Net loss attributable to non-controlling interest		(1,350	)		(1,280	)
Net loss attributable to UTime Limited, basic and diluted		(14,265	)		(10,486	)
Denominator:
Weighted average shares outstanding, basic and diluted		8,267,793			13,567,793
Net loss attributable to UTime Limited per ordinary share:
Continuing operations		(1.55	)		(0.76	)
Discontinued operation		(0.18	)		(0.01	)

Recently issued accounting standards

Recently issued accounting standards

Organization and Principal Activities (Tables)

6 Months Ended

Sep. 30, 2023

Organization and Principal Activities [Abstract]

Schedule of Subsidiaries and Vie

As of September 30, 2023, details of the subsidiaries and VIE of the Company are set out below:

Name	Date of Incorporation	Place of Incorporation	Percentage of Beneficial Ownership	Principal Activities
Subsidiaries
UTime HK	November 1, 2018	Hong Kong	100%	Investment Holding
UTime WFOE	December 18, 2018	China	100%	Investment Holding
Bridgetime	September 5, 2016	British Virgin Island	100%	Investment Holding
Do Mobile	October 24, 2016	India	99.99%	Sales of in-house brand products in India

Name	Date of Incorporation	Place of Incorporation	Percentage of Beneficial Ownership	Principal Activities
VIE
UTime SZ	June 12, 2008	China	100%	Research and development of products, and sales
Subsidiaries of the VIE
Guizhou United Time Technology Co., Ltd. (“UTime GZ”)	September 23, 2016	China	VIE’s subsidiary	Manufacturing
UTime Technology (HK) Company Limited (“UTime Trading”)	June 25, 2015	Hong Kong	VIE’s subsidiary	Trading
UTime India Private Limited (“UTime India”)	February 7, 2019	India	UTime Trading’s subsidiary	Trading
Guangxi UTime Technology Co., Ltd. (“UTime Guangxi”)	November 1, 2021	China	UTime Trading’s subsidiary	Manufacturing
Gesoper S De R.L. De C.V. (“Gesoper”)	October 21, 2020	Mexico	UTime Trading’s subsidiary	Trading
Firts Communications And Technologies De Mexico S.A. De C.V. (“Firts”)	November 12, 2021	Mexico	Gesoper’s subsidiary	Trading

Schedule of Assets and Liabilities of Discontinued Operation

The aggregate carrying value of assets and liabilities of VIE and its subsidiaries (after elimination of intercompany transactions and balances) in the Company’s consolidated balance sheets as of March 31, 2023 and September 30, 2023 are as follows:

	As of		As of
	March 31,		September 30,
	2023		2023
	RMB		RMB

Assets
Current assets
Cash and cash equivalents		277		3,286
Restricted cash		500		500
Accounts receivable, net		52,241		40,838
Prepaid expenses and other current assets, net		70,202		75,154
Due from related parties		584		618
Inventories		16,169		13,607
Total current assets		139,973		134,003
Non-current assets
Property and equipment, net		61,411		58,785
Operating lease right-of-use assets, net		13,030		11,226
Intangible assets, net		1,677		1,066
Equity method investment		-		-
Other non-current assets		-		222
Total non-current assets		76,118		71,299
Total assets		216,091		205,302

Liabilities
Current liabilities
Accounts payable		126,683		102,782
Short-term borrowings		53,935		47,430
Current portion of long-term borrowings		1,080		1,080
Due to related parties		4,705		9,789
Lease liability		3,673		3,803
Other payables and accrued liabilities		48,941		37,025
Income tax payables		18		18
Total current liabilities		239,035		201,927
Non-current liabilities
Long-term borrowings		6,870		6,330
Government grants		8,697		8,395
Deferred tax liability		295		210
Lease liability - non-current		10,876		8,941
Total non-current liabilities		26,738		23,876

Total liabilities		265,773		225,803

The following table presents carrying amounts of the classes of assets and liabilities of discontinued operation of Do Mobile in India:

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Assets classified as discontinued operation		292		307

Liabilities classified as discontinued operation		781		819

Schedule of Revenue Net Income and Cash Flows of Vie Aand Subsidiaries

The table sets forth the revenue, net loss and cash flows of the VIE and subsidiaries of VIE in the table below.

	Six months ended September 30,
	2022			2023
	RMB			RMB
Revenue		127,695			83,926
Net loss		(11,604	)		(9,947	)
Net cash used in operating activities		(4,409	)		4,806
Net cash used in investing activities		(2,204	)		-
Net cash provided by financing activities		6,954			(1,945	)

Schedule of Loss from Discontinued Operation in the Consolidated Statement of Comprehensive Loss

The financial results of Do Mobile are presented as loss from discontinued operation in the consolidated statement of comprehensive loss.

	Six months ended September 30,
	2022		2023
	RMB		RMB

Loss from discontinued operation, net of income taxes		1,456		91

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Property and Straight-line Method Over their estimated useful lives

Depreciation of property and equipment are provided using the straight-line method over their estimated useful lives as follows:

		Useful life
Office real estate		48 years
Furniture and equipment		3 – 6 years
Production and other machineries		5 – 10 years

Schedule of Basic Net Loss Per Share

Basic and diluted loss per share for each of the periods presented are calculated as follows:

	Six months ended September 30,
	2022			2023
	RMB			RMB

Numerator:
Net loss		(15,615	)		(11,766	)
Net loss attributable to non-controlling interest		(1,350	)		(1,280	)
Net loss attributable to UTime Limited, basic and diluted		(14,265	)		(10,486	)
Denominator:
Weighted average shares outstanding, basic and diluted		8,267,793			13,567,793
Net loss attributable to UTime Limited per ordinary share:
Continuing operations		(1.55	)		(0.76	)
Discontinued operation		(0.18	)		(0.01	)

Accounts Receivable, Net (Tables)

6 Months Ended

Sep. 30, 2023

Accounts Receivables, Net [Abstract]

Schedule of Accounts Receivable, Net

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Accounts receivable		52,444			40,980
Allowance for doubtful accounts		(136	)		(142	)
Accounts receivable, net		52,308			40,838

Schedule of Movement of Allowance for Doubtful Accounts

	For the six months ended September 30,
	2022		2023
	RMB		RMB
Balance at beginning of period		126		136
Additions for the period		-		-
Written off for the period		-		-
Foreign currency translation difference		15		6
Balance at the end of period		141		142

Prepaid Expenses and Other Current Assets, Net (Tables)

6 Months Ended

Sep. 30, 2023

Prepaid Expenses and Other Current Assets, Net [Abstract]

Schedule of Prepaid Expenses and Other Current Assets, Net

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Advance to suppliers		63,410			75,093
Input GST/IVA		384			455
Receivables from supply chain service provider		7,648			4,727
Expected return assets		-			-
Other receivables		24,224			21,468
Allowance for doubtful accounts		(355	)		(355	)
Prepaid expenses and other current assets, net		95,311			101,388

Inventories (Tables)

6 Months Ended

Sep. 30, 2023

Inventories [Abstract]

Schedule of inventory

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Raw materials		12,294			9,929
Work in progress		2,972			2,164
Finished goods		11,217			11,860
Total inventory, gross		26,483			23,953
Inventory reserve		(10,314	)		(10,346	)
Total inventory, net		16,169			13,607

Schedule of Inventory Reserve

The Company analyzed the valuation of inventory and disposed obsolete inventories. As a result of such analysis, the movement of inventory reserve was as follows:

	Six months ended September 30,			Six months ended September 30,
	2022			2023
	RMB			RMB
Balance at beginning of year		10,792			10,314
Additional charge (written off), net		(224	)		-
Foreign currency translation difference		-			32
Balance at the end of year		10,568			10,346

