Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2021shares | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Amendment Flag | false |
Entity File Number | 001-34541 |
Document Period End Date | Mar. 31, 2021 |
Entity Registrant Name | Global Cord Blood Corp |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 48th Floor, Bank of China Tower |
Entity Address, Address Line Two | 1 Garden Road |
Entity Address, City or Town | Central |
Entity Address, Country | HK |
Entity Central Index Key | 0001467808 |
Title of 12(b) Security | Ordinary Shares, par value $0.0001 per share |
Trading Symbol | CO |
Security Exchange Name | NYSE |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Filer Category | Accelerated Filer |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Entity Common Stock, Shares Outstanding | 121,551,075 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Business Contact | |
Entity Address, Address Line One | 48th Floor, Bank of China Tower |
Entity Address, Address Line Two | 1 Garden Road |
Entity Address, City or Town | Central |
Entity Address, Country | HK |
Contact Personnel Name | Albert Chen |
City Area Code | +852 |
Local Phone Number | 3605 8180 |
Contact Personnel Email Address | albert.chen@globalcordbloodcorp.com |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 6,075,798 | $ 927,349 | ¥ 5,473,373 |
Accounts receivable, less allowance for credit losses (March 31, 2020: RMB111,869; March 31, 2021: RMB137,961 (US$21,057)) | 130,298 | 19,887 | 104,251 |
Inventories | 44,257 | 6,755 | 43,758 |
Prepaid expenses and other receivables | 47,788 | 7,294 | 44,785 |
Total current assets | 6,298,141 | 961,285 | 5,666,167 |
Property, plant and equipment, net | 498,656 | 76,109 | 522,679 |
Operating lease right-of-use assets | 5,039 | 769 | 4,548 |
Non-current deposits | 344,752 | 52,619 | 347,360 |
Non-current accounts receivable, less allowance for credit losses (March 31, 2020: RMB71,421; March 31, 2021: RMB67,095 (US$10,241)) | 217,208 | 33,152 | 160,031 |
Inventories | 91,446 | 13,957 | 85,109 |
Intangible assets, net | 88,202 | 13,462 | 92,823 |
Investment in equity securities at fair value | 117,911 | 17,997 | 101,306 |
Other equity investment | 189,129 | 28,867 | 189,129 |
Deferred tax assets | 55,845 | 8,524 | 50,701 |
Total assets | 7,906,329 | 1,206,741 | 7,219,853 |
Current liabilities | |||
Accounts payable | 9,479 | 1,447 | 19,992 |
Accrued expenses and other payables | 136,448 | 20,825 | 113,989 |
Operating lease liabilities | 1,636 | 250 | 1,717 |
Deferred revenue | 449,359 | 68,586 | 402,751 |
Income tax payable | 29,547 | 4,510 | 32,329 |
Total current liabilities | 626,469 | 95,618 | 570,778 |
Non-current deferred revenue | 2,392,906 | 365,229 | 2,289,762 |
Non-current operating lease liabilities | 147 | 22 | 1,782 |
Other non-current liabilities | 482,224 | 73,602 | 450,900 |
Deferred tax liabilities | 16,132 | 2,462 | 18,140 |
Total liabilities | 3,517,878 | 536,933 | 3,331,362 |
Shareholders' equity of Global Cord Blood Corporation | |||
Ordinary shares - US$0.0001 par value, 250,000,000 shares authorized, 121,687,974 and 121,551,075 shares issued and outstanding as of March 31, 2020 and 2021, respectively | 83 | 13 | 83 |
Additional paid-in capital | 2,101,582 | 320,764 | 2,101,582 |
Treasury stock, at cost (March 31, 2020 and 2021: 136,899 shares, respectively) | (2,815) | (430) | (2,815) |
Accumulated other comprehensive losses | (103,179) | (15,748) | (94,663) |
Retained earnings | 2,386,187 | 364,203 | 1,877,940 |
Total equity attributable to Global Cord Blood Corporation | 4,381,858 | 668,802 | 3,882,127 |
Non-controlling interests | 6,593 | 1,006 | 6,364 |
Total equity | 4,388,451 | 669,808 | 3,888,491 |
Commitments and contingencies | |||
Total liabilities and equity | ¥ 7,906,329 | $ 1,206,741 | ¥ 7,219,853 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥)shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020CNY (¥)shares | Mar. 31, 2020USD ($)$ / sharesshares |
Consolidated Balance Sheets | ||||
Allowance for credit losses current | ¥ 137,961 | $ 21,057 | ¥ 111,869 | |
Allowance for credit losses non-current | ¥ 67,095 | $ 10,241 | ¥ 71,421 | $ 10,901 |
Ordinary shares, par value per share | $ / shares | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 |
Ordinary shares, shares issued | 121,687,974 | 121,687,974 | 121,687,974 | 121,687,974 |
Ordinary shares, shares outstanding | 121,551,075 | 121,551,075 | 121,551,075 | 121,551,075 |
Treasury stock, shares | 136,899 | 136,899 | 136,899 | 136,899 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥)¥ / shares | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020CNY (¥)¥ / shares | Mar. 31, 2019CNY (¥)¥ / shares | |
Consolidated Statements of Comprehensive Income | ||||
Revenues | ¥ 1,159,639 | $ 176,995 | ¥ 1,221,460 | ¥ 986,754 |
Cost of revenues | (178,947) | (27,313) | (189,128) | (186,027) |
Gross profit | 980,692 | 149,682 | 1,032,332 | 800,727 |
Operating expenses | ||||
Research and development | (23,769) | (3,628) | (21,109) | (14,688) |
Sales and marketing | (237,691) | (36,279) | (261,958) | (235,062) |
General and administrative | (174,362) | (26,613) | (190,232) | (169,320) |
Total operating expenses | (435,822) | (66,520) | (473,299) | (419,070) |
Operating income | 544,870 | 83,162 | 559,033 | 381,657 |
Other (expenses)/income, net | ||||
Interest income | 30,899 | 4,716 | 25,359 | 25,320 |
Foreign currency exchange (losses)/ gains | 155 | 24 | (303) | (62) |
Change in fair value of equity securities | 25,385 | 3,875 | (13,172) | (57,125) |
Dividend income | 1,281 | 196 | 507 | 976 |
Others | 8,161 | 1,246 | 7,388 | 5,695 |
Total other (expenses)/income, net | 65,881 | 10,057 | 19,779 | (25,196) |
Income before income tax | 610,751 | 93,219 | 578,812 | 356,461 |
Income tax expense | (94,546) | (14,431) | (101,084) | (61,260) |
Net income | 516,205 | 78,788 | 477,728 | 295,201 |
Net income attributable to non-controlling interests | (7,958) | (1,215) | (7,011) | (4,077) |
Net income attributable to Global Cord Blood Corporation's shareholders | ¥ 508,247 | $ 77,573 | ¥ 470,717 | ¥ 291,124 |
Earnings per share: | ||||
Basic | (per share) | ¥ 4.18 | $ 0.64 | ¥ 3.87 | ¥ 2.40 |
Diluted | (per share) | ¥ 4.18 | $ 0.64 | ¥ 3.87 | ¥ 2.40 |
Other comprehensive income/(losses), net of nil income taxes | ||||
Foreign currency translation adjustments | ¥ (8,516) | $ (1,300) | ¥ (5,925) | ¥ 28,232 |
Comprehensive income | 507,689 | 77,488 | 471,803 | 323,433 |
Comprehensive income attributable to non-controlling interests | (7,958) | (1,215) | (7,011) | (4,077) |
Comprehensive income attributable to Global Cord Blood Corporation's shareholders | ¥ 499,731 | $ 76,273 | ¥ 464,792 | ¥ 319,356 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Other comprehensive income/(losses) | |||
Other comprehensive income/(losses), income taxes | ¥ 0 | ¥ 0 | ¥ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity ¥ in Thousands | Share capitalCumulative Effect, Period of Adoption, Adjusted Balance [Member]CNY (¥) | Share capitalCumulative Effect, Period of Adoption, Adjusted Balance [Member]USD ($) | Share capitalCNY (¥)shares | Share capitalUSD ($)shares | Additional paid-in capitalCumulative Effect, Period of Adoption, Adjusted Balance [Member]CNY (¥) | Additional paid-in capitalCNY (¥) | Additional paid-in capitalUSD ($) | Treasury stockCumulative Effect, Period of Adoption, Adjusted Balance [Member]CNY (¥) | Treasury stockCumulative Effect, Period of Adoption, Adjusted Balance [Member]USD ($) | Treasury stockCNY (¥)shares | Treasury stockUSD ($)shares | Accumulated other comprehensive lossesCumulative Effect, Period of Adoption, Adjustment [Member]CNY (¥) | Accumulated other comprehensive lossesCumulative Effect, Period of Adoption, Adjusted Balance [Member]CNY (¥) | Accumulated other comprehensive lossesCNY (¥) | Accumulated other comprehensive lossesUSD ($) | Retained earningsCumulative Effect, Period of Adoption, Adjustment [Member]CNY (¥) | Retained earningsCumulative Effect, Period of Adoption, Adjusted Balance [Member]CNY (¥) | Retained earningsCNY (¥) | Retained earningsUSD ($) | Non-controlling interestsCumulative Effect, Period of Adoption, Adjusted Balance [Member]CNY (¥) | Non-controlling interestsCNY (¥) | Non-controlling interestsUSD ($) | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]CNY (¥) | CNY (¥)shares | USD ($)shares |
Balance (ASU 2016-01) at Mar. 31, 2018 | ¥ (62,316) | ¥ 62,316 | |||||||||||||||||||||||
Balance at Mar. 31, 2018 | ¥ 83 | $ 120,961,641 | ¥ 83 | ¥ 2,053,866 | ¥ 2,053,866 | ¥ (2,815) | $ (136,899) | ¥ (2,815) | ¥ (116,970) | ¥ (54,654) | ¥ 1,179,189 | ¥ 1,116,873 | ¥ 5,389 | ¥ 5,389 | ¥ 3,118,742 | ¥ 3,118,742 | |||||||||
Balance, shares at Mar. 31, 2018 | shares | 120,961,641 | 120,961,641 | (136,899) | (136,899) | 120,824,742 | 120,824,742 | |||||||||||||||||||
Net income | 291,124 | 4,077 | ¥ 295,201 | ||||||||||||||||||||||
Other comprehensive income | 28,232 | 28,232 | |||||||||||||||||||||||
Dividend declared to holder of non-controlling interests | (4,039) | (4,039) | |||||||||||||||||||||||
Dividend declared and ordinary shares issued to the Company's shareholders | $ 726,333 | 47,716 | (63,090) | ¥ (15,374) | |||||||||||||||||||||
Dividend declared and ordinary shares issued to the Company's shareholders (in shares) | shares | 726,333 | 726,333 | |||||||||||||||||||||||
Balance at Mar. 31, 2019 | ¥ 83 | 2,101,582 | ¥ (2,815) | (88,738) | 1,407,223 | 5,427 | ¥ 3,422,762 | ||||||||||||||||||
Balance, shares at Mar. 31, 2019 | shares | 121,687,974 | 121,687,974 | (136,899) | (136,899) | 121,551,075 | 121,551,075 | |||||||||||||||||||
Net income | 470,717 | 7,011 | ¥ 477,728 | ||||||||||||||||||||||
Other comprehensive income | (5,925) | (5,925) | |||||||||||||||||||||||
Dividend declared to holder of non-controlling interests | (6,074) | (6,074) | |||||||||||||||||||||||
Balance at Mar. 31, 2020 | ¥ 83 | 2,101,582 | ¥ (2,815) | (94,663) | 1,877,940 | 6,364 | ¥ 3,888,491 | ||||||||||||||||||
Balance, shares at Mar. 31, 2020 | shares | 121,687,974 | 121,687,974 | (136,899) | (136,899) | 121,551,075 | 121,551,075 | |||||||||||||||||||
Net income | 508,247 | 7,958 | ¥ 516,205 | $ 78,788,000 | |||||||||||||||||||||
Other comprehensive income | (8,516) | (8,516) | |||||||||||||||||||||||
Dividend declared to holder of non-controlling interests | (7,729) | (7,729) | |||||||||||||||||||||||
Balance at Mar. 31, 2021 | ¥ 83 | $ 13,000 | ¥ 2,101,582 | $ 320,764,000 | ¥ (2,815) | $ (430,000) | ¥ (103,179) | $ (15,748,000) | ¥ 2,386,187 | $ 364,203,000 | ¥ 6,593 | $ 1,006,000 | ¥ 4,388,451 | $ 669,808,000 | |||||||||||
Balance, shares at Mar. 31, 2021 | shares | 121,687,974 | 121,687,974 | (136,899) | (136,899) | 121,551,075 | 121,551,075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Operating activities: | ||||
Net income | ¥ 516,205 | $ 78,788 | ¥ 477,728 | ¥ 295,201 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Loss/(gain) on disposal of property, plant and equipment | (139) | (21) | 51 | 451 |
Depreciation of property, plant and equipment | 44,469 | 6,787 | 44,828 | 47,744 |
Reduction in the carrying amount of right-of-use assets | 2,551 | 389 | 2,335 | |
Amortization of intangible assets | 4,621 | 705 | 4,621 | 4,621 |
Deferred income taxes | (7,152) | (1,092) | (7,206) | (14,688) |
Allowance for credit losses | 37,212 | 5,680 | 24,395 | 38,214 |
Change in fair value of equity securities | (25,385) | (3,875) | 13,172 | 57,125 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (120,436) | (18,381) | (86,897) | (30,367) |
Inventories | (6,836) | (1,042) | (24,061) | (5,330) |
Prepaid expenses and other receivables | (3,722) | (568) | (19,935) | (3,071) |
Accounts payable | (10,513) | (1,605) | (13,574) | 22,194 |
Accrued expenses and other payables | 26,261 | 4,008 | 29,953 | 5,559 |
Operating lease right-of-use assets | (3,042) | (464) | ||
Operating lease liabilities | (1,716) | (262) | (2,259) | |
Deferred revenue | 149,752 | 22,857 | 122,085 | 330,041 |
Income tax payable | (2,782) | (425) | 12,216 | 2,706 |
Other non-current liabilities | 31,362 | 4,787 | 46,552 | 41,718 |
Net cash provided by operating activities | 630,710 | 96,266 | 624,004 | 792,118 |
Investing activities: | ||||
Purchase of property, plant and equipment | (20,892) | (3,189) | (24,240) | (30,689) |
Proceeds from disposal of property, plant and equipment | 785 | 120 | 1,195 | 479 |
Refund of deposits for purchase of property, plant and equipment | 6,984 | |||
Refund of non-current deposits | 210,000 | |||
Payment of non-current deposits | (340,000) | |||
Net cash used in investing activities | (20,107) | (3,069) | (146,061) | (30,210) |
Financing activities: | ||||
Payment for dividends to shareholders | (18,173) | |||
Payment for dividends to holder of non-controlling interests | (6,074) | (927) | (4,039) | (3,019) |
Net cash used in financing activities | (6,074) | (927) | (4,039) | (21,192) |
Effect of foreign currency exchange rate change on cash and cash equivalents | (2,104) | (321) | 1,608 | 6,535 |
Net increase in cash and cash equivalents | 602,425 | 91,949 | 475,512 | 747,251 |
Cash and cash equivalents at beginning of year | 5,473,373 | 835,400 | 4,997,861 | 4,250,610 |
Cash and cash equivalents at end of year | 6,075,798 | 927,349 | 5,473,373 | 4,997,861 |
Non-cash investing activities: | ||||
Property, plant and equipment acquired by non-current deposits | 2,608 | 398 | 4,884 | 10,783 |
Payable for dividends to holder of non-controlling interests | 7,729 | 1,181 | 6,074 | 4,039 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for income taxes | ¥ 104,480 | $ 15,947 | ¥ 96,074 | ¥ 73,242 |
Principal activities and basis
Principal activities and basis of presentation | 12 Months Ended |
Mar. 31, 2021 | |
Principal activities and basis of presentation | |
Principal activities and basis of presentation | 1 Principal activities and basis of presentation (a) Principal activities Global Cord Blood Corporation (the “Company”) and its subsidiaries (collectively the “Group”) are principally engaged in the provision of umbilical cord blood storage and ancillary services in the People’s Republic of China (the “PRC”). The Group provides cord blood testing and processing services and storage services under the direction of subscribers for a cord blood processing fee and a storage fee. The Group also tests, processes and stores donated cord blood, and provides matching services to the public for a fee. As of March 31, 2021, the Group operates three cord blood banks, one in the Beijing municipality, one in the Guangdong province and one in the Zhejiang province, the PRC. The Company’s shares are listed on the New York Stock Exchange (the “NYSE”). (b) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP ”). |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Mar. 31, 2021 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2 Summary of significant accounting policies (a) Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries in which the Company, directly or indirectly, has a controlling financial interest. For consolidated subsidiaries where the Company’s ownership is less than 100%, the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company, are presented as non-controlling interests. All significant intercompany balances and transactions have been eliminated on consolidation. (b) Use of estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the estimate of stand-alone selling price for each performance obligation in contracts with customers that contain more than one performance obligation, the estimated number of successful match units over the estimated weighted average remaining useful life of donated cord blood units, the useful lives of property, plant and equipment and intangible assets, the recoverability of property, plant and equipment and intangible assets, the collectibility of accounts receivables, and the realizability of inventories and deferred tax assets. (c) Foreign currency transactions and translation The reporting currency of the Company is Renminbi (“RMB”). The functional currency of Beijing Jiachenhong Biological Technologies Co., Ltd. (“Beijing Jiachenhong”), Guangzhou Municipality Tianhe Nuoya Bio-engineering Co., Ltd. (“Guangzhou Nuoya”) and Zhejiang Lukou Biotechnology Co., Ltd. (“Zhejiang Lukou”) is RMB and the functional currency of the Company is United States dollars (“US$”). The functional currencies of subsidiaries of the Company outside the PRC are either US$ or Hong Kong dollars. Transactions of Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou denominated in currencies other than RMB are translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing at the dates of the transactions. Monetary assets and liabilities of Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange (losses)/gains in the consolidated statements of comprehensive income. Transactions of the Company and subsidiaries outside the PRC denominated in currencies other than their functional currencies are translated into their functional currencies at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities of the Company and subsidiaries outside the PRC denominated in foreign currencies are translated into their functional currencies using the applicable exchange rates at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange (losses)/gains in the consolidated statements of comprehensive income. Assets and liabilities of the Company and subsidiaries outside the PRC are translated into RMB using the exchange rate at the balance sheet date. Revenues and expenses of the Company and subsidiaries outside the PRC are translated at the average exchange rates prevailing during the year. The adjustments resulting from translation of financial statements of the Company and subsidiaries outside the PRC are recorded as a separate component of accumulated other comprehensive losses within shareholders’ equity. RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the PBOC or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. For the convenience of the readers, certain amounts as of and for the year ended March 31, 2021 included in the accompanying consolidated financial statements have been translated into U.S. dollars at the rate of US$1.00 = RMB6.5518, being the spot exchange rate of U.S. dollars in effect on March 31, 2021 for cable transfers in RMB per U.S. dollar as certified for customs purposes by the Federal Reserve, the central bank of the United States of America. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on March 31, 2021 or at any other date. The U.S. dollars convenience translation is not required under U.S. GAAP. (d) Cash and cash equivalents Cash consists of cash on hand and demand deposits. Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of purchase and readily convertible into known amounts of cash. Cash and cash equivalents of the Group are mainly maintained in the PRC and are denominated in several currencies. As of March 31, 2020 and 2021, cash and cash equivalents maintained in the PRC amounted to RMB5,435,526 and RMB6,071,659 March 31, 2020 2021 Original currency RMB Original currency RMB U.S. dollars 778 5,547 508 3,339 Australian dollars 4 15 4 17 Renminbi 5,435,559 5,435,559 6,071,697 6,071,697 Hong Kong dollars 32,905 30,088 879 741 Singapore dollars 435 2,164 1 4 Cash and cash equivalents held at financial institutions located in the PRC and Hong Kong are insured up to certain amount. Management believes that these major financial institutions have high credit ratings. (e) Investment securities Equity securities with readily determinable fair value are measured at fair values, and any changes in fair value are recognized in earnings. Where the fair value of an investment in equity securities is not readily determinable, the Group recognizes such investment in other investment, and uses the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. For equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments without readily determinable fair value, at each reporting period, the Group makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Impairment indicators that the Group considers include, but are not limited to, (i) the deterioration of earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; and (iii) a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value and if the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in other expenses equal to the difference between the carrying value and fair value. Dividend income is recognized in other income when earned. (f) Accounts receivable Accounts receivable represent amounts due from subscribers for cord blood processing and storage services, which are recognized in accordance with the Group’s revenue recognition policies (Note 2(m)). Installments receivable from subscribers which are due for repayment in over one year under the deferred payment option are classified as non-current accounts receivable. Accounts receivable are stated net of allowance for credit losses. Current accounts receivable does not bear interest. (g) Allowance for credit losses Prior to April 1, 2020, an allowance for credit losses was recorded in the period in which a loss was determined to be probable based on an assessment of historical write-off experience, customer specific facts and economic conditions. Allowance was reversed when the underlying balance of credit losses were subsequently collected. Receivable balances were written off when after all means of collection have been exhausted and the potential for recovery is considered remote. On April 1, 2020, the Group adopted Accounting Standards Codification Topic 326: Financial Instruments - Credit Losses The Group considers accounts receivable to be delinquent when the balance is past due for one day or more. For non-current accounts receivable, the Group uses the aging of current accounts receivable of individual customers to monitor the credit quality of corresponding non-current accounts receivables. Based on historical experience, the aging of current accounts receivable is the strongest indicator of the credit quality of corresponding non-current accounts receivables. The aging category of non-current accounts receivables is updated quarterly. For the allowance of other receivables, the Group identifies relevant risk characteristics of related receivables. Other receivables with similar risk characteristics are grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, reasonable and supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. When specific other receivables are identified as no longer sharing the same risk profile as their current pool, they are removed from the pool and evaluated separately. (h) Inventories The Group collects, tests, freezes and stores donated umbilical cord blood for future transplantation or research purposes in return for a fee. Collection, testing and processing costs attributable to the processing of donated umbilical cord blood are capitalized as inventories, stated at the lower of cost or net realizable value on a weighted-average basis, and recognized as cost of revenues when revenue is recognized. Cost comprises direct materials, direct labor and an allocation of production overheads. Inventories that are not expected to be realized within 12 months from the balance sheet date are classified as non-current assets. Consumables and supplies are included in inventories and classified as current assets. (i) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation on property, plant and equipment is calculated based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows: Buildings 37.5 – 50 years Leasehold improvements Shorter of the lease term or estimated useful lives of 10 years Machinery 5 – 10 years Motor vehicles 5 years Furniture, fixtures and office equipment 3 – 5 years No depreciation expense is provided in respect of construction-in-progress. Depreciation of property, plant and equipment attributable to the processing of donated umbilical cord blood for future transplantation is capitalized as part of inventories, and is expensed to cost of revenues when revenue is recognized. (j) Intangible assets Intangible assets represent the operating rights to operate cord blood banks and are stated at the fair value on the date of acquisition less accumulated amortization. Where payment for an operating right is non-deductible for tax purpose, the simultaneous equations method is used to record the assigned value of the asset and the related deferred tax liability, such that the carrying amount of the asset upon initial recognition less deferred tax liability recognized equals the amount paid for the asset. Amortization expense is recognized on a straight-line basis over the estimated useful life of the operating rights of 30 years . (k) Leases Prior to the adoption of ASU No. 2016-02, Leases (Topic 842) Effective April 1, 2019, the Company adopted Topic 842 using a modified retrospective transition approach for leases that exist at, or are entered into after April 1, 2019, and has not recast the comparative periods presented in the consolidated financial statements. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Operating lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Operating lease right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial cost of revenues incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the Company uses incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate is determined based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company’s option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. For operating leases, the company recognizes a single lease cost on a straight-line basis over the remaining lease term. The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms. In addition, the company has elected not to separate non-lease components (e.g. common area maintenance fees) from lease components. (l) Impairment of long-lived assets Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and intangible assets with finite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flows models, quoted market values and third-party independent appraisals, as considered necessary. No impairment of long-lived assets was recognized for the years ended March 31, 2019, 2020 and 2021. (m) Revenue recognition The Group receives fees for collecting, testing, freezing and storing of cord blood units. Once the cord blood units are collected, tested, screened and successfully meet all of the required attributes, the Group freezes the units and stores them in a cryogenic freezer. Under the cord blood processing and storage agreement (the “Agreement”) signed with the customer, the Group charges separate processing fee and storage fees to the customer and such Agreement provides a storage period of eighteen years . Pursuant to the Agreement, the processing fee is non-refundable unless the cord blood is non-viable for storage, and no penalty is charged to customers for early termination of the cord blood storage service. The Group offers discount to customers from time to time. The Group recognizes revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Agreement includes two promised services which are (i) the processing service of cord blood unit; and (ii) the storage service of cord blood unit. As the promise to provide the processing service to subscriber is distinct from the promise to provide the storage service in the contract, two performance obligations are identified in the Agreement. The consideration expected to be received is allocated at contract inception among the performance obligations based on their relative selling prices determined based on prices of these elements as sold on a stand-alone basis, and the applicable revenue recognition criteria are applied to each of the performance obligation. The Group considers all reasonably available information to allocate the overall arrangement fee to processing and storage services based on their relative selling prices. The Group recognizes processing fee revenue when the performance obligation is satisfied at a point in time, which is upon successful completion of processing services and when the cord blood unit meets all the required attributes for storage, and recognizes the storage fee revenues ratably over the annual storage period as the performance obligation is satisfied over time. The Group believes the methodology of recognizing storage revenues over time meaningfully depicts the timing of storage services delivered to customers as it exerts the necessary efforts to deliver such services equally over time. During the years ended March 31, 2019, 2020 and 2021, the Group offered its customers three payment options: (i) Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and the annual storage fee in advance at the beginning of each annual period; (ii) Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and an upfront payment of storage fees for a period of eighteen years; and (iii) Payment of the processing fee by installment over multiple periods and the annual storage fee in advance at the beginning of each annual period or an upfront payment of storage fees for a period of eighteen years paid by several installments. Under payment option (ii), it does not contain a financing component, because the difference between the promised consideration and the cash selling price of the service arises for non-finance reasons, the difference is proportional to those non-finance reasons. Under payment option (iii), the period between fulfillment of the performance obligation of processing services and the receipt of payment is greater than a year, and a significant financing component is present. The promised amount of consideration is discounted to present value based on a discount rate reflective of a separate financing transaction between the customer and the Group, at contract inception. The significant financing component is recorded as a reduction to revenue and accounts receivable initially, with such accounts receivable discount amortized to interest income over the period to receipt of payment. Installments due for payment beyond one year are classified as non-current accounts receivable. When payment from customers occurs prior to revenue recognition, a contract liability is recorded as deferred revenue on the consolidated balance sheet. Fees derived from the provision of donated cord blood for transplantation and research are recognized upon the satisfaction of its performance obligation, which is to transfer the control of the promised cord blood unit to the recipient. The transfer of control of the cord blood unit is satisfied at a point in time, which is the delivery of the cord blood unit to the recipient and evidenced by signed acknowledgements. The Group’s revenues are net of value-added tax collected on behalf of tax authorities at 6% on the invoiced amount in respect of the services rendered. (n) Research and development costs Research and development costs are incurred for research activities conducted to enhance collection and storage technologies, and measures to improve the results in umbilical cord blood stem cells extraction and separation. Research and development costs also include research expenses on the use of cord blood stem cells in different medical treatments. Research and development costs are expensed as incurred. (o) Advertising costs Advertising costs are expensed as incurred and included in sales and marketing expenses in the consolidated statements of comprehensive income in the amount of RMB39,586, RMB49,392 and RMB54,441 (US$8,309) for the years ended March 31, 2019, 2020 and 2021, respectively. (p) Employee benefits Contributions to employee benefits (which are defined contribution plans) are charged to the consolidated statements of comprehensive income when the related employee service is provided. The Group does not have any defined benefit plans. (q) Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, tax loss carry forwards and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period that includes the enactment date. The Group recognizes in the consolidated financial statements the impact of a tax position if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of comprehensive income. A deferred tax liability is not recognized for the excess of the Group’s financial statements carrying amount over the tax base of its investment in a foreign subsidiary, due to the Company’s plan and intention to reinvest these foreign subsidiaries’ earnings indefinitely. (r) Commitments and contingencies In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims that relate to a wide range of matters, including, among others, product liability. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. (s) Earnings per share Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income attributable to ordinary shareholders is allocated between ordinary shares and participating securities based on contractual participating rights of security to share in undistributed earnings as if all of the earnings had been distributed. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders, as adjusted to exclude any income or expenses related to dilutive ordinary equivalents shares by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. Dilutive potential ordinary shares consist of the ordinary shares issuable as scrip dividend. Dilutive potential ordinary shares in the diluted earnings per share computation are excluded to the extent that their effect is anti-dilutive. (t) Segment reporting The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The CODM regularly reviews financial information at the operating segment level in order to make decisions about resources to be allocated to the segments and to assess their performance. The Group has one operating segment, as defined by Accounting Standards Codification (“ASC”)Topic 280, Segment Reporting (u) Fair value measurement The Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ● Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. See Note 19 to the consolidated financial statements. (v) Recently adopted accounting standards In February 2016, the FASB issued Topic 842 - - The adoption of Topic 842 resulted in the recognition of the right-of-use assets and the lease liabilities for operating lease as of April 1, 2019 of RMB6,883 and RMB5,758, respectively. There was no cumulative effect to the retained earnings as of April 1, 2019. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures upon the issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted this standard since April 1, 2020 and the adoption of this standard did not have material impact on its consolidated financial statements. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Mar. 31, 2021 | |
Accounts receivable, net | |
Accounts receivable, net | 3 Accounts receivable, net (a) Accounts receivable consist of the following: March 31, 2020 2021 2021 RMB RMB US$ Accounts receivable 447,572 552,562 84,337 Less: Allowance for credit losses (183,290) (205,056) (31,298) Total accounts receivable, net 264,282 347,506 53,039 Representing: Current portion: - Processing fees 72,072 88,748 13,545 - Storage fees 30,907 40,308 6,152 - Others 1,272 1,242 190 104,251 130,298 19,887 Non-current portion - Processing fees 160,031 217,208 33,152 Total accounts receivable, net 264,282 347,506 53,039 Non-current accounts receivable as of March 31, 2021 are due for payment as follows: March 31, 2021 RMB US$ Fiscal years ending March 31, 2023 70,990 10,835 2024 53,447 8,157 2025 45,231 6,904 2026 42,841 6,539 2027 and thereafter 104,602 15,965 317,111 48,400 Less: Unearned interest (32,808) (5,007) Total non-current accounts receivable 284,303 43,393 (b) An aging analysis of accounts receivable based on due date is as follows: March 31, 2020 2021 2021 RMB RMB US$ Non-current portion: - Not past due 231,452 284,303 43,393 Current portion: - Not past due 53,684 87,315 13,327 - Within one year past due 27,179 35,002 5,342 - Between one to two years past due 20,645 19,833 3,027 - Over two years past due 114,612 126,109 19,248 Total accounts receivable 447,572 552,562 84,337 (c) An analysis of the allowance for credit losses is as follows: Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Current portion: Processing fees: Balance at beginning of year 29,795 44,641 57,648 8,800 Charged to allowance for credit losses 14,846 13,007 17,379 2,653 Write-off charged against the allowance for the year — — (184) (29) Balance at end of year 44,641 57,648 74,843 11,424 Storage fees: Balance at beginning of year 27,310 43,077 53,911 8,228 Charged to allowance for credit losses 16,807 13,628 15,777 2,408 Write-off charged against the allowance for the year (1,040) (2,794) (6,917) (1,056) Balance at end of year 43,077 53,911 62,771 9,580 Others: Balance at beginning of year 1,122 1,916 310 47 Charged/(credited) to allowance for credit losses 850 (1,490) 1,016 155 Write-off charged against the allowance for the year (56) (116) (979) (149) Balance at end of year 1,916 310 347 53 Non-current portion - Processing fees: Balance at beginning of year 69,713 74,800 71,421 10,901 Charged/(credited) to allowance for credit losses 5,711 (750) 3,040 464 Write-off charged against the allowance for the year (624) (2,629) (7,366) (1,124) Balance at end of year 74,800 71,421 67,095 10,241 (d) An analysis of the non-current accounts receivable by credit quality indicator is as follows: The following table presents the amortized cost basis of non-current accounts receivable by credit quality indicator by year of origination at March 31, 2021: Amortized cost basis by year of origination 2016 and prior to 2021 2020 2019 2018 2017 2016 Total RMB RMB RMB RMB RMB RMB RMB Processing fees: Not past due 80,802 55,388 18,921 9,751 — 50,187 215,049 Within one year past due 8 6,839 658 — 450 2,038 9,993 Between one to two years past due — — 1,005 — — 1,338 2,343 Over two years past due — — — — — 56,918 56,918 Total 80,810 62,227 20,584 9,751 450 110,481 284,303 The following table presents non-current accounts receivable by credit quality indicator at March 31, 2020: March 31, 2020 RMB Processing fees: Not past due 159,150 Within one year past due 4,801 Between one to two years past due 1,660 Over two years past due 65,841 Total 231,452 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2021 | |
