Part I [Key Information](index=8&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section details MOGU Inc.'s KOL-driven fashion platform, complex VIE structure, and associated business and operational risks [Company Overview and Corporate Structure](index=8&type=section&id=Company%20Overview%20and%20Corporate%20Structure) MOGU Inc., a Cayman Islands holding company, operates its KOL-driven platform in China via a VIE structure, consolidating financials despite legal and regulatory risks - MOGU Inc. is a Cayman Islands holding company, not a Chinese operating company, that controls its PRC operations through a VIE structure to comply with foreign investment restrictions[31](index=31&type=chunk) - The company relies on contractual arrangements (e.g., voting proxy, equity pledge, exclusive service agreements) to control the VIEs, which allows for financial consolidation under U.S. GAAP but carries significant risks as these arrangements have not been tested in court[31](index=31&type=chunk)[34](index=34&type=chunk)[36](index=36&type=chunk) - The company has been identified by the SEC as a "Commission-Identified Issuer" under the HFCAA in the past but was not identified for the fiscal year 2024 filing and does not expect to be for fiscal 2025, as the PCAOB was able to inspect its auditor in 2022. However, future inspection capabilities remain uncertain[56](index=56&type=chunk)[57](index=57&type=chunk) VIE Revenue Contribution | Fiscal Year | Revenue Contribution from VIEs (%) | | :--- | :--- | | 2023 | 26.3% | | 2024 | 25.3% | | 2025 | 35.1% | Condensed Consolidated Statement of Operations (FY 2025) | (RMB in thousands) | MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Consolidated Totals | | :--- | :--- | :--- | :--- | :--- | :--- | | **Third-party revenues** | — | 1,965 | 89,753 | 49,515 | **141,233** | | **Third-party costs and expenses** | (3,183) | (6,359) | (136,652) | (101,272) | **(247,466)** | | **(Loss)/gain before income tax** | (62,557) | (54,201) | (54,256) | 62,856 | **(59,734)** | | **Net (loss)/gain** | (62,557) | (54,268) | (54,256) | 62,084 | **(60,573)** | Condensed Consolidated Balance Sheet (As of March 31, 2025) | (RMB in thousands) | MOGU Inc. | Other subsidiaries | Primary Beneficiaries of VIEs | VIEs | Consolidated Totals | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total assets** | 1,112,046 | 609,497 | 1,542,178 | 717,530 | **858,227** | | **Total liabilities** | 603,091 | 1,107,606 | 1,084,839 | 1,699,220 | **321,227** | | **Total shareholders' equity/(deficit)** | 508,955 | (498,109) | 457,339 | (981,690) | **537,000** | [Risk Factors](index=36&type=section&id=Risk%20Factors) The company faces significant business, corporate structure, China-related, and ADS risks, including regulatory uncertainty and potential delisting - **Business & Industry Risks:** The company has a limited history with its current KOL-driven, Live Video Broadcast (LVB)-focused model and has experienced declining revenues. A substantial portion of GMV is generated by a few top KOLs, creating concentration risk[90](index=90&type=chunk)[101](index=101&type=chunk)[117](index=117&type=chunk) - **Corporate Structure Risks:** The VIE structure is subject to PRC government scrutiny and may be deemed non-compliant with regulations, which could lead to severe penalties, including relinquishing control over operations, potentially rendering ADSs worthless[92](index=92&type=chunk)[94](index=94&type=chunk)[220](index=220&type=chunk) - **China-Related Risks:** The PRC government has significant influence over operations and may tighten regulations on overseas listings, data security, and anti-monopoly, which could hinder future offerings and impact business. The risk of delisting under the HFCAA remains if the PCAOB is unable to inspect the auditor for two consecutive years in the future[93](index=93&type=chunk)[237](index=237&type=chunk)[281](index=281&type=chunk) - **ADS Risks:** The dual-class voting structure gives co-founder Mr. Qi Chen **83.4%** of the aggregate voting power, limiting other shareholders' influence. The trading price is volatile, and the company has previously received a non-compliance notice from the NYSE for its stock price falling below **$1.00**[295](index=295&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) - The company has identified three material weaknesses