Property and Equipment, Net (Tables)

6 Months Ended

Sep. 30, 2023

Property and Equipment, Net [Abstract]

Schedule of Property and Equipment, Net

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
Office real estate		20,996		20,995
Furniture and equipment		5,991		5,991
Production and other machineries		55,004		55,004
Total		81,991		81,990
Less: accumulated depreciation		20,581		23,205
Property and equipment, net		61,410		58,785

Lease Liabilities (Tables)

6 Months Ended

Sep. 30, 2023

Lease Liabilities [Abstract]

Schedule of Operating Lease

As of September 30,	RMB
2024		402
2025		201
Total		603

Schedule of Lease Expense

The components of the Company’s lease expense are as follows:

	Six months ended September 30,
	2022		2023
	RMB		RMB

Operating lease cost		1,758		1,593
Short-term lease cost		-		-
Lease cost		1,758		1,593

Schedule of Cash Flow Supplemental Disclosures

Supplemental cash flow information related to its operating leases was as follows for the six months ended September 30, 2022 and 2023:

	Six months ended September 30,
	2022		2023
	RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases		2,226		2,287

Schedule of Operating Lease

Maturities of its lease liabilities for all operating leases are as follows as of September 30, 2023:

	RMB			USD
2024		4,575			637
2025		4,575			637
2026 and after		5,069			706
Total lease payments		14,219			1,980
Less: Interest		(1,475	)		(205	)
Present value of lease liabilities		12,744			1,775
Less current portion, record in current liabilities		(3,803	)		(530	)
Present value of lease liabilities		8,941			1,245

Schedule of Weighted Average Remaining Lease Terms and Discount Rates for all Operating Leases

The weighted average remaining lease terms and discount rates for all of its operating leases were as follows as of March 31, 2023 and September 30, 2023:

	As of March 31,			As of September 30,
	2023			2023
	RMB			RMB
Remaining lease term and discount rate:
Weighted average remaining lease term (years)		3.61			3.11
Weighted average discount rate		7.00	%		7.00	%

Equity Method Investment (Tables)

6 Months Ended

Sep. 30, 2023

Equity Method Investment [Abstract]

Schedule of Equity Method Investment

	Six months ended September 30,
	2022			2023
	RMB			RMB

Cost		1,425			1,425
Less: accumulated impairment		(1,425	)		(1,425	)
Equity method investment, net		-			-

Other Non-Current Assets (Tables)

6 Months Ended

Sep. 30, 2023

Other Non-Current Assets [Abstract]

Schedule of Other Non-Current Assets

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Prepayment for property and equipment and intangible asset		-		222
Total other non-current assets		-		222

Borrowings (Tables)

6 Months Ended

Sep. 30, 2023

Borrowing [Abstract]

Schedule of Short Term and Long Term Borrowings

			As of March 31,		As of September 30,
	Note		2023		2023
			RMB		RMB
Short-term borrowings
Secured loan		(a)		7,800		7,300
PingAn Bank Co., Ltd.		(b)		2,000		-
China Resources Bank of Zhuhai Co., Ltd. Loan 1		(c)		22,000		22,000
China Resources Bank of Zhuhai Co., Ltd. Loan 2		(d)		2,000		2,000
Baosheng County Bank		(e)		2,400		-
WeBank Co., Ltd. 1		(f)		1,990		1,373
WeBank Co., Ltd. 2		(g)		1,000		762
WeBank Co., Ltd. 3		(h)		1,745		995
China Resources SZITIC Trust Company Limited		(i)		3,000		3,000
Industrial and Commercial Bank of China (“ICBC”) Loan 1		(j)		5,000		5,000
ICBC Loan 2		(k)		5,000		5,000
				53,935		47,430

Long-term borrowings
Shenzhen Rural Commercial Bank loan 1		(l)		6,370		5,950
Shenzhen Rural Commercial Bank loan 2		(m)		1,580		1,460
				7,950		7,410


Representing by:
Current portion of long-term borrowings				1,080		1,080
Non-current portion of long-term borrowings				6,870		6,330

(a)

(b)	In November 2021, UTime SZ entered into a credit agreement with PingAn Bank Co., Ltd. to borrow RMB2 million for a term of 3 years, with an annual effective rate of 12.96%. The loan is guaranteed by Mr. Bao and his spouse. The loan was repaid in May 2023.

(c)

(d)	On December 5, 2022, UTime SZ entered into a working capital loan agreement with China Resources Bank of Zhuhai Co., Ltd., to borrow RMB2 million as working capital at an annual effective interest rate of 8.0%. The loan will be due on October 25, 2023.

(e)

(f)

(g)

(h)

(i)

(j)

(k)	On December 7, 2022, UTime SZ entered into a loan agreement with ICBC, to borrow RMB 5 million as working capital at an annual effective interest rate of 3.75%. The loan will be due in 12 months.

(l)	On June 29, 2021, UTime SZ entered into a credit agreement with Shenzhen Rural Commercial Bank to borrow RMB7 million for a term of 3 years, which is payable at monthly installment of RMB0.07 million from July 2022 to July 2024, with a balloon payment of the remaining balance in the last installment. The loan bears a fixed interest rate of 4.5% per annum. The loan was secured by real estate owned by Mr. Bao and guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, the balance of the loan was RMB6.37 million and RMB5.95 million, respectively. Out of the total outstanding loan balance, current portion amounted were RMB0.84 million and RMB0.84 million, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of RMB5.53 million and RMB5.11 million, which is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2023 and September 30, 2023, respectively.

(m)	In July 2021, UTime SZ entered into a credit agreement with Shenzhen Rural Commercial Bank to borrow RMB2 million for a term of 3 years, which is payable at monthly installment of RMB0.02 million from July 2021 to July 2024, with a balloon payment of the remaining balance in the last installment. The loan is secured by real estate owned by Mr. Bao and guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, the balance of the loan are RMB1.58 million and RMB1.46 million, respectively. Out of the total outstanding loan balance, current portion amounted were RMB0.24 million and RMB0.24 million, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of RMB1.34 million and RMB1.22 million, which is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2023 and September 30, 2023, respectively.

Other Payables and Accrued Liabilities (Tables)

6 Months Ended

Sep. 30, 2023

Other Payables and Accrued Liabilities [Abstract]

Schedule of Other Payables and Accrued Liabilities

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
Advance from customers		16,902		12,770
Accrued payroll		11,853		11,211
VAT payable		7,292		3,591
Other payables		18,432		34,566
Total		54,479		62,138

Other Expenses/(Income), Net (Tables)

6 Months Ended

Sep. 30, 2023

Other Expenses/(Income), Net [Abstract]

Schedule of Other Expenses/(income), Net

	Six months ended September 30,
	2022			2023
	RMB			RMB
Exchange gains		(7,449	)		(4,924	)
Government grants		(264	)		31
Others		132			(565	)
Total		(7,581	)		(5,458	)

Related Parties Balances and Transactions (Tables)

6 Months Ended

Sep. 30, 2023

Related parties with whom the Company had transactions are:

Related Parties		Relationship
Mr. Bao		Controlling shareholder of the Company

Mr. He		Beneficial shareholder of the Company

Mr. Yu		Chief Financial Officer of the Company

Philectronics		An equity method investee of the Company

Grandsky Phoenix Limited		100% owned by Mr. Bao

Schedule of Due from Related Parties

Due from related parties

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB

Philectronics		536		560
Mr. Yu		48		58

		584		618

Schedule of Due to Related Parties

Due to related parties

	As of March 31,		As of September 30,
	2023		2023
		RMB		RMB

Mr. Bao		4,779		9,893
Grandsky Phoenix Limited		239		27,619
		5,018		37,512

Revenue and Geography Information (Tables)