Inventories | |
Inventories | 4 Inventories Inventories consist of the following: March 31, 2020 2021 2021 RMB RMB US$ Current portion: - Consumables and supplies 43,758 44,257 6,755 Non-current portion: - Processing costs capitalized in donated umbilical cord blood 85,109 91,446 13,957 Total current and non-current inventories 128,867 135,703 20,712 Collection, testing and processing costs attributable to the processing of donated umbilical cord blood are capitalized as inventories. Management assesses the recoverability of such inventories with reference to future projections of matching fees, number of donated cord blood units of the Group, demand for cord blood units for transplantation and research purposes, and the probability of finding a match in light of the number of units held. Based on such assessments, the management considers that the cord blood processing costs capitalized are recoverable and no write-down for inventories was made during the years ended March 31, 2019, 2020 and 2021. The Group recognizes the revenue for each matched donated umbilical cord blood unit upon delivery of the unit and recognizes the cost of the cord blood unit equal to the carrying amount of the total inventory (donated umbilical cord blood units) divided by the estimated future number of successful matches which would become realized through sales during the estimated weighted average remaining useful life of the donated umbilical cord blood unit. As of March 31, 2021, the weighted average remaining useful life of the donated umbilical cord blood units was estimated to be approximately 16.9 years. Based on the historical increase in the number of donated umbilical cord blood matching inquiries and the number of successful matches of donated umbilical cord blood units, the Group estimated the number of successful matches of donated umbilical cord blood units will increase by 7% per annum. There were no material changes to the estimates and assumptions underlying the methodology for the years ended March 31, 2019, 2020 and 2021 . |
Prepaid expenses and other rece
Prepaid expenses and other receivables | 12 Months Ended |
Mar. 31, 2021 | |
Prepaid expenses and other receivables | |
Prepaid expenses and other receivables | 5 Prepaid expenses and other receivables Prepaid expenses and other receivables consist of the following: March 31, 2020 2021 2021 RMB RMB US$ Prepaid expenses 38,760 43,012 6,565 VAT tax receivables 856 — — Other receivables 5,169 4,776 729 Total prepaid expenses and other receivables 44,785 47,788 7,294 Other receivables mainly include advance payments to employees and prepayments. |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Mar. 31, 2021 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 6 Property, plant and equipment, net Property, plant and equipment, net consist of the following: March 31, 2020 2021 2021 RMB RMB US$ Buildings 604,112 603,910 92,174 Leasehold improvements 14,864 14,864 2,269 Machinery 208,377 219,626 33,521 Motor vehicles 19,088 18,598 2,839 Furniture, fixtures and equipment 55,722 56,029 8,552 Construction-in-progress 1,356 3,619 552 903,519 916,646 139,907 Less: Accumulated depreciation (380,840) (417,990) (63,798) Total property, plant and equipment, net 522,679 498,656 76,109 Depreciation expense of property, plant and equipment is allocated to the following expense items: Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Cost of revenues 30,848 28,980 28,574 4,361 Research and development 1,358 1,866 1,893 289 Sales and marketing 3,371 2,742 2,810 429 General and administrative 12,167 11,240 11,192 1,708 Total depreciation expense 47,744 44,828 44,469 6,787 |
Non-current deposits
Non-current deposits | 12 Months Ended |
Mar. 31, 2021 | |
Non-current deposits | |
Non-current deposits | 7 Non-current deposits Non-current deposits consist of the following: March 31, Note 2020 2021 2021 RMB RMB US$ Investment deposit (i) 340,000 340,000 51,894 Deposit for purchase of machinery 7,360 4,752 725 Total non-current deposits 347,360 344,752 52,619 Note: (i) During the year ended March 31, 2020, the Group entered into a Letter of Intent with a third party to potentially acquire non-controlling equity interests in a healthcare company with a refundable earnest money deposit of RMB 340,000 . |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Mar. 31, 2021 | |
Intangible assets, net | |
Intangible assets, net | 8 Intangible assets, net March 31, 2020 2021 2021 RMB RMB US$ Cord blood bank operating rights 138,628 138,628 21,159 Less: Accumulated amortization (45,805) (50,426) (7,697) Total intangible assets, net 92,823 88,202 13,462 Intangible assets represent the cord blood bank operating rights in the Guangdong and Zhejiang provinces, the PRC. The cord blood bank operating right in the Guangdong province was acquired through the acquisition of Guangzhou Nuoya in May 2007. The estimated useful life of the operating right is thirty years . Amortization expenses of the operating right in the Guangdong province were RMB 971 , RMB 971 and RMB 971 (US $148 ) for the years ended March 31, 2019, 2020 and 2021, respectively. The operating right is subject to renewal and the next renewal is due in May 2024. In February 2011, the Group acquired the right to operate the cord blood bank in the Zhejiang province from a third party for cash consideration of US $12,500 (equivalent to RMB 82,124 ). Payment for the operating right is non-deductible for tax purpose. The simultaneous equations method is used to record the assigned value of the asset of RMB 109,499 and a related deferred tax liability of RMB 27,375 (Note 16(c)), in accordance with the guidance in ASC Topic 740-10-25-51, such that the carrying amount of the asset upon initial recognition less the related deferred tax liability equals the cash consideration paid. The estimated useful life of the operating right in the Zhejiang province is thirty years . Amortization expenses were RMB 3,650 , RMB 3,650 and RMB 3,650 (US $557 ) for the years ended March 31, 2019, 2020 and 2021, respectively. The operating right is subject to renewal and the next renewal is due in September 2022. The Group determined that a thirty-year period as useful life of the cord blood bank operating rights to be appropriate, following the pattern in which the expected benefits of the asset will be consumed or otherwise used up. The Group’s renewal period with the provincial governmental authorities generally is every three (for cord blood banks in Guangdong and Zhejiang provinces) or nine (for cord blood bank in Beijing municipality) years. The Group has historically renewed cord blood bank operating rights without incurring any significant costs. There are no other legal or regulatory provisions that limit the useful life of the cord blood bank operating rights or that cause the cash flows and useful life of such cord blood bank operating rights to be constrained. In addition, the Group expects the effect of obsolescence, demand, competition, and other economic factors to be minimal. The Group engaged independent third-party valuation firms in determining the fair values of the cord blood bank operating rights during the acquisitions. The fair values of the cord blood bank operating rights were determined using an income approach and considered assumptions (including turnover rate) that a market participant would make consistent with the highest and best use of the asset by market participants. The periods of expected cash flows used to measure the fair values of the cord blood bank operating rights were thirty years . Without evidence to the contrary, the Group expects that the cord blood bank operating rights will be renewed at the same rate as a market participant would expect, and no other factors would indicate a different useful life is more appropriate. Accordingly, in the absence of other entity-specific factors, the useful life of the cord blood bank operating rights was determined to be thirty years . A straight-line method of amortization has been adopted as the pattern in which the economic benefits of the operating rights are used up cannot be reliably determined. Estimated amortization expenses for the years ending after March 31, 2021 are: March 31, 2021 RMB US$ Fiscal years ending March 31, 2022 4,621 705 2023 4,621 705 2024 4,621 705 2025 4,621 705 2026 4,621 705 2027 and thereafter 65,097 9,937 Total amortization expenses 88,202 13,462 |
Investment in equity securities
Investment in equity securities at fair value | 12 Months Ended |
Mar. 31, 2021 | |
Investment in equity securities at fair value | |
Investment in equity securities at fair value | 9 Investment in equity securities at fair value March 31, Note 2020 2021 2021 RMB RMB US$ Listed equity securities Cordlife Group Limited - listed on Singapore Exchange (i) 40,653 47,249 7,212 Listed fund investment (ii) 60,653 70,662 10,785 101,306 117,911 17,997 Notes: (i) As of March 31, 2020 and 2021 , the Group held 25,516,666 ordinary shares in Cordlife Group Limited (“CGL”), respectively. CGL is a provider of cord blood banking services with operations in Singapore, Hong Kong, India, Indonesia, Malaysia and the Philippines (as well as brand presence in Bangladesh, Brunei, Macau, Myanmar, Thailand and Vietnam), and is listed on the Singapore Exchange. As of March 31, 2020 and 2021, the Group’s equity interest in CGL was approximately 10.0% , respectively. (ii) As of March 31, 2020 and 2021, the Group held an investment in industry specific fund which are classified as equity securities measured at fair value since they have readily determinable fair value. As of March 31, 2020 and 2021, the cost basis of the investments in equity securities was RMB100,213 and the aggregate fair value was RMB101,306 and RMB117,911 (US$17,997), respectively. Decreases in fair value of equity securities of RMB57,125 and RMB13,172 for the years ended March 31, 2019 and 2020, respectively, and increase in fair value of equity securities of RMB25,385 (US$3,875) for the year ended March 31, 2021 were recognized as other (expenses)/income, through net income. Dividends received from CGL during the years ended March 31, 2019, 2020 and 2021 of RMB976, RMB507 and RMB1,281 (US$196), respectively, were recorded in dividend income in the consolidated statements of comprehensive income. |
Other equity investment
Other equity investment | 12 Months Ended |
Mar. 31, 2021 | |
Other equity investment | |
Other equity investment | 10 Other equity investment March 31, 2020 2021 2021 RMB RMB US$ Unlisted equity securities 189,129 189,129 28,867 As of March 31, 2020 and 2021, the Group owned 24% equity interest of Shandong Province Qilu Stem Cells Engineering Co., Ltd. (“Qilu Stem Cells”), which operates a cord blood bank in the Shandong province, the PRC. Since the Group does not have any representation in the board of directors and does not have significant influence over the financial and operating decisions of Qilu Stem Cells, and the equity interests do not have a readily determinable fair value, the investment is stated at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of Qilu Stem Cells. The Group performed an impairment assessment based on Qilu Stem Cells’s operational performance, local demographic trend and the economic environment of the Shandong province and no impairment indicator was identified for the years ended March 31, 2020 and 2021, respectively. No dividend income was received from Qilu Stem Cells during the years ended March 31, 2019, 2020 and 2021. |
Accrued expenses and other paya
Accrued expenses and other payables | 12 Months Ended |
Mar. 31, 2021 | |
Accrued expenses and other payables | |
Accrued expenses and other payables | 11 Accrued expenses and other payables Accrued expenses and other payables consist of the following: March 31, Note 2020 2021 2021 RMB RMB US$ Insurance premium received on behalf of insurance company (i) 40,198 43,305 6,610 Other tax payables 921 4,503 687 Accrued salaries, bonus and welfare expenses 30,436 54,891 8,378 Accrued consultancy and professional fees 21,475 14,210 2,168 Payable for property, plant and equipment 2,423 349 53 Other payables (ii) 18,536 19,190 2,929 Total accrued expenses and other payables 113,989 136,448 20,825 Notes: (i) The Group has an agreement with an insurance company under which the Group collects insurance premiums on behalf of the insurance company from customers who store umbilical cord blood in the Group’s cord blood bank and are enrolled in the insurance scheme of the insurance company. Thus, the amount of gross storage payment from customers includes insurance premiums collected on behalf of the insurance company. The amount attributable to the insurance premiums is included in current and other non-current liabilities (collected and payable over one year) and is not recognized as revenue. (ii) Other payables mainly include fee refundable to customers whose cord blood unit does not qualify for subsequent storage, dividends payable to holder of non-controlling interests and other procurement payables. |
Operating leases
Operating leases | 12 Months Ended |
Mar. 31, 2021 | |
Operating leases | |
Operating leases | 12 Operating leases As of March 31, 2021, the Company had two operating leases for office with remaining terms expiring in 2022 and 2024 respectively, and a weighted average remaining lease term of 1.8 years. The Company had fair value renewal options for one of the Company’s existing leases, none of which were considered reasonably certain of being exercised or included in the minimum lease term. Weighted average discount rates used in the calculation of the lease liability was 4.75% . The discount rates reflected the estimated incremental borrowing rate, which included an assessment of the credit rating to determine the rate that the Company would have to pay to borrow, on a collateralized basis for a similar term, an amount equal to the lease payments in a similar economic environment. Rental expenses for the years ended March 31, 2019, 2020 and 2021 were RMB3,265, RMB3,399 and RMB10,374 (US$1,583), respectively. There were no variable lease costs or sublease income for leased assets for the years ended March 31, Operating lease right-of-use assets and liabilities as of March 31, 2020 and 2021 were as follows: March 31, 2020 2021 2021 RMB RMB US$ Operating lease right-of-use assets 4,548 5,039 769 Operating lease liabilities 1,717 1,636 250 Non-current operating lease liabilities 1,782 147 22 Total lease liabilities 3,499 1,783 272 Supplemental cash flow information related to leases was as follows: March 31, 2020 2021 2021 RMB RMB US$ Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows 2,512 4,902 748 Right-of-use assets obtained in exchange for lease obligations — — — The maturity analysis of operating leases liabilities as of March 31, 2021 is as follows: March 31, 2021 RMB US$ Fiscal years ending March 31, 2022 1,700 259 2023 149 23 Total future undiscounted cash flows 1,849 282 Less: Discount factor (66) (10) Lease liabilities 1,783 272 Representing: Current portion 1,636 250 Non-current portion 147 22 Lease liabilities 1,783 272 |
Deferred revenue
Deferred revenue | 12 Months Ended |
Mar. 31, 2021 | |
Deferred revenue | |
Deferred revenue | 13 Deferred revenue (a) Deferred revenue consists of the following: March 31, Note 2020 2021 2021 RMB RMB US$ Payments made by customers prior to completion of cord blood processing services (i) 99,506 124,346 18,979 Unearned storage fees (b) 2,593,007 2,717,919 414,836 Total current and non-current deferred revenue (ii) 2,692,513 2,842,265 433,815 Representing: Current portion 402,751 449,359 68,586 Non-current portion 2,289,762 2,392,906 365,229 Total current and non-current deferred revenue 2,692,513 2,842,265 433,815 Notes: (i) The balance of payments made by customers prior to completion of cord blood processing services represented payments received from customers during the year upon the signing of the Agreement but before the performance obligation for processing services is satisfied and before the commencement of storage. Of the balance of RMB 99,506 as of March 31, 2020, RMB 61,332 (US $ 9,361 ) was recognized as revenues for the year ended March 31, 2021 and RMB 38,174 (US $5,826 ) from prior year’s balance was reclassified as unearned storage fees which was included in the increase in unearned storage fees during the year in the analysis disclosed in Note 13(b). (ii) Of the total balances of current and non-current deferred revenue, the Group expected to recognize RMB 325,013 (US $49,607 ) in fiscal year 2022, RMB 206,851 (US $ 31,572 ) in fiscal year 2023, RMB 206,950 (US$ 31,587 ) in fiscal year 2024, and RMB 1,979,105 (US $302,070 ) in the fiscal year 2025 and thereafter, upon the completion of the Group’s performance obligations on related processing and storage services. (b) An analysis of unearned storage fees is as follows: Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Balance at beginning of year 2,112,195 2,384,676 2,593,007 395,770 Deferred revenue arose during the year 658,262 660,001 617,796 94,295 Credited to income - From prior year’s balance (238,181) (276,234) (303,245) (46,284) - From deferred revenue arose during the year (147,600) (175,436) (189,639) (28,945) Balance at end of year 2,384,676 2,593,007 2,717,919 414,836 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Mar. 31, 2021 | |
Shareholders' equity | |
