Yidu Tech Inc. - Annual Report 2021

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Yidu Tech Inc. 醫渡科技有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 2158)

ANNUAL RESULTS ANNOUNCEMENT FOR THE FISCAL YEAR ENDED 31 MARCH 2021

The board (the “ Board ”) of directors (the “ Directors ”) of Yidu Tech Inc. (the “ Company ”, together with its subsidiaries and consolidated affiliated entities, the “ Group ”) is pleased to announce the annual results of the Group for the fiscal year ended 31 March 2021 (the “ Reporting Period ”), together with the comparative figures for the fiscal year ended 31 March 2020. The results have been reviewed by the Company’s audit committee.

In this announcement, “we”, “us”, and “our” refer to the Company and where the context otherwise requires, the Group.

FINANCIAL HIGHLIGHTS

		Year ended 31 March	Year ended 31 March	Year ended 31 March
		2021	2020	Change (%)
		(RMB’000, except percentages)
Revenue		867,036	558,083	55.4%
— Big Data Platform and Solutions		401,884	371,864	8.1%
— Life Sciences Solutions		184,318	102,793	79.3%
— Health Management Platform and Solutions		252,129	55,648	353.1%
— Others		28,705	27,778	3.3%
Gross profit		327,336	146,537	123.4%
Operating loss		(453,286)	(597,428)	-24.1%
Loss for the year		(3,694,817)	(1,511,428)	144.5%
Non-IFRS adjusted net loss	(1)	(275,079)	(322,344)	-14.7%

(1) We define “adjusted net loss” as loss for the year and adding back (i) fair value changes of convertible redeemable preferred shares, (ii) fair value changes of convertible notes, (iii) fair value changes of warrants, (iv) share-based compensation expenses, and (v) listing expenses.

The Board did not recommend the distribution of a final dividend for the fiscal year ended 31 March 2021.

BUSINESS REVIEW AND OUTLOOK

The COVID-19 pandemic has brought enormous challenges and uncertainties to societies and economies across the globe, and highlighted the importance for precise public health management. As one of the first countries to successfully control the domestic spread of COVID-19 and the only major economy registering a positive growth in 2020, China is currently leading the investment in new healthcare infrastructure. The sector has huge growth potential driven by “Healthy China 2030” and the “14th Five Year Plan”.

Fiscal year 2021 was an extraordinary period for us. As a leading company in the health technology sector, we responded to our social responsibility to leverage our state-of-the-art technology to support the fight against the pandemic. Within a short period of time, we developed a suite of pandemic response solutions to enable effective closed-loop pandemic monitoring and management for governments and medical institutions. On 15 January 2021 (the “ Listing Date ”), we successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) and became the first public healthcare big data company in China. Our listing marked an important step towards more transparent and regulated corporate governance, and was a strong recognition of the persistent hard work and commitment of our staff and management.

For the fiscal year ended 31 March 2020, our business demonstrated strong growth momentum despite external pressure. During the Reporting Period, we continued to strengthen YiduCore, our data intelligence infrastructure, and ramped up efforts to expand new and complementary businesses built upon YiduCore with existing and new customers. Our total revenue amounted to RMB867 million, representing a year-on-year increase of 55.4%. Our gross profit margin was 37.8%, up 11.5 percentage points year-on-year. As of 31 March 2021, we have provided service solutions for 76 top research hospitals in China and 19 regulators and policy makers, an increase of five hospitals and five regulators and policy makers, as compared to the same period of last year. The number of life sciences customers that the Group served reached 108 as at 31 March 2021, an increase of 34 from 74 customers as at 31 March 2020.

YiduCore supports our customers and partners to unlock the value of health data to drive better outcomes by enabling the secured applicability of high-quality data in different use-case scenarios. This has been made possible by our commitment to “data intelligence, green healthcare” and years of persistent investments.

As we adhere to our mission “to make value-based precision healthcare accessible to everyone”, we look forward to creating greater value for major participants1 of the healthcare ecosystem and ultimately, delivering better services and outcomes for patients.

1 Major participants include physicians, researchers and hospitals, regulators and policy makers, pharmaceutical, biotech and medical device companies, and insurance companies.

YiduCore

YiduCore, our data intelligence infrastructure represents our core capabilities that can be understood in terms of three layers. The first layer is our data processing capabilities which allow us to aggregate and convert the raw and scattered data on the information technology systems of hospitals and healthcare institutions into computable, structured and standardized data that can be analyzed with speed, accuracy and cost-efficiency. The second layer consists of our medical knowledge, insights and disease models that are continuously reinforced and expanded as they are applied to drive our data-analytics driven solutions for our customers in the various use-case scenarios. The final layer is our scenario specific operations and service capabilities that we develop to help our customers better realize the value of our solutions and our ecosystem to achieve their target outcomes.

Big Data Platform and Solutions

The Big Data Platform and Solutions segment is our longest operating business segment. It mainly serves hospitals and other healthcare institutions, as well as regulators and policy makers. As the segment grows, it also serves to expand and solidify the foundation of our data intelligence infrastructure.

We have entered into agreements with hospitals and other healthcare institutions, pursuant to which we provide our big data platforms, DPAP or the upgraded Eywa to help them aggregate the raw data scattered in their existing production systems and process them into standardized and structured data for research and clinical use. These platforms can further empower a wide range of applications and solutions to support medical research, clinical diagnosis and treatment and hospital operations management. We have further cooperated with top-grade hospitals and experts to establish disease registries and research networks. After obtaining proper authorizations, we can support them to conduct large scale clinical research with more refined disease data granularity.

We have also entered into agreements with regulators and policy makers to provide them big data platforms to aggregate and process multi-source heterogeneous data at municipal, regional and national levels, as well as applications and solutions to enable them to leverage these data accurately and securely for various use-case scenarios, such as public health surveillance, pandemic response and population health management.

We implement a comprehensive and rigorous data privacy and security program to ensure the security, confidentiality, and integrity of data that we have been authorized to access and the stability and reliability of the services that we provide.

YiduCore has covered more than 500 hospitals in over 20 provinces, and cumulatively processed upon authorization over 1.7 billion healthcare records from over 400 million patients. Our collaboration with top-grade hospitals and experts also enables us to establish and enrich our disease labelling system for various disease areas. In addition, we continue to refine and qualify our real-world disease models by utilizing AI technologies, such as symbolic knowledge inference models and deep learning. To date, we have built disease registries covering over 50 disease areas to enable the production of research-grade evidence more efficiently and effectively. Nearly a hundred papers have been published based on our disease registries and big data platforms.

