\nMOGU Inc. (NYSE: MOGU) (\u201cMOGU\u201d or the “Company”), a leading KOL-driven online fashion and lifestyle destination in China, today announced its unaudited financial results for the second quarter of fiscal year 2021 ended September 30, 2020.\n<\/p>\n
\n“In the post-COVID environment, we were glad to see our KOLs have leveraged strong supply chain in China and delivered another strong quarter for MOGU Live.” said Chen Qi, Chairman and Chief Executive Officer of MOGU. “We believe that MOGU Live is our best response to the structural change in the fashion supply chain landscape in China. Manufacturers’ best products and rapid manufacturing capabilities can be digitalized and presented to our consumers in the most immersive and interactive fashion. Looking forward, we will remain dedicated to providing the best fashion shopping experience to our consumers.”\n<\/p>\n
\n“We continue to invest in user engagement and conversion and our active MOGU live buyers increased by 20.7% year over year.” added Mr. Raymond Huang, Chief Strategy Officer. “Our live video broadcasting business is our key growth driver and it has delivered 42.2% growth year over year. MOGU live accounted for 74.4% of our total GMV in the second quarter of fiscal year 2021.”\n<\/p>\n
Second Quarter Fiscal Year 2021 Highlights<\/b><\/p>\n Second quarter Fiscal Year 2021 Financial Results<\/b><\/p>\n Total revenues<\/b> decreased by 43.1% to RMB112.5 million (US$16.6 million) from RMB197.9 million during the same quarter of fiscal year 2020.\n<\/p>\n Cost of revenues<\/i> decreased by 40.1% to RMB45.5 million (US$6.7 million) from RMB76.0 million in the same period of fiscal year 2020, which was primarily due to a decrease in the costs associated with decreased online direct sales and IT related expenses.\n<\/p>\n Sales and marketing expenses<\/i>decreased by 73.5% to RMB47.9 million (US$7.1 million) from RMB180.8 million in the same period of fiscal year 2020, primarily due to optimized spending on user acquisition activities and user incentive programs resulting from the restructuring of the Company\u2019s business and also due to measures we conducted to counter the adverse impact of COVID-19.\n<\/p>\n Research and development expenses <\/i>decreased by 45.0% to RMB27.7 million (US$4.1 million) from RMB50.3 million in the same period of fiscal year 2020, primarily as a result of headcount optimization we conducted to counter the adverse impact of COVID-19.\n<\/p>\n General and administrative expenses<\/i> decreased by 37.4% to RMB24.7 million (US$3.6 million) from RMB39.5 million in the same period of fiscal year 2020, primarily due to a decrease of payroll expenses.\n<\/p>\n Amortization of intangible assets<\/i> decreased by 1.4% to RMB75.8 million (US$11.2 million) from RMB76.8 million in the same period of fiscal year 2020.\n<\/p>\n Loss from operations<\/b> was RMB100.5 million (US$14.8 million), compared to loss from operations of RMB223.6 million in the same period of fiscal year 2020.\n<\/p>\n Net loss attributable to MOGU Inc.\u2019s ordinary shareholders <\/b>was RMB93.7 million (US$13.8 million), compared to a net loss attributable to MOGU Inc\u2019s ordinary shareholders of RMB326.6 million in the same period of fiscal year 2020.\n<\/p>\n Adjusted EBITDA4<\/sup><\/b>was negative RMB15.2 million (US$2.2 million), compared to negative RMB124.6 million in the same period of fiscal year 2020.\n<\/p>\n Adjusted net loss5<\/sup><\/b> was RMB11.3 million (US$1.7 million), compared to adjusted net loss of RMB196.9 million in the same period of fiscal year 2020.\n<\/p>\n Basic and diluted loss per ADS <\/b>were RMB 0.87 (US$ 0.13) and RMB 0.87 (US$ 0.13), respectively, compared with RMB3.0 and RMB3.0, respectively, in the same period of fiscal year 2020. One ADS represents 25 Class A ordinary shares.\n<\/p>\n Cash and cash equivalents, Restricted cash and Short-term investments <\/b>were RMB802.5 million (US$118.2 million) as of September 30, 2020, compared with RMB1,095.4 million as of March 31, 2020.\n<\/p>\n Subsequent event<\/b><\/p>\n \nIn October 2020, one of the Company’s investee repurchased a majority portion of the Company\u2019s investment in the investee for a total cash consideration of approximately US$16.0 million (equivalent to RMB107.1million), of which US$14.4 million was received in October 2020. As a result, a gain from the investment will be recognized in the quarter ended December 31, 2020.