6 Months Ended

Sep. 30, 2023

Revenue and Geography Information [Abstract]

Schedule of Revenue and Geography Information

	Six months ended September 30,
	2022		2023
	RMB		RMB
Feature phone		61,090		48,413
Smart phone		50,714		22,295
Others		15,891		13,218
Total		127,695		83,926

Schedule of Company’s Sales Breakdown Based on Location of Customers

The Company’s sales breakdown based on location of customers is as follows:

	Six months ended September 30,
	2022		2023
	RMB		RMB
Mainland China		53,727		58,495
Hong Kong		4,813		-
Africa		27,452		6,662
The United States		12,367		7,831
Mexico		22,201		7,375
South America		934		-
Others		6,201		3,563
Total		127,695		83,926

Schedule of Location of Company’s Long-Lived Assets

The location of the Company’s long-lived assets is as follows:

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
PRC		74,438		70,008
Mexico		3		3
Total		74,441		70,011

Condensed Financial Information of the Parent Company (Tables)

6 Months Ended

Sep. 30, 2023

Condensed Financial Information of the Parent Company [Abstract]

Schedule of Balance Sheet

BALANCE SHEETS

	As of March 31,		As of September 30,
	2023		2023
	RMB		RMB
ASSETS
Current assets
Cash and Cash equivalents	2		1,809
Prepaid expenses and other current assets	25,109		26,235
Inter-company receivable	79,393		91,630
Non-current assets
Investment in subsidiary	(18,929	)	(29,971	)
Total assets	85,575		89,703

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Inter-company payable	35,634		2,921
Due to related parties	313		27,723
Other payables and accrued liabilities	5,539		25,113
Total liabilities	41,486		55,757

Shareholders’ equity
Preference share, par value US$0.0001; Authorized:10,000,000 shares; none issued and outstanding As of March 31, 2023 and As of September 30, 2023, respectively	-		-
Ordinary shares, par value US$0.0001; Authorized:140,000,000 shares; Issued and outstanding: 13,567,793 shares as of March 31,2023 and 13,567,793 shares as of September 30, 2023	9		9
Additional paid-in capital	216,504		216,504
Accumulated deficit	(175,893	)	(186,379	)
Accumulated other comprehensive income	3,469		3,812
Total shareholder’s equity	44,089		33,946
Total liabilities and shareholders’ equity	85,575		89,703

Schedule of Comprehensive Loss

STATEMENTS OF COMPREHENSIVE LOSS

	Six months ended September 30,
	2022			2023
	RMB			RMB

Loss from equity method investments		(11,304	)		(8,583	)
Operating expenses		(2,961	)		(1,903	)
Net loss		(14,265	)		(10,486	)
Foreign currency translation difference		3,770			342
Comprehensive loss		(10,496	)		(10,144	)

Schedule of Cash Flows

STATEMENTS OF CASH FLOWS

	Six months ended September 30,
	2022			2023
	RMB			RMB

CASH FLOW FROM OPERATING ACTIVTIES
Net loss		(14,265	)		(10,486	)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity loss of subsidiaries		11,304			8,583
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(1,173	)		-
Inter-company payable (net of inter-company receivable)		7,028			(42,455	)
Related parties		-			5,528
Other payables and accrued liabilities		2,241			19,087
Net cash used in operating activities		5,135			(19,743	)
Loan received from a shareholder		-			21,528
Effect of exchange rate changes on cash and cash equivalent and restricted cash		(1,618	)		22
Net change in cash and cash equivalent		3,517			1,807
Cash and cash equivalents, beginning of year		6			2
Cash and cash equivalents, end of year		3,523			1,809

Organization and Principal Activities (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands					1 Months Ended		6 Months Ended
	Apr. 08, 2021 USD ($) $ / shares	Apr. 08, 2021 CNY (¥) shares	Apr. 08, 2021 USD ($) $ / shares shares	Mar. 11, 2019 shares	Feb. 28, 2018 CNY (¥)	Feb. 28, 2018 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 CNY (¥) ¥ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 CNY (¥) ¥ / shares shares	Jan. 17, 2022	Dec. 17, 2021	Mar. 31, 2021 shares	Apr. 29, 2020 shares	Sep. 04, 2019	Jun. 03, 2019 USD ($) $ / shares shares	May 23, 2019 shares	May 20, 2019 shares	Mar. 05, 2018 shares	Mar. 31, 2017	Sep. 05, 2016
Organization and Principal Activities [Line Items]
Total consideration (in Dollars) \| $						$ 9,600,000
Other comprehensive income (in Yuan Renminbi) \| ¥					¥ 1,000
Additional paid in capital (in Yuan Renminbi) \| ¥					¥ 16,200
Shares issued (in Shares)																			100,000
Share transfer (in Shares)				1
Share forfeitures (in Shares)							15,000
Share par value (in Dollars per share) \| $ / shares									$ 1
Ordinary shares (in Dollars)								¥ 9	$ 1,000	¥ 9
Ordinary shares, shares issued (in Shares)								13,567,793	13,567,793	13,567,793			4,517,793
Ordinary shares, par value (in Dollars per share) \| (per share)								¥ 0.0001	$ 0.0001	¥ 0.0001
Repurchase of shares (in Shares)														7,620,000
Ordinary shares (in Shares)														239,721
Percentage Of Common Stock Issued								96.95%	96.95%
Percentage Of Common Stock Outstanding								3.05%	3.05%
Percentage of common stock after repurchase. (in Dollars) \| $							$ 63.5
Service fee							100.00%
Equity interests percentage															100.00%
Gross proceeds (in Dollars) \| $	$ 15,000,000
Equity interest rate											85.00%	51.00%
Mr Wukai Song [Member]
Organization and Principal Activities [Line Items]
ordinary shares (in Shares)																	135,000
Minimum [Member]
Organization and Principal Activities [Line Items]
Authorized shares (in Shares)								150,000	150,000
Maximum [Member]
Organization and Principal Activities [Line Items]
Authorized shares (in Shares)								135,000	135,000
IPO [Member]
Organization and Principal Activities [Line Items]
Repurchase of ordinary shares (in Shares)							4,517,793
Ordinary share (in Shares)		3,750,000	3,750,000
Price per share (in Dollars per share) \| $ / shares	$ 4		$ 4
Gross proceeds (in Dollars) \| $			$ 15,000,000
Net proceeds		¥ 88,200	$ 13,900,000
Nominal Share [Member]
Organization and Principal Activities [Line Items]
Repurchase of ordinary shares (in Shares)							4,517,793
Mr. Bao [Member]
Organization and Principal Activities [Line Items]
Equity interest percentage					28.00%			96.95%	96.95%									100.00%		52.00%
Shares issued (in Shares)																		12,000,000
Mr Zhou [Member]
Organization and Principal Activities [Line Items]
Equity interest percentage					20.00%															28.00%
Mr Tang [Member]
Organization and Principal Activities [Line Items]
Equity interest percentage																				20.00%
Mr Wukai Song [Member]
Organization and Principal Activities [Line Items]
Equity interest percentage								100.00%	100.00%										90.00%		70.00%
Mr. Yunchuan Li [Member]
Organization and Principal Activities [Line Items]
Equity interest percentage																			10.00%		30.00%
Grandsky Phoenix Limited [Member]
Organization and Principal Activities [Line Items]
Equity interest percentage																96.95%
Mr. He. HMercury Capital Limited [Member]
Organization and Principal Activities [Line Items]
Equity interest percentage																3.05%
Mr. He [Member]
Organization and Principal Activities [Line Items]
Equity interest percentage								3.05%	3.05%
UTime Limited [Member]
Organization and Principal Activities [Line Items]
Non-controlling interests amounted (in Yuan Renminbi) \| ¥					¥ 17,200
Mr. He. HMercury Capital Limited [Member]
Organization and Principal Activities [Line Items]
Ordinary shares (in Dollars) \| $																$ 377,514
Ordinary shares, shares issued (in Shares)																377,514
Ordinary shares, par value (in Dollars per share) \| $ / shares																$ 0.0001