The value of our solutions is highly recognized by our customers and this is demonstrated by our ability to expand our engagement with them. After successfully launching the pandemic response platform for the Wuhan Municipal Government within seven days during the peak of the Pandemic in China, we continued to undertake subsequent platform construction contracts that have amounted to tens of millions in cumulative RMB value. Based on the COVID-19 disease registry that we developed for a renowned research hospital in Wuhan, also a national center for public health, we have helped more than 50 researchers to publish medical and AI papers, with the highest impact factor of over 30.

For the fiscal year ended 31 March 2021, this segment recorded a total revenue of RMB402 million, representing a year-on-year increase of 8.1%, and a gross profit margin of 45.1%, representing a year-on-year increase of 11.7 percentage points.

Life Sciences Solutions

Leveraging YiduCore and the network of top hospitals and experts accumulated through our Big Data Platforms and Solutions segment, we incubated the Life Sciences Solutions segment in the second half of fiscal year 2018. We currently provide analytics-driven clinical development, real-world evidence (RWE)-based research and digital commercialization solutions in respect of the full life-cycle of a drug or a medical device from clinical development to post-market commercialization. We combine our deep understanding of diseases with the rich clinical experience of the team to help pharmaceutical, biotech, medical device companies, and other companies involved in the clinical development process to reduce the time and costs of drug and medical device development while enhancing regulatory approval and commercial success.

During the Reporting Period, we helped a traditional Chinese medicine company to obtain a new drug approval in accelerated time by substituting the traditional randomized controlled trial with a multi-center retrospective observational real-world study under the Guidance on Real- World Evidence (RWE)-based Clinical Development Approval (Trial) issued by the National Medical Products Administration (NMPA) for drugs urgently needed in clinical settings. This was achieved through the generation of high-quality real-world evidence powered by YiduCore. By significantly shortening the time for the drug approval, we made a difference to patients who need the drug for their treatment.

As of 31 March 2021, we have approximately 400 employees in our Life Sciences Solutions segment with an average of 7.8 years of relevant experience in clinical research, data science, epidemiology, biostatistics, medical informatics, artificial intelligence and others.

During the Reporting Period, the number of our customers grew rapidly, among which, the number of active customers increased from 74 as of 31 March 2020 to 108 as of 31 March 2021. Our core pharmaceutical, biotech and medical device company customers increased from 55 as of 31 March 2020 to 80 as of 31 March 2021. In addition, we served 15 out of the top 20 global pharmaceutical companies by revenue in 2020. While expanding the number of customers, we also actively enrich our solutions to enhance customer stickiness and expand the wallet share of our customers. During the Reporting Period, the overall revenue retention of all our customers was 124%, while the revenue retention for our core pharmaceutical, biotech and medical device company customers was 141%. For the fiscal year ended 31 March 2021, the Life Sciences Solutions segment recorded a total revenue of RMB184 million, representing a year-on-year increase of 79.3%, and a gross profit margin of 21.7%, representing an increase of 8.3 percentage points.

Health Management Platform and Solutions

Health Management Platform and Solutions segment is our latest segment with huge growth potential.

We provide one-stop research-driven personal health management services under the brand of “CausaHealth”. By leveraging the medical knowledge accumulated in YiduCore and our capabilities to process and analyze multi-source and multi-type data efficiently and accurately, we are able to offer coordinated care that integrates treatment in traditional care settings with out-of-hospital care and lifestyle interventions that include nutrition, mental and physical activities, personalized to each individual. We empower doctors and other care providers on our platform to be more effective by providing them relevant insights and knowledge upon proper authorization, and convenient patient management tools. Research doctors can also use our platform and tools to conduct their research and follow-up with and manage their research participants more efficiently. This is our approach to achieving “patient-centered, outcome-oriented” care.

We recently launched the “CausaHealth Diabetes Program”. Jointly developed with several reputable endocrinologists in China, this program aims to improve diabetes conditions while reducing medication reliance for pre-diabetes (impaired glucose tolerance) and type II diabetes patients. Our in-house team works closely with the external experts and accumulates the knowledge and experience gained in the form of guidelines and models for future replicability. We plan to cover additional chronic diseases over time and explore additional channels to offer our programs.

Within this segment, we also offer insurance technology and disease management solutions under the brand of “CausaCloud” to insurance companies and agencies. Leveraging our deep insights and knowledge powered by YiduCore, our solutions are aimed at facilitating insurance companies and agencies to develop innovative insurance products, enabling faster and more accurate insurance underwriting and expediting claim processing.

As of 31 March 2021, the number of paying users who made at least one purchase on our health management platform exceeded five million.

Business outlook

To achieve our mission to make value-based precision healthcare accessible to everyone and further solidify our leadership, we intend to (i) continue to strengthen our data processing capabilities, (ii) deepen and broaden our knowledge and use cases by disease areas, (iii) expand customer base and deepen relationship with existing customers, (iv) explore opportunities in international markets and (v) further enrich our ecosystem through strategic partnerships, investments and acquisitions.

In respect of Big Data Platform and Solutions, we have a two-dimensional strategy. As part of our horizontal strategy, we will continue to enhance YiduCore by expanding our network of core hospitals and regions, and by enriching the use-case scenarios of existing customers. As part of our vertical strategy, we will continue to optimise our disease graphs to generate research-grade insights and knowledge for each disease area.

In respect of Life Sciences Solutions, we will drive the development of our analytics-driven clinical development, real-world evidence (RWE)-based research and commercialization solutions in line with evolving regulations and policies. Based on YiduCore, which has paved a solid foundation for the generation of high-quality real-world evidence in China, we aim to facilitate the transformation of real-world study (RWS) from “good-to-have” to “must-have”.

In respect of Health Management Platform and Solutions, we will continue to leverage our disease knowledge and expert network to enlarge our scope of chronic disease management to benefit more people with data-and outcome-driven “green healthcare”.

Looking forward, we believe we are well positioned to serve as a leading player in the rapidly evolving healthcare technology industry. We will continue to introduce innovative data-analytics driven applications and solutions to capture the massive market opportunities in China and beyond, and to enable stakeholders in the ecosystem to derive more value from our data intelligence infrastructure.