\n<\/p>\n Conference Call<\/b><\/p>\n \nMOGU’s management will host an earnings conference call at 6:30 AM U.S. Eastern Time on Monday, November 30, 2020 (7:30 PM Beijing\/Hong Kong Time on the same day).\n<\/p>\n \nDial-in numbers for the live conference call are as follows:\n<\/p>\n \nInternational:\n<\/p>\n<\/td>\n \n+1 647 689 5649\n<\/p>\n<\/td>\n<\/tr>\n \nMainland China, North:\n<\/p>\n<\/td>\n \n+86 108 007 141 191\n<\/p>\n<\/td>\n<\/tr>\n \nMainland China, South:\n<\/p>\n<\/td>\n \n+86 108 001 401 195\n<\/p>\n<\/td>\n<\/tr>\n \nUnited States:\n<\/p>\n<\/td>\n \n+1 877 824 0239\n<\/p>\n<\/td>\n<\/tr>\n \nHong Kong:\n<\/p>\n<\/td>\n \n+852 800 901 563\n<\/p>\n<\/td>\n<\/tr>\n \nPasscode:\n<\/p>\n<\/td>\n \nMogu\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nA telephone replay of the call will be available after the conclusion of the conference call until 11:59 PM ET on December 7, 2020.\n<\/p>\n \nDial-in numbers for the replay are as follows:\n<\/p>\n \nInternational:\n<\/p>\n<\/td>\n \n+1 416 621 4642\n<\/p>\n<\/td>\n<\/tr>\n \nUnited States:\n<\/p>\n<\/td>\n \n+1 800 585 8367\n<\/p>\n<\/td>\n<\/tr>\n \nPasscode:\n<\/p>\n<\/td>\n \n3347189\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nA live and archived webcast of the conference call will be available on the Investor Relations section of MOGU\u2019s website at http:\/\/ir.mogu-inc.com.\n<\/p>\n Use of Non-GAAP Financial Measures<\/b><\/p>\n \nIn evaluating the business, the Company considers and uses non\u00adGAAP measures, such as Adjusted EBITDA and Adjusted net profit\/(loss) as supplemental measures to review and assess operating performance. The presentation of these non\u00adGAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d). The Company defines Adjusted EBITDA as net loss before interest income, loss from investments, net, income tax benefits, share of results of equity investee, share-based compensation expenses, amortization of intangible assets, and depreciation of property and equipment. The Company defines Adjusted net profit\/(loss) as net loss excluding loss from investments, net, share-based compensation expenses, amortization of intangible assets, and adjustments for tax effects. Beginning from the second quarter of fiscal year 2020, we combined each of (i) investment gain\/(loss), (ii) gain on deconsolidation of a subsidiary and (iii) gain from investment disposals, into loss from investments. The related financial statements prior to July 1, 2019 have been recast to reflect this change. See \u201cUnaudited Reconciliations of GAAP and Non\u00adGAAP Results\u201d at the end of this press release.\n<\/p>\n \nThe Company presents these non\u00adGAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non\u00adGAAP financial measures help identify underlying trends in its business by excluding certain expenses, gain\/loss and other items that are not expected to result in future cash payments or that are non\u00adrecurring in nature or may not be indicative of the Company\u2019s core operating results and business outlook. The Company also believes that the non\u00adGAAP financial measures could provide further information about the Company\u2019s results of operations, enhance the overall understanding of the Company\u2019s past performance and future prospects.\n<\/p>\n \nThe non\u00adGAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non\u00adGAAP financial measures have limitations as analytical tools. The Company\u2019s non\u00adGAAP financial measures do not reflect all items of income and expense that affect the Company\u2019s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non\u00adGAAP measures may differ from the non\u00adGAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non\u00adGAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company\u2019s financial information in its entirety and not rely on a single financial measure.\n<\/p>\n \nFor more information on the non\u00adGAAP financial measures, please see the table captioned \u201cUnaudited Reconciliations of GAAP and Non\u00adGAAP Results\u201d set forth at the end of this press release.