Shareholders' equity | 14 Shareholders’ equity (a) Share capital As of March 31, 2018, the Company had 120,961,641 shares issued and 120,824,742 shares outstanding. During the year ended March 31, 2019, the Company issued 726,333 ordinary shares as scrip dividend (Note 14(d)). As a result, the Company’s issued and outstanding shares increased to 121,687,974 and 121,551,075, respectively, as of March 31, 2019, 2020 and 2021. (b) Statutory reserves According to PRC rules and regulations and their Articles of Association, Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou are required to transfer 10% of net income, as determined in accordance with the relevant financial regulations established by the Ministry of Finance of the PRC, to a statutory surplus reserves until the reserve balance reaches 50% of their respective registered capital. The transfer to this reserve must be made before distribution of dividends to equity holders can be made. The statutory surplus reserve is non-distributable but can be used to make good previous years’ losses, if any, and may be converted into issued capital in proportion to the respective equity holding of the equity holders, provided that the balance of the reserve after such conversion is not less than 25% of the registered capital. Aggregated transfers of RMB15,841, RMB20,068 and RMB23,384 (US$3,569)have been made to the statutory surplus reserve by Beijing Jiachenhong and Zhejiang Lukou for the years ended March 31, 2019, 2020 and 2021, respectively. Accumulated statutory surplus reserves as of March 31, 2020 and 2021 amounted to RMB180,050 and RMB203,434 (US$31,050), respectively. (c) Share repurchase program During the year ended March 31, 2013, the Company repurchased 7,450,914 ordinary shares at a total cost of RMB131,302 of which 7,314,015 shares were subsequently sold to CGL. As of March 31, 2020 and 2021, the remaining 136,899 repurchased ordinary shares had not been cancelled and therefore were presented as treasury stock in the consolidated balance sheets. On July 29, 2020 and July 29, 2021, the Board of Directors approved a new share repurchase program in the aggregate amount of US$ 20,000 for 12 months until July 29, 2021 and July 29, 2022. During the year ended March 31, 2021, the Company did not repurchase any of its shares under the new share repurchase programs. (d) Dividend declared On June 26, 2018, the Company’s Board of Directors declared a dividend of US$0.08 per ordinary share of the Company, to be paid in cash or in scrip at the election of the shareholders. As a result of the election of the shareholders, the Company issued a total of 726,333 ordinary shares and paid a cash dividend of RMB18,173 during the year ended March 31, 2019. |
Revenues
Revenues | 12 Months Ended |
Mar. 31, 2021 | |
Revenues | |
Revenues | 15 Revenues The Group’s revenues are primarily derived from the provision of umbilical cord blood processing and storage services. Since the Group operates and manages its business solely in the PRC and services are predominately provided to customers located in the PRC, no geographical segment information is provided. The Group’s revenues by category are as follows: Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Cord blood processing fees 592,123 759,493 653,756 99,782 Cord blood storage fees 385,781 451,670 492,884 75,229 Fees derived from the provision of donated cord blood for transplantation and research and others 8,850 10,297 12,999 1,984 Total revenues 986,754 1,221,460 1,159,639 176,995 |
Income Tax
Income Tax | 12 Months Ended |
Mar. 31, 2021 | |
Income tax | |
Income tax | 16 Income tax Cayman Islands and British Virgin Islands Under the current laws of the Cayman Islands and the British Virgin Islands, the Company and its subsidiaries that are incorporated in the Cayman Islands and the British Virgin Islands are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies, no Cayman Islands or British Virgin Islands withholding tax is imposed. Hong Kong The Company’s subsidiaries that are incorporated or operate in Hong Kong are subject to Hong Kong Profits Tax on income arising in or derived from Hong Kong. No provision was made for Hong Kong Profits Tax as the subsidiaries did not earn income subject to Hong Kong Profits Tax for the years ended March 31, 2019, 2020 and 2021. The payments of dividends by Hong Kong tax residents are not subject to any Hong Kong withholding tax. The PRC The Company’s PRC subsidiaries are subject to PRC statutory income tax rate of 25% unless otherwise specified. In February 2018, Beijing Jiachenhong received approval from the tax authority on the renewal of its High and New Technology Enterprises (“HNTE”) status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2017 to December 31, 2019. In February 2021, Beijing Jiachenhong received approval from the tax authority on the renewal of its HNTE status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2020 and will expire on December 31, 2022. In March 2017, Guangzhou Nuoya received approval from the tax authority on the renewal of its HNTE status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2016 to December 31, 2018. In February 2020, Guangzhou Nuoya received approval from the tax authority on the renewal of its HNTE status which entitled it to the preferential income tax rate of 15% effective retroactively from January 1, 2019 to December 31, 2021. Zhejiang Lukou’s HNTE certificate was dated November 30, 2018 with a validity of 3 years . In March 2019, Zhejiang Lukou received approval from the tax authority that it qualified as a HNTE which entitled it to the preferential income tax rate of 15% effective retrospectively from January 1, 2018 to December 31, 2020. Zhejiang Lukou is in the process of reapplication for its HNTE certificate which, upon approval, will entitle it to the preferential income tax rate of 15% from January 1, 2021 to December 31, 2023. The Enterprise Income Tax Law and its implementation rules also impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends receivable by non-PRC-resident enterprises from PRC-resident enterprises in respect of earnings accumulated beginning on January 1, 2008. The Company has not provided for income taxes on such accumulated earnings of its PRC subsidiaries as of March 31, 2021 since these earnings are intended to be reinvested indefinitely in the PRC. As of March 31, 2021, such undistributed earnings that may be subject to the withholding tax amounted to RMB3,374,742 (US$515,086) and the related unrecognized deferred tax liability was RMB337,474 (US$51,509). Income before income tax expense arose from the following tax jurisdictions: Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ The PRC 447,195 668,552 652,494 99,590 Non-PRC - Hong Kong (65) (43) (43) (7) - British Virgin Islands (56,616) (13,313) 26,319 4,017 - Cayman Islands (34,053) (76,384) (68,019) (10,381) Income before income tax expense 356,461 578,812 610,751 93,219 (a) Income taxes Income tax expense represents PRC income tax expense as follows: Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Current tax expense 75,948 108,290 101,698 15,523 Deferred tax benefit (14,688) (7,206) (7,152) (1,092) Total income tax expense 61,260 101,084 94,546 14,431 (b) Reconciliation of expected income tax to actual income tax expense The actual income tax expense reported in the consolidated statements of comprehensive income differs from the amount computed by applying the statutory PRC income tax rate of 25% due to the following: Year ended March 31, Note 2019 2020 2021 2021 RMB RMB RMB US$ Income before income tax expense 356,461 578,812 610,751 93,219 Computed “expected” tax expense 89,115 144,703 152,688 23,305 Non-PRC entities not subject to income tax - Hong Kong 16 11 11 2 - British Virgin Islands 14,154 3,328 (6,580) (1,004) - Cayman Islands 8,513 19,096 17,005 2,595 PRC dividend withholding tax (i) — 4,500 2,000 305 Preferential tax rates (ii) (51,428) (70,580) (68,027) (10,383) Others 890 26 (2,551) (389) Actual income tax expense 61,260 101,084 94,546 14,431 Notes: (i) During the years ended March 31, 2020 and 2021, PRC withholding tax of RMB 4,500 and RMB 2,000 (US$ 305 ) was levied on dividends distributed by the Company’s PRC subsidiary to its holding company outside the PRC. (ii) Impact of preferential tax rates for both basic and diluted per share is RMB 0.42 , RMB 0.58 and RMB 0.56 (US $0.09 ) for the years ended March 31, 2019, 2020 and 2021, respectively. (c) Deferred taxes The tax effects of temporary differences that give rise to deferred tax assets/(liabilities) are presented below: March 31, 2020 2021 2021 RMB RMB US$ Deferred tax assets: Accounts receivable 51,092 56,309 8,594 Inventories 8,431 9,333 1,424 Others 1,786 1,584 242 Deferred tax assets 61,309 67,226 10,260 Deferred tax liabilities: Deferred revenue (38) (29) (4) Property, plant and equipment (5,504) (5,433) (829) Intangible assets (23,206) (22,051) (3,365) Deferred tax liabilities (28,748) (27,513) (4,198) Net deferred tax assets 32,561 39,713 6,062 Classification on consolidated balance sheets: Deferred tax assets 50,701 55,845 8,524 Deferred tax liabilities (18,140) (16,132) (2,462) Net deferred tax assets 32,561 39,713 6,062 For the years ended March 31, 2019, 2020 and 2021, the Group did not have any unrecognized tax benefits and thus no interest and penalties related to unrecognized tax benefits were recorded. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB 100 (US $15 ). In the case of transfer pricing issues, the statute of limitation is ten years . There is no statute of limitation in the case of tax evasion. The income tax returns of the Group’s PRC subsidiaries for the calendar years from 2016 to 2020 are open to examination by the PRC state and local tax authorities. |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2021 | |
Earnings per share | |
Earnings per share | 17 Earnings per share The following table sets forth the computation of basic and diluted earnings per share for the years ended March 31, 2019, 2020 and 2021: Year ended March 31, Note 2019 2020 2021 2021 RMB RMB RMB US$ Numerator: Net income attributable to the Company’s shareholders 291,124 470,717 508,247 77,573 Denominator: Weighted average ordinary shares outstanding for basic net income per share 121,270,491 121,551,075 121,551,075 121,551,075 Dilutive effect of scrip dividend (i) 151,091 — — — Weighted average ordinary shares outstanding for diluted net income per share 121,421,582 121,551,075 121,551,075 121,551,075 Earnings per share - Basic 2.40 3.87 4.18 0.64 - Diluted 2.40 3.87 4.18 0.64 Note: (i) During the year ended March 31, 2019, included in the diluted earnings per share computation was the potential dilutive ordinary shares of 151,091 represented shares issuable as scrip dividend. |
Employee benefits
Employee benefits | 12 Months Ended |
Mar. 31, 2021 | |
Employee benefits | |
Employee benefits | 18 Employee benefits Pursuant to the relevant PRC regulations, Beijing Jiachenhong , Guangzhou Nuoya and Zhejiang Lukou are required to make various defined contributions organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at a rate of approximately 40% on a standard salary base as determined by the local Social Security Bureau. The amounts of the defined contributions of RMB 38,231 , RMB 40,378 and RMB 32,191 (US $4,912 ) for the years ended March 31, 2019, 2020 and 2021, respectively, were charged to expenses in the consolidated statements of comprehensive income. For the years ended March 31, 2019, 2020 and 2021, 63%, 61% and 61% of costs of employee benefits were recorded in sales and marketing expenses, respectively, with the remaining portion of the contributions recorded in general and administrative expenses, cost of revenues and research and development expenses of each year. The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Mar. 31, 2021 | |
Fair value measurements | |
Fair value measurements | 19 Fair value measurements The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Investment in equity securities - Short-term financial instruments (including cash and cash equivalents, accounts receivable, prepaid expenses and other receivables, accounts payable, accrued expenses and other payables) - cost approximates their respective fair values due to their short-term nature. Non-current accounts receivable - The carrying amounts of non-current accounts receivable approximate their fair value. The fair value is estimated using discounted cash flow analysis based on the customers’ incremental borrowing rates for similar borrowing. |
Business and credit concentrati
Business and credit concentrations | 12 Months Ended |
Mar. 31, 2021 | |
Business and credit concentrations | |
Business and credit concentrations | 20 Business and credit concentrations The operation of cord blood banks in the PRC is regulated by certain laws and regulations. Due to the lack of a consistent and well-developed regulatory framework, operation in the cord blood banking industry in the PRC involves significant ambiguities, uncertainties and risks. The industry is highly regulated and any unilateral changes in regulations by the authorities may have a significant adverse impact on the Group’s results of operations. All of the Group’s customers are located in the PRC. Revenues from and accounts receivable due from customers are individually immaterial. The Group derives a substantial portion of net revenues from the entities in the Beijing municipality, Guangdong and Zhejiang provinces. Revenues derived from the subsidiary in the Beijing municipality accounted for 23.8%, 21.2% and 19.6% of revenues for the years ended March 31, 2019, 2020 and 2021, respectively. Revenues derived from the subsidiary in the Guangdong province accounted for 61.0%, 62.9% and 63.7% of revenues for the years ended March 31, 2019, 2020 and 2021, respectively. Revenues derived from the subsidiary in the Zhejiang province accounted for 15.2%, 15.9% and 16.7% of revenues for the years ended March 31, 2019, 2020 and 2021, respectively. As a result of this geographic concentration, the results of operations are significantly affected by economic conditions in the Beijing municipality, Guangdong and Zhejiang provinces. Furthermore, any change in number of newborns in the Beijing municipality, Guangdong and Zhejiang provinces could significantly impact our operations. Deterioration in economic conditions in these markets could decrease the demand for our business, which in turn could negatively impact our operations and business prospects. The Group purchases raw materials from a few major suppliers. Management believes that other suppliers could provide similar raw materials on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect the Company’s business, financial position and results of operations. The following are purchases from suppliers that individually comprise 10% or more of gross purchases in the respective years: Year ended March 31, Suppliers Note 2019 2020 2021 RMB % RMB % RMB US$ % Beijing Jingjing Jiahong Medical Equipment Co., Ltd. (i) — — 29,960 32 28,892 4,410 38 Beijing Jingjing Medical Equipment Co., Ltd. (ii) 23,741 30 — — — — — China Bright Group Co. Limited (iii) — — 12,811 14 12,011 1,833 16 Total 23,741 30 42,771 46 40,903 6,243 54 None of the individual accounts payable due to major suppliers exceeded 10% of outstanding accounts payable balance as of March 31, 2020 and 2021. Notes: (i) The purchases from Beijing Jingjing Jiahong Medical Equipment Co., Ltd. were less than 10% of gross purchases for the year ended March 31, 2019. (ii) The purchases from Beijing Jingjing Medical Equipment Co., Ltd. were less than 10% of gross purchases for the years ended March 31, 2020 and 2021. (iii) The purchases from China Bright Group Co. Limited were less than 10% of gross purchases for the year ended March 31, 2019. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and contingencies | |
Commitments and contingencies | 21 Commitments and contingencies Contractual commitments – Cooperation agreements In June 2006, the Group entered into a cooperation agreement with Peking University People’s Hospital (“PUPH ), with an annual fee of RMB 2,600 . Pursuant to the agreement, PUPH provides technical consultancy services to the Group in relation to the operation of a cord blood bank. The annual service fee was renewed to RMB 3,000 (US $458 ) effective from September 2017. The renewed agreement has a term of four years commencing in September 2017. In November 2009, Guangzhou Nuoya entered into a cooperation agreement with Guangdong Women and Children’s Hospital and Health Institute (“GWCH”) for a term of 20 years , with an annual fee of RMB 2,000 . Pursuant to the agreement, GWCH provides technical consultancy services to the Group. The annual service fee was renewed to RMB 3,200 commencing in October 2013. With effect from April 2020, the annual service fee was increased to RMB 3,600 (US $549 ). As of March 31, 2021, the total future minimum payments under the cooperation agreements are as follows: March 31, 2021 RMB US$ Fiscal years ending March 31, 2022 4,850 740 2023 3,600 549 2024 3,600 549 2025 3,600 549 2026 3,600 549 2027 and thereafter 12,900 1,971 Total payments 32,150 4,907 |
2019 novel coronavirus ("COVID-
2019 novel coronavirus ("COVID-19") pandemic outbreak | 12 Months Ended |
Mar. 31, 2021 | |
2019 novel coronavirus ("COVID-19") pandemic outbreak | |
2019 novel coronavirus ("COVID-19") pandemic outbreak | 22 2019 novel coronavirus (“COVID-19”) pandemic outbreak On December 31, 2019, the Wuhan Municipal Health Commission first reported the appearance of COVID-19 in the city. Since then, COVID-19 has spread to other regions of China, including in our primary markets of Beijing, Guangdong, and Zhejiang. The efforts enacted to control COVID-19 have placed heavy pressure on the Company’s marketing, promotional and sales activities and had adverse impact on its marketing efforts and access to potential clients. The negative economic impact brought forth by the COVID-19 pandemic has affected numerous industries and further erodes already weak consumer sentiment. Although the Group’s operating markets in China has adopted various infection prevention and control measures implemented by the PRC government for COVID-19 that turn out to be relatively effective, it is yet difficult to estimate how long will it take to restore people’s normal lives, or whether certain measures will become part of a new norm. With vaccination rate gradually increase in China, the impact from COVID-19 may be alleviated. In light of the rapidly changing situation across different countries and regions, it remains difficult to estimate the duration and magnitude of COVID-19 impact. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Summary of significant accounting policies | |
Principles of consolidation | (a) Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries in which the Company, directly or indirectly, has a controlling financial interest. For consolidated subsidiaries where the Company’s ownership is less than 100%, the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company, are presented as non-controlling interests. All significant intercompany balances and transactions have been eliminated on consolidation. |