Organization and Principal Activities (Details) - Schedule of Subsidiaries and Vie	6 Months Ended
	Sep. 30, 2023
UTime HK [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Nov. 01, 2018
Place of Incorporation	Hong Kong
Percentage of Beneficial Ownership	100%
Principal Activities	Investment Holding
UTime WFOE [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Dec. 18, 2018
Place of Incorporation	China
Percentage of Beneficial Ownership	100%
Principal Activities	Investment Holding
Bridgetime [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Sep. 05, 2016
Place of Incorporation	British Virgin Island
Percentage of Beneficial Ownership	100%
Principal Activities	Investment Holding
Do Mobile [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Oct. 24, 2016
Place of Incorporation	India
Percentage of Beneficial Ownership	99.99%
Principal Activities	Sales of in-house brand products in India
UTime SZ [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Jun. 12, 2008
Place of Incorporation	China
Percentage of Beneficial Ownership	100%
Principal Activities	Research and development of products, and sales
Guizhou United Time Technology Co., Ltd. (“UTime GZ”) [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Sep. 23, 2016
Place of Incorporation	China
Percentage of Beneficial Ownership	VIE’s subsidiary
Principal Activities	Manufacturing
UTime Technology (HK) Company Limited (“UTime Trading”) [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Jun. 25, 2015
Place of Incorporation	Hong Kong
Percentage of Beneficial Ownership	VIE’s subsidiary
Principal Activities	Trading
UTime India Private Limited (“UTime India”) [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Feb. 07, 2019
Place of Incorporation	India
Percentage of Beneficial Ownership	UTime Trading’s subsidiary
Principal Activities	Trading
Guangxi UTime Technology Co., Ltd. (“UTime Guangxi”) [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Nov. 01, 2021
Place of Incorporation	China
Percentage of Beneficial Ownership	UTime Trading’s subsidiary
Principal Activities	Manufacturing
Gesoper S De R.L. De C.V. (“Gesoper”) [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Oct. 21, 2020
Place of Incorporation	Mexico
Percentage of Beneficial Ownership	UTime Trading’s subsidiary
Principal Activities	Trading
Firts Communications And Technologies De Mexico S.A. De C.V. (“Firts”) [Member]
Variable Interest Entity [Line Items]
Date of Incorporation	Nov. 12, 2021
Place of Incorporation	Mexico
Percentage of Beneficial Ownership	Gesoper’s subsidiary
Principal Activities	Trading

Organization and Principal Activities (Details) - Schedule of Balance Sheet - Consolidated Entity, Excluding VIE [Member] - CNY (¥) ¥ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Current assets
Cash and cash equivalents	¥ 3,286	¥ 277
Restricted cash	500	500
Accounts receivable, net	40,838	52,241
Prepaid expenses and other current assets, net	75,154	70,202
Due from related parties	618	584
Inventories	13,607	16,169
Total current assets	134,003	139,973
Non-current assets
Property and equipment, net	58,785	61,411
Operating lease right-of-use assets, net	11,226	13,030
Intangible assets, net	1,066	1,677
Equity method investment
Other non-current assets	222
Total non-current assets	71,299	76,118
Total assets	205,302	216,091
Current liabilities
Accounts payable	102,782	126,683
Short-term borrowings	47,430	53,935
Current portion of long-term borrowings	1,080	1,080
Due to related parties	9,789	4,705
Lease liability	3,803	3,673
Other payables and accrued liabilities	37,025	48,941
Income tax payables	18	18
Total current liabilities	201,927	239,035
Non-current liabilities
Long-term borrowings	6,330	6,870
Government grants	8,395	8,697
Deferred tax liability	210	295
Lease liability - non-current	8,941	10,876
Total non-current liabilities	23,876	26,738
Total liabilities	225,803	265,773
Assets classified as discontinued operation	307	292
Liabilities classified as discontinued operation	¥ 819	¥ 781

Organization and Principal Activities (Details) - Schedule of Revenue Net Income and Cash Flows of Vie Aand Subsidiaries - Consolidated Entity, Excluding VIE [Member] - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Organization and Principal Activities (Details) - Schedule of Revenue Net Income and Cash Flows of Vie Aand Subsidiaries [Line Items]
Revenue	¥ 83,926	¥ 127,695
Net loss	(9,947)	(11,604)
Net cash used in operating activities	4,806	(4,409)
Net cash used in investing activities		(2,204)
Net cash provided by financing activities	¥ (1,945)	¥ 6,954

Organization and Principal Activities (Details) - Schedule of Loss from Discontinued Operation in the Consolidated Statement of Comprehensive Loss - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Consolidated Entity, Excluding VIE [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operation, net of income taxes	¥ 91	¥ 1,456

Going Concern (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2023 CNY (¥)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 CNY (¥)
Going Concern [Line Items]
Current assets	¥ 237,200	$ 33,000	¥ 237,000
Working capital deficit	18,400	2,600	8,700
Accumulated deficit	(186,379)	(25,959)	(175,893)
Incurred net loss	11,800	1,600
Other Liabilities [Member]
Going Concern [Line Items]
Current liabilities			245,700
Maximum [Member]
Going Concern [Line Items]
Current liabilities	255,600
Minimum [Member]
Going Concern [Line Items]
Current liabilities \| $		35,600
Cash [Member]
Going Concern [Line Items]
Accumulated deficit	¥ 186,400	$ 26,000	¥ 175,900

Summary of Significant Accounting Policies (Details) ¥ in Thousands	1 Months Ended	6 Months Ended		11 Months Ended	54 Months Ended
	Apr. 30, 2018	Sep. 30, 2023 CNY (¥)	Sep. 30, 2022 CNY (¥)	Apr. 01, 2019	Sep. 30, 2023 CNY (¥)	Mar. 31, 2023 CNY (¥)	Mar. 31, 2022 CNY (¥)
Summary of Significant Accounting Policies [Line Items]
Restricted cash		¥ 72,400			¥ 72,400		¥ 67,200
Allowances for accounts receivable		¥ 100			100	¥ 100
Revenue percentage		10.00%	10.00%
Deferred revenue		¥ 8,400			¥ 8,400	¥ 8,700
Other income		¥ 300	¥ 30
Warrant period		1 year
Value added tax percentage	17.00%			16.00%	13.00%
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful life		3 years
Warrant period		1 year
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful life		10 years
Warrant period		2 years
Customer Three [Member]
Summary of Significant Accounting Policies [Line Items]
Revenue percentage			10.00%
Revenue		¥ 10,200	¥ 19,600
Customer One [Member]
Summary of Significant Accounting Policies [Line Items]
Revenue		17,300	27,900
Customer Two [Member]
Summary of Significant Accounting Policies [Line Items]
Revenue		¥ 16,100	¥ 20,000
Customer Four [Member]
Summary of Significant Accounting Policies [Line Items]
Revenue percentage		10.00%
Revenue		¥ 8,400
RMB [Member]
Summary of Significant Accounting Policies [Line Items]
Exchange rate		7.1798			7.1798