MANAGEMENT DISCUSSION AND ANALYSIS

Revenues

Our revenues increased by 55.4% from RMB558.1 million in the fiscal year ended 31 March 2020 to RMB867.0 million in the fiscal year ended 31 March 2021. The increase was primarily attributable to the increase in revenue realized from Life Sciences Solutions and Health Management Platform and Solutions segments.

Big Data Platform and Solutions. Revenue from Big Data Platform and Solutions increased by 8.1% from RMB371.9 million in the fiscal year ended 31 March 2020 to RMB401.9 million in the fiscal year ended 31 March 2021, primarily due to the increase in the number of active customers from 85 in the fiscal year ended 31 March 2020 to 95 in the fiscal year ended 31 March 2021 and increased revenue from overseas markets.

Life Sciences Solutions. Revenue from Life Sciences Solutions increased by 79.3% from RMB102.8 million in the fiscal year ended 31 March 2020 to RMB184.3 million in the fiscal year ended 31 March 2021, primarily due to the increase in the number of active customers from 74 in the fiscal year ended 31 March 2020 to 108 in the fiscal year ended 31 March 2021, and improved average revenue per active customer during the same periods.

Health Management Platform and Solutions. Revenue from Health Management Platform and Solutions increased by 353.1% from RMB55.6 million in the fiscal year ended 31 March 2020 to RMB252.1 million in the fiscal year ended 31 March 2021, primarily due to the revenue generated from platform solutions.

Others. Other revenue increased by 3.3% from RMB27.8 million in the fiscal year ended 31 March 2020 to RMB28.7 million in the fiscal year ended 31 March 2021.

Cost of Sales and Services

Our cost of sales and services increased by 31.1% from to RMB411.5 million in the fiscal year ended 31 March 2020 to RMB539.7 million in the fiscal year ended 31 March 2021. Share-based compensation expenses included in cost of sales and services were RMB10.6 million and RMB7.3 million in the fiscal years ended 31 March 2020 and 2021, respectively. The increase was caused by business expansion in Life Sciences Solutions and Health Management Platform and Solutions, partially offset by the decrease in cost of sales and services from Big Data Platform and Solutions segment in the fiscal year ended 31 March 2021.

Big Data Platform and Solutions. Cost of sales and services from Big Data Platform and Solutions segment decreased by 10.9% from RMB247.5 million in the fiscal year ended 31 March 2020 to RMB220.6 million in the fiscal year ended 31 March 2021, primarily due to (i) the decreased cost of sales from RMB158.9 million to RMB96.7 million; (ii) increase in employee benefits and expenses of employees engaging in the Big Data Platform and Solutions business from RMB67.0 million to RMB74.5 million, which included share-based compensation expenses of RMB3.3 million and RMB2.7 million in respective years; and (iii) increase in outsourcing service fee from RMB15.8 million to RMB43.5 million.

Life Sciences Solutions. Cost of sales and services from Life Sciences Solutions increased by 62.1% from RMB89.0 million in the fiscal year ended 31 March 2020 to RMB144.3 million in the fiscal year ended 31 March 2021, primarily due to increase in (i) employee benefits and expenses of employees engaging in the Life Sciences Solutions business from RMB57.0 million to RMB65.9 million, which included share-based compensation expenses of RMB7.1 million and RMB3.1 million in respective years; and (ii) increase in outsourcing service fee from RMB25.9 million to RMB71.6 million.

Health Management Platform and Solutions. Cost of sales and services from the Health Management Platform and Solutions segment increased by 211.8% from RMB47.9 million in the fiscal year ended 31 March 2020 to RMB149.5 million for the fiscal year ended 31 March 2021, primarily due to the increase in (i) cost of hardware and pharmaceutical products from RMB16.9 million to RMB81.9 million; and (ii) employee benefits and expenses of employees engaging in the

Health Management Platform and Solutions business from RMB5.7 million to RMB31.6 million, which included share-based compensation expenses of RMB178,000 and RMB1.5 million in respective years.

Others. Other cost of sales and services decreased by 6.3% from RMB27.1 million in the fiscal year ended 31 March 2020 to RMB25.4 million in the fiscal year ended 31 March 2021.

Gross profit and gross margin

As a result of the foregoing, our overall gross profit in the fiscal years ended 31 March 2020 and 31 March 2021 were RMB146.5 million and RMB327.3 million, respectively, and our overall gross margin was 26.3% and 37.8%, respectively. The increase of our overall gross margin was a result of margin expansion for each of our business segment.

Big Data Platform and Solutions. Our gross margin in Big Data Platform and Solutions increased from 33.4% in the fiscal year ended 31 March 2020 to 45.1% in the fiscal year ended 31 March 2021, primarily attributable to revenue mix shift from lower margin implementation revenue to higher margin solution and services revenue. Share-based compensation expenses had minimal impact on our gross margin in this business segment in the fiscal years ended 31 March 2020 and 2021.

Life Sciences Solutions. Our gross margin in Life Sciences Solutions increased from 13.4% in the fiscal year ended 31 March 2020 to 21.7% in the fiscal year ended 31 March 2021, primarily due to increased pricing power and higher utilization.

Health Management Platform and Solutions. Our gross margin in Health Management Platform and Solutions increased from 13.9% in the fiscal year ended 31 March 2020 to 40.7% in the fiscal year ended 31 March 2021, primarily driven by revenue stream shift to platform solutions.

Selling and marketing expenses

Our selling and marketing expenses increased by 40.0% from RMB170.7 million in the fiscal year ended 31 March 2020 to RMB239.0 million in the fiscal year ended 31 March 2021, primarily attributable to increase in (i) employee benefits and expenses of employees engaging in selling and marketing function from RMB133.7 million to RMB159.9 million, which included sharebased compensation of RMB28.8 million and RMB14.6 million in respective years; (ii) consulting and other professional fee from RMB1.8 million to RMB14.1 million; and (iii) promotion and advertising expenses targeting to promote brand awareness from RMB13.4 million to RMB39.7 million.

Selling and marketing expenses as a percentage of revenue declined from 30.6% in the fiscal year ended 31 March 2020 to 27.6% in the fiscal year ended 31 March 2021 as we grew our revenue at a much faster rate.