Use of estimates | (b) Use of estimates The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the estimate of stand-alone selling price for each performance obligation in contracts with customers that contain more than one performance obligation, the estimated number of successful match units over the estimated weighted average remaining useful life of donated cord blood units, the useful lives of property, plant and equipment and intangible assets, the recoverability of property, plant and equipment and intangible assets, the collectibility of accounts receivables, and the realizability of inventories and deferred tax assets. |
Foreign currency transactions and translation | (c) Foreign currency transactions and translation The reporting currency of the Company is Renminbi (“RMB”). The functional currency of Beijing Jiachenhong Biological Technologies Co., Ltd. (“Beijing Jiachenhong”), Guangzhou Municipality Tianhe Nuoya Bio-engineering Co., Ltd. (“Guangzhou Nuoya”) and Zhejiang Lukou Biotechnology Co., Ltd. (“Zhejiang Lukou”) is RMB and the functional currency of the Company is United States dollars (“US$”). The functional currencies of subsidiaries of the Company outside the PRC are either US$ or Hong Kong dollars. Transactions of Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou denominated in currencies other than RMB are translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing at the dates of the transactions. Monetary assets and liabilities of Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange (losses)/gains in the consolidated statements of comprehensive income. Transactions of the Company and subsidiaries outside the PRC denominated in currencies other than their functional currencies are translated into their functional currencies at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities of the Company and subsidiaries outside the PRC denominated in foreign currencies are translated into their functional currencies using the applicable exchange rates at the balance sheet date. The resulting exchange differences are recorded in foreign currency exchange (losses)/gains in the consolidated statements of comprehensive income. Assets and liabilities of the Company and subsidiaries outside the PRC are translated into RMB using the exchange rate at the balance sheet date. Revenues and expenses of the Company and subsidiaries outside the PRC are translated at the average exchange rates prevailing during the year. The adjustments resulting from translation of financial statements of the Company and subsidiaries outside the PRC are recorded as a separate component of accumulated other comprehensive losses within shareholders’ equity. RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the PBOC or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. For the convenience of the readers, certain amounts as of and for the year ended March 31, 2021 included in the accompanying consolidated financial statements have been translated into U.S. dollars at the rate of US$1.00 = RMB6.5518, being the spot exchange rate of U.S. dollars in effect on March 31, 2021 for cable transfers in RMB per U.S. dollar as certified for customs purposes by the Federal Reserve, the central bank of the United States of America. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on March 31, 2021 or at any other date. The U.S. dollars convenience translation is not required under U.S. GAAP. |
Cash and cash equivalents | (d) Cash and cash equivalents Cash consists of cash on hand and demand deposits. Cash equivalents include short-term, highly liquid investments with original maturities of three months or less at the date of purchase and readily convertible into known amounts of cash. Cash and cash equivalents of the Group are mainly maintained in the PRC and are denominated in several currencies. As of March 31, 2020 and 2021, cash and cash equivalents maintained in the PRC amounted to RMB5,435,526 and RMB6,071,659 March 31, 2020 2021 Original currency RMB Original currency RMB U.S. dollars 778 5,547 508 3,339 Australian dollars 4 15 4 17 Renminbi 5,435,559 5,435,559 6,071,697 6,071,697 Hong Kong dollars 32,905 30,088 879 741 Singapore dollars 435 2,164 1 4 Cash and cash equivalents held at financial institutions located in the PRC and Hong Kong are insured up to certain amount. Management believes that these major financial institutions have high credit ratings. |
Investment securities | (e) Investment securities Equity securities with readily determinable fair value are measured at fair values, and any changes in fair value are recognized in earnings. Where the fair value of an investment in equity securities is not readily determinable, the Group recognizes such investment in other investment, and uses the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. For equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments without readily determinable fair value, at each reporting period, the Group makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Impairment indicators that the Group considers include, but are not limited to, (i) the deterioration of earnings performance, credit rating, asset quality, or business prospects of the investee; (ii) a significant adverse change in the regulatory, economic, or technological environment of the investee; and (iii) a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value and if the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in other expenses equal to the difference between the carrying value and fair value. Dividend income is recognized in other income when earned. |
Accounts receivable | (f) Accounts receivable Accounts receivable represent amounts due from subscribers for cord blood processing and storage services, which are recognized in accordance with the Group’s revenue recognition policies (Note 2(m)). Installments receivable from subscribers which are due for repayment in over one year under the deferred payment option are classified as non-current accounts receivable. Accounts receivable are stated net of allowance for credit losses. Current accounts receivable does not bear interest. |
Allowance for credit losses | (g) Allowance for credit losses Prior to April 1, 2020, an allowance for credit losses was recorded in the period in which a loss was determined to be probable based on an assessment of historical write-off experience, customer specific facts and economic conditions. Allowance was reversed when the underlying balance of credit losses were subsequently collected. Receivable balances were written off when after all means of collection have been exhausted and the potential for recovery is considered remote. On April 1, 2020, the Group adopted Accounting Standards Codification Topic 326: Financial Instruments - Credit Losses The Group considers accounts receivable to be delinquent when the balance is past due for one day or more. For non-current accounts receivable, the Group uses the aging of current accounts receivable of individual customers to monitor the credit quality of corresponding non-current accounts receivables. Based on historical experience, the aging of current accounts receivable is the strongest indicator of the credit quality of corresponding non-current accounts receivables. The aging category of non-current accounts receivables is updated quarterly. For the allowance of other receivables, the Group identifies relevant risk characteristics of related receivables. Other receivables with similar risk characteristics are grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, reasonable and supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. When specific other receivables are identified as no longer sharing the same risk profile as their current pool, they are removed from the pool and evaluated separately. |
Inventories | (h) Inventories The Group collects, tests, freezes and stores donated umbilical cord blood for future transplantation or research purposes in return for a fee. Collection, testing and processing costs attributable to the processing of donated umbilical cord blood are capitalized as inventories, stated at the lower of cost or net realizable value on a weighted-average basis, and recognized as cost of revenues when revenue is recognized. Cost comprises direct materials, direct labor and an allocation of production overheads. Inventories that are not expected to be realized within 12 months from the balance sheet date are classified as non-current assets. Consumables and supplies are included in inventories and classified as current assets. |
Property, plant and equipment | (i) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation on property, plant and equipment is calculated based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets as follows: Buildings 37.5 – 50 years Leasehold improvements Shorter of the lease term or estimated useful lives of 10 years Machinery 5 – 10 years Motor vehicles 5 years Furniture, fixtures and office equipment 3 – 5 years No depreciation expense is provided in respect of construction-in-progress. Depreciation of property, plant and equipment attributable to the processing of donated umbilical cord blood for future transplantation is capitalized as part of inventories, and is expensed to cost of revenues when revenue is recognized. |
Intangible assets | (j) Intangible assets Intangible assets represent the operating rights to operate cord blood banks and are stated at the fair value on the date of acquisition less accumulated amortization. Where payment for an operating right is non-deductible for tax purpose, the simultaneous equations method is used to record the assigned value of the asset and the related deferred tax liability, such that the carrying amount of the asset upon initial recognition less deferred tax liability recognized equals the amount paid for the asset. Amortization expense is recognized on a straight-line basis over the estimated useful life of the operating rights of 30 years . |
Leases | (k) Leases Prior to the adoption of ASU No. 2016-02, Leases (Topic 842) Effective April 1, 2019, the Company adopted Topic 842 using a modified retrospective transition approach for leases that exist at, or are entered into after April 1, 2019, and has not recast the comparative periods presented in the consolidated financial statements. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. Operating lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Operating lease right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial cost of revenues incurred less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the Company uses incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate is determined based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company’s option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. For operating leases, the company recognizes a single lease cost on a straight-line basis over the remaining lease term. The Company has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms. In addition, the company has elected not to separate non-lease components (e.g. common area maintenance fees) from lease components. |
Impairment of long-lived assets | (l) Impairment of long-lived assets Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and intangible assets with finite useful lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flows models, quoted market values and third-party independent appraisals, as considered necessary. No impairment of long-lived assets was recognized for the years ended March 31, 2019, 2020 and 2021. |
Revenue recognition | (m) Revenue recognition The Group receives fees for collecting, testing, freezing and storing of cord blood units. Once the cord blood units are collected, tested, screened and successfully meet all of the required attributes, the Group freezes the units and stores them in a cryogenic freezer. Under the cord blood processing and storage agreement (the “Agreement”) signed with the customer, the Group charges separate processing fee and storage fees to the customer and such Agreement provides a storage period of eighteen years . Pursuant to the Agreement, the processing fee is non-refundable unless the cord blood is non-viable for storage, and no penalty is charged to customers for early termination of the cord blood storage service. The Group offers discount to customers from time to time. The Group recognizes revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Agreement includes two promised services which are (i) the processing service of cord blood unit; and (ii) the storage service of cord blood unit. As the promise to provide the processing service to subscriber is distinct from the promise to provide the storage service in the contract, two performance obligations are identified in the Agreement. The consideration expected to be received is allocated at contract inception among the performance obligations based on their relative selling prices determined based on prices of these elements as sold on a stand-alone basis, and the applicable revenue recognition criteria are applied to each of the performance obligation. The Group considers all reasonably available information to allocate the overall arrangement fee to processing and storage services based on their relative selling prices. The Group recognizes processing fee revenue when the performance obligation is satisfied at a point in time, which is upon successful completion of processing services and when the cord blood unit meets all the required attributes for storage, and recognizes the storage fee revenues ratably over the annual storage period as the performance obligation is satisfied over time. The Group believes the methodology of recognizing storage revenues over time meaningfully depicts the timing of storage services delivered to customers as it exerts the necessary efforts to deliver such services equally over time. During the years ended March 31, 2019, 2020 and 2021, the Group offered its customers three payment options: (i) Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and the annual storage fee in advance at the beginning of each annual period; (ii) Payment of the processing fee upon delivery of the cord blood unit to the Group’s premises for processing and an upfront payment of storage fees for a period of eighteen years; and (iii) Payment of the processing fee by installment over multiple periods and the annual storage fee in advance at the beginning of each annual period or an upfront payment of storage fees for a period of eighteen years paid by several installments. Under payment option (ii), it does not contain a financing component, because the difference between the promised consideration and the cash selling price of the service arises for non-finance reasons, the difference is proportional to those non-finance reasons. Under payment option (iii), the period between fulfillment of the performance obligation of processing services and the receipt of payment is greater than a year, and a significant financing component is present. The promised amount of consideration is discounted to present value based on a discount rate reflective of a separate financing transaction between the customer and the Group, at contract inception. The significant financing component is recorded as a reduction to revenue and accounts receivable initially, with such accounts receivable discount amortized to interest income over the period to receipt of payment. Installments due for payment beyond one year are classified as non-current accounts receivable. When payment from customers occurs prior to revenue recognition, a contract liability is recorded as deferred revenue on the consolidated balance sheet. Fees derived from the provision of donated cord blood for transplantation and research are recognized upon the satisfaction of its performance obligation, which is to transfer the control of the promised cord blood unit to the recipient. The transfer of control of the cord blood unit is satisfied at a point in time, which is the delivery of the cord blood unit to the recipient and evidenced by signed acknowledgements. The Group’s revenues are net of value-added tax collected on behalf of tax authorities at 6% on the invoiced amount in respect of the services rendered. |
Research and development costs | (n) Research and development costs Research and development costs are incurred for research activities conducted to enhance collection and storage technologies, and measures to improve the results in umbilical cord blood stem cells extraction and separation. Research and development costs also include research expenses on the use of cord blood stem cells in different medical treatments. Research and development costs are expensed as incurred. |
Advertising costs | (o) Advertising costs Advertising costs are expensed as incurred and included in sales and marketing expenses in the consolidated statements of comprehensive income in the amount of RMB39,586, RMB49,392 and RMB54,441 (US$8,309) for the years ended March 31, 2019, 2020 and 2021, respectively. |
Employee benefits | (p) Employee benefits Contributions to employee benefits (which are defined contribution plans) are charged to the consolidated statements of comprehensive income when the related employee service is provided. The Group does not have any defined benefit plans. |
Income taxes | (q) Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, tax loss carry forwards and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period that includes the enactment date. The Group recognizes in the consolidated financial statements the impact of a tax position if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of comprehensive income. A deferred tax liability is not recognized for the excess of the Group’s financial statements carrying amount over the tax base of its investment in a foreign subsidiary, due to the Company’s plan and intention to reinvest these foreign subsidiaries’ earnings indefinitely. |
Commitments and contingencies | (r) Commitments and contingencies In the normal course of business, the Group is subject to contingencies, including legal proceedings and claims that relate to a wide range of matters, including, among others, product liability. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. |