Summary of Significant Accounting Policies (Details) - Schedule of Property and Straight-line Method Over their estimated useful lives	6 Months Ended
	Sep. 30, 2023
Schedule of Property and Straight-line Method Over their estimated useful lives [Line Items]
Office real estate	48 years
Minimum [Member]
Schedule of Property and Straight-line Method Over their estimated useful lives [Line Items]
Furniture and equipment	3 years
Production and other machineries	5 years
Maximum [Member]
Schedule of Property and Straight-line Method Over their estimated useful lives [Line Items]
Furniture and equipment	6 years
Production and other machineries	10 years

Summary of Significant Accounting Policies (Details) - Schedule of Basic Net Loss Per Share ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	6 Months Ended
	Sep. 30, 2023 CNY (¥) ¥ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 CNY (¥) ¥ / shares shares
Numerator:
Net loss	¥ (11,766)	$ (1,640)	¥ (15,615)
Net loss attributable to non-controlling interest	(1,280)	$ (178)	(1,350)
Net loss attributable to UTime Limited, basic \| ¥	¥ (10,486)		¥ (14,265)
Denominator:
Weighted average shares outstanding, basic (in Shares) \| shares	13,567,793	13,567,793	8,267,793
Net loss attributable to UTime Limited per ordinary share:
Continuing operations (in Yuan Renminbi per share) \| (per share)	¥ (0.76)	$ (0.11)	¥ (1.55)
Discontinued operation (in Yuan Renminbi per share) \| (per share)	¥ (0.01)	$ (0.001)	¥ (0.18)

Summary of Significant Accounting Policies (Details) - Schedule of Basic Net Loss Per Share (Parentheticals) - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Basic Net Loss Per Share [Abstract]
Net loss attributable to UTime Limited, diluted	¥ (10,486)	¥ (14,265)
Weighted average shares outstanding, diluted	13,567,793	8,267,793

Accounts Receivable, Net (Details) - CNY (¥) ¥ in Millions	Sep. 30, 2023	Mar. 31, 2023
Accounts Receivables, Net [Abstract]
Allowance for doubtful accounts	¥ 0.1	¥ 0.1

Accounts Receivable, Net (Details) - Schedule of Accounts Receivable, Net - CNY (¥) ¥ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Schedule of Accounts Receivable Net [Abstract]
Accounts receivable	¥ 40,980	¥ 52,444
Allowance for doubtful accounts	(142)	(136)
Accounts receivable, net	¥ 40,838	¥ 52,308

Accounts Receivable, Net (Details) - Schedule of Movement of Allowance for Doubtful Accounts - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Movement of Allowance For Doubtful Accounts [Abstract]
Balance at beginning of period	¥ 136	¥ 126
Additions for the period
Written off for the period
Foreign currency translation difference	6	15
Balance at the end of period	¥ 142	¥ 141

Prepaid Expenses and Other Current Assets, Net (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Prepaid Expenses and Other Current Assets, Net [Line Items]
Expire date	Sep. 30, 2023
Prepaid Expenses and Other Current Assets [Member]
Prepaid Expenses and Other Current Assets, Net [Line Items]
Other receivables	¥ 3	¥ 7
Related Party [Member]
Prepaid Expenses and Other Current Assets, Net [Line Items]
Other receivables	¥ 2	¥ 2

Prepaid Expenses and Other Current Assets, Net (Details) - Schedule of Prepaid Expenses and Other Current Assets, Net - CNY (¥) ¥ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Schedule of Prepaid Expenses and Other Current Assets, Net [Line Items]
Advance to suppliers	¥ 75,093	¥ 63,410
Input GST/IVA	455	384
Receivables from supply chain service provider	4,727	7,648
Expected return assets
Other receivables	21,468	24,224
Allowance for doubtful accounts	(355)	(355)
Prepaid expenses and other current assets, net	¥ 101,388	¥ 95,311

Inventories (Details) - Schedule of inventory - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Schedule Of Inventory Abstract
Raw materials	¥ 9,929	¥ 12,294
Work in progress	2,164	2,972
Finished goods	11,860	11,217
Total inventory, gross	23,953	26,483
Inventory reserve	(10,346)	(10,314)
Total inventory, net	¥ 13,607	¥ 16,169

Inventories (Details) - Schedule of Inventory Reserve - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Inventory Reserve Abstract
Balance at beginning of year	¥ 10,314	¥ 10,792
Additional charge (written off), net		(224)
Foreign currency translation difference	32
Balance at the end of year	¥ 10,346	¥ 10,568

Property and Equipment, Net (Details) - CNY (¥) ¥ in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property and Equipment, Net [Abstract]
Depreciation expense	¥ 2.6	¥ 2.0
Impairment for property and equipment

Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net ¥ in Thousands, $ in Thousands	Sep. 30, 2023 CNY (¥)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 CNY (¥)
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 81,990		¥ 81,991
Less: accumulated depreciation	23,205		20,581
Property and equipment, net	58,785	$ 8,188	61,410
Office real estate [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,995		20,996
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,991		5,991
Production and other machineries [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 55,004		¥ 55,004

Lease Liabilities (Details) - CNY (¥) ¥ in Millions	6 Months Ended
Lease Liabilities (Details) - CNY (¥) ¥ in Millions	Sep. 30, 2023	Sep. 30, 2022
Lease Liabilities [Line Items]
Operating lease income	¥ 1.6	¥ 1.6
Minimum [Member]
Lease Liabilities [Line Items]
Lease period	1 year
Maximum [Member]
Lease Liabilities [Line Items]
Lease period	3 years
Corresponding Equipment [Member]
Lease Liabilities [Line Items]
Depreciation charges	¥ 1.3	¥ 1.4

Lease Liabilities (Details) - Schedule of Operating Lease ¥ in Thousands	Sep. 30, 2023 CNY (¥)
Schedule of Operating Lease [Abstract]
2024	¥ 402
2025	201
Total	¥ 603

Lease Liabilities (Details) - Schedule of Lease Expense - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Lease Expense [Abstract]
Operating lease cost	¥ 1,593	¥ 1,758
Short-term lease cost
Lease cost	¥ 1,593	¥ 1,758

Lease Liabilities (Details) - Schedule of Cash Flow Supplemental Disclosures - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	¥ 2,287	¥ 2,226

Lease Liabilities (Details) - Schedule of Lease Liabilities for all Operating Leases - Sep. 30, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Schedule of Lease Liabilities [Abstract]
2024	¥ 4,575	$ 637
2025	4,575	637
2026 and after	5,069	706
Total lease payments	14,219	1,980
Less: Interest	(1,475)	(205)
Present value of lease liabilities	12,744	1,775
Less current portion, record in current liabilities	(3,803)	(530)
Present value of lease liabilities	¥ 8,941	$ 1,245

Lease Liabilities (Details) - Schedule of Weighted Average Remaining Lease Terms and Discount Rates for all Operating Leases	Sep. 30, 2023	Mar. 31, 2023
Schedule of Weighted Average Remaining Lease Terms and Discount Rates for all Operating Leases [Abstract]
Weighted average remaining lease term (years)	3 years 1 month 9 days	3 years 7 months 9 days
Weighted average discount rate	7.00%	7.00%

Equity Method Investment (Details) - Schedule of Equity Method Investment ¥ in Thousands	Sep. 30, 2023 CNY (¥)	Sep. 30, 2022 CNY (¥)
Schedule of Equity Method Investments [Abstract]
Cost	¥ 1,425	¥ 1,425
Less: accumulated impairment	(1,425)	(1,425)
Equity method investment, net