\n<\/p>\n Safe Harbor Statement<\/b><\/p>\n \nThis announcement contains forward-looking statements. These statements are made under the \u201csafe harbor\u201d provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as \u201cwill,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201caims,\u201d \u201cfuture,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cconfident,\u201d \u201cpotential,\u201d \u201ccontinue\u201d or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as MOGU\u2019s strategic and operational plans, contain forward-looking statements. MOGU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the \u201cSEC\u201d), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about MOGU\u2019s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MOGU\u2019s growth strategies; the risk that COVID-19 or other health risks in China or globally could adversely affect its operations or financial results; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China\u2019s e\u00adcommerce market; changes in its revenues and certain cost or expense items; the expected growth of China\u2019s e\u00adcommerce market; PRC governmental policies and regulations relating to MOGU\u2019s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in MOGU\u2019s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and MOGU undertakes no obligation to update any forward-looking statement, except as required under applicable law.\n<\/p>\n About MOGU Inc.<\/b><\/p>\n \nMOGU Inc. (NYSE: MOGU) is a leading KOL-driven online fashion and lifestyle destination in China. MOGU provides people with a more accessible and enjoyable shopping experience for everyday fashion, particularly as they increasingly live their lives online. By connecting merchants, KOLs and users together, MOGU\u2019s platform serves as a valuable marketing channel for merchants, a powerful incubator for KOLs, and a vibrant and dynamic community for people to discover and share the latest fashion trends with others, where users can enjoy a truly comprehensive online shopping experience.\n<\/p>\n \n\u00a0\n<\/p>\n MOGU INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Unaudited Interim Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n (All amounts in thousands, except for share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n As of March 31,<\/b><\/p>\n<\/td>\n As of September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2020<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n RMB<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n Current assets:<\/b><\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n856,567\n<\/p>\n<\/td>\n \n571,695\n<\/p>\n<\/td>\n \n84,202\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash\n<\/p>\n<\/td>\n \n807\n<\/p>\n<\/td>\n \n807\n<\/p>\n<\/td>\n \n118\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term investments\n<\/p>\n<\/td>\n \n238,000\n<\/p>\n<\/td>\n \n230,000\n<\/p>\n<\/td>\n \n33,875\n<\/p>\n<\/td>\n<\/tr>\n \nInventories, net\n<\/p>\n<\/td>\n \n2,926\n<\/p>\n<\/td>\n \n1,975\n<\/p>\n<\/td>\n \n291\n<\/p>\n<\/td>\n<\/tr>\n \nLoan receivables, net\n<\/p>\n<\/td>\n \n113,111\n<\/p>\n<\/td>\n \n112,985\n<\/p>\n<\/td>\n \n16,641\n<\/p>\n<\/td>\n<\/tr>\n \nPrepayments and other current assets\n<\/p>\n<\/td>\n \n99,108\n<\/p>\n<\/td>\n \n82,299\n<\/p>\n<\/td>\n \n12,122\n<\/p>\n<\/td>\n<\/tr>\n \nAmounts due from related parties\n<\/p>\n<\/td>\n \n57\n<\/p>\n<\/td>\n \n36\n<\/p>\n<\/td>\n \n5\n<\/p>\n<\/td>\n<\/tr>\n Total current assets<\/b><\/p>\n<\/td>\n 1,310,576<\/b><\/p>\n<\/td>\n 999,797 <\/b><\/p>\n<\/td>\n 147,254 <\/b><\/p>\n<\/td>\n<\/tr>\n Non-current assets:<\/b><\/p>\n<\/td>\n \nProperty, equipment and software, net\n<\/p>\n<\/td>\n \n14,109\n<\/p>\n<\/td>\n \n13,794\n<\/p>\n<\/td>\n \n2,032\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net\n<\/p>\n<\/td>\n \n813,011\n<\/p>\n<\/td>\n \n642,024\n<\/p>\n<\/td>\n \n94,560\n<\/p>\n<\/td>\n<\/tr>\n \nGoodwill\n<\/p>\n<\/td>\n \n186,504\n<\/p>\n<\/td>\n \n186,504\n<\/p>\n<\/td>\n \n27,469\n<\/p>\n<\/td>\n<\/tr>\n \nInvestments\n<\/p>\n<\/td>\n \n102,373\n<\/p>\n<\/td>\n \n120,868\n<\/p>\n<\/td>\n \n17,802\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current assets\n<\/p>\n<\/td>\n \n14,183\n<\/p>\n<\/td>\n \n121,258\n<\/p>\n<\/td>\n \n17,859\n<\/p>\n<\/td>\n<\/tr>\n Total non-current assets<\/b><\/p>\n<\/td>\n 1,130,180 <\/b><\/p>\n<\/td>\n 1,084,448 <\/b><\/p>\n<\/td>\n 159,722 <\/b><\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n 2,440,756<\/b><\/p>\n<\/td>\n 2,084,245 <\/b><\/p>\n<\/td>\n 306,976 <\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n Current liabilities:<\/b><\/p>\n<\/td>\n \nAccounts payable\n<\/p>\n<\/td>\n \n17,080\n<\/p>\n<\/td>\n \n20,259\n<\/p>\n<\/td>\n \n2,984\n<\/p>\n<\/td>\n<\/tr>\n \nSalaries and welfare payable\n<\/p>\n<\/td>\n \n6,032\n<\/p>\n<\/td>\n \n13,642\n<\/p>\n<\/td>\n \n2,009\n<\/p>\n<\/td>\n<\/tr>\n \nAdvances from customers\n<\/p>\n<\/td>\n \n103\n<\/p>\n<\/td>\n \n65\n<\/p>\n<\/td>\n \n10\n<\/p>\n<\/td>\n<\/tr>\n \nTaxes payable\n<\/p>\n<\/td>\n \n6,342\n<\/p>\n<\/td>\n \n1,289\n<\/p>\n<\/td>\n \n190\n<\/p>\n<\/td>\n<\/tr>\n \nAmounts due to related parties\n<\/p>\n<\/td>\n \n12,018\n<\/p>\n<\/td>\n \n6,753\n<\/p>\n<\/td>\n \n995\n<\/p>\n<\/td>\n<\/tr>\n \nAccruals and other current liabilities\n<\/p>\n<\/td>\n \n393,536\n<\/p>\n<\/td>\n \n347,239\n<\/p>\n<\/td>\n \n51,143\n<\/p>\n<\/td>\n<\/tr>\n Total current liabilities<\/b><\/p>\n<\/td>\n 435,111 <\/b><\/p>\n<\/td>\n 389,247 <\/b><\/p>\n<\/td>\n 57,331 <\/b><\/p>\n<\/td>\n<\/tr>\n Non-current liabilities:<\/b><\/p>\n<\/td>\n \nDeferred tax liabilities\n<\/p>\n<\/td>\n \n21,529\n<\/p>\n<\/td>\n \n25,761\n<\/p>\n<\/td>\n \n3,794\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current liabilities\n<\/p>\n<\/td>\n \n3,644\n<\/p>\n<\/td>\n \n2,866\n<\/p>\n<\/td>\n \n422\n<\/p>\n<\/td>\n<\/tr>\n Total non-current liabilities<\/b><\/p>\n<\/td>\n 25,173 <\/b><\/p>\n<\/td>\n 28,627 <\/b><\/p>\n<\/td>\n 4,216 <\/b><\/p>\n<\/td>\n<\/tr>\n Total liabilities<\/b><\/p>\n<\/td>\n 460,284<\/b><\/p>\n<\/td>\n 417,874 <\/b><\/p>\n<\/td>\n 61,547 <\/b><\/p>\n<\/td>\n<\/tr>\n Shareholders\u2019 equity<\/b><\/p>\n<\/td>\n \nOrdinary shares\n<\/p>\n<\/td>\n \n180\n<\/p>\n<\/td>\n \n181\n<\/p>\n<\/td>\n \n26\n<\/p>\n<\/td>\n<\/tr>\n \nTreasury stock\n<\/p>\n<\/td>\n \n(6,566)\n<\/p>\n<\/td>\n \n(109,667)\n<\/p>\n<\/td>\n \n(16,152)\n<\/p>\n<\/td>\n<\/tr>\n \nStatutory reserves\n<\/p>\n<\/td>\n \n2,630\n<\/p>\n<\/td>\n \n2,630\n<\/p>\n<\/td>\n \n387\n<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital\n<\/p>\n<\/td>\n \n9,431,740\n<\/p>\n<\/td>\n \n9,445,237\n<\/p>\n<\/td>\n \n1,391,133\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive income\n<\/p>\n<\/td>\n \n201,796\n<\/p>\n<\/td>\n \n159,946\n<\/p>\n<\/td>\n \n23,557\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated deficit\n<\/p>\n<\/td>\n \n(7,649,308)\n<\/p>\n<\/td>\n \n(7,831,956)\n<\/p>\n<\/td>\n \n(1,153,522)\n<\/p>\n<\/td>\n<\/tr>\n \nTotal MOGU Inc. shareholders\u2019 equity\n<\/p>\n<\/td>\n \n1,980,472\n<\/p>\n<\/td>\n \n1,666,371\n<\/p>\n<\/td>\n \n245,429\n<\/p>\n<\/td>\n<\/tr>\n Total shareholders\u2019 equity<\/b><\/p>\n<\/td>\n 1,980,472<\/b><\/p>\n<\/td>\n 1,666,371 <\/b><\/p>\n<\/td>\n 245,429 <\/b><\/p>\n<\/td>\n<\/tr>\n Total liabilities and shareholders\u2019 equity<\/b><\/p>\n<\/td>\n 2,440,756<\/b><\/p>\n<\/td>\n 2,084,245 <\/b><\/p>\n<\/td>\n 306,976 <\/b><\/p>\n<\/td>\n<\/tr>\n MOGU INC.<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (All amounts in thousands, except for share and per share data)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n For the three months ended<\/b><\/p>\n<\/td>\n For the six months ended<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n September 30,<\/b><\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2019<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n RMB<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net revenues<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommission revenues\n<\/p>\n<\/td>\n \n101,315\n<\/p>\n<\/td>\n \n68,901\n<\/p>\n<\/td>\n \n10,148\n<\/p>\n<\/td>\n \n230,697\n<\/p>\n<\/td>\n \n154,210\n<\/p>\n<\/td>\n \n22,713\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMarketing services revenues\n<\/p>\n<\/td>\n \n63,130\n<\/p>\n<\/td>\n \n17,977\n<\/p>\n<\/td>\n \n2,648\n<\/p>\n<\/td>\n \n152,374\n<\/p>\n<\/td>\n \n41,969\n<\/p>\n<\/td>\n \n6,181\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther revenues\n<\/p>\n<\/td>\n \n33,478\n<\/p>\n<\/td>\n \n25,650\n<\/p>\n<\/td>\n \n3,778\n<\/p>\n<\/td>\n \n63,714\n<\/p>\n<\/td>\n \n48,804\n<\/p>\n<\/td>\n \n7,188\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total revenues<\/b><\/p>\n<\/td>\n 197,923 <\/b><\/p>\n<\/td>\n 112,528 <\/b><\/p>\n<\/td>\n 16,574 <\/b><\/p>\n<\/td>\n 446,785 <\/b><\/p>\n<\/td>\n 244,983 <\/b><\/p>\n<\/td>\n 36,082 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of revenues (exclusive