Earnings per share | (s) Earnings per share Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income attributable to ordinary shareholders is allocated between ordinary shares and participating securities based on contractual participating rights of security to share in undistributed earnings as if all of the earnings had been distributed. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders, as adjusted to exclude any income or expenses related to dilutive ordinary equivalents shares by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. Dilutive potential ordinary shares consist of the ordinary shares issuable as scrip dividend. Dilutive potential ordinary shares in the diluted earnings per share computation are excluded to the extent that their effect is anti-dilutive. |
Segment reporting | (t) Segment reporting The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The CODM regularly reviews financial information at the operating segment level in order to make decisions about resources to be allocated to the segments and to assess their performance. The Group has one operating segment, as defined by Accounting Standards Codification (“ASC”)Topic 280, Segment Reporting |
Fair value measurement | (u) Fair value measurement The Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ● Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. See Note 19 to the consolidated financial statements. |
Recently adopted accounting standards | (v) Recently adopted accounting standards In February 2016, the FASB issued Topic 842 - - The adoption of Topic 842 resulted in the recognition of the right-of-use assets and the lease liabilities for operating lease as of April 1, 2019 of RMB6,883 and RMB5,758, respectively. There was no cumulative effect to the retained earnings as of April 1, 2019. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures upon the issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has adopted this standard since April 1, 2020 and the adoption of this standard did not have material impact on its consolidated financial statements. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Summary of significant accounting policies | |
Schedule of cash and cash equivalents denominated in several currencies | March 31, 2020 2021 Original currency RMB Original currency RMB U.S. dollars 778 5,547 508 3,339 Australian dollars 4 15 4 17 Renminbi 5,435,559 5,435,559 6,071,697 6,071,697 Hong Kong dollars 32,905 30,088 879 741 Singapore dollars 435 2,164 1 4 |
Schedule of estimated useful lives of property, plant and equipment | Buildings 37.5 – 50 years Leasehold improvements Shorter of the lease term or estimated useful lives of 10 years Machinery 5 – 10 years Motor vehicles 5 years Furniture, fixtures and office equipment 3 – 5 years |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accounts receivable, net | |
Schedule of accounts receivable | March 31, 2020 2021 2021 RMB RMB US$ Accounts receivable 447,572 552,562 84,337 Less: Allowance for credit losses (183,290) (205,056) (31,298) Total accounts receivable, net 264,282 347,506 53,039 Representing: Current portion: - Processing fees 72,072 88,748 13,545 - Storage fees 30,907 40,308 6,152 - Others 1,272 1,242 190 104,251 130,298 19,887 Non-current portion - Processing fees 160,031 217,208 33,152 Total accounts receivable, net 264,282 347,506 53,039 |
Schedule of non-current accounts receivable due for payment | March 31, 2021 RMB US$ Fiscal years ending March 31, 2023 70,990 10,835 2024 53,447 8,157 2025 45,231 6,904 2026 42,841 6,539 2027 and thereafter 104,602 15,965 317,111 48,400 Less: Unearned interest (32,808) (5,007) Total non-current accounts receivable 284,303 43,393 (b) An aging analysis of accounts receivable based on due date is as follows: |
Schedule of aging analysis of accounts receivable based on due date | March 31, 2020 2021 2021 RMB RMB US$ Non-current portion: - Not past due 231,452 284,303 43,393 Current portion: - Not past due 53,684 87,315 13,327 - Within one year past due 27,179 35,002 5,342 - Between one to two years past due 20,645 19,833 3,027 - Over two years past due 114,612 126,109 19,248 Total accounts receivable 447,572 552,562 84,337 (c) An analysis of the allowance for credit losses is as follows: |
Schedule of allowance for credit losses | Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Current portion: Processing fees: Balance at beginning of year 29,795 44,641 57,648 8,800 Charged to allowance for credit losses 14,846 13,007 17,379 2,653 Write-off charged against the allowance for the year — — (184) (29) Balance at end of year 44,641 57,648 74,843 11,424 Storage fees: Balance at beginning of year 27,310 43,077 53,911 8,228 Charged to allowance for credit losses 16,807 13,628 15,777 2,408 Write-off charged against the allowance for the year (1,040) (2,794) (6,917) (1,056) Balance at end of year 43,077 53,911 62,771 9,580 Others: Balance at beginning of year 1,122 1,916 310 47 Charged/(credited) to allowance for credit losses 850 (1,490) 1,016 155 Write-off charged against the allowance for the year (56) (116) (979) (149) Balance at end of year 1,916 310 347 53 Non-current portion - Processing fees: Balance at beginning of year 69,713 74,800 71,421 10,901 Charged/(credited) to allowance for credit losses 5,711 (750) 3,040 464 Write-off charged against the allowance for the year (624) (2,629) (7,366) (1,124) Balance at end of year 74,800 71,421 67,095 10,241 (d) An analysis of the non-current accounts receivable by credit quality indicator is as follows: |
Schedule of aging of non-current accounts receivable by credit quality indicator | Amortized cost basis by year of origination 2016 and prior to 2021 2020 2019 2018 2017 2016 Total RMB RMB RMB RMB RMB RMB RMB Processing fees: Not past due 80,802 55,388 18,921 9,751 — 50,187 215,049 Within one year past due 8 6,839 658 — 450 2,038 9,993 Between one to two years past due — — 1,005 — — 1,338 2,343 Over two years past due — — — — — 56,918 56,918 Total 80,810 62,227 20,584 9,751 450 110,481 284,303 The following table presents non-current accounts receivable by credit quality indicator at March 31, 2020: March 31, 2020 RMB Processing fees: Not past due 159,150 Within one year past due 4,801 Between one to two years past due 1,660 Over two years past due 65,841 Total 231,452 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Inventories | |
Schedule of inventories | March 31, 2020 2021 2021 RMB RMB US$ Current portion: - Consumables and supplies 43,758 44,257 6,755 Non-current portion: - Processing costs capitalized in donated umbilical cord blood 85,109 91,446 13,957 Total current and non-current inventories 128,867 135,703 20,712 |
Prepaid expenses and other re_2
Prepaid expenses and other receivables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Prepaid expenses and other receivables | |
Schedule of prepaid expenses and other receivables | March 31, 2020 2021 2021 RMB RMB US$ Prepaid expenses 38,760 43,012 6,565 VAT tax receivables 856 — — Other receivables 5,169 4,776 729 Total prepaid expenses and other receivables 44,785 47,788 7,294 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Property, plant and equipment, net | |
Schedule of property, plant and equipment, net | March 31, 2020 2021 2021 RMB RMB US$ Buildings 604,112 603,910 92,174 Leasehold improvements 14,864 14,864 2,269 Machinery 208,377 219,626 33,521 Motor vehicles 19,088 18,598 2,839 Furniture, fixtures and equipment 55,722 56,029 8,552 Construction-in-progress 1,356 3,619 552 903,519 916,646 139,907 Less: Accumulated depreciation (380,840) (417,990) (63,798) Total property, plant and equipment, net 522,679 498,656 76,109 |
Schedule of depreciation expense of property, plant and equipment | Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Cost of revenues 30,848 28,980 28,574 4,361 Research and development 1,358 1,866 1,893 289 Sales and marketing 3,371 2,742 2,810 429 General and administrative 12,167 11,240 11,192 1,708 Total depreciation expense 47,744 44,828 44,469 6,787 |
Non-current deposits (Tables)
Non-current deposits (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Non-current deposits | |
Schedule of non-current deposits | March 31, Note 2020 2021 2021 RMB RMB US$ Investment deposit (i) 340,000 340,000 51,894 Deposit for purchase of machinery 7,360 4,752 725 Total non-current deposits 347,360 344,752 52,619 Note: (i) During the year ended March 31, 2020, the Group entered into a Letter of Intent with a third party to potentially acquire non-controlling equity interests in a healthcare company with a refundable earnest money deposit of RMB 340,000 . |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Intangible assets, net | |
Schedule of components of intangible assets, net | March 31, 2020 2021 2021 RMB RMB US$ Cord blood bank operating rights 138,628 138,628 21,159 Less: Accumulated amortization (45,805) (50,426) (7,697) Total intangible assets, net 92,823 88,202 13,462 |
Schedule of estimated amortization expenses | March 31, 2021 RMB US$ Fiscal years ending March 31, 2022 4,621 705 2023 4,621 705 2024 4,621 705 2025 4,621 705 2026 4,621 705 2027 and thereafter 65,097 9,937 Total amortization expenses 88,202 13,462 |
Investment in equity securiti_2
Investment in equity securities at fair value (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Investment in equity securities at fair value | |
Schedule of listed equity securities | March 31, Note 2020 2021 2021 RMB RMB US$ Listed equity securities Cordlife Group Limited - listed on Singapore Exchange (i) 40,653 47,249 7,212 Listed fund investment (ii) 60,653 70,662 10,785 101,306 117,911 17,997 Notes: (i) As of March 31, 2020 and 2021 , the Group held 25,516,666 ordinary shares in Cordlife Group Limited (“CGL”), respectively. CGL is a provider of cord blood banking services with operations in Singapore, Hong Kong, India, Indonesia, Malaysia and the Philippines (as well as brand presence in Bangladesh, Brunei, Macau, Myanmar, Thailand and Vietnam), and is listed on the Singapore Exchange. As of March 31, 2020 and 2021, the Group’s equity interest in CGL was approximately 10.0% , respectively. (ii) As of March 31, 2020 and 2021, the Group held an investment in industry specific fund which are classified as equity securities measured at fair value since they have readily determinable fair value. |
Other equity investment (Tables
Other equity investment (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Other equity investment | |
Schedule of other equity investments | March 31, 2020 2021 2021 RMB RMB US$ Unlisted equity securities 189,129 189,129 28,867 |
Accrued expenses and other pa_2
Accrued expenses and other payables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accrued expenses and other payables | |
Schedule of accrued expenses and other payables | March 31, Note 2020 2021 2021 RMB RMB US$ Insurance premium received on behalf of insurance company (i) 40,198 43,305 6,610 Other tax payables 921 4,503 687 Accrued salaries, bonus and welfare expenses 30,436 54,891 8,378 Accrued consultancy and professional fees 21,475 14,210 2,168 Payable for property, plant and equipment 2,423 349 53 Other payables (ii) 18,536 19,190 2,929 Total accrued expenses and other payables 113,989 136,448 20,825 Notes: (i) The Group has an agreement with an insurance company under which the Group collects insurance premiums on behalf of the insurance company from customers who store umbilical cord blood in the Group’s cord blood bank and are enrolled in the insurance scheme of the insurance company. Thus, the amount of gross storage payment from customers includes insurance premiums collected on behalf of the insurance company. The amount attributable to the insurance premiums is included in current and other non-current liabilities (collected and payable over one year) and is not recognized as revenue. (ii) Other payables mainly include fee refundable to customers whose cord blood unit does not qualify for subsequent storage, dividends payable to holder of non-controlling interests and other procurement payables. |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Operating leases | |
Schedule of operating lease right-of-use assets and liabilities | March 31, 2020 2021 2021 RMB RMB US$ Operating lease right-of-use assets 4,548 5,039 769 Operating lease liabilities 1,717 1,636 250 Non-current operating lease liabilities 1,782 147 22 Total lease liabilities 3,499 1,783 272 |
Schedule of supplemental cash flow information related to leases | March 31, 2020 2021 2021 RMB RMB US$ Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows 2,512 4,902 748 Right-of-use assets obtained in exchange for lease obligations — — — |
Schedule of maturity analysis of operating lease liabilities | March 31, 2021 RMB US$ Fiscal years ending March 31, 2022 1,700 259 2023 149 23 Total future undiscounted cash flows 1,849 282 Less: Discount factor (66) (10) Lease liabilities 1,783 272 Representing: Current portion 1,636 250 Non-current portion 147 22 Lease liabilities 1,783 272 |
Deferred revenue (Tables)
Deferred revenue (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Deferred revenue | |
Schedule of deferred revenue | March 31, Note 2020 2021 2021 RMB RMB US$ Payments made by customers prior to completion of cord blood processing services (i) 99,506 124,346 18,979 Unearned storage fees (b) 2,593,007 2,717,919 414,836 Total current and non-current deferred revenue (ii) 2,692,513 2,842,265 433,815 Representing: Current portion 402,751 449,359 68,586 Non-current portion 2,289,762 2,392,906 365,229 Total current and non-current deferred revenue 2,692,513 2,842,265 433,815 Notes: (i) The balance of payments made by customers prior to completion of cord blood processing services represented payments received from customers during the year upon the signing of the Agreement but before the performance obligation for processing services is satisfied and before the commencement of storage. Of the balance of RMB 99,506 as of March 31, 2020, RMB 61,332 (US $ 9,361 ) was recognized as revenues for the year ended March 31, 2021 and RMB 38,174 (US $5,826 ) from prior year’s balance was reclassified as unearned storage fees which was included in the increase in unearned storage fees during the year in the analysis disclosed in Note 13(b). (ii) Of the total balances of current and non-current deferred revenue, the Group expected to recognize RMB 325,013 (US $49,607 ) in fiscal year 2022, RMB 206,851 (US $ 31,572 ) in fiscal year 2023, RMB 206,950 (US$ 31,587 ) in fiscal year 2024, and RMB 1,979,105 (US $302,070 ) in the fiscal year 2025 and thereafter, upon the completion of the Group’s performance obligations on related processing and storage services. |
Unearned storage fees | |
Deferred revenue | |
Schedule of deferred revenue | Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Balance at beginning of year 2,112,195 2,384,676 2,593,007 395,770 Deferred revenue arose during the year 658,262 660,001 617,796 94,295 Credited to income - From prior year’s balance (238,181) (276,234) (303,245) (46,284) - From deferred revenue arose during the year (147,600) (175,436) (189,639) (28,945) Balance at end of year 2,384,676 2,593,007 2,717,919 414,836 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Revenues | |
Schedule of revenue by category | Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Cord blood processing fees 592,123 759,493 653,756 99,782 Cord blood storage fees 385,781 451,670 492,884 75,229 Fees derived from the provision of donated cord blood for transplantation and research and others 8,850 10,297 12,999 1,984 Total revenues 986,754 1,221,460 1,159,639 176,995 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income tax | |
Schedule of income before income tax expense | Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ The PRC 447,195 668,552 652,494 99,590 Non-PRC - Hong Kong (65) (43) (43) (7) - British Virgin Islands (56,616) (13,313) 26,319 4,017 - Cayman Islands (34,053) (76,384) (68,019) (10,381) Income before income tax expense 356,461 578,812 610,751 93,219 |
Schedule of income tax expense | Year ended March 31, 2019 2020 2021 2021 RMB RMB RMB US$ Current tax expense 75,948 108,290 101,698 15,523 Deferred tax benefit (14,688) (7,206) (7,152) (1,092) Total income tax expense 61,260 101,084 94,546 14,431 |
Schedule of the reconciliation of expected income tax to actual income tax expense | Year ended March 31, Note 2019 2020 2021 2021 RMB RMB RMB US$ Income before income tax expense 356,461 578,812 610,751 93,219 Computed “expected” tax expense 89,115 144,703 152,688 23,305 Non-PRC entities not subject to income tax - Hong Kong 16 11 11 2 - British Virgin Islands 14,154 3,328 (6,580) (1,004) - Cayman Islands 8,513 19,096 17,005 2,595 PRC dividend withholding tax (i) — 4,500 2,000 305 Preferential tax rates (ii) (51,428) (70,580) (68,027) (10,383) Others 890 26 (2,551) (389) Actual income tax expense 61,260 101,084 94,546 14,431 Notes: (i) During the years ended March 31, 2020 and 2021, PRC withholding tax of RMB 4,500 and RMB 2,000 (US$ 305 ) was levied on dividends distributed by the Company’s PRC subsidiary to its holding company outside the PRC. (ii) Impact of preferential tax rates for both basic and diluted per share is RMB 0.42 , RMB 0.58 and RMB 0.56 (US $0.09 ) for the years ended March 31, 2019, 2020 and 2021, respectively. |
Schedule of deferred tax assets/(liabilities) | March 31, 2020 2021 2021 RMB RMB US$ Deferred tax assets: Accounts receivable 51,092 56,309 8,594 Inventories 8,431 9,333 1,424 Others 1,786 1,584 242 Deferred tax assets 61,309 67,226 10,260 Deferred tax liabilities: Deferred revenue (38) (29) (4) Property, plant and equipment (5,504) (5,433) (829) Intangible assets (23,206) (22,051) (3,365) Deferred tax liabilities (28,748) (27,513) (4,198) Net deferred tax assets 32,561 39,713 6,062 Classification on consolidated balance sheets: Deferred tax assets 50,701 55,845 8,524 Deferred tax liabilities (18,140) (16,132) (2,462) Net deferred tax assets 32,561 39,713 6,062 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Earnings per share | |
Schedule of computation of basic and diluted earnings per share | Year ended March 31, Note 2019 2020 2021 2021 RMB RMB RMB US$ Numerator: Net income attributable to the Company’s shareholders 291,124 470,717 508,247 77,573 Denominator: Weighted average ordinary shares outstanding for basic net income per share 121,270,491 121,551,075 121,551,075 121,551,075 Dilutive effect of scrip dividend (i) 151,091 — — — Weighted average ordinary shares outstanding for diluted net income per share 121,421,582 121,551,075 121,551,075 121,551,075 Earnings per share - Basic 2.40 3.87 4.18 0.64 - Diluted 2.40 3.87 4.18 0.64 Note: (i) During the year ended March 31, 2019, included in the diluted earnings per share computation was the potential dilutive ordinary shares of 151,091 represented shares issuable as scrip dividend. |
Business and credit concentra_2