Other Non-Current Assets (Details) - Schedule of Other Non-Current Assets ¥ in Thousands, $ in Thousands	Sep. 30, 2023 CNY (¥)	Sep. 30, 2023 USD ($)
Schedule of Other Non-Current Assets [Abstract]
Prepayment for property and equipment and intangible asset	¥ 222
Total other non-current assets	¥ 222	$ 31

Borrowings (Details) ¥ in Thousands, $ in Millions	1 Months Ended			6 Months Ended	12 Months Ended
Borrowings (Details) ¥ in Thousands, $ in Millions	Nov. 30, 2021 CNY (¥)	Jul. 31, 2021 CNY (¥)	Jun. 29, 2021 CNY (¥)	Sep. 30, 2023 CNY (¥)	Mar. 31, 2023 CNY (¥)	Aug. 31, 2022 CNY (¥)	Sep. 30, 2023 USD ($)	Jan. 10, 2023 CNY (¥)	Dec. 07, 2022 CNY (¥)	Dec. 05, 2022 CNY (¥)	Dec. 02, 2022 CNY (¥)	May 19, 2022 CNY (¥)	May 18, 2022 CNY (¥)	Mar. 31, 2022 CNY (¥)	Nov. 30, 2020 CNY (¥)	Nov. 24, 2020 CNY (¥)
Borrowings [Line Items]
Credit facility				¥ 1,000	¥ 1,700
Outstanding loan balance, current				1,460	1,580
Non-current liabilities				5,110										¥ 5,530
Minimum [Member]
Borrowings [Line Items]
Current liabilities \| $							$ 35.6
Maximum [Member]
Borrowings [Line Items]
Current liabilities				¥ 255,600
TCL Factoring [Member] \| Minimum [Member]
Borrowings [Line Items]
Interest rate															8.00%
TCL Factoring [Member] \| Maximum [Member]
Borrowings [Line Items]
Interest rate															9.00%
PingAn Bank Co., Ltd [Member]
Borrowings [Line Items]
Interest rate	12.96%
China Resources Bank of Zhuhai Co., Ltd. [Member]
Borrowings [Line Items]
Interest rate										8.00%						5.50%
Baosheng County Bank [Member]
Borrowings [Line Items]
Interest rate						8.00%
Date description				On August 31, 2022, UTime SZ entered into a credit line agreement with Shenzhen Nanshan Baosheng County Bank Co., Ltd. (“Baosheng County Bank”) according to which Baosheng County Bank agreed to provide UTime SZ with a credit facility of up to RMB3 million with a one-year term from August 31, 2022 to August 31, 2023
WeBank Co., Ltd. [Member]
Borrowings [Line Items]
Interest rate												9.45%	11.34%
Mr Bao [Member]
Borrowings [Line Items]
Interest rate												9.45%
China CITIC Bank [Member]
Borrowings [Line Items]
Interest rate								4.35%
Industrial and Commercial Bank of China (“ICBC”) Loan [Member]
Borrowings [Line Items]
Interest rate											3.75%
Bank of Communications [Member]
Borrowings [Line Items]
Interest rate									3.75%
Shenzhen Rural Commercial Bank [Member] \| Maximum [Member]
Borrowings [Line Items]
Interest rate			4.50%
TCL Factoring [Member]
Borrowings [Line Items]
Borrowing amount															¥ 20,000
TCL Factoring [Member] \| UTime GZ [Member]
Borrowings [Line Items]
Factoring agreement amount				¥ 7,300	7,800
PingAn Bank Co., Ltd [Member]
Borrowings [Line Items]
Borrowing amount	¥ 2,000
Term in years	3 years
China Resources Bank of Zhuhai Co., Ltd. [Member]
Borrowings [Line Items]
Working capital										¥ 2,000						¥ 22,000
Baosheng County Bank [Member]
Borrowings [Line Items]
Borrowing amount						¥ 3,000
Credit facility amount				3,000
Monthly installment						¥ 100
WeBank Co., Ltd. [Member]
Borrowings [Line Items]
Borrowing amount													¥ 3,000
Credit facility				1,370	1,990							¥ 1,990
Mr Bao [Member]
Borrowings [Line Items]
Credit facility				800	1,000							¥ 1,000
Balance loan amount				5,950	6,370
China CITIC Bank [Member]
Borrowings [Line Items]
Borrowing amount								¥ 3,000
Industrial and Commercial Bank of China (“ICBC”) Loan [Member]
Borrowings [Line Items]
Borrowing amount											¥ 5,000
Bank of Communications [Member]
Borrowings [Line Items]
Borrowing amount									¥ 5,000
Shenzhen Rural Commercial Bank [Member]
Borrowings [Line Items]
Outstanding loan balance, current				840	840
Shenzhen Rural Commercial Bank [Member] \| Minimum [Member]
Borrowings [Line Items]
Borrowing amount			¥ 7,000
Term in years			3 years
Monthly installment			¥ 70
Current liabilities					240
Shenzhen Rural Commercial Bank [Member] \| Maximum [Member]
Borrowings [Line Items]
Borrowing amount		¥ 2,000
Term in years		3 years
Monthly installment		¥ 20
Shenzhen Rural Commercial Bank One [Member] \| Minimum [Member]
Borrowings [Line Items]
Non-current liabilities				1,220	¥ 1,340
Current liabilities				¥ 240

Borrowings (Details) - Schedule of Short Term and Long Term Borrowings - CNY (¥)
¥ in Thousands

Sep. 30, 2023

Mar. 31, 2023

Short-term borrowings

Short-term borrowings

¥ 47,430

¥ 53,935

Long-term borrowings

Long-term borrowings

7,410

7,950

Current portion of long-term borrowings

1,080

Non-current portion of long-term borrowings

6,330

6,870

Secured loan [Member]

Short-term borrowings

Short-term borrowings

^[1]

7,300

7,800

PingAn Bank Co., Ltd. [Member]

Short-term borrowings

Short-term borrowings

^[2]

2,000

China Resources Bank of Zhuhai Co., Ltd. Loan 1 [Member]

Short-term borrowings

Short-term borrowings

^[3]

22,000

China Resources Bank of Zhuhai Co., Ltd. Loan 2 [Member]

Short-term borrowings

Short-term borrowings

^[4]

2,000

Baosheng County Bank [Member]

Short-term borrowings

Short-term borrowings

^[5]

2,400

WeBank Co., Ltd. 1 [Member]

Short-term borrowings

Short-term borrowings

^[6]

1,373

1,990

WeBank Co., Ltd. 2 [Member]

Short-term borrowings

Short-term borrowings

^[7]

762

1,000

WeBank Co., Ltd. 3 [Member]

Short-term borrowings

Short-term borrowings

^[8]

995

1,745

China Resources SZITIC Trust Company Limited [Member]

Short-term borrowings

Short-term borrowings

^[9]

3,000

Industrial and Commercial Bank of China (“ICBC”) Loan 1 [Member]

Short-term borrowings

Short-term borrowings

^[10]

5,000

ICBC Loan 2 [Member]

Short-term borrowings

Short-term borrowings

^[11]

5,000

Shenzhen Rural Commercial Bank loan 1 [Member]

Long-term borrowings

Long-term borrowings

^[12]

5,950

6,370

Shenzhen Rural Commercial Bank loan 2 [Member]

Long-term borrowings

Long-term borrowings

^[13]