of amortization of intangible assets shown separately below)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(75,972)\n<\/p>\n<\/td>\n \n(45,488)\n<\/p>\n<\/td>\n \n(6,700)\n<\/p>\n<\/td>\n \n(136,576)\n<\/p>\n<\/td>\n \n(94,285)\n<\/p>\n<\/td>\n \n(13,887)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing expenses\n<\/p>\n<\/td>\n \n(180,758)\n<\/p>\n<\/td>\n \n(47,938)\n<\/p>\n<\/td>\n \n(7,061)\n<\/p>\n<\/td>\n \n(325,719)\n<\/p>\n<\/td>\n \n(109,842)\n<\/p>\n<\/td>\n \n(16,178)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses\n<\/p>\n<\/td>\n \n(50,258)\n<\/p>\n<\/td>\n \n(27,654)\n<\/p>\n<\/td>\n \n(4,073)\n<\/p>\n<\/td>\n \n(106,440)\n<\/p>\n<\/td>\n \n(56,652)\n<\/p>\n<\/td>\n \n(8,344)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative expenses\n<\/p>\n<\/td>\n \n(39,482)\n<\/p>\n<\/td>\n \n(24,721)\n<\/p>\n<\/td>\n \n(3,641)\n<\/p>\n<\/td>\n \n(73,698)\n<\/p>\n<\/td>\n \n(48,248)\n<\/p>\n<\/td>\n \n(7,106)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of intangible assets\n<\/p>\n<\/td>\n \n(76,815)\n<\/p>\n<\/td>\n \n(75,750)\n<\/p>\n<\/td>\n \n(11,157)\n<\/p>\n<\/td>\n \n(141,284)\n<\/p>\n<\/td>\n \n(146,228)\n<\/p>\n<\/td>\n \n(21,537)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther income, net\n<\/p>\n<\/td>\n \n1,775\n<\/p>\n<\/td>\n \n8,523\n<\/p>\n<\/td>\n \n1,255\n<\/p>\n<\/td>\n \n8,032\n<\/p>\n<\/td>\n \n14,850\n<\/p>\n<\/td>\n \n2,187\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Loss from operations<\/b><\/p>\n<\/td>\n (223,587)<\/b><\/p>\n<\/td>\n (100,500)<\/b><\/p>\n<\/td>\n (14,803)<\/b><\/p>\n<\/td>\n (328,900)<\/b><\/p>\n<\/td>\n (195,422)<\/b><\/p>\n<\/td>\n (28,783)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest income\n<\/p>\n<\/td>\n \n7,405\n<\/p>\n<\/td>\n \n5,660\n<\/p>\n<\/td>\n \n834\n<\/p>\n<\/td>\n \n15,788\n<\/p>\n<\/td>\n \n10,424\n<\/p>\n<\/td>\n \n1,535\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss from investments, net\n<\/p>\n<\/td>\n \n(32,632)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n(32,632)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Loss before income tax and share of results of equity investees<\/b><\/p>\n<\/td>\n (248,814)<\/b><\/p>\n<\/td>\n (94,840)<\/b><\/p>\n<\/td>\n (13,969)<\/b><\/p>\n<\/td>\n (345,744)<\/b><\/p>\n<\/td>\n (184,998)<\/b><\/p>\n<\/td>\n (27,248)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax benefits\n<\/p>\n<\/td>\n \n578\n<\/p>\n<\/td>\n \n1,103\n<\/p>\n<\/td>\n \n162\n<\/p>\n<\/td>\n \n241\n<\/p>\n<\/td>\n \n2,350\n<\/p>\n<\/td>\n \n346\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShare of results of equity investee\n<\/p>\n<\/td>\n \n(78,348)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n(101,607)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net loss<\/b><\/p>\n<\/td>\n (326,584)<\/b><\/p>\n<\/td>\n (93,737)<\/b><\/p>\n<\/td>\n (13,807)<\/b><\/p>\n<\/td>\n (447,110)<\/b><\/p>\n<\/td>\n (182,648)<\/b><\/p>\n<\/td>\n (26,902)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net loss attributable to MOGU Inc.<\/b><\/p>\n<\/td>\n (326,584)<\/b><\/p>\n<\/td>\n (93,737)<\/b><\/p>\n<\/td>\n (13,807)<\/b><\/p>\n<\/td>\n (447,110)<\/b><\/p>\n<\/td>\n (182,648)<\/b><\/p>\n<\/td>\n (26,902)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net loss attributable to MOGU Inc’s ordinary shareholders<\/b><\/p>\n<\/td>\n (326,584)<\/b><\/p>\n<\/td>\n (93,737)<\/b><\/p>\n<\/td>\n (13,807)<\/b><\/p>\n<\/td>\n (447,110)<\/b><\/p>\n<\/td>\n (182,648)<\/b><\/p>\n<\/td>\n (26,902)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net loss<\/b><\/p>\n<\/td>\n (326,584)<\/b><\/p>\n<\/td>\n (93,737)<\/b><\/p>\n<\/td>\n (13,807)<\/b><\/p>\n<\/td>\n (447,110)<\/b><\/p>\n<\/td>\n (182,648)<\/b><\/p>\n<\/td>\n (26,902)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Other comprehensive income\/(loss):<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nForeign currency translation adjustments, net of nil tax\n<\/p>\n<\/td>\n \n49,756\n<\/p>\n<\/td>\n \n(38,300)\n<\/p>\n<\/td>\n \n(5,641)\n<\/p>\n<\/td>\n \n103,137\n<\/p>\n<\/td>\n \n(39,159)\n<\/p>\n<\/td>\n \n(5,767)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShare of other comprehensive income \/(loss) of equity method investee\n<\/p>\n<\/td>\n \n110\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n(268)\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nUnrealized securities holding losses, net of tax\n<\/p>\n<\/td>\n \n(6,759)\n<\/p>\n<\/td>\n \n(2,691)\n<\/p>\n<\/td>\n \n(396)\n<\/p>\n<\/td>\n \n(6,759)\n<\/p>\n<\/td>\n \n(2,691)\n<\/p>\n<\/td>\n \n(396)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total comprehensive loss<\/b><\/p>\n<\/td>\n (283,477)<\/b><\/p>\n<\/td>\n (134,728)<\/b><\/p>\n<\/td>\n (19,844)<\/b><\/p>\n<\/td>\n (351,000)<\/b><\/p>\n<\/td>\n (224,498)<\/b><\/p>\n<\/td>\n (33,065)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total comprehensive loss attributable to MOGU Inc.