Business and credit concentrations (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Business and credit concentrations | |
Schedule of major suppliers | Year ended March 31, Suppliers Note 2019 2020 2021 RMB % RMB % RMB US$ % Beijing Jingjing Jiahong Medical Equipment Co., Ltd. (i) — — 29,960 32 28,892 4,410 38 Beijing Jingjing Medical Equipment Co., Ltd. (ii) 23,741 30 — — — — — China Bright Group Co. Limited (iii) — — 12,811 14 12,011 1,833 16 Total 23,741 30 42,771 46 40,903 6,243 54 None of the individual accounts payable due to major suppliers exceeded 10% of outstanding accounts payable balance as of March 31, 2020 and 2021. Notes: (i) The purchases from Beijing Jingjing Jiahong Medical Equipment Co., Ltd. were less than 10% of gross purchases for the year ended March 31, 2019. (ii) The purchases from Beijing Jingjing Medical Equipment Co., Ltd. were less than 10% of gross purchases for the years ended March 31, 2020 and 2021. (iii) The purchases from China Bright Group Co. Limited were less than 10% of gross purchases for the year ended March 31, 2019. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and contingencies | |
Schedule of future minimum payments under the cooperation agreements | March 31, 2021 RMB US$ Fiscal years ending March 31, 2022 4,850 740 2023 3,600 549 2024 3,600 549 2025 3,600 549 2026 3,600 549 2027 and thereafter 12,900 1,971 Total payments 32,150 4,907 |
Principal activities and basi_2
Principal activities and basis of presentation (Details) | Mar. 31, 2021item |
Principal activities | |
Number of cord banking licenses issued by authorities that are held by the entity | 3 |
Beijing municipality | |
Principal activities | |
Number of cord banking licenses issued by authorities that are held by the entity | 1 |
Guangdong province | |
Principal activities | |
Number of cord banking licenses issued by authorities that are held by the entity | 1 |
Zhejiang province | |
Principal activities | |
Number of cord banking licenses issued by authorities that are held by the entity | 1 |
Summary of significant accoun_4
Summary of significant accounting policies - Foreign currency translation (Details) | Mar. 31, 2021$ / ¥ |
Summary of significant accounting policies | |
Foreign currency convenience translation rate | 6.5518 |
Summary of significant accoun_5
Summary of significant accounting policies - Cash and cash equivalents, and Accounts receivable (Details) ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2021AUD ($) | Mar. 31, 2021HKD ($) | Mar. 31, 2021SGD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2020USD ($) | Mar. 31, 2020AUD ($) | Mar. 31, 2020HKD ($) | Mar. 31, 2020SGD ($) |
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents | ¥ 6,075,798 | $ 927,349 | ¥ 5,473,373 | |||||||
PRC | ||||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents | 6,071,659 | 926,716 | 5,435,526 | |||||||
U.S. dollar | ||||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents | 3,339 | $ 508 | 5,547 | $ 778 | ||||||
Australian dollars | ||||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents | 17 | $ 4 | 15 | $ 4 | ||||||
Renminbi | ||||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents | 6,071,697 | 5,435,559 | ||||||||
Hong Kong dollars | ||||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents | 741 | $ 879 | 30,088 | $ 32,905 | ||||||
Singapore dollars | ||||||||||
Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents | ¥ 4 | $ 1 | ¥ 2,164 | $ 435 |
Summary of significant accoun_6
Summary of significant accounting policies - Property, plant and equipment (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Property, plant and equipment, net | ||||
Depreciation expense | ¥ 44,469 | $ 6,787 | ¥ 44,828 | ¥ 47,744 |
Buildings | Minimum | ||||
Property, plant and equipment, net | ||||
Estimated useful lives | 37 years 6 months | 37 years 6 months | ||
Buildings | Maximum | ||||
Property, plant and equipment, net | ||||
Estimated useful lives | 50 years | 50 years | ||
Leasehold improvements | ||||
Property, plant and equipment, net | ||||
Estimated useful lives | 10 years | 10 years | ||
Machinery | Minimum | ||||
Property, plant and equipment, net | ||||
Estimated useful lives | 5 years | 5 years | ||
Machinery | Maximum | ||||
Property, plant and equipment, net | ||||
Estimated useful lives | 10 years | 10 years | ||
Motor vehicles | ||||
Property, plant and equipment, net | ||||
Estimated useful lives | 5 years | 5 years | ||
Furniture, fixtures and office equipment | Minimum | ||||
Property, plant and equipment, net | ||||
Estimated useful lives | 3 years | 3 years | ||
Furniture, fixtures and office equipment | Maximum | ||||
Property, plant and equipment, net | ||||
Estimated useful lives | 5 years | 5 years | ||
Construction-in-progress | ||||
Property, plant and equipment, net | ||||
Depreciation expense | ¥ 0 |
Summary of significant accoun_7
Summary of significant accounting policies - Others (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Mar. 31, 2021CNY (¥)itempayment | Mar. 31, 2021USD ($)itempayment | Mar. 31, 2020CNY (¥)payment | Mar. 31, 2019CNY (¥)payment | Mar. 31, 2021USD ($) | Apr. 01, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | |
Estimated useful life of the operating rights | 30 years | 30 years | |||||
Impairment of long-lived assets | ¥ 0 | ¥ 0 | ¥ 0 | ||||
Agreement with customers, blood storage period | 18 years | 18 years | |||||
Number of promised services | item | 2 | 2 | |||||
Value-added tax rate (as a percent) | 6.00% | 6.00% | |||||
Number of performance obligations under the Agreement | item | 2 | 2 | |||||
Number of customer payment options | payment | 3 | 3 | 3 | 3 | |||
Advertising and promotion costs | ¥ 54,441 | $ 8,309 | ¥ 49,392 | ¥ 39,586 | |||
Number of operating segments | item | 1 | 1 | |||||
Equity | ¥ 4,388,451 | 3,888,491 | 3,422,762 | $ 669,808 | ¥ 3,118,742 | ||
Cumulative effect of accounting change | (4,388,451) | (3,888,491) | (3,422,762) | (669,808) | (3,118,742) | ||
Operating lease right-of-use assets | 5,039 | 4,548 | 769 | ||||
Operating lease liabilities | 1,783 | 3,499 | 272 | ||||
Accumulated other comprehensive losses | |||||||
Equity | (103,179) | (94,663) | (88,738) | (15,748) | (54,654) | ||
Cumulative effect of accounting change | 103,179 | 94,663 | 88,738 | 15,748 | 54,654 | ||
Retained earnings | |||||||
Equity | 2,386,187 | 1,877,940 | 1,407,223 | 364,203 | 1,116,873 | ||
Cumulative effect of accounting change | ¥ (2,386,187) | ¥ (1,877,940) | ¥ (1,407,223) | $ (364,203) | ¥ (1,116,873) | ||
Topic 842 | |||||||
Operating lease right-of-use assets | ¥ 6,883 | ||||||
Operating lease liabilities | 5,758 | ||||||
Topic 842 | Retained earnings | |||||||
Equity | 0 | ||||||
Cumulative effect of accounting change | ¥ 0 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Accounts receivable, net | |||
Accounts receivable | ¥ 552,562 | $ 84,337 | ¥ 447,572 |
Less: Allowance for credit losses | (205,056) | (31,298) | (183,290) |
Total accounts receivable, net | 347,506 | 53,039 | 264,282 |
Accounts receivable, current portion | 130,298 | 19,887 | 104,251 |
Accounts receivable, non-current portion | 217,208 | 33,152 | 160,031 |
Processing fees | |||
Accounts receivable, net | |||
Accounts receivable, current portion | 88,748 | 13,545 | 72,072 |
Accounts receivable, non-current portion | 217,208 | 33,152 | 160,031 |
Storage fees | |||
Accounts receivable, net | |||
Accounts receivable, current portion | 40,308 | 6,152 | 30,907 |
Others | |||
Accounts receivable, net | |||
Accounts receivable, current portion | ¥ 1,242 | $ 190 | ¥ 1,272 |
Accounts receivable, net - Non
Accounts receivable, net - Non current amounts (Details) - Mar. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Non-current accounts receivable | ||
2023 | ¥ 70,990 | $ 10,835 |
2024 | 53,447 | 8,157 |
2025 | 45,231 | 6,904 |
2026 | 42,841 | 6,539 |
2027 and thereafter | 104,602 | 15,965 |
Non-current gross accounts receivable due for payment | 317,111 | 48,400 |
Less: Unearned interest | (32,808) | (5,007) |
Total | ¥ 284,303 | $ 43,393 |
Accounts receivable, net - Agin
Accounts receivable, net - Aging (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Aging of accounts receivable based on due date | |||
Accounts receivable, non-current portion | ¥ 284,303 | $ 43,393 | |
Accounts receivable, current portion | 552,562 | 84,337 | ¥ 447,572 |
Not past due | |||
Aging of accounts receivable based on due date | |||
Accounts receivable, non-current portion | 284,303 | 43,393 | 231,452 |
Accounts receivable, current portion | 87,315 | 13,327 | 53,684 |
Within one year past due | |||
Aging of accounts receivable based on due date | |||
Accounts receivable, current portion | 35,002 | 5,342 | 27,179 |
Between one to two years past due | |||
Aging of accounts receivable based on due date | |||
Accounts receivable, current portion | 19,833 | 3,027 | 20,645 |
Over two years past due | |||
Aging of accounts receivable based on due date | |||
Accounts receivable, current portion | ¥ 126,109 | $ 19,248 | ¥ 114,612 |
Accounts receivable, net - Allo
Accounts receivable, net - Allowance for credit losses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Analysis of the allowance for doubtful accounts | ||||
Balance at beginning of year, current portion | ¥ 111,869 | |||
Balance at end of year, current portion | 137,961 | $ 21,057 | ¥ 111,869 | |
Balance at beginning of year, non-current portion | 71,421 | 10,901 | 74,800 | ¥ 69,713 |
Charged/(credited) to allowance for doubtful accounts, non-current portion | 3,040 | 464 | (750) | 5,711 |
Write-off charged against the allowance for the year, non-current portion | (7,366) | (1,124) | (2,629) | (624) |
Balance at end of year, non-current portion | 67,095 | 10,241 | 71,421 | 74,800 |
Processing fees | ||||
Analysis of the allowance for doubtful accounts | ||||
Balance at beginning of year, current portion | 57,648 | 8,800 | 44,641 | 29,795 |
Charged/(credited) to allowance for credit losses | 17,379 | 2,653 | 13,007 | 14,846 |
Write-off charged against the allowance for the year, current | (184) | (29) | ||
Balance at end of year, current portion | 74,843 | 11,424 | 57,648 | 44,641 |
Storage fees | ||||
Analysis of the allowance for doubtful accounts | ||||
Balance at beginning of year, current portion | 53,911 | 8,228 | 43,077 | 27,310 |
Charged/(credited) to allowance for credit losses | 15,777 | 2,408 | 13,628 | 16,807 |
Write-off charged against the allowance for the year, current | (6,917) | (1,056) | (2,794) | (1,040) |
Balance at end of year, current portion | 62,771 | 9,580 | 53,911 | 43,077 |
Others | ||||
Analysis of the allowance for doubtful accounts | ||||
Balance at beginning of year, current portion | 310 | 47 | 1,916 | 1,122 |
Charged/(credited) to allowance for credit losses | 1,016 | 155 | (1,490) | 850 |
Write-off charged against the allowance for the year, current | (979) | (149) | (116) | (56) |
Balance at end of year, current portion | ¥ 347 | $ 53 | ¥ 310 | ¥ 1,916 |
Accounts receivable, net - non-
Accounts receivable, net - non-current accounts receivable by credit quality (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Aging of non- current accounts receivables: | |||
Total | ¥ 284,303 | $ 43,393 | |
Not past due | |||
Aging of non- current accounts receivables: | |||
Total | 284,303 | $ 43,393 | ¥ 231,452 |
Processing fees | |||
Aging of non- current accounts receivables: | |||
2021 | 80,810 | ||
2020 | 62,227 | ||
2019 | 20,584 | ||
2018 | 9,751 | ||
2017 | 450 | ||
2016 and prior to 2016 | 110,481 | ||
Total | 284,303 | 231,452 | |
Processing fees | Not past due | |||
Aging of non- current accounts receivables: | |||
2021 | 80,802 | ||
2020 | 55,388 | ||
2019 | 18,921 | ||
2018 | 9,751 | ||
2016 and prior to 2016 | 50,187 | ||
Total | 215,049 | 159,150 | |
Processing fees | Within one year past due | |||
Aging of non- current accounts receivables: | |||
2021 | 8 | ||
2020 | 6,839 | ||
2019 | 658 | ||
2017 | 450 | ||
2016 and prior to 2016 | 2,038 | ||
Total | 9,993 | 4,801 | |
Processing fees | Between one to two years past due | |||
Aging of non- current accounts receivables: | |||
2019 | 1,005 | ||
2016 and prior to 2016 | 1,338 | ||
Total | 2,343 | 1,660 | |
Processing fees | Over two years past due | |||
Aging of non- current accounts receivables: | |||
2016 and prior to 2016 | 56,918 | ||
Total | ¥ 56,918 | ¥ 65,841 |
Inventories - Schedule (Details
Inventories - Schedule (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Inventories | |||
Current portion: - Consumables and supplies | ¥ 44,257 | $ 6,755 | ¥ 43,758 |
Non-current portion: - Processing costs capitalized in donated umbilical cord blood | 91,446 | 13,957 | 85,109 |
Total current and non-current inventories | 135,703 | 20,712 | 128,867 |
Consumables and supplies | |||
Inventories | |||
Current portion: - Consumables and supplies | 44,257 | 6,755 | 43,758 |
Processing costs capitalized in donated umbilical cord blood | |||
Inventories | |||
Non-current portion: - Processing costs capitalized in donated umbilical cord blood | ¥ 91,446 | $ 13,957 | ¥ 85,109 |
Inventories - Provision (Detail
Inventories - Provision (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Inventories | |||
Write-down for inventories | ¥ 0 | ¥ 0 | ¥ 0 |
Weighted average remaining useful life of donated cord blood units | 16 years 10 months 24 days | ||
The estimated increase per annum in number of successful matches of donated units (as a percent) | 7.00% |
Prepaid expenses and other re_3
Prepaid expenses and other receivables (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Prepaid expenses and other receivables | |||
Prepaid expenses | ¥ 43,012 | $ 6,565 | ¥ 38,760 |
VAT tax receivables | 0 | 0 | 856 |
Other receivables | 4,776 | 729 | 5,169 |
Total prepaid expenses and other receivables | ¥ 47,788 | $ 7,294 | ¥ 44,785 |
Property, plant and equipment_3
Property, plant and equipment, net - Schedule (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Property, plant and equipment, net | |||
Property, plant and equipment | ¥ 916,646 | $ 139,907 | ¥ 903,519 |
Less: Accumulated depreciation | (417,990) | (63,798) | (380,840) |
Total property, plant and equipment, net | 498,656 | 76,109 | 522,679 |
Buildings | |||
Property, plant and equipment, net | |||
Property, plant and equipment | 603,910 | 92,174 | 604,112 |
Leasehold improvements | |||
Property, plant and equipment, net | |||
Property, plant and equipment | 14,864 | 2,269 | 14,864 |
Machinery | |||
Property, plant and equipment, net | |||
Property, plant and equipment | 219,626 | 33,521 | 208,377 |
Motor vehicles | |||
Property, plant and equipment, net | |||
Property, plant and equipment | 18,598 | 2,839 | 19,088 |
Furniture, fixtures and equipment | |||
Property, plant and equipment, net | |||
Property, plant and equipment | 56,029 | 8,552 | 55,722 |
Construction-in-progress | |||
Property, plant and equipment, net | |||
Property, plant and equipment | ¥ 3,619 | $ 552 | ¥ 1,356 |
Property, plant and equipment_4
Property, plant and equipment, net - Depreciation expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Property, plant and equipment, net | ||||
Depreciation expense | ¥ 44,469 | $ 6,787 | ¥ 44,828 | ¥ 47,744 |
Cost of revenues | ||||
Property, plant and equipment, net | ||||
Depreciation expense | 28,574 | 4,361 | 28,980 | 30,848 |
Research and development | ||||
Property, plant and equipment, net | ||||
Depreciation expense | 1,893 | 289 | 1,866 | 1,358 |
Sales and marketing | ||||
Property, plant and equipment, net | ||||
Depreciation expense | 2,810 | 429 | 2,742 | 3,371 |
General and administrative | ||||
Property, plant and equipment, net | ||||
Depreciation expense | ¥ 11,192 | $ 1,708 | ¥ 11,240 | ¥ 12,167 |
Non-current deposits (Details)
Non-current deposits (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Investment deposit | ¥ 340,000 | $ 51,894 | ¥ 340,000 |
Deposit for purchase of machinery | 4,752 | 725 | 7,360 |
Total non-current deposits | ¥ 344,752 | $ 52,619 | 347,360 |
Potential Seller | |||
Investment deposit | ¥ 340,000 |
Intangible assets, net - Schedu
Intangible assets, net - Schedule (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Intangible assets, net | |||
Cord blood bank operating rights | ¥ 138,628 | $ 21,159 | ¥ 138,628 |
Less: Accumulated amortization | (50,426) | (7,697) | (45,805) |
Total intangible assets, net | ¥ 88,202 | $ 13,462 | ¥ 92,823 |
Intangible assets, net - Narrat
Intangible assets, net - Narrative (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2011CNY (¥) | Feb. 28, 2011USD ($) | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2021USD ($) | |
Finite-Lived Intangible Assets | |||||||
Estimated useful life of operating rights | 30 years | 30 years | |||||
Amortization expense of operating rights | ¥ 4,621 | $ 705 | ¥ 4,621 | ¥ 4,621 | |||
Deferred tax liability | ¥ 22,051 | 23,206 | $ 3,365 | ||||
Guangdong province | |||||||
Finite-Lived Intangible Assets | |||||||
Estimated useful life of operating rights | 30 years | 30 years | |||||
Amortization expense of operating rights | ¥ 971 | $ 148 | 971 | 971 | |||
Zhejiang province | |||||||
Finite-Lived Intangible Assets | |||||||
Estimated useful life of operating rights | 30 years | 30 years | |||||
Amortization expense of operating rights | ¥ 3,650 | $ 557 | ¥ 3,650 | ¥ 3,650 | |||
Consideration for operating rights | ¥ 82,124 | $ 12,500 | |||||
Value of acquired operating rights | 109,499 | ||||||
Deferred tax liability | ¥ 27,375 | ||||||
Guangdong and Zhejiang province | |||||||
Finite-Lived Intangible Assets | |||||||
General renewal period with provincial authorities | 3 years | 3 years | |||||
Beijing municipality | |||||||
Finite-Lived Intangible Assets | |||||||
General renewal period with provincial authorities | 9 years | 9 years |
Intangible assets, net - Estima
Intangible assets, net - Estimated amortization expense (Details) - Mar. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Intangible assets, net | ||
2022 | ¥ 4,621 | $ 705 |
2023 | 4,621 | 705 |
2024 | 4,621 | 705 |
2025 | 4,621 | 705 |
2026 | 4,621 | 705 |
2027 and thereafter | 65,097 | 9,937 |
Total amortization expenses | ¥ 88,202 | $ 13,462 |
Investment in equity securiti_3
Investment in equity securities at fair value - Schedule (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Schedule of listed equity securities | |||
Listed equity securities | ¥ 117,911 | $ 17,997 | ¥ 101,306 |
Listed fund investments | |||
Schedule of listed equity securities | |||
Listed equity securities | 70,662 | 10,785 | 60,653 |
Cordlife Group Limited | Listed equity securities | |||
Schedule of listed equity securities | |||
Listed equity securities | ¥ 47,249 | $ 7,212 | ¥ 40,653 |
Investment in equity securiti_4