in its internal controls over financial reporting as of March 31, 2025, related to insufficient U.S. GAAP expertise, inadequate reconciliation between accounting and operational systems, and a lack of periodic review of high-risk activities in the accounting system[205](index=205&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) [Information on the Company](index=121&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) This section provides a comprehensive overview of MOGU's business, history, organizational structure, monetization strategies, technology, and regulatory landscape [History and Development of the Company](index=121&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) MOGU Inc. launched Mogujie in 2011, established a VIE structure, acquired Meilishuo, listed on NYSE in 2018, and expanded with Ruisha Technology and new office buildings - Launched the Mogujie online fashion platform in February **2011**[334](index=334&type=chunk) - Commenced trading on the New York Stock Exchange under the symbol "MOGU" on December 6, **2018**[337](index=337&type=chunk) - Acquired Ruisha Technology on July 26, **2021**, to expand merchant service capabilities[339](index=339&type=chunk) - Changed the ADS ratio from 1 ADS representing 25 Class A shares to 1 ADS representing 300 Class A shares, effective March 28, **2022**[339](index=339&type=chunk) [Business Overview](index=123&type=section&id=B.%20Business%20Overview) MOGU operates a KOL-driven online fashion platform in China, focusing on live-streaming, leveraging AI for personalization, and monetizing through commissions, marketing, and financial services - The business model is centered around Key Opinion Leaders (KOLs) who create engaging content, primarily through live video broadcasts (LVB), to drive user purchases[342](index=342&type=chunk)[343](index=343&type=chunk) - The number of established LVB hosts has been declining, from **165** as of March 31, 2023, to **108** as of March 31, 2025[353](index=353&type=chunk) - Monetization streams include commissions from merchants (typically **5-10%**), marketing services, technology services for online operations, and financial services for users and merchants[375](index=375&type=chunk)[376](index=376&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk)[379](index=379&type=chunk) - The company utilizes Artificial Intelligence and Big Data analytics to personalize user experience, recommend products, and manage credit risk for its financial services[382](index=382&type=chunk)[383](index=383&type=chunk) GMV from Live Video Broadcasts | Fiscal Year Ended March 31, | GMV from LVB (RMB billion) | | :--- | :--- | | 2023 | 5.9 | | 2024 | 5.1 | | 2025 | 3.5 | [Organizational Structure](index=161&type=section&id=C.%20Organizational%20Structure) MOGU Inc., a Cayman Islands holding company, controls its PRC VIEs through contractual agreements, enabling financial consolidation despite lacking direct equity ownership - The organizational structure is designed to comply with PRC laws restricting foreign investment in value-added telecommunication services, using contractual arrangements to control the VIEs[491](index=491&type=chunk) - Key contractual agreements that provide control include Shareholder Voting Proxy Agreements, Equity Interest Pledge Agreements, Loan Agreements, Exclusive Consultation and Service Agreements, and Exclusive Option Agreements[492](index=492&type=chunk)[495](index=495&type=chunk)[498](index=498&type=chunk)[500](index=500&type=chunk)[503](index=503&type=chunk) - The company's PRC legal counsel opines that the ownership structure and contractual arrangements are valid and enforceable under current PRC law, but acknowledges substantial uncertainties regarding future interpretation and application of these laws[506](index=506&type=chunk)[507](index=507&type=chunk) [Property, Plant and Equipment](index=169&type=section&id=D.