¥ 1,460

¥ 1,580

[1]	In November 2020, UTime SZ and TCL Commercial Factoring (Shenzhen) Company Limited (“TCL Factoring”) executed a factoring agreement, pursuant to which UTime SZ received a revolving credit facility and may submit unlimited number of loan applications, so long as, among other conditions, the balance of the loan does not exceed the credit line. The annual effective interest rate range is from 8.0% to 9.0%. TCL Factoring has the right of recourse to UTime SZ, and as a result, these transactions were recognized as secured borrowings. UTime SZ agreed to pledge to TCL Factoring its accounts receivable from TCL Mobile Communication Company Limited (“TCL Huizhou”). This credit facility was also guaranteed respectively by Mr. Bao and UTime GZ, each for an amount up to RMB20 million. UTime SZ agreed not to withdraw, utilize or dispose the accounts receivables paid to it by TCL Huizhou without the prior consent of TCL Factoring. As of March 31, 2023 and September 30, 2023, UTime SZ obtained loans under the factoring agreement at the total amount of RMB7.8 million and RMB7.3 million, respectively.
[2]	In November 2021, UTime SZ entered into a credit agreement with PingAn Bank Co., Ltd. to borrow RMB2 million for a term of 3 years, with an annual effective rate of 12.96%. The loan is guaranteed by Mr. Bao and his spouse. The loan was repaid in May 2023.
[3]	On November 24, 2022, UTime SZ entered into a working capital loan agreement with China Resources Bank of Zhuhai Co., Ltd., to borrow RMB22 million as working capital at an annual effective interest rate of 5.5%. The loan is secured by the office owned by UTime SZ and guaranteed by UTime GZ, Mr. Bao and his spouse. The loan will be due in November 2023.
[4]	On December 5, 2022, UTime SZ entered into a working capital loan agreement with China Resources Bank of Zhuhai Co., Ltd., to borrow RMB2 million as working capital at an annual effective interest rate of 8.0%. The loan will be due on October 25, 2023.
[5]	On August 31, 2022, UTime SZ entered into a credit line agreement with Shenzhen Nanshan Baosheng County Bank Co., Ltd. (“Baosheng County Bank”) according to which Baosheng County Bank agreed to provide UTime SZ with a credit facility of up to RMB3 million with a one-year term from August 31, 2022 to August 31, 2023. On August 31, 2022, UTime SZ entered into a working capital loan agreement with Baosheng County Bank to borrow RMB3 million as working capital for one year at an annual effective interest rate of 8.0%. It is payable at monthly installment of RMB0.1 million from September 2021 to August 2022, with a balloon payment of the remaining balance in the last installment. The loan is secured by the office owned by UTime SZ and guaranteed by UTime Guangxi, Mr. Bao and his spouse. The loan was fully repaid in August 2023.
[6]	On May 19, 2022, UTime SZ entered into a credit line agreement with WeBank Co., Ltd. (“WeBank”) according to which WeBank agreed to provide UTime SZ with a credit facility of up to RMB1.99 million with a two-year term from May 19, 2022 to May 19, 2024, with an annual effective interest rate of 9.45%. The loan is guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, UTime SZ loans under the credit agreement was RMB1.99 million and RMB1.37 million, respectively.
[7]	On May 19, 2022, UTime SZ entered into a credit line agreement with WeBank according to which WeBank agreed to provide UTime SZ with a credit facility of up to RMB1 million with a two-year term from May 19, 2022 to May 19, 2024, with an annual effective interest rate of 9.45%. The loan is guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, UTime SZ loans under the credit agreement was RMB1 million and RMB0.8 million, respectively.
[8]	On May 18, 2022, UTime SZ entered into a credit line agreement with WeBank according to which WeBank agreed to provide UTime SZ with a credit facility of up to RMB3 million with a two-year term from May 18, 2022 to May 18, 2024, with an annual effective interest rate of 11.34%. The loan is guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, UTime SZ loans under the credit agreement was RMB1.7 million and RMB1.0 million, respectively.
[9]	On January 10, 2023, UTime SZ entered into a working capital loan agreement with China CITIC Bank, to borrow RMB3 million as working capital at an annual effective interest rate of 4.35%. The loan will be due in January 2024.
[10]	On December 2, 2022, UTime SZ entered into a loan agreement with Industrial and Commercial Bank of China (“ICBC”), to borrow RMB 5 million as working capital at an annual effective interest rate of 3.75%. The loan will be due in 12 months.
[11]	On December 7, 2022, UTime SZ entered into a loan agreement with ICBC, to borrow RMB 5 million as working capital at an annual effective interest rate of 3.75%. The loan will be due in 12 months.
[12]	On June 29, 2021, UTime SZ entered into a credit agreement with Shenzhen Rural Commercial Bank to borrow RMB7 million for a term of 3 years, which is payable at monthly installment of RMB0.07 million from July 2022 to July 2024, with a balloon payment of the remaining balance in the last installment. The loan bears a fixed interest rate of 4.5% per annum. The loan was secured by real estate owned by Mr. Bao and guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, the balance of the loan was RMB6.37 million and RMB5.95 million, respectively. Out of the total outstanding loan balance, current portion amounted were RMB0.84 million and RMB0.84 million, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of RMB5.53 million and RMB5.11 million, which is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2023 and September 30, 2023, respectively.
[13]	In July 2021, UTime SZ entered into a credit agreement with Shenzhen Rural Commercial Bank to borrow RMB2 million for a term of 3 years, which is payable at monthly installment of RMB0.02 million from July 2021 to July 2024, with a balloon payment of the remaining balance in the last installment. The loan is secured by real estate owned by Mr. Bao and guaranteed by Mr. Bao. As of March 31, 2023 and September 30, 2023, the balance of the loan are RMB1.58 million and RMB1.46 million, respectively. Out of the total outstanding loan balance, current portion amounted were RMB0.24 million and RMB0.24 million, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of RMB1.34 million and RMB1.22 million, which is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2023 and September 30, 2023, respectively.

Other Payables and Accrued Liabilities (Details) - CNY (¥) ¥ in Millions	Sep. 30, 2023	Mar. 31, 2023
Supply Chain Service Provider [Member]
Other Payables and Accrued Liabilities [Line Items]
Advance and services	¥ 6.8	¥ 6.8
Advance refundable to a customer [Member]
Other Payables and Accrued Liabilities [Line Items]
Advance and services	2.2	2.2
Advance refundable to a vendor [Member]
Other Payables and Accrued Liabilities [Line Items]
Advance and services		¥ 3.0
Advances from a third party [Member]
Other Payables and Accrued Liabilities [Line Items]
Advance and services	¥ 22.3

Other Payables and Accrued Liabilities (Details) - Schedule of Other Payables and Accrued Liabilities - CNY (¥) ¥ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Schedule of Other Payables and Accrued Liabilities [Abstract]
Advance from customers	¥ 12,770	¥ 16,902
Accrued payroll	11,211	11,853
VAT payable	3,591	7,292
Other payables	34,566	18,432
Total	¥ 62,138	¥ 54,479

Other Expenses/(Income), Net (Details) - Schedule of Other Expenses/(income), Net - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Other Expenses/(income), Net [Abstract]
Exchange gains	¥ (4,924)	¥ (7,449)
Government grants	31	(264)
Others	(565)	132
Total	¥ (5,458)	¥ (7,581)

Related Parties Balances and Transactions (Details) $ in Millions	Apr. 01, 2023 USD ($)
Related Parties Balances and Transactions [Line Items]
Borrowed amount	$ 3.5