<\/b><\/p>\n<\/td>\n (283,477)<\/b><\/p>\n<\/td>\n (134,728)<\/b><\/p>\n<\/td>\n (19,844)<\/b><\/p>\n<\/td>\n (351,000)<\/b><\/p>\n<\/td>\n (224,498)<\/b><\/p>\n<\/td>\n (33,065)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net loss attributable to MOGU Inc’s ordinary shareholders<\/b><\/p>\n<\/td>\n (326,584)<\/b><\/p>\n<\/td>\n (93,737)<\/b><\/p>\n<\/td>\n (13,807)<\/b><\/p>\n<\/td>\n (447,110)<\/b><\/p>\n<\/td>\n (182,648)<\/b><\/p>\n<\/td>\n (26,902)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net loss per share attributable to ordinary shareholders<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n \n(0.12)\n<\/p>\n<\/td>\n \n(0.03)\n<\/p>\n<\/td>\n \n(0.01)\n<\/p>\n<\/td>\n \n(0.16)\n<\/p>\n<\/td>\n \n(0.07)\n<\/p>\n<\/td>\n \n(0.01)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n \n(0.12)\n<\/p>\n<\/td>\n \n(0.03)\n<\/p>\n<\/td>\n \n(0.01)\n<\/p>\n<\/td>\n \n(0.16)\n<\/p>\n<\/td>\n \n(0.07)\n<\/p>\n<\/td>\n \n(0.01)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net loss per ADS<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n \n(3.00)\n<\/p>\n<\/td>\n \n(0.87)\n<\/p>\n<\/td>\n \n(0.13)\n<\/p>\n<\/td>\n \n(4.12)\n<\/p>\n<\/td>\n \n(1.68)\n<\/p>\n<\/td>\n \n(0.25)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n \n(3.00)\n<\/p>\n<\/td>\n \n(0.87)\n<\/p>\n<\/td>\n \n(0.13)\n<\/p>\n<\/td>\n \n(4.12)\n<\/p>\n<\/td>\n \n(1.68)\n<\/p>\n<\/td>\n \n(0.25)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Weighted average number of shares used in computing net loss per share<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n \n2,720,892,161\n<\/p>\n<\/td>\n \n2,692,172,477\n<\/p>\n<\/td>\n \n2,692,172,477\n<\/p>\n<\/td>\n \n2,702,715,560\n<\/p>\n<\/td>\n \n2,710,268,598\n<\/p>\n<\/td>\n \n2,710,268,598\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n \n2,720,892,161\n<\/p>\n<\/td>\n \n2,692,172,477\n<\/p>\n<\/td>\n \n2,692,172,477\n<\/p>\n<\/td>\n \n2,702,715,560\n<\/p>\n<\/td>\n \n2,710,268,598\n<\/p>\n<\/td>\n \n2,710,268,598\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Share-based compensation expenses included in:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of revenues\n<\/p>\n<\/td>\n \n1,434\n<\/p>\n<\/td>\n \n729\n<\/p>\n<\/td>\n \n107\n<\/p>\n<\/td>\n \n(1,525)\n<\/p>\n<\/td>\n \n1,249\n<\/p>\n<\/td>\n \n184\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative expenses\n<\/p>\n<\/td>\n \n12,137\n<\/p>\n<\/td>\n \n4,613\n<\/p>\n<\/td>\n \n679\n<\/p>\n<\/td>\n \n21,451\n<\/p>\n<\/td>\n \n7,538\n<\/p>\n<\/td>\n \n1,110\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing expenses\n<\/p>\n<\/td>\n \n2,498\n<\/p>\n<\/td>\n \n1,291\n<\/p>\n<\/td>\n \n190\n<\/p>\n<\/td>\n \n5,271\n<\/p>\n<\/td>\n \n2,621\n<\/p>\n<\/td>\n \n386\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses\n<\/p>\n<\/td>\n \n4,514\n<\/p>\n<\/td>\n \n1,192\n<\/p>\n<\/td>\n \n176\n<\/p>\n<\/td>\n \n9,122\n<\/p>\n<\/td>\n \n1,620\n<\/p>\n<\/td>\n \n239\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n MOGU INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Unaudited Interim Condensed Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n<\/tr>\n (All amounts in thousands, except for share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n For the three months ended<\/b><\/p>\n<\/td>\n For the six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n September 30,<\/b><\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2019<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n RMB<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n<\/tr>\n Net cash used in operating activities<\/b><\/p>\n<\/td>\n \n(89,391)\n<\/p>\n<\/td>\n \n(31,382)\n<\/p>\n<\/td>\n \n(4,622)\n<\/p>\n<\/td>\n \n(119,270)\n<\/p>\n<\/td>\n \n(39,981)\n<\/p>\n<\/td>\n \n(5,889)\n<\/p>\n<\/td>\n<\/tr>\n Net cash used in investing activities<\/b><\/p>\n<\/td>\n \n(148,798)\n<\/p>\n<\/td>\n \n(116,622)\n<\/p>\n<\/td>\n \n(17,177)\n<\/p>\n<\/td>\n \n(267,947)\n<\/p>\n<\/td>\n \n(130,836)\n<\/p>\n<\/td>\n \n(19,270)\n<\/p>\n<\/td>\n<\/tr>\n Net cash used in financing activities<\/b><\/p>\n<\/td>\n \n(18,966)\n<\/p>\n<\/td>\n \n(97,095)\n<\/p>\n<\/td>\n \n(14,301)\n<\/p>\n<\/td>\n \n(25,773)\n<\/p>\n<\/td>\n \n(102,631)\n<\/p>\n<\/td>\n \n(15,116)\n<\/p>\n<\/td>\n<\/tr>\n \nEffect of foreign exchange rate changes on cash and cash equivalents and restricted cash\n<\/p>\n<\/td>\n \n17,814\n<\/p>\n<\/td>\n \n(11,149)\n<\/p>\n<\/td>\n \n(1,642)\n<\/p>\n<\/td>\n \n34,348\n<\/p>\n<\/td>\n \n(11,424)\n<\/p>\n<\/td>\n \n(1,683)\n<\/p>\n<\/td>\n<\/tr>\n \nNet decrease in cash and cash equivalents and restricted cash\u3000\n<\/p>\n<\/td>\n \n(239,341)\n<\/p>\n<\/td>\n \n(256,248)\n<\/p>\n<\/td>\n \n(37,742)\n<\/p>\n<\/td>\n \n(378,642)\n<\/p>\n<\/td>\n \n(284,872)\n<\/p>\n<\/td>\n \n(41,958)\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents and restricted cash at beginning of period\n<\/p>\n<\/td>\n \n1,138,415\n<\/p>\n<\/td>\n \n828,750\n<\/p>\n<\/td>\n \n122,062\n<\/p>\n<\/td>\n \n1,277,716\n<\/p>\n<\/td>\n \n857,374\n<\/p>\n<\/td>\n \n126,278\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents and restricted cash at end of period\n<\/p>\n<\/td>\n \n899,074\n<\/p>\n<\/td>\n \n572,502\n<\/p>\n<\/td>\n \n84,320\n<\/p>\n<\/td>\n \n899,074\n<\/p>\n<\/td>\n \n572,502\n<\/p>\n<\/td>\n \n84,320\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n MOGU INC.<\/b><\/p>\n<\/td>\n<\/tr>\n Reconciliations of GAAP and Non-GAAP Results<\/b><\/p>\n<\/td>\n<\/tr>\n (All amounts in thousands, except for share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n For the three months ended<\/b><\/p>\n<\/td>\n For the six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n September 30,<\/b><\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2019<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n RMB<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n<\/tr>\n Net loss<\/b><\/p>\n<\/td>\n (326,584)<\/b><\/p>\n<\/td>\n (93,737)<\/b><\/p>\n<\/td>\n (13,807)<\/b><\/p>\n<\/td>\n (447,110)<\/b><\/p>\n<\/td>\n (182,648)<\/b><\/p>\n<\/td>\n (26,902)<\/b><\/p>\n<\/td>\n<\/tr>\n \nAdd:\n<\/p>\n<\/td>\n \nShare of result of equity investees\n<\/p>\n<\/td>\n \n78,348\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n101,607\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nAdd:\n<\/p>\n<\/td>\n \nLoss from investments, net\n<\/p>\n<\/td>\n \n32,632\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n32,632\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nLess:\n<\/p>\n<\/td>\n \nIncome tax benefits\n<\/p>\n<\/td>\n \n(578)\n<\/p>\n<\/td>\n \n(1,103)\n<\/p>\n<\/td>\n \n(162)\n<\/p>\n<\/td>\n \n(241)\n<\/p>\n<\/td>\n \n(2,350)\n<\/p>\n<\/td>\n \n(346)\n<\/p>\n<\/td>\n<\/tr>\n \nLess:\n<\/p>\n<\/td>\n \nInterest income\n<\/p>\n<\/td>\n \n(7,405)\n<\/p>\n<\/td>\n \n(5,660)\n<\/p>\n<\/td>\n \n(834)\n<\/p>\n<\/td>\n \n(15,788)\n<\/p>\n<\/td>\n \n(10,424)\n<\/p>\n<\/td>\n \n(1,535)\n<\/p>\n<\/td>\n<\/tr>\n Loss from operations<\/b><\/p>\n<\/td>\n (223,587)<\/b><\/p>\n<\/td>\n (100,500)<\/b><\/p>\n<\/td>\n (14,803)<\/b><\/p>\n<\/td>\n (328,900)<\/b><\/p>\n<\/td>\n (195,422)<\/b><\/p>\n<\/td>\n (28,783)<\/b><\/p>\n<\/td>\n<\/tr>\n \nAdd:\n<\/p>\n<\/td>\n \nShare-based compensation expenses\n<\/p>\n<\/td>\n \n20,583\n<\/p>\n<\/td>\n \n7,825\n<\/p>\n<\/td>\n \n1,152\n<\/p>\n<\/td>\n \n34,319\n<\/p>\n<\/td>\n \n13,028\n<\/p>\n<\/td>\n \n1,919\n<\/p>\n<\/td>\n<\/tr>\n \nAdd:\n<\/p>\n<\/td>\n \nAmortization of intangible assets\n<\/p>\n<\/td>\n \n76,815\n<\/p>\n<\/td>\n \n75,750\n<\/p>\n<\/td>\n \n11,157\n<\/p>\n<\/td>\n \n141,284\n<\/p>\n<\/td>\n \n146,228\n<\/p>\n<\/td>\n \n21,537\n<\/p>\n<\/td>\n<\/tr>\n \nAdd:\n<\/p>\n<\/td>\n \nDepreciation of property and equipment\n<\/p>\n<\/td>\n \n1,626\n<\/p>\n<\/td>\n \n1,768\n<\/p>\n<\/td>\n \n260\n<\/p>\n<\/td>\n \n3,465\n<\/p>\n<\/td>\n \n3,583\n<\/p>\n<\/td>\n \n528\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n (124,563)<\/b><\/p>\n<\/td>\n (15,157)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n (2,234) <\/b><\/p>\n<\/td>\n (149,832)<\/b><\/p>\n<\/td>\n (32,583)<\/b><\/p>\n<\/td>\n (4,799)<\/b><\/p>\n<\/td>\n<\/tr>\n Net loss<\/b><\/p>\n<\/td>\n (326,584)<\/b><\/p>\n<\/td>\n (93,737)<\/b><\/p>\n<\/td>\n (13,807)<\/b><\/p>\n<\/td>\n (447,110)<\/b><\/p>\n<\/td>\n (182,648)<\/b><\/p>\n<\/td>\n (26,902)<\/b><\/p>\n<\/td>\n<\/tr>\n \nAdd:\n<\/p>\n<\/td>\n \nLoss from investments, net\n<\/p>\n<\/td>\n \n32,632\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n32,632\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nAdd:\n<\/p>\n<\/td>\n \nShare-based compensation expenses\n<\/p>\n<\/td>\n \n20,583\n<\/p>\n<\/td>\n \n7,825\n<\/p>\n<\/td>\n \n1,152\n<\/p>\n<\/td>\n \n34,319\n<\/p>\n<\/td>\n \n13,028\n<\/p>\n<\/td>\n \n1,919\n<\/p>\n<\/td>\n<\/tr>\n \nAdd:\n<\/p>\n<\/td>\n \nAmortization of intangible assets\n<\/p>\n<\/td>\n \n76,815\n<\/p>\n<\/td>\n \n75,750\n<\/p>\n<\/td>\n \n11,157\n<\/p>\n<\/td>\n \n141,284\n<\/p>\n<\/td>\n \n146,228\n<\/p>\n<\/td>\n \n21,537\n<\/p>\n<\/td>\n<\/tr>\n \nLess:\n<\/p>\n<\/td>\n \nAdjusted for tax effects\n<\/p>\n<\/td>\n \n(387)\n<\/p>\n<\/td>\n \n(1,161)\n<\/p>\n<\/td>\n \n(171)\n<\/p>\n<\/td>\n \n(387)\n<\/p>\n<\/td>\n \n(2,322)\n<\/p>\n<\/td>\n \n(342)\n<\/p>\n<\/td>\n<\/tr>\n Adjusted net loss<\/b><\/p>\n<\/td>\n (196,941)<\/b><\/p>\n<\/td>\n (11,323)<\/b><\/p>\n<\/td>\n (1,669)<\/b><\/p>\n<\/td>\n (239,262)<\/b><\/p>\n<\/td>\n (25,714)<\/b><\/p>\n<\/td>\n (3,788)<\/b><\/p>\n<\/td>\n<\/tr>\n 1<\/sup> GMV refers to the total value of orders placed on the MOGU platform regardless of whether the products are sold, delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts on the listed prices. Buyers on the MOGU platform are not charged for separate shipping fees over the listed price of a product. If merchants include certain shipping fees in the listed price of a product, such shipping fees will be included in GMV. As a prudent matter aiming at eliminating any influence on MOGU\u2019s GMV of irregular transactions, the Company excludes from its calculation of GMV transactions over a certain amount (RMB100,000) and transactions by users over a certain amount (RMB1,000,000) per day. View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201130005376\/en\/<\/a><\/span><\/p>\n For investor and media inquiries, please contact: Christensen\n
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\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n
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2<\/sup> The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2020, which was RMB6.7896 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts.
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3<\/sup> \u201cActive buyers of the LVB\u201d refers to registered user accounts that placed one or more orders in one of the LVB channels on our platform, regardless of whether the products are sold, delivered or returned. If a buyer registered two or more user accounts on our platform and placed orders on our platform through those different registered user accounts, the number of active buyers would, under this methodology, be counted as the number of the registered user accounts that such buyer used to place the orders;
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4<\/sup> Adjusted EBITDA represents net loss before (i) interest income, loss from investments, net, income tax benefits and share of results of equity investee and (ii) certain non-cash expenses, consisting of share-based compensation expenses, amortization of intangible assets, and depreciation of property and equipment. See \u201cUnaudited Reconciliations of GAAP and Non\u00adGAAP Results\u201d at the end of this press release.
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5<\/sup> Adjusted net loss represents net loss excluding (i) loss from investments, net, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) adjustments for tax effects. See \u201cUnaudited Reconciliations of GAAP and Non\u00adGAAP Results\u201d at the end of this press release.<\/p>\n<\/p>\n
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<\/b>
MOGU Inc.
\n<\/b>
Raymond Huang
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Phone: +86-571-8530-8201
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E-mail: ir@mogu.com
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In China
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Mr. Eric Yuan
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Phone: +86-10-5900-1548
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E-mail: eyuan@christensenir.com
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