Administrative expenses

Our administrative expenses remained relatively flat at RMB309.9 million in the fiscal year ended 31 March 2021 compared with RMB302.0 million in the fiscal year ended 31 March 2020. The increase in one-off listing expenses was offset by the decrease in shared-based compensation (warrants) during the year.

As a percentage of revenue, administrative expenses declined from 54.1% in the fiscal year ended 31 March 2020 to 35.7% in the fiscal year ended 31 March 2020 as our revenue grew at a much faster rate.

Research and development expenses

Our research and development expenses decreased from RMB263.7 million in the fiscal year ended 31 March 2020 to RMB221.9 million in the fiscal year ended 31 March 2021. The decrease in research and development expenses was primarily due to decreases in (i) employee benefit and expenses for employees engaging in research and development function from RMB217.9 million to RMB183.9 million, including share-based compensation of RMB36.8 million and RMB18.3 million in respective years, as we shifted our engineering teams to work on our epidemic response solutions for our regional customers due to urgency of the matter and recorded the related expenses as cost of sales and services associated with the provision of those solutions; and (ii) depreciation of property, plant and equipment from RMB14.8 million to RMB10.3 million. Research and development expenses as a percentage of revenue declined from 47.2% in the fiscal year ended 31 March 2020 to 25.6% in the fiscal year ended 31 March 2021 as our revenue significantly outgrew our research and development expenses.

Operating loss

As a result of the foregoing, operating loss of the Group decreased from RMB597.4 million in the fiscal year ended 31 March 2020 to RMB453.3 million in the fiscal year ended 31 March 2021.

Fair value change of convertible redeemable preferred shares

Our fair value change of convertible redeemable preferred shares was a loss of RMB821.6 million in the fiscal year ended 31 March 2020 and a loss of RMB3,245.8 million in the fiscal year ended 31 March 2021, primarily due to change in fair value of equity interest of the Company.

Fair value change of convertible notes

Our fair value change of convertible notes was a loss of RMB102.4 million in the fiscal year ended 31 March 2020 and a loss of RMB24.2 million in the fiscal year ended 31 March 2021, primarily due to change in fair value of conversion right of the convertible notes.

Taxation

Income tax expenses of the Group increased from RMB533,000 in the fiscal year ended 31 March 2020 to RMB1,417,000 in fiscal year ended 31 March 2021.

Loss for the year

As a result of the foregoing, our loss for the year increased by 144.5% from RMB1,511.4 million in the fiscal year ended 31 March 2020 to RMB3,694.8 million in the fiscal year ended 31 March 2021, primarily due to change in fair value of the convertible notes, convertible redeemable preferred shares and warrants.

Non-IFRS Measure — Adjusted Net Loss

To supplement our consolidated financial statements which are presented in accordance with International Financial Reporting Standards (“ IFRS ”), we also use adjusted net loss (defined below) as an additional financial measure, which is not required by, or presented in accordance with IFRS. We believe that the presentation of this non-IFRS measure facilitates comparisons of operating performance from period to period and company to company by eliminating potential impact of items that our management does not consider to be indicative of our operating performance such as certain non-cash items and certain impact of financing transactions. We believe that this measure provides useful information to investors in understanding and evaluating the Group’s consolidated results of operations in the same manner as they help our management. However, the use of nonIFRS measure has limitations as an analytical tool, and you should not consider them in isolation from, or as a substitute for analysis of, our results of operations or financial conditions as reported under IFRS. In addition, the non-IFRS financial measure may be defined differently from similar terms used by other companies.

We define “adjusted net loss” as loss for the year and adding back (i) fair value changes of convertible redeemable preferred shares, (ii) fair value changes of convertible notes, (iii) fair value changes of warrants, (iv) share-based compensation expenses and (v) listing expenses.

For the fiscal years ended 31 March 2020 and 2021, our adjusted net loss was RMB322.3 million and RMB275.1 million, respectively.

The following table set forth the reconciliations of our non-IFRS financial measure for the fiscal years ended 31 March 2020 and 2021 to the nearest measure prepared in accordance with IFRS.

						Year ended 31 March	Year ended 31 March
						2021	2020
						(RMB’000)
Loss for the year						(3,694,817)	(1,511,428)
Add:
Fair value changes of convertible redeemable preferred shares					(1)	3,245,785	821,584
Fair value changes of convertible notes			(2)			24,192	102,356
Fair value changes of warrants	(3)					(34,398)	(9,063)
Share-based compensation expenses		(4)				134,655	272,947
Listing expenses (5)						49,504	1,260
Non-IFRS adjusted net loss						(275,079)	(322,344)
Non-IFRS adjusted net loss margin (%)				(6)		(31.7)	(57.8)

(1) The non-IFRS adjustments are non-recurring in nature. Fair value changes of convertible redeemable preferred shares represent the gains or losses arising from change in fair value of our issued Series A, A-1, A-2, B and C convertible redeemable preferred shares, which was recognized as a financial liability at fair value change through profit or loss. Such changes are non-cash in nature and are not directly related to our operating activities.
(2) Fair value changes of convertible notes represent the gains or losses arising from change in fair value of our issued convertible notes, which was recognized as a financial liability at fair value change through profit or loss. Such changes are non-cash in nature and are not directly related to our operating activities.
(3) Fair value changes of warrants represent the gains or losses arising from change in fair value of the warrants we issued to our investors, which was recognized at fair value change through profit or loss. Such changes are non-cash in nature and are not directly related to our operating activities.
(4) Share-based compensation expenses relate to the share awards we offered to our employees, directors and consultants under the Share Incentive Plans, which are primarily non-cash in nature and commonly not included in similar non-IFRS measures adopted by other companies in our industry.
(5) Listing expenses are non-recurring items in nature and commonly not included in similar non-IFRS financial measures.
(6) Represents non-IFRS adjusted net loss divided by the total revenue for the period indicated.

Liquidity and capital resource

During the fiscal year ended 31 March 2021, we had funded our cash requirements principally from capital contribution from shareholders and financing through issuance and sales of convertible redeemable preferred shares in private placement transactions, as well as the proceeds of the Global Offering. We had cash and cash equivalents, term deposits, restricted bank balance and deposits of RMB724.7 million and RMB4,605.6 million as of 31 March 2020 and 2021, respectively.