%20Property,%20Plant%20and%20Equipment) MOGU purchased two office buildings in Hangzhou in 2020 and 2024, but has not yet obtained property ownership certificates, posing a risk to legal rights - Purchased an office building in Hangzhou in August **2020** for **RMB 209.0 million** and began operations there in October **2023**[508](index=508&type=chunk) - Purchased a second office building in Hangzhou in January **2024** for **RMB 77.7 million**[509](index=509&type=chunk) - As of the date of the report, the company has not yet obtained the property ownership certificates for these buildings, posing a risk to its legal rights to the properties[510](index=510&type=chunk) [Operating and Financial Review and Prospects](index=169&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes MOGU's declining financial performance, including revenue and net loss, liquidity challenges, and critical accounting policies [Operating Results](index=169&type=section&id=A.%20Operating%20Results) MOGU's FY2025 operating results show declining revenues and key operational metrics, with a net loss of RMB 60.6 million - In FY2025, total revenues decreased **11.9%** YoY, mainly due to a **31.9%** decrease in commission revenues from lower GMV. This was partially offset by a **53.9%** increase in technology service revenues[542](index=542&type=chunk)[544](index=544&type=chunk) - The company recorded an impairment charge on long-lived assets of **RMB 18.0 million** in FY2025, an increase from **RMB 9.9 million** in FY2024, attributed to fluctuations in the real estate market[526](index=526&type=chunk)[552](index=552&type=chunk) Key Operational Metrics | Metric | FY 2023 | FY 2024 | FY 2025 | | :--- | :--- | :--- | :--- | | **Total GMV (RMB billion)** | 6.1 | 5.2 | 3.6 | | **GMV from LVB (RMB billion)** | 5.9 | 5.1 | 3.5 | | **Active Buyers through LVB (million)** | 1.6 | 1.3 | 0.9 | | **Established LVB Hosts** | 165 | 129 | 108 | Consolidated Results of Operations (FY2023-FY2025) | (RMB in thousands) | FY 2023 | FY 2024 | FY 2025 | | :--- | :--- | :--- | :--- | | **Total revenues** | 232,076 | 160,344 | 141,233 | | Commission revenues | 147,514 | 109,742 | 74,697 | | Technology service revenues | 58,867 | 33,288 | 51,236 | | **Loss from operations** | (187,448) | (79,172) | (101,140) | | **Net loss** | (186,406) | (66,959) | (60,573) | | **Net loss attributable to MOGU Inc.** | (177,984) | (59,285) | (62,557) | [Liquidity and Capital Resources](index=181&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) MOGU's liquidity significantly weakened in FY2025, with cash and cash equivalents declining to RMB 82.0 million due to operating and investing cash outflows - Capital expenditures decreased significantly to **RMB 15.1 million** in FY2025 from **RMB 94.4 million** in FY2024[575](index=575&type=chunk) - As a holding company, MOGU Inc. relies on dividends from its PRC subsidiaries, which are subject to PRC regulations on profit distribution and statutory reserve requirements. Total restricted net assets of PRC subsidiaries amounted to **RMB 466.2 million** as of March 31, 2025[578](index=578&type=chunk) Cash and Cash Equivalents | As of March 31, | Cash and Cash Equivalents (RMB million) | | :--- | :--- | | 2023 | 416.2 | | 2024 | 358.8 | | 2025 | 82.0 | Summary Consolidated Cash Flow Data (FY 2025) | (RMB in thousands) | Amount | | :--- | :--- | | Net cash used in operating activities | (67,916) | | Net cash used in investing activities | (207,930) | | Net cash used in financing activities | (822) | | **Net decrease in cash** | **(276,766)** | [Critical Accounting Policies and Estimates](index=186&type=section&id=E.%20Critical%20Accounting%20Policies%20and%20Estimates) This section outlines critical accounting policies, including business combinations, goodwill, long-lived asset impairment, revenue recognition, investments, and expected credit losses - The company accounts for business combinations using the acquisition method, requiring significant judgment in allocating fair values to identifiable assets and liabilities[581](index=581&type=chunk)[583](index=583&type=chunk) - Goodwill is tested for impairment annually. A full impairment charge of **RMB 63.5 million** was taken in FY2023, reducing the goodwill balance to zero[589](index=589&type=chunk) - Long-lived assets are reviewed for impairment upon triggering events. Impairment charges of **RMB 21.2 million**, **RMB 9.9 million**, and **RMB 18.0 million** were recorded in FY2023, FY2024, and FY2025, respectively[592](index=592&type=chunk)[593](index=593&type=chunk)[594](index=594&type=chunk) - Revenue is recognized under ASC Topic 606. Commission revenues are recognized on a net basis upon user acceptance of merchandise. Technology services revenue is recognized as services are rendered or upon completion of transactions[596](index=596&type=chunk)[598](index=598&type=chunk)[604](index=604&type=chunk) - The company adopted ASC Topic 326 for expected credit losses on April 1, **2023**, using a modified retrospective approach[616](index=616&type=chunk) [Directors, Senior Management and Employees](index=196&type=section&id=ITEM%206.