Investment in equity securities at fair value - Narrative (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021CNY (¥)shares | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥)shares | Mar. 31, 2019CNY (¥) | Mar. 31, 2021USD ($)shares | |
Schedule of listed equity securities | |||||
Investments in equity securities, cost basis | ¥ | ¥ 100,213 | ¥ 100,213 | |||
Change in fair value of equity securities | 25,385 | $ 3,875 | (13,172) | ¥ (57,125) | |
Dividend income | 1,281 | 196 | 507 | 976 | |
Aggregate fair values of the investments in securities | ¥ 117,911 | ¥ 101,306 | $ 17,997 | ||
Cordlife Group Limited | |||||
Schedule of listed equity securities | |||||
Ordinary shares held | shares | 25,516,666 | 25,516,666 | 25,516,666 | ||
Percentage equity interest owned | 10.00% | 10.00% | 10.00% | ||
Dividend income | ¥ 1,281 | $ 196 | ¥ 507 | ¥ 976 |
Other equity investment (Detail
Other equity investment (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2021USD ($) | |
Investments | |||||
Unlisted equity securities | ¥ 189,129 | ¥ 189,129 | $ 28,867 | ||
Dividend income | ¥ 1,281 | $ 196 | ¥ 507 | ¥ 976 | |
Qilu Stem Cells | |||||
Investments | |||||
Percentage equity interest acquired | 24.00% | 24.00% | 24.00% | ||
Dividend income | ¥ 0 | ¥ 0 | ¥ 0 |
Accrued expenses and other pa_3
Accrued expenses and other payables (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Accrued expenses and other payables | |||
Insurance premium received on behalf of insurance company | ¥ 43,305 | $ 6,610 | ¥ 40,198 |
Other tax payables | 4,503 | 687 | 921 |
Accrued salaries, bonus and welfare expenses | 54,891 | 8,378 | 30,436 |
Accrued consultancy and professional fees | 14,210 | 2,168 | 21,475 |
Payable for property, plant and equipment | 349 | 53 | 2,423 |
Other payables | 19,190 | 2,929 | 18,536 |
Total accrued expenses and other payables | ¥ 136,448 | $ 20,825 | ¥ 113,989 |
Operating leases - Consolidated
Operating leases - Consolidated balance sheet (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Operating leases | |||
Operating lease right-of-use assets | ¥ 5,039 | $ 769 | ¥ 4,548 |
Operating lease liabilities | 1,636 | 250 | 1,717 |
Non-current operating lease liabilities | 147 | 22 | 1,782 |
Total Lease liabilities | ¥ 1,783 | $ 272 | ¥ 3,499 |
Operating leases - Supplemental
Operating leases - Supplemental cash flow information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | |
Operating leases | |||
Operating cash flows | ¥ 4,902 | $ 748 | ¥ 2,512 |
Operating leases - Maturity ana
Operating leases - Maturity analysis of operating lease liabilities (Details) ¥ in Thousands, $ in Thousands | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) |
Fiscal years ending March 31, | |||
2022 | ¥ 1,700 | $ 259 | |
2023 | 149 | 23 | |
Total future undiscounted cash flows | 1,849 | 282 | |
Less: Discount factor | (66) | (10) | |
Total Lease liabilities | 1,783 | 272 | ¥ 3,499 |
Representing: | |||
Current portion | 1,636 | 250 | 1,717 |
Non-current portion | 147 | 22 | 1,782 |
Total Lease liabilities | ¥ 1,783 | $ 272 | ¥ 3,499 |
Operating leases - Additional i
Operating leases - Additional information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥)item | Mar. 31, 2021USD ($)item | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Operating leases | ||||
Number of operating leases for office | item | 2 | 2 | ||
Weighted average remaining lease term | 1 year 9 months 18 days | 1 year 9 months 18 days | ||
Weighted average discount rate | 4.75% | 4.75% | ||
Rent expense | ¥ 10,374 | $ 1,583 | ¥ 3,399 | ¥ 3,265 |
Variable lease costs | 0 | 0 | ||
Sublease income | ¥ 0 | ¥ 0 |
Deferred revenue - Composition
Deferred revenue - Composition (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2018CNY (¥) | |
Deferred revenue | |||||||
Current portion | ¥ 449,359 | ¥ 402,751 | $ 68,586 | ||||
Non-current portion | 2,392,906 | 2,289,762 | 365,229 | ||||
Total current and non-current deferred revenue | 2,842,265 | 2,692,513 | 433,815 | ||||
Revenue expected to be recognized in 2022 | 325,013 | $ 49,607 | |||||
Revenue expected to be recognized in 2023 | 206,851 | 31,572 | |||||
Revenue expected to be recognized in 2024 | 206,950 | 31,587 | |||||
Revenue expected to be recognized in 2025 and thereafter | 1,979,105 | 302,070 | |||||
Payments made by customers prior to completion of cord blood processing services | |||||||
Deferred revenue | |||||||
Total current and non-current deferred revenue | 124,346 | 99,506 | 18,979 | ||||
Credited to income from prior year's balance | 61,332 | 9,361 | |||||
Prior year's deferred revenue balance reclassified as unearned storage fees | 38,174 | 5,826 | |||||
Unearned storage fees | |||||||
Deferred revenue | |||||||
Total current and non-current deferred revenue | 2,717,919 | 2,593,007 | ¥ 2,384,676 | $ 414,836 | $ 395,770 | ¥ 2,112,195 | |
Credited to income from prior year's balance | ¥ 303,245 | $ 46,284 | ¥ 276,234 | ¥ 238,181 |
Deferred revenue - Rollforward
Deferred revenue - Rollforward (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Deferred revenue | ||||
Balance at beginning of year | ¥ 2,692,513 | |||
Balance at end of year | 2,842,265 | $ 433,815 | ¥ 2,692,513 | |
Payments made by customers prior to completion of cord blood processing services | ||||
Deferred revenue | ||||
Balance at beginning of year | 99,506 | |||
Credited to income from prior year's balance | (61,332) | (9,361) | ||
Balance at end of year | 124,346 | 18,979 | 99,506 | |
Unearned storage fees | ||||
Deferred revenue | ||||
Balance at beginning of year | 2,593,007 | 395,770 | 2,384,676 | ¥ 2,112,195 |
Deferred revenue arose during the year | 617,796 | 94,295 | 660,001 | 658,262 |
Credited to income from prior year's balance | (303,245) | (46,284) | (276,234) | (238,181) |
Credited to income from deferred revenue arose during the year | (189,639) | (28,945) | (175,436) | (147,600) |
Balance at end of year | ¥ 2,717,919 | $ 414,836 | ¥ 2,593,007 | ¥ 2,384,676 |
Shareholders' equity (Details)
Shareholders' equity (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jul. 29, 2022 | Jul. 29, 2021USD ($) | Mar. 31, 2021CNY (¥)shares | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥)shares | Mar. 31, 2019CNY (¥)shares | Mar. 31, 2013CNY (¥)shares | Mar. 31, 2021USD ($)shares | Jul. 29, 2020USD ($) | Jun. 26, 2018$ / shares | Mar. 31, 2018shares |
Shareholders' equity | |||||||||||
Ordinary shares, shares outstanding | 121,551,075 | 121,551,075 | 121,551,075 | 121,551,075 | 120,824,742 | ||||||
Ordinary shares, shares issued | 121,687,974 | 121,687,974 | 121,687,974 | 121,687,974 | 120,961,641 | ||||||
Dividend declared to the Company's shareholders (in shares) | 726,333 | ||||||||||
The percentage of net income that Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou required to transfer to surplus reserve | 10.00% | 10.00% | |||||||||
The percentage of their respective registered capital that the statutory surplus reserve must reach before Beijing Jiachenhong, Guangzhou Nuoya and Zhejiang Lukou are not required to transfer their net income | 50.00% | 50.00% | |||||||||
The percentage of registered capital that must be retained in the statutory surplus reserve balance after conversion into issued capital | 25.00% | 25.00% | |||||||||
Aggregated transfers made to the statutory surplus reserves by Beijing Jiachenhong and Zhejiang Lukou | ¥ 23,384 | $ 3,569 | ¥ 20,068 | ¥ 15,841 | |||||||
Accumulated statutory surplus reserve | ¥ 203,434 | ¥ 180,050 | $ 31,050 | ||||||||
Purchase of Treasury Stock, shares | 7,450,914 | ||||||||||
Purchase of Treasury Stock | ¥ | ¥ 131,302 | ||||||||||
Sale of treasury shares, shares | 7,314,015 | ||||||||||
Treasury stock, shares | 136,899 | 136,899 | 136,899 | ||||||||
Share repurchase program, amount | $ | $ 20,000 | $ 20,000 | |||||||||
Share repurchase program, period | 12 months | 12 months | |||||||||
Dividend declared (in dollars per share) | $ / shares | $ 0.08 | ||||||||||
Cash dividend paid | ¥ | ¥ 18,173 |
Revenues (Details)
Revenues (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Revenues from External Customers | ||||
Total revenues | ¥ 1,159,639 | $ 176,995 | ¥ 1,221,460 | ¥ 986,754 |
Processing fees | ||||
Revenues from External Customers | ||||
Total revenues | 653,756 | 99,782 | 759,493 | 592,123 |
Storage fees | ||||
Revenues from External Customers | ||||
Total revenues | 492,884 | 75,229 | 451,670 | 385,781 |
Fees derived from the provision of donated cord blood for transplantation and research and others | ||||
Revenues from External Customers | ||||
Total revenues | ¥ 12,999 | $ 1,984 | ¥ 10,297 | ¥ 8,850 |
Income tax - Tax rates (Details
Income tax - Tax rates (Details) ¥ in Thousands, $ in Thousands | Nov. 30, 2018 | Mar. 31, 2021CNY (¥) | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2021USD ($) |
Income tax | ||||||||||||||||
Tax expense | ¥ 94,546 | $ 14,431 | ¥ 101,084 | ¥ 61,260 | ||||||||||||
Undistributed earnings that may be subject to the withholding tax | ¥ 3,374,742 | 3,374,742 | $ 515,086 | |||||||||||||
Unrecognized deferred tax liability from unremitted earnings of PRC subsidiaries | ¥ 337,474 | 337,474 | $ 51,509 | |||||||||||||
Cayman Islands | ||||||||||||||||
Income tax | ||||||||||||||||
Withholding tax amount on dividends | 0 | |||||||||||||||
British Virgin Islands | ||||||||||||||||
Income tax | ||||||||||||||||
Withholding tax amount on dividends | 0 | |||||||||||||||
Hong Kong | ||||||||||||||||
Income tax | ||||||||||||||||
Tax expense | ¥ 0 | ¥ 0 | ¥ 0 | |||||||||||||
PRC | ||||||||||||||||
Income tax | ||||||||||||||||
Withholding tax rate | 10.00% | 10.00% | ||||||||||||||
Beijing Jiachenhong | ||||||||||||||||
Income tax | ||||||||||||||||
HNTE preferential tax rate | 15.00% | 15.00% | ||||||||||||||
Beijing Jiachenhong | Forecast | ||||||||||||||||
Income tax | ||||||||||||||||
HNTE preferential tax rate | 15.00% | |||||||||||||||
Guangzhou Nuoya | ||||||||||||||||
Income tax | ||||||||||||||||
HNTE preferential tax rate | 15.00% | 15.00% | ||||||||||||||
Zhejiang Lukou | ||||||||||||||||
Income tax | ||||||||||||||||
Certificate Validity | 3 years | |||||||||||||||
HNTE preferential tax rate | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% | |||||||||||
Subsidiaries | PRC | ||||||||||||||||
Income tax | ||||||||||||||||
Statutory income tax rate (as a percent) | 25.00% | 25.00% |
Income tax - Income before inco
Income tax - Income before income tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Income tax | ||||
Income before income tax expense | ¥ 610,751 | $ 93,219 | ¥ 578,812 | ¥ 356,461 |
PRC | ||||
Income tax | ||||
Income before income tax expense, The PRC | 652,494 | 99,590 | 668,552 | 447,195 |
Hong Kong | ||||
Income tax | ||||
Income before income tax expense, Non-PRC | (43) | (7) | (43) | (65) |
British Virgin Islands | ||||
Income tax | ||||
Income before income tax expense, Non-PRC | 26,319 | 4,017 | (13,313) | (56,616) |
Cayman Islands | ||||
Income tax | ||||
Income before income tax expense, Non-PRC | ¥ (68,019) | $ (10,381) | ¥ (76,384) | ¥ (34,053) |
Income tax - Current and deferr
Income tax - Current and deferred (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Income tax | ||||
Current tax expense | ¥ 101,698 | $ 15,523 | ¥ 108,290 | ¥ 75,948 |
Deferred tax benefit | (7,152) | (1,092) | (7,206) | (14,688) |
Total income tax expense | ¥ 94,546 | $ 14,431 | ¥ 101,084 | ¥ 61,260 |
Income tax - Reconciliation of
Income tax - Reconciliation of expected income tax to actual income tax expense (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥)¥ / shares | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020CNY (¥)¥ / shares | Mar. 31, 2019CNY (¥)¥ / shares | |
Income tax | ||||
Income before income tax expense | ¥ 610,751 | $ 93,219 | ¥ 578,812 | ¥ 356,461 |
Computed "expected" tax expense | 152,688 | 23,305 | 144,703 | 89,115 |
PRC dividend withholding tax | 2,000 | 305 | 4,500 | |
Preferential tax rates | (68,027) | (10,383) | (70,580) | (51,428) |
Others | (2,551) | (389) | 26 | 890 |
Total income tax expense | ¥ 94,546 | $ 14,431 | ¥ 101,084 | ¥ 61,260 |
Impact of preferential tax rates for both basic and diluted per share | (per share) | ¥ 0.56 | $ 0.09 | ¥ 0.58 | ¥ 0.42 |
Hong Kong | ||||
Income tax | ||||
Non-PRC entities not subject to income tax | ¥ 11 | $ 2 | ¥ 11 | ¥ 16 |
Total income tax expense | 0 | 0 | 0 | |
British Virgin Islands | ||||
Income tax | ||||
Non-PRC entities not subject to income tax | (6,580) | (1,004) | 3,328 | 14,154 |
Cayman Islands | ||||
Income tax | ||||
Non-PRC entities not subject to income tax | ¥ 17,005 | $ 2,595 | ¥ 19,096 | ¥ 8,513 |
Income tax - Deferred tax asset
Income tax - Deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2021USD ($) | |
Deferred tax assets: | |||||
Accounts receivable | ¥ 56,309 | ¥ 51,092 | $ 8,594 | ||
Inventories | 9,333 | 8,431 | 1,424 | ||
Others | 1,584 | 1,786 | 242 | ||
Deferred tax assets | 67,226 | 61,309 | 10,260 | ||
Deferred tax liabilities: | |||||
Deferred revenue | (29) | (38) | (4) | ||
Property, plant and equipment | (5,433) | (5,504) | (829) | ||
Intangible assets | (22,051) | (23,206) | (3,365) | ||
Deferred tax liabilities | (27,513) | (28,748) | (4,198) | ||
Net deferred tax assets | 39,713 | 32,561 | 6,062 | ||
Classification on consolidated balance sheets: | |||||
Deferred tax assets | 55,845 | 50,701 | 8,524 | ||
Deferred tax liabilities | (16,132) | (18,140) | (2,462) | ||
Net deferred tax assets | 39,713 | 32,561 | $ 6,062 | ||
Interest and penalties related to unrecognized tax benefits | ¥ 0 | ¥ 0 | ¥ 0 | ||
PRC | |||||
Classification on consolidated balance sheets: | |||||
Statute of limitation, underpayment due to computational errors | 3 years | 3 years | |||
Statute of limitation, special circumstances where underpayment is more than RMB100 | 5 years | 5 years | |||
Underpayment of taxes threshold that extends the statute of limitation | ¥ 100 | $ 15 | |||
Statute of limitation, transfer pricing issues | 10 years | 10 years |
Earnings per share (Details)
Earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥)¥ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020CNY (¥)¥ / sharesshares | Mar. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net income attributable to the Company's shareholders | ¥ 508,247 | $ 77,573 | ¥ 470,717 | ¥ 291,124 |
Denominator: | ||||
Weighted average ordinary shares outstanding for basic net income per share | 121,551,075 | 121,551,075 | 121,551,075 | 121,270,491 |
Weighted average ordinary shares outstanding for diluted net income per share | 121,551,075 | 121,551,075 | 121,551,075 | 121,421,582 |
Earnings per share | ||||
Basic | (per share) | ¥ 4.18 | $ 0.64 | ¥ 3.87 | ¥ 2.40 |
Diluted | (per share) | ¥ 4.18 | $ 0.64 | ¥ 3.87 | ¥ 2.40 |
Scrip dividend | ||||
Denominator: | ||||
Weighted average ordinary shares outstanding for basic net income per share | 151,091 | |||
Dilutive effect of scrip dividend | 151,091 |
Employee benefits (Details)
Employee benefits (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Employee benefits | ||||
Defined contribution plan expense | ¥ 32,191 | $ 4,912 | ¥ 40,378 | ¥ 38,231 |
Percent of costs of employee benefits recorded in sales and marketing expenses | 61.00% | 61.00% | 61.00% | 63.00% |
Beijing Jiachenhong | ||||
Employee benefits | ||||
Percent of contributions made on a standard salary base | 40.00% | 40.00% | ||
Guangzhou Nuoya | ||||
Employee benefits | ||||
Percent of contributions made on a standard salary base | 40.00% | 40.00% | ||
Zhejiang Lukou | ||||
Employee benefits | ||||
Percent of contributions made on a standard salary base | 40.00% | 40.00% |
Business and credit concentra_3
Business and credit concentrations (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2020CNY (¥) | Mar. 31, 2019CNY (¥) | |
Supplier | Purchases of raw materials | ||||
Concentration Risk | ||||
Purchases from suppliers | ¥ 40,903 | $ 6,243 | ¥ 42,771 | ¥ 23,741 |
Percentage of concentration risks | 54 | 54 | 46 | 30 |
Supplier | Purchases of raw materials | Beijing Jingjing Jiahong Medical Equipment Co., Ltd. | ||||
Concentration Risk | ||||
Purchases from suppliers | ¥ 28,892 | $ 4,410 | ¥ 29,960 | |
Percentage of concentration risks | 38 | 38 | 32 | |
Supplier | Purchases of raw materials | Beijing Jingjing Jiahong Medical Equipment Co., Ltd. | Maximum | ||||
Concentration Risk | ||||
Percentage of concentration | 10.00% | |||
Supplier | Purchases of raw materials | Beijing Jingjing Medical Equipment Co., Ltd. | ||||
Concentration Risk | ||||
Purchases from suppliers | ¥ 23,741 | |||
Percentage of concentration risks | 30 | |||
Supplier | Purchases of raw materials | Beijing Jingjing Medical Equipment Co., Ltd. | Maximum | ||||
Concentration Risk | ||||
Percentage of concentration | 10.00% | 10.00% | 10.00% | |
Supplier | Purchases of raw materials | China Bright Group Co. Limited | ||||
Concentration Risk | ||||
Purchases from suppliers | ¥ 12,011 | $ 1,833 | ¥ 12,811 | |
Percentage of concentration | 14.00% | |||
Percentage of concentration risks | 16 | 16 | ||
Supplier | Purchases of raw materials | China Bright Group Co. Limited | Maximum | ||||
Concentration Risk | ||||
Percentage of concentration | 10.00% | |||
Beijing municipality | Customers | Revenue | ||||
Concentration Risk | ||||
Percentage of concentration | 19.60% | 19.60% | 21.20% | 23.80% |
Guangdong province | Customers | Revenue | ||||
Concentration Risk | ||||
Percentage of concentration | 63.70% | 63.70% | 62.90% | 61.00% |
Zhejiang province | Customers | Revenue | ||||
Concentration Risk | ||||
Percentage of concentration | 16.70% | 16.70% | 15.90% | 15.20% |
Commitments and contingencies -
Commitments and contingencies - Contractual commitments (Details) - Co-operation agreement ¥ in Thousands, $ in Thousands | 1 Months Ended | ||||||
Apr. 30, 2020CNY (¥) | Apr. 30, 2020USD ($) | Sep. 30, 2017CNY (¥) | Sep. 30, 2017USD ($) | Oct. 31, 2013CNY (¥) | Nov. 30, 2009CNY (¥) | Jun. 30, 2006CNY (¥) | |
Peking University People's Hospital | |||||||
Contractual commitments | |||||||
Annual advisory fee | ¥ 3,000 | $ 458 | ¥ 2,600 | ||||
Annual advisory fee, time period | 4 years | 4 years | |||||
Guangdong Women and Children's Hospital and Health Institute | |||||||
Contractual commitments | |||||||
Annual advisory fee | ¥ 3,600 | $ 549 | ¥ 3,200 | ¥ 2,000 | |||
Annual advisory fee, time period | 20 years |
Commitments and contingencies_2
Commitments and contingencies - Future minimum payments, cooperation agreements (Details) - Mar. 31, 2021 - Co-operation agreement ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Future minimum payments under cooperation agreements | ||
2022 | ¥ 4,850 | $ 740 |
2023 | 3,600 | 549 |
2024 | 3,600 | 549 |
2025 | 3,600 | 549 |
2026 | 3,600 | 549 |
2027 and thereafter | 12,900 | 1,971 |
Total payments | ¥ 32,150 | $ 4,907 |