Significant Investments

The Group did not make or hold any significant investments (including any investment in an investee company with a value of 5 per cent. or more of the Company’s total assets as at 31 March 2021) during the fiscal year ended 31 March 2021.

Material acquisitions and disposals

The Group did not have any material acquisitions or disposals of subsidiaries, consolidated affiliated entities or associated companies for the fiscal year ended 31 March 2021.

Pledge of assets

As at 31 March 2021, the Group has no material pledge of assets.

Future plans for material investments or capital asset

As at 31 March 2021, the Group did not have detailed future plans for material investments or capital assets.

Gearing ratio

The Group monitors capital on basis of the gearing ratio, which is calculated as net debt divided by deficits on total equity. Net debt is calculated as total liabilities which are considered as borrowings less cash and cash equivalents. As of 31 March 2021, the Group has a net cash position and the gearing ratio was not applicable, as compared with 102% as of 31 March 2020.

Foreign exchange exposure

During the fiscal year ended 31 March 2021, the Group mainly operated in China with most of the transactions settled in RMB. The functional currency of our Company and the subsidiaries and the consolidated affiliated entities that operate in China are U.S. dollar and RMB, respectively. Our management considers that the business is not exposed to any significant foreign exchange risk as there are no significant financial assets or liabilities denominated in the currencies other than the respective functional currencies of our group entities. As at 31 March 2021, we had currency translation gain of RMB573.0 million, as compared with currency translation loss of RMB154.8 million as at 31 March 2020. We did not hedge against any fluctuation in foreign currency during the fiscal years ended 31 March 2020 and 2021.

Contingent liabilities

As at 31 March 2021, we did not have any material contingent liabilities (as at 31 March 2020: nil).

Capital commitment

As at 31 March 2021, capital commitment of the Group was RMB3,183,000 (as at 31 March 2020: RMB455,000), mainly for the purchase of equipment.

Employees and remuneration

As at 31 March 2021, the Group had a total of 1,201 employees, 834 employees were based in Beijing, 146 employees were based in Shanghai and 221 employees were based in other offices in China and overseas. The following table sets forth the total number of employees by function as at 31 March 2021:

Function Product Development and Technology Medical Function Sales and Marketing General and Administrative Total	Number of employees 650 253 115 183
	1,201

Our people are our most valued assets. We are able to continue to attract the best talents across multiple domains due to their faith in the potential of YiduCore to transform healthcare. As of 31 March 2021, about 47% of our employees have clinical research experiences and medical background, about 38% have AI and technology experiences and background, with a year-on-year increase of 33.1% and 17.0%, respectively.

The total remuneration cost incurred by the Group for the fiscal year ended 31 March 2021 was RMB694.5 million, as compared to RMB679.3 million for the fiscal year ended 31 March 2020.

The Company also has adopted a post-IPO share award scheme and a post-IPO share option scheme.

Subsequent Event

As at the date of this announcement, the Group has no significant events occurred after the Reporting Period which require additional disclosures or adjustments.

CORPORATE GOVERNANCE AND OTHER INFORMATION

The Company was incorporated in the Cayman Islands on 9 December 2014 as an exempted company with limited liability, and the shares of the Company were listed on the Main Board of the Stock Exchange on 15 January 2021.

The Board is committed to achieving high corporate governance standards. The Board believes that high corporate governance standards are essential in providing a framework for the Group to safeguard the interests of shareholders and to enhance corporate value and accountability.

Compliance with the Code on Corporate Governance Practices

For the fiscal year ended 31 March 2021, the Company has complied with the Corporate Governance Code set out in Appendix 14 to the Listing Rules (the “ Corporate Governance Code ”), save for the following deviations.

Code provision A.1.1 of the Corporate Governance Code provides that Board meetings should be held at least four times a year at approximately quarterly intervals with active participation of the majority of the Directors, either in person or through electronic means of communication. As the Company was only listed on the Stock Exchange on 15 January 2021, only one Board meeting was held during the period from the Listing Date to 31 March 2021. The Company expects to continue to convene at least four regular meetings in each fiscal year at approximately quarterly intervals in accordance with code provision A.1.1 of the Corporate Governance Code.

Code provision A.2.1 of the Corporate Governance Code recommends, but does not require, that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Ms. Gong Yingying (“ Ms. Gong ”) performs both the roles of the Chairlady of the Board and the chief executive officer of the Company. Ms. Gong is the founder of the Group and has extensive experience in the business operations and management of the Group. The Board believes that vesting the roles of both Chairlady and chief executive officer in Ms. Gong has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. The Board considers that the balance of power and authority for the present arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively. The Board will continue to review and consider splitting the roles of chairperson of the Board and the chief executive officer of the Company if and when it is appropriate taking into account the circumstances of the Group as a whole.

Code provision E.1.5 of the Corporate Governance Code provides that the issuer should have a policy on payment of dividends and should disclose it in the annual report. As the Company intends to retain our available funds and earnings to fund the development and growth of our business, the performance of which will continue to be impacted by the relevant industry’s and economic outlook in the foreseeable future, the Board is of the opinion that it is not appropriate to adopt a dividend policy at this stage. The Board will review the Company’s status periodically and consider to adopt a dividend policy if and when appropriate.

Compliance with the Model Code for Securities Transactions by Directors

The shares of the Company were only listed on the Stock Exchange on 15 January 2021, since which time the Model Code for Securities Transactions by Directors of Listed Issuers (the “ Model Code ”) as set out in Appendix 10 to the Listing Rules has been applicable to the Company.

Specific enquiry has been made of all the Directors and the relevant employees and they have confirmed that they have complied with the Model Code since the Listing Date up to the date of this announcement.

Audit committee

The Group has established an audit committee comprising three members, being Dr. Ma WeiYing, Ms. Pan Rongrong and Prof. Zhang Linqi, with Ms. Pan Rongrong (being the Company’s independent non-executive Director with the appropriate professional qualifications) as chair of the audit committee.

The audit committee has reviewed the audited consolidated financial statements of the Group for the fiscal year ended 31 March 2021 and has met with the independent auditor, PricewaterhouseCoopers. The audit committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and internal control and financial reporting matters with senior management members of the Company.