%20DIRECTORS,%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details MOGU's leadership, compensation, and workforce, including the dual-class share structure concentrating voting power with the co-founder - Mr. Qi Chen, co-founder, serves as Chairman of the Board. Mr. Yiming Fan is the Chief Executive Officer[621](index=621&type=chunk)[622](index=622&type=chunk) - Total cash compensation for executive officers and directors for the fiscal year ended March 31, 2025, was **RMB 7.5 million** (**US$1.0 million**)[627](index=627&type=chunk) - The company has a dual-class share structure. As of May 31, 2025, Chairman Qi Chen beneficially owned all Class B ordinary shares, granting him **83.4%** of the aggregate voting power[658](index=658&type=chunk)[661](index=661&type=chunk) - The total number of employees was **347** as of March 31, 2025, a slight increase from **308** in the previous year but down from **407** in 2023[654](index=654&type=chunk) - The board has three committees: Audit, Compensation, and Nominating and Corporate Governance. The company follows home country (Cayman Islands) practices, resulting in deviations from certain NYSE corporate governance standards, such as not having a majority of independent directors[313](index=313&type=chunk)[645](index=645&type=chunk) [Major Shareholders and Related Party Transactions](index=208&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section outlines MOGU's major shareholders and key related party transactions, primarily focusing on VIE contractual arrangements and dealings with Tencent - The most significant related party transactions are the contractual arrangements with the VIEs, which are fundamental to the company's operational structure in China[664](index=664&type=chunk) - A shareholders' agreement provides Tencent with a veto right on any proposed transfer or issuance of MOGU's securities to Tencent's competitors, as long as Tencent maintains at least **50%** of its current shareholding[666](index=666&type=chunk) - As of March 31, 2025, the company had amounts due to Tencent of **RMB 3.5 million** (**US$0.5 million**) for technology services and payment processing fees[675](index=675&type=chunk) [Financial Information](index=210&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section confirms the inclusion of consolidated financial statements, absence of material legal proceedings, and the company's policy of retaining earnings for growth - The company's consolidated financial statements are appended to the annual report[677](index=677&type=chunk) - MOGU has no current plans to pay cash dividends and intends to retain future earnings to fund business growth and operations[680](index=680&type=chunk) - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business[678](index=678&type=chunk) [The Offer and Listing](index=211&type=section&id=ITEM%209.%20THE%20OFFER%20AND%20LISTING) This section details MOGU's ADSs listing on the NYSE under "MOGU" since 2018, including the ADS to Class A share ratio change - MOGU's ADSs trade on the New York Stock Exchange under the ticker symbol "MOGU"[683](index=683&type=chunk) - The ADS to Class A ordinary share ratio was changed from **1:25** to **1:300** on March 28, **2022**, to address NYSE compliance criteria regarding the minimum trading price[683](index=683&type=chunk) [Additional Information](index=213&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section details MOGU's corporate governance, including dual-class shares, and tax implications for investors in the Cayman Islands, PRC, and U.S. - The company has a dual-class share structure: Class A ordinary shares have one vote per share, while Class B ordinary shares have **30** votes per share. Class B shares automatically convert to Class A upon transfer to non-affiliated parties[690](index=690&type=chunk)[691](index=691&type=chunk)[693](index=693&type=chunk) - As a Cayman Islands exempted company, MOGU is not obligated to hold annual general meetings and follows home country practices that differ from NYSE