Related Parties Balances and Transactions (Details) - Schedule of Related Parties Transactions	6 Months Ended
	Sep. 30, 2023
Mr. Bao [Member]
Schedule of Related Parties Transactions [Line Items]
Related parties, relationship	Controlling shareholder of the Company
Mr. He [Member]
Schedule of Related Parties Transactions [Line Items]
Related parties, relationship	Beneficial shareholder of the Company
Mr. Yu [Member]
Schedule of Related Parties Transactions [Line Items]
Related parties, relationship	Chief Financial Officer of the Company
Philectronics [Member]
Schedule of Related Parties Transactions [Line Items]
Related parties, relationship	An equity method investee of the Company
Grandsky Phoenix Limited [Member]
Schedule of Related Parties Transactions [Line Items]
Related parties, relationship	100% owned by Mr. Bao

Related Parties Balances and Transactions (Details) - Schedule of Due from Related Parties - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Schedule of Due from Related Parties [Line Items]
Due from related parties	¥ 618	¥ 584
Philectronics [Member]
Schedule of Due from Related Parties [Line Items]
Due from related parties	560	536
Mr. Yu [Member]
Schedule of Due from Related Parties [Line Items]
Due from related parties	¥ 58	¥ 48

Related Parties Balances and Transactions (Details) - Schedule of Due to Related Parties - CNY (¥) ¥ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Schedule of Due to Related Parties [Line Items]
Due to related parties	¥ 37,512	¥ 5,018
Mr. Bao [Member]
Schedule of Due to Related Parties [Line Items]
Due to related parties	9,893	4,779
Grandsky Phoenix Limited [Member]
Schedule of Due to Related Parties [Line Items]
Due to related parties	¥ 27,619	¥ 239

Shareholders’ Equity (Details) $ / shares in Units, $ in Thousands, ¥ in Millions				6 Months Ended
	Nov. 07, 2022 shares	Apr. 08, 2021 CNY (¥) shares	Apr. 08, 2021 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 shares	Jun. 29, 2022 shares	Mar. 31, 2021 shares
Shareholders’ Equity [Line Items]
Ordinary shares authorized				140,000,000	140,000,000		140,000,000
Ordinary shares issued				13,567,793	13,567,793		4,517,793
Ordinary shares outstanding				13,567,793	13,567,793		4,517,793
Public price per share (in Dollars per share) \| $ / shares			$ 4
Gross proceeds (in Dollars) \| $			$ 15,000
Offering fees and expenses		¥ 88.2	$ 13,900
Common stock for issuance						5,300,000
Common stock issued and granted	5,300,000
Common stock granted fair value (in Dollars) \| $				$ 9,301,500
Share issuance per share (in Dollars per share) \| $ / shares				$ 1.755
Common Stock [Member]
Shareholders’ Equity [Line Items]
Ordinary shares issued				8,267,793
Ordinary shares outstanding				8,267,793
Grandsky Phoenix Limited [Member]
Shareholders’ Equity [Line Items]
Repurchase of ordinary shares		3,750,000	3,750,000

Revenue and Geography Information (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2023 CNY (¥)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 CNY (¥)
Revenue and Geography Information [Line Items]
Other non-current assets	¥ 222	$ 31
Intangible assets	1,100		1,800
Other Non-current Assets [Member]
Revenue and Geography Information [Line Items]
Other non-current assets	¥ 200

Revenue and Geography Information (Details) - Schedule of Revenue and Geography Information - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total	¥ 83,926	¥ 127,695
Feature phone [Member]
Segment Reporting Information [Line Items]
Total	48,413	61,090
Smart phone [Member]
Segment Reporting Information [Line Items]
Total	22,295	50,714
Others [Member]
Segment Reporting Information [Line Items]
Total	¥ 13,218	¥ 15,891

Revenue and Geography Information (Details) - Schedule of Company’s Sales Breakdown Based on Location of Customers - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	¥ 83,926	¥ 127,695
Mainland China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	58,495	53,727
Hong Kong [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total		4,813
Africa [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	6,662	27,452
The United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	7,831	12,367
Mexico [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	7,375	22,201
South America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total		934
Others [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	¥ 3,563	¥ 6,201

Revenue and Geography Information (Details) - Schedule of Location of Company’s Long-Lived Assets - CNY (¥) ¥ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Revenue, Major Customer [Line Items]
Total	¥ 70,011	¥ 74,441
PRC [Member]
Revenue, Major Customer [Line Items]
Total	70,008	74,438
Mexico [Member]
Revenue, Major Customer [Line Items]
Total	¥ 3	¥ 3

Condensed Financial Information of the Parent Company (Details) - CNY (¥) ¥ in Millions	Sep. 30, 2023	Mar. 31, 2023
Condensed Financial Information of the Parent Company [Abstract]
Totaling amount	¥ 72.1	¥ 72.1

Condensed Financial Information of the Parent Company (Details) - Schedule of Balance Sheet - Parent Company [Member] - CNY (¥) ¥ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Current assets
Cash and Cash equivalents	¥ 1,809	¥ 2
Prepaid expenses and other current assets	26,235	25,109
Inter-company receivable	91,630	79,393
Non-current assets
Investment in subsidiary	(29,971)	(18,929)
Total assets	89,703	85,575
Current liabilities
Inter-company payable	2,921	35,634
Due to related parties	27,723	313
Other payables and accrued liabilities	25,113	5,539
Total liabilities	55,757	41,486
Shareholders’ equity
Preference share, par value US$0.0001; Authorized:10,000,000 shares; none issued and outstanding As of March 31, 2023 and As of September 30, 2023, respectively
Ordinary shares, par value US$0.0001; Authorized:140,000,000 shares; Issued and outstanding: 13,567,793 shares as of March 31,2023 and 13,567,793 shares as of September 30, 2023	9	9
Additional paid-in capital	216,504	216,504
Accumulated deficit	(186,379)	(175,893)
Accumulated other comprehensive income	3,812	3,469
Total shareholder’s equity	33,946	44,089
Total liabilities and shareholders’ equity	¥ 89,703	¥ 85,575

Condensed Financial Information of the Parent Company (Details) - Schedule of Balance Sheet (Parentheticals) - Parent Company [Member] - $ / shares	Sep. 30, 2023	Mar. 31, 2023
Schedule of Balance Sheet [Abstract]
Preferred share, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred share, shares authorized	10,000,000	10,000,000
Preferred share, shares issued
Preferred share, shares outstanding
Ordinary shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	140,000,000	140,000,000
Ordinary shares, shares issued	13,567,793	13,567,793
Ordinary shares, shares outstanding	13,567,793	13,567,793

Condensed Financial Information of the Parent Company (Details) - Schedule of Comprehensive Loss - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Comprehensive Loss [Abstract]
Loss from equity method investments	¥ (8,583)	¥ (11,304)
Operating expenses	(1,903)	(2,961)
Net loss	(10,486)	(14,265)
Foreign currency translation difference	342	3,770
Comprehensive loss	¥ (10,144)	¥ (10,496)

Condensed Financial Information of the Parent Company (Details) - Schedule of Cash Flows - Parent [Member] - CNY (¥) ¥ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOW FROM OPERATING ACTIVTIES
Net loss	¥ (10,486)	¥ (14,265)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity loss of subsidiaries	8,583	11,304
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(1,173)
Inter-company payable (net of inter-company receivable)	(42,455)	7,028
Related parties	5,528
Other payables and accrued liabilities	19,087	2,241
Net cash used in operating activities	(19,743)	5,135
Loan received from a shareholder	21,528
Effect of exchange rate changes on cash and cash equivalent and restricted cash	22	(1,618)
Net change in cash and cash equivalent	1,807	3,517
Cash and cash equivalents, beginning of year	2	6
Cash and cash equivalents, end of year	¥ 1,809	¥ 3,523

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