Auditors scope of work

The figures in respect of the Group’s consolidated statement of comprehensive income, consolidated balance sheet and the related notes thereto for the fiscal year ended 31 March 2021 contained in this announcement have been agreed by the Company’s auditor, PricewaterhouseCoopers (the “ Auditor ”), to the amounts set out in the audited consolidated financial statements of the Group for the fiscal year ended 31 March 2021. The work performed by the Auditor in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by the Auditor on this announcement.

OTHER INFORMATION

Purchase, sale or redemption of the Company’s listed securities

Other than the Global Offering, neither the Company nor any of its subsidiaries or consolidated affiliated entities purchased, sold or redeemed any of the Company’s listed securities during the Reporting Period.

Material litigation

The Company was not involved in any material litigation or arbitration during the fiscal year ended 31 March 2021. The Directors are also not aware of any material litigation or claims that are pending or threatened against the Group since the Listing Date and up to the date of this announcement.

Use of proceeds from Listing

The shares of the Company were listed on the Main Board of the Stock Exchange on 15 January 2021. The net proceeds from the Global Offering (following the full exercise of the Over-allotment Option, as defined in the prospectus of the Company dated 31 December 2020 (the “ Prospectus ”)), was approximately HK$4.6 billion (the “ Net Proceeds ”), after deducting the underwriting commissions and offering expenses paid or payable, which will be gradually utilized for the purposes as set out in the Prospectus.

approximately 35% of the Net Proceeds is expected to be used in the next 24 to 36 months for continuous effort to strengthen our core capabilities, including data processing technology and machine learning algorithms, and enhance our ability to deliver solutions responsive to our customers’ needs. Specifically, we will continue to: (i) enhance federated learning capabilities and the research and implementation of information encryption technology, conduct joint research with universities such as Tsinghua University, and conduct technical cooperation with other technology companies; (ii) expand model knowledge graphs, which differ from traditional knowledge graphs, and are a set of concepts and technologies accumulated from our long-term work that are important in healthcare big data applications; (iii) construct basic NLP technology and invest resources to train the unique models in the healthcare field, including software and hardware, and continue to improve algorithms and strengthen the ability of basic structural standardization; and (iv) develop AI capabilities that are close to our business, including automated model building and knowledge discovery that empower doctors’ scientific research capabilities, intelligent health files and patient condition labels that empower doctors’ diagnosis and treatment. We will continue to attract and retain the best minds in the fields of AI and data science, experienced professionals with deep understanding of the healthcare industry and also top talents with strong knowledge in the healthcare domain. We will continue to improve and maintain our computing power. We also plan on expanding our cooperation with the world’s leading technology companies, universities and research centers, leveraging their advanced technologies and know-hows to facilitate our innovation, further strengthen our data processing capabilities and AI technology and shorten the development cycle of our solutions.

approximately 35% of the Net Proceeds is expected to fund our business operations and further our business expansion in the next 24 to 36 months, including developing new applications and solutions for our existing and new markets and selling and marketing of such new applications and solutions in our existing or new markets. New markets that we currently plan to expand into include Southeast Asia, including Brunei and Singapore, and we plan to tap into these new markets through first providing our big data platforms and solutions to medical institutions and regulator and policy maker customers. Some of our existing applications and solutions could be upgraded into an international version, including expanding our natural language processing capabilities to cover multiple languages and customizing our health management platform and solutions to accommodate different medical systems in various countries. In lieu of feasibility studies, we plan to promote and explore these new projects on a pilot basis and talk to potential customers in small-scale business teams. We will leverage our robust customer base and continue to deepen our long-term relationship with, and increase the spending by, existing customers, such as seeking to generate recurring revenues and drive purchases of additional services and solutions.
approximately 20% of the Net Proceeds is expected to be used for further enrich our ecosystem through strategic partnerships, investments and acquisitions. To complement our organic growth strategy, we will continue to enrich our ecosystem by selectively pursuing suitable strategic partnerships, investments and acquisitions in China and the international markets we plan to expand into, such as (i) businesses that possess cutting-edge technologies such as machine learning, big data analytics and other technologies related to our business that would allow us to enhance our data intelligence infrastructure; (ii) businesses with proven monetization models in the healthcare big data solutions market that synergize with our plans to broaden our service offerings; and (iii) companies that operate healthcare apps or social communities with meaningful user bases that would allow us to attract new participants to our ecosystem. We currently intend to make investments in targets located in China or Southeast Asian countries. We may invest in digital health companies, health management service providers, health content providers and strategic ecosystem providers that can operate on our big data platform or health management platform and can enrich our offerings to our customers. Our Directors believe that there are a sufficient number of potential targets as many digital health companies, health management service providers and health content providers exist both in China or overseas.
approximately 10% of the Net Proceeds is expected to be used for working capital and general corporate purposes.

As at 31 March 2021, the Company had not utilized the Net Proceeds from the Global Offering. The Company will utilise the Net Proceeds of the Global Offering in accordance with the intended purposes as set out in the Prospectus.

Dividend

The Board does not recommend the distribution of an final dividend for the fiscal year ended 31 March 2021.

Closure of register of members

The Company’s AGM will be held on 24 August 2021, Tuesday. The register of members of the Company will be closed for the purpose of determining the identity of members who are entitled to attend the AGM from 18 August 2021, Wednesday to 24 August 2021, Tuesday, both days inclusive, during which period no transfer of shares will be registered. In order to be eligible to attend the AGM, all duly completed transfer forms accompanied by the relevant share certificates must be lodged with the Company’s share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712–1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, for registration, no later than 4:30 p.m. on 17 August 2021, Tuesday.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Revenue from contracts with customers Cost of sales and services Gross profit Selling and marketing expenses Administrative expenses Research and development expenses Net impairment losses on financial assets and contract assets Other income Other (losses)/gains — net Operating loss Finance income Finance costs Finance (costs)/income — net Share of (loss)/profit from investments in associates Fair value changes of convertible redeemable preferred shares Fair value changes of convertible notes Fair value changes of warrants Loss before income tax Income tax expense Loss for the year Loss is attributable to: Owners of the Company Non-controlling interests	As at 31 2021 *RMB’000* 867,036 (539,700) 327,336 (239,014) (309,933) (221,855) (15,578) 30,134 (24,376) (453,286) 601 (3,293) (2,692) (1,843) (3,245,785) (24,192) 34,398 (3,693,400) (1,417) (3,694,817) (3,700,287) 5,470 (3,694,817)	March 2020 RMB’000 558,083 (411,546) 146,537 (170,702) (301,990) (263,683) (22,725) 11,419 3,716 (597,428) 5,496 (4,199) 1,297 113 (821,584) (102,356) 9,063 (1,510,895) (533) (1,511,428) (1,509,878) (1,550) (1,511,428)