standards[695](index=695&type=chunk)[712](index=712&type=chunk) - There is no corporate, income, or capital gains tax in the Cayman Islands. However, if MOGU is deemed a PRC resident enterprise, it could be subject to a **25%** tax on its global income, and dividends paid to foreign shareholders could be subject to a **10%** withholding tax[757](index=757&type=chunk)[759](index=759&type=chunk)[761](index=761&type=chunk) - For U.S. Holders, there is a risk that the company could be classified as a Passive Foreign Investment Company (PFIC), which would result in adverse U.S. federal income tax consequences. The determination is made annually and depends on the composition of the company's income and assets[769](index=769&type=chunk)[771](index=771&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=239&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details MOGU's market risks, primarily foreign exchange and interest rate fluctuations, and notes the company does not use derivative instruments for hedging - The company's primary market risk is foreign exchange risk, as its business is denominated in RMB while its ADSs are traded in USD[796](index=796&type=chunk)[797](index=797&type=chunk) - As of March 31, 2025, a hypothetical **10%** depreciation of the RMB against the USD would result in a **US$0.7 million** decrease in the value of its RMB-denominated cash and cash equivalents[800](index=800&type=chunk) - Interest rate risk exists from interest income generated by cash and short-term investments. The company has not used any derivative financial instruments to manage its interest rate or foreign exchange risk exposure[801](index=801&type=chunk) [Description of Securities Other than Equity Securities](index=241&type=section&id=ITEM%2012.%20DESCRIPTION%20OF%20SECURITIES%20OTHER%20THAN%20EQUITY%20SECURITIES) This section details the fees and expenses associated with MOGU's American Depositary Shares (ADSs), administered by The Bank of New York Mellon - The Bank of New York Mellon acts as the depositary for the ADSs[807](index=807&type=chunk) - For the fiscal year ended March 31, 2025, the company did not receive any reimbursement from the depositary for ADS program expenses[812](index=812&type=chunk) ADS Holder Fees | Fee Type | Amount | | :--- | :--- | | Issuance or Cancellation | US$5.00 (or less) per 100 ADSs | | Cash Distribution | US$0.05 (or less) per ADS | | Depositary Services (annual) | US$0.05 (or less) per ADS | Part II [Controls and Procedures](index=244&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded MOGU's disclosure controls were ineffective as of March 31, 2025, due to three material weaknesses in internal control over financial reporting - Management concluded that disclosure controls and procedures were ineffective as of March 31, **2025**[820](index=820&type=chunk) - Three material weaknesses in internal control over financial reporting were identified: 1) Lack of sufficient financial reporting and accounting personnel with U.S. GAAP/SEC knowledge; 2) Insufficiently designed controls on reconciliations between accounting and operation systems; 3) Lack of periodic review of high-risk activities in the accounting system[822](index=822&type=chunk)[823](index=823&type=chunk)[829](index=829&type=chunk) - Remediation efforts, including hiring qualified staff and enhancing control design, are in progress but were not fully implemented as of the report date[824](index=824&type=chunk)[825](index=825&type=chunk)[827](index=827&type=chunk) - As the company's public float was not over **US$75 million** on the determination date, it is exempt from the auditor attestation requirement on internal control over financial reporting for this annual report[828](index=828&type=chunk) [Corporate Governance and Other Matters](index=248&type=section&id=ITEM%2016.%20CORPORATE%20GOVERNANCE%20AND%20OTHER%20MATTERS) This section covers MOGU's corporate governance, including audit committee expertise, accountant fees, share repurchases, home country practices, and cybersecurity risk management - The board has identified two independent directors, Mr. Andrew Hong Teoh and Mr. Shengwen Rong, as audit committee financial experts[832](index=832&type=chunk) - In May **2024**, the board authorized a new share repurchase program for up to **US$8 million** of ADSs or ordinary shares, valid until May 12, **2025**. In FY2025, the company repurchased **15,323,400** Class A ordinary shares[841](index=841&type=chunk)[843](index=843&type=chunk) - The company follows home country (Cayman Islands) corporate governance practices, exempting it from certain NYSE requirements, including having a majority of independent directors and a minimum of three members on the audit committee[845](index=845&type=chunk) - The company has implemented a cybersecurity risk management program overseen by the board of directors and has not experienced any material cybersecurity incidents to date[849](index=849&type=chunk)[851](index=851&type=chunk)[852](index=852&type=chunk) Principal Accountant Fees (PricewaterhouseCoopers Zhong Tian LLP) | (in thousands) | FY 2024 | FY 2025 | | :--- | :--- | :--- | | Audit fees | RMB 3,900 | RMB 4,500 | | Tax fees | RMB — | RMB — | | Other fees | RMB — | RMB — | Part III [Financial Statements](index=252&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section presents MOGU Inc.'s audited consolidated financial statements for FY2023-2025, prepared under U.S. GAAP, including the auditor's report and detailed notes [Report of Independent Registered Public Accounting Firm](index=256&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers Zhong Tian LLP issued an unqualified opinion on MOGU's consolidated financial statements, highlighting debt securities valuation as a critical audit matter - The auditor, PricewaterhouseCoopers Zhong Tian LLP, issued an unqualified opinion on the consolidated financial statements[864](index=864&type=chunk) - A critical audit matter was identified concerning the valuation of available-for-sale debt securities, which required significant management judgment and a high degree of auditor subjectivity[869](index=869&type=chunk)[870](index=870&type=chunk)[871](index=871&type=chunk) - The company changed its accounting principle for current expected credit losses on certain financial instruments in fiscal year **2024**[865](index=865&type=chunk) [Consolidated Financial Statements](index=258&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for FY2023-2025 detail MOGU's financial position and performance, including assets, liabilities, revenues, and net loss - The company recorded a full impairment charge of **RMB 63.5 million** against goodwill in FY2023, resulting in a zero balance for goodwill as of March 31, 2025[1063](index=1063&type=chunk) - The company repurchased **15.3 million** Class A Ordinary Shares for a total consideration of **US$0.1 million** in FY2025 under its share repurchase program[1099](index=1099&type=chunk) Consolidated Balance Sheet Summary | (RMB in thousands) | As of March 31, 2024 | As of March 31, 2025 | | :--- | :--- | :--- | | **Total current assets** | 507,815 | 485,561 | | **Total non-current assets** | 430,547 | 372,666 | | **Total assets** | **938,362** | **858,227** | | **Total current liabilities** | 321,836 | 320,875 | | **Total liabilities** | **323,908** | **321,227** | | **Total shareholders' equity** | **614,454** | **537,000** | Consolidated Statement of Operations Summary | (RMB in thousands) | FY 2023 | FY 2024 | FY 2025 | | :--- | :--- | :--- | :--- | | **Total revenues** | 232,076 | 160,344 | 141,233 | | **Loss from operations** | (187,448) | (79,172) | (101,140) | | **Net loss** | (186,406) | (66,959) | (60,573) | | **Net loss per ADS (Basic)** | (20.90) | (6.85) | (7.14) |

Market Capitalization Summary - New Oriental has a market capitalization of 15.98 billion [2] - MIN (Ming Chao) has a market capitalization of 10.21 billion [2] - TAL has a market capitalization of 9.38 billion [2] - The market capitalization of various companies includes: - 7.77 billion for Grape Fang [2] - 6.21 billion for Yi Pin Hui [2] - 4.28 billion for Zai [2] - 3.83 billion for Huya [2] Stock Performance - New Oriental's stock increased by 0.28 (+1.45%) [2] - MIN's stock decreased by 0.20 (-4.25%) [2] - TAL's stock decreased by 0.15 (-0.69%) [2] - Grape Fang's stock decreased by 2.39 (-5.11%) [2] - Yi Pin Hui's stock increased by 0.38 (+1.94%) [2] - Zai's stock decreased by 0.10 (-0.93%) [2] Additional Company Insights - The market capitalization of various companies shows a diverse range, with some experiencing significant fluctuations in stock prices [2] - Companies like Huami and Cheetah Mobile have market capitalizations of 1.76 billion and 1.73 billion respectively, with varying stock performance [4] - The overall market trends indicate a mix of gains and losses across different sectors, reflecting the volatility in the market [4]