Other comprehensive income/(loss) Item that will not be reclassified to profit or loss: Currency translation differences Fair value changes of convertible redeemable preferred shares due to own credit risk Fair value changes of convertible notes due to own credit risk Item that will be reclassified to profit or loss: Currency translation differences Other comprehensive income/(loss) for the year, net of tax Total comprehensive loss for the year Total comprehensive loss for the year is attributable to: Owners of the Company Non-controlling interests Loss per share, basic and diluted (RMB)	As at 31 2021 *RMB’000* 470,537 (6,762) — 102,481 566,256 (3,128,561) (3,132,948) 4,387 (3,128,561) (7.24)	March 2020 RMB’000 (93,751) (9,564) 1,110 (61,097) (163,302) (1,674,730) (1,673,180) (1,550) (1,674,730) (3.74)

CONSOLIDATED BALANCE SHEET

Assets Non-current assets Property, plant and equipment Right-of-use assets Intangible assets Deferred income tax assets Investments accounted for using the equity method Financial assets at fair value through profit or loss Pledged bank deposits Restricted bank balance and deposits Total non-current assets Current assets Inventories Contract assets Trade receivables Other financial assets at amortised cost Financial assets at fair value through profit or loss Pledged bank deposits Term deposits Restricted bank balance and deposits Cash and cash equivalents Other current assets Total current assets Total assets	As at 31 2021 *RMB’000* 28,215 21,359 39,198 752 5,217 — — 5,008 99,749 31,761 51,440 365,641 27,043 20,945 1,268 3,860,723 — 739,846 51,478 5,150,145 5,249,894	March 2020 RMB’000 32,945 35,689 39,067 225 10,206 20,840 585 4,000
		143,557
		67,496 8,766 287,271 19,050 — 10,740 — 1,000 719,721 45,628
		1,159,672
		1,303,229

Equity Equity attributable to owners of the Company Share capital Treasury shares Other reserves Accumulated deficits Non-controlling interests Total equity Liabilities Non-current liabilities Convertible redeemable preferred shares Convertible notes Lease liabilities Deferred income Total non-current liabilities Current liabilities Convertible redeemable preferred shares Warrants Trade and other payables Deferred income Salary and welfare payable Contract liabilities Current income tax liabilities Lease liabilities Total current liabilities Total liabilities Total equity and total liabilities	As at 31 2021 *RMB’000* 116 (1) 12,205,187 (7,475,732) 4,729,570 22,618 4,752,188 — — 6,909 76,213 83,122 — — 176,616 10,628 184,451 21,179 2,189 19,521 414,584 497,706 5,249,894	March 2020 RMB’000 49 (1) 25,860 (3,751,406) (3,725,498) (766) (3,726,264) 1,053,173 486,392 21,494 62,279 1,623,338 2,952,075 35,426 187,086 — 122,585 93,805 234 14,944 3,406,155 5,029,493 1,303,229

NOTES TO FINANCIAL STATEMENTS

1 General information

Yidu Tech Inc. (formerly known as “ Happy Life Tech Inc. ” or “ Yidu Inc. ”) (the “ Company ”) was incorporated in the Cayman Islands on 9 December 2014 as an exempted company with limited liability under the Companies Law of the Cayman Islands (Cap. 22, Law 3 of 1961 as consolidated and revised). The address of the Company is at Suite#4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands.

The Company is an investment holding company and its subsidiaries (together, the “ Group ”) are primarily engaged in the provision of the following services: (i) big data platform and solutions, (ii) life sciences solutions, (iii) health management platform and solutions, and (iv) others in the People’s Republic of China (“ PRC ”).

This financial statements are presented in Renminbi (“ RMB ”), unless otherwise stated.

On 15 January 2021, the Company was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) and made an offering of 156,450,000 ordinary shares (excluding any ordinary shares issued pursuant to the exercise of the overallotment option) at a price of Hong Kong Dollar (“ HK$ ”) 26.3 per share. Additionally, the Company issued and allotted 23,467,500 ordinary shares on 10 February 2021 pursuant to the full exercise of the over-allotment option as disclosed in the announcement of the Company dated 7 February 2021. The gross proceeds received by the Company was approximately HK$4,731,830,250 (equivalent to approximately RMB3,942,750,000). All convertible redeemable preferred shares were converted into ordinary shares upon the completion of initial public offering (“ IPO ”) on 15 January 2021.

2 Summary of significant accounting policies

The principal accounting policies applied in the preparation of the consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of preparation

(i) Compliance with IFRS

The consolidated financial statements of the Group has been prepared in accordance with International Financial Reporting Standards (“ IFRS ”) as issued by International Accounting Standards Board (“ IASB ”).

The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4 of consolidated financial statements.

(ii) Historical cost convention

The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss, convertible redeemable preferred shares, convertible notes and warrants which are carried at fair value.

(iii) New and amended standards adopted by the Group

The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 April 2020:

Definition of Material — Amendments to IAS 1 and IAS 8
Definition of a Business — Amendments to IFRS 3
Interest Rate Benchmark Reform — Amendments to IFRS 9, IAS 39 and IFRS 7, and
Revised Conceptual Framework for Financial Reporting

The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

(iv) New standards and interpretations not yet adopted

The Group has not early applied the following new and amendments to IFRS that have been issued but are not yet effective:

	Effective for
	annual periods
	beginning on or after
Amendments to IAS 37 — Onerous contract
— Cost of Fulfilling a Contract	1 January 2022
Amendments to IAS 16 — Property, plant and equipment:
Proceeds before Intended Use	1 January 2022
Amendments to IFRS 3 — Reference to the Conceptual Framework	1 January 2022
Annual improvements to IFRS standards 2018–2020	1 January 2022
IFRS 17 — Insurance Contracts	1 January 2023
Amendments to IAS 1 — Classification of Liabilities as
Current or Non-current	1 January 2023
Amendments to IFRS 10 and IAS 28
— Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture	To be determined

The directors of the Company anticipate that the application of the above new standard, amendments and annual improvements will have no material impact on the Group’s consolidated financial statements in the foreseeable future.