Market Capitalization Summary - New Oriental has a market capitalization of 15.943 billion [2] - TAL Education has a market capitalization of 10.927 billion [2] - Vipshop has a market capitalization of 9.612 billion [2] - NIN (Miniso) has a market capitalization of 5.940 billion [2] - JD.com has a market capitalization of 27.23 billion [2] - iQIYI has a market capitalization of 2.548 billion [2] Stock Performance - New Oriental's stock decreased by 0.35 (-1.75%) [2] - TAL Education's stock decreased by 0.10 (-1.93%) [2] - Vipshop's stock decreased by 0.53 (-2.25%) [2] - Miniso's stock increased by 0.64 (+1.36%) [2] - JD.com's stock decreased by 0.54 (-3.42%) [2] - iQIYI's stock decreased by 0.07 (-2.31%) [2] Additional Company Insights - Huami Technology has a market capitalization of 1.97 billion [3] - Cheetah Mobile has a market capitalization of 1.63 billion [3] - Baosheng E-commerce has a market capitalization of 1.84 billion [3] - Tuniu has a market capitalization of 1.34 billion [3] - The stock of Tuniu increased by 0.42 (+4.60%) [3]

Market Capitalization Overview - The market capitalizations of various companies are listed, with New Oriental at 16.195 billion, TAL at 10.802 billion, and Vipshop at 6.051 billion [2]. - Other notable companies include MINISO at 5.930 billion, Kingsoft Cloud at 4.975 billion, and Weibo at 2.586 billion [2][3]. Stock Performance - New Oriental's stock increased by 0.78 (+4.01%), while TAL's stock decreased by 0.15 (-3.05%) [2]. - Vipshop's stock fell by 0.29 (-1.76%), and MINISO's stock saw a decrease of 2.93 (-7.34%) [2]. - Kingsoft Cloud's stock rose by 1.53 (+8.71%), indicating a positive performance [2]. Company Comparisons - The market value of various companies shows significant differences, with New Oriental leading the list, followed by TAL and Vipshop [2]. - Companies like Huya and iQIYI have market values of 1.984 billion and 2.724 billion, respectively, reflecting their positions in the market [2][3]. Sector Insights - The data reflects a mixed performance across different sectors, with some companies experiencing gains while others face declines [2][3]. - The overall market sentiment appears to be cautious, as indicated by the fluctuations in stock prices across various companies [2][3].

Market Capitalization Summary - New Oriental has a market capitalization of 10.41 billion [2] - TAL has a market capitalization of 15.52 billion [2] - Vipshop has a market capitalization of 6.38 billion [2] - Miniso has a market capitalization of 5.48 billion [2] - Kingsoft Cloud has a market capitalization of 4.35 billion [2] - Zai Auto has a market capitalization of 2.73 billion [2] - Lufax has a market capitalization of 2.55 billion [2] - Weibo has a market capitalization of 1.94 billion [2] - iQIYI has a market capitalization of 1.42 billion [2] - Huya has a market capitalization of 0.81 billion [2] Stock Performance - New Oriental's stock increased by 0.49 (+2.59%) [2] - TAL's stock increased by 0.48 (+10.73%) [2] - Vipshop's stock increased by 0.51 (+3.23%) [2] - Miniso's stock decreased by 1.47 (-3.50%) [2] - Kingsoft Cloud's stock decreased by 0.23 (-1.49%) [2] - Zai Auto's stock increased by 2.36 (+6.81%) [2] - Lufax's stock increased by 0.06 (+0.54%) [2] - Weibo's stock increased by 0.56 (+5.37%) [2] - iQIYI's stock decreased by 0.01 (-0.14%) [2] - Huya's stock increased by 0.07 (+0.58%) [2] Additional Company Insights - Sohu's stock decreased by 0.01 (-0.30%) [3] - Xunlei's stock increased by 0.21 (+5.97%) [3] - Huami's stock decreased by 0.11 (-3.58%) [3] - Tuniu's stock increased by 0.17 (+1.95%) [3] - The market capitalization of various companies such as Financial One Account and Douyu is also noted, with values of 2.91 billion and 2.57 billion respectively [3]