3 Segment information

Disaggregation of revenue from contracts with customers

The Group’s business activities, for which discrete financial statements are available, are regularly reviewed and evaluated by the Chief Operating Decision Maker. As a result of this evaluation, the Group determined that it has operating segments as follows:

Big data platform and solutions
Life sciences solutions
Health management platform and solutions
Others

Revenue from contracts with customers Cost of sales and services Gross profit Revenue from contracts with customers Cost of sales and services Gross profit	Big data platform and solutions *RMB’000* 401,884 (220,581) 181,303 Big data platform and solutions RMB’000 371,864 (247,506) 124,358	Year ended 31 March 2021 Life sciences solutions Health management platform and solutions Others *RMB’000* *RMB’000* *RMB’000* 184,318 252,129 28,705 (144,267) (149,461) (25,391) 40,051 102,668 3,314 Year ended 31 March 2020 Life sciences solutions Health management platform and solutions Others RMB’000 RMB’000 RMB’000 102,793 55,648 27,778 (89,017) (47,937) (27,086) 13,776 7,711 692	Total *RMB’000* 867,036 (539,700) 327,336 Total RMB’000 558,083 (411,546) 146,537

The Company is domiciled in the Cayman Islands while the Group mainly operates its businesses in the PRC. For the years ended 31 March 2021 and 2020, the Group earns approximately 81% and 19%, 85% and 15% of total revenue from external customers located in the PRC and other countries, respectively. As at 31 March 2021 and 2020, substantially all of the non-current assets of the Group were located in the PRC.

Segment revenue — recognised over time — recognised at a point in time Segment revenue — gross — net	Year ended 2021 *RMB’000* 324,342 542,694 867,036 803,891 63,145 867,036	31 March 2020 RMB’000 180,189 377,894
		558,083
		544,818 13,265
		558,083

4 Expenses by nature

Expenses included in cost of sales and services, selling and marketing expenses, administrative expenses and research and development expenses are further analysed as follows:

Employee benefits expenses Cost of sales Outsourcing services fee Consulting and other professional fee Listing expenses Travelling, entertainment and general office expenses Promotion and advertising expenses Labour dispatching Depreciation of property, plant and equipment Depreciation of right-of-use assets Taxes and surcharges Amortization of intangible assets Auditors’ remuneration— Audit services Share-based compensation expenses — warrants Other expenses Total cost of sales and services, selling and marketing expenses, administrative expenses and research and development expenses	Year ended 2021 *RMB’000* 694,476 204,139 147,881 64,425 49,504 40,659 39,723 17,076 17,055 15,835 4,699 3,530 3,243 — 8,257 1,310,502	31 March 2020 RMB’000 679,341 201,074 68,407 46,519 1,260 38,903 13,359 7,741 19,217 15,103 3,519 2,437 1,270 43,461 6,310
		1,147,921

5 Income tax expense

Current tax Deferred income tax Income tax expense	Year ended 2021 *RMB’000* 1,944 (527) 1,417	31 March 2020 RMB’000 472 61
		533

6 Loss per share

(a) Basic loss per share for the years ended 31 March 2021 and 2020 are calculated by dividing the loss attributable to the Company’s owners by the weighted average number of ordinary shares in issue during the years.

The calculation of loss per share is based on the following:

Loss attributable to owners of the Company Weighted average number of ordinary shares in issue_(’000) Basic loss per share(RMB yuan)_ Trade receivables Trade receivables from contracts with customers — Third parties — Related parties Less: allowance for impairment of trade receivables	Year ended 2021 *RMB’000* (3,700,287) 510,770 (7.24) As at 31 2021 *RMB’000* 402,183 7,306 (43,848) 365,641	31 March 2020 RMB’000 (1,509,878) 403,889 (3.74) March 2020 RMB’000 310,713 8,676 (32,118) 287,271

7 Trade receivables

(a) The credit terms given to trade customers are determined on an individual basis with normal credit period mainly around 180 days. The aging analysis of the trade receivables based on invoice date is as follows:

— Up to 3 months — 3 to 6 months — 6 months to 1 year — 1–2 years — Over 2 years Less: allowance for impairment of trade receivables Total (b) Fair values of trade receivables	As at 31 2021 *RMB’000* 262,524 23,163 46,712 60,183 16,907 409,489 (43,848) 365,641	March 2020 RMB’000 91,673 189,550 10,405 15,784 11,977 319,389 (32,118) 287,271

Due to the short-term nature of the current receivables, their carrying amounts are considered to be approximately the same as their fair values.

8 Trade and other payables

Trade payables Tax payables Other payables: — Payables for repurchase of options — Payables for professional service fee — Amounts due to related parties — Others	As at 31 2021 *RMB’000* 85,875 8,012 35,253 37,129 66 10,281 176,616	March 2020 RMB’000 115,146 8,998 37,870 10,743 8,500 5,829
		187,086

(i) The carrying amounts of trade and other payables are considered to be approximated to their fair values, due to their short-term nature.

(ii) Aging analysis of the trade payables based on invoice date at the end of each reporting period are as follows:

— Up to 3 months — 3 to 6 months — 6 months to 1 year — 1 to 2 years	As at 31 2021 *RMB’000* 56,222 16,120 3,395 10,138 85,875	March 2020 RMB’000 36,604 68,731 8,805 1,006
		115,146

9 Dividend

No dividend has been paid or declared by the Company or the companies now comprising the Group during the years ended 31 March 2021 and 2020.

PUBLICATION OF THE ANNUAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT

This annual results announcement is published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.yidutechgroup.com). The annual report of the Group for the fiscal year ended 31 March 2021 will be dispatched to the Company’s shareholders and made available for review on the same websites in due course.

By order of the Board Yidu Tech Inc. Gong Yingying Chairlady, Executive Director and Chief Executive Officer

Hong Kong, 25 June 2021

As at the date of this announcement, the executive Directors are Ms. Gong Yingying, Ms. Yang Jing, Dr. Yan Jun and Ms. Zhang Shi; the non-executive Directors are Ms. Gao Yongmei and Mr. Zeng Ming; and the independent non-executive Directors are Dr. Ma Wei-Ying, Ms. Pan Rongrong and Prof. Zhang Linqi.