Market Capitalization Overview - New Oriental has a market capitalization of 15.105 billion [2] - TAL Education Group has a market capitalization of 10.487 billion [2] - Vipshop Holdings has a market capitalization of 10.338 billion [2] - Grape King has a market capitalization of 8.158 billion [2] - 51.25 billion market capitalization for Qifutec [2] - Kingsoft Cloud has a market capitalization of 4.376 billion [2] - Miniso has a market capitalization of 5.626 billion [2] Stock Performance - New Oriental's stock decreased by 0.09 (-0.49%) [2] - TAL Education Group's stock decreased by 0.28 (-1.11%) [2] - Vipshop Holdings' stock increased by 0.17 (+3.99%) [2] - Grape King's stock increased by 0.04 (+0.28%) [2] - Qifutec's stock decreased by 0.14 (-0.79%) [2] - Kingsoft Cloud's stock decreased by 0.44 (-1.04%) [2] - Miniso's stock decreased by 0.26 (-1.63%) [2] Additional Company Insights - Lufax Holdings has a market capitalization of 1.905 billion [2] - iQIYI has a market capitalization of 2.556 billion [2] - Weibo has a market capitalization of 2.500 billion [2] - Lexin Fintech has a market capitalization of 1.199 billion [2] - Sohu has a market capitalization of 0.291 billion [3] - Huami has a market capitalization of 0.192 billion [3]

Market Capitalization Summary - New Oriental has a market capitalization of 15.335 billion [2] - TAL Education (好未来) has a market capitalization of 10.641 billion [2] - Vipshop (唯品会) has a market capitalization of 9.783 billion [2] - Grape King (葡萄方) has a market capitalization of 8.203 billion [2] - Miniso (名创优品) has a market capitalization of 4.458 billion [2] Stock Performance - New Oriental's stock increased by 0.84 (+4.61%) [2] - TAL Education's stock increased by 0.69 (+2.83%) [2] - Vipshop's stock decreased by 0.08 (-1.82%) [2] - Grape King's stock remained unchanged at 0.00 (0.00%) [2] - Miniso's stock increased by 1.10 (+7.45%) [2] Additional Company Insights - Zai Lab (再鼎医药) has a market capitalization of 3.803 billion [2] - Weibo (微博) has a market capitalization of 2.401 billion [2] - iQIYI (爱奇艺) has a market capitalization of 2.578 billion [2] - Huya (虎牙) has a market capitalization of 0.907 billion [2] Financial Performance - Sohu's stock increased by 0.34 (+2.29%) [3] - Financial One Account (金融壹账通) has a market capitalization of 2.93 billion [3] - Thunder (迅雷) has a market capitalization of 4.50 billion [3] - Huami (华米科技) saw a decrease of 1.03 (-7.26%) [3]

Market Capitalization Overview - New Oriental has a market capitalization of 14.65 billion [2] - TAL Education Group has a market capitalization of 10.35 billion [2] - Vipshop Holdings has a market capitalization of 8.20 billion [2] - Grape King has a market capitalization of 7.88 billion [2] - Qifu Technology has a market capitalization of 4.15 billion [2] Stock Performance - New Oriental's stock increased by 0.15 (+0.83%) [2] - TAL Education Group's stock increased by 0.33 (+1.36%) [2] - Vipshop Holdings' stock increased by 0.04 (+0.07%) [2] - Grape King's stock increased by 0.18 (+1.22%) [2] - Qifu Technology's stock increased by 0.54 (+3.78%) [2] Additional Companies - Zai Lab has a market capitalization of 2.83 billion, with a stock increase of 0.57 (+1.61%) [2] - iQIYI has a market capitalization of 1.83 billion, with a stock decrease of 0.05 (-0.49%) [2] - Weibo has a market capitalization of 2.40 billion, with a stock increase of 0.04 (+2.42%) [2] - Lexin has a market capitalization of 1.09 billion, with a stock increase of 0.10 (+1.02%) [2] Smaller Companies - Sohu has a market capitalization of 0.29 billion, with a stock decrease of 0.01 (-0.16%) [3] - Huami has a market capitalization of 0.18 billion, with a stock increase of 1.02 (+7.88%) [3] - Cheetah Mobile has a market capitalization of 0.16 billion, with a stock decrease of 0.37 (-3.71%) [3] - Aurora Mobile has a market capitalization of 0.02 billion, with a stock decrease of 0.28 (-2.29%) [3]

Market Capitalization Summary - New Oriental has a market capitalization of 14.635 billion [2] - TAL Education Group has a market capitalization of 10.348 billion [2] - Vipshop Holdings has a market capitalization of 10.002 billion [2] - Other notable companies include Qifu Technology at 8.204 billion and Miniso at 7.639 billion [2] Stock Performance - New Oriental's stock increased by 0.13 (+0.72%) [2] - TAL Education Group's stock rose by 0.33 (+1.36%) [2] - Vipshop Holdings saw a significant increase of 0.31 (+7.46%) [2] - Qifu Technology's stock increased by 0.05 (+0.10%) [2] - Miniso's stock rose by 0.10 (+0.69%) [2] Additional Company Insights - Zai-Dian has a market capitalization of 2.821 billion with a stock increase of 0.61 (+1.73%) [2] - iQIYI has a market capitalization of 2.514 billion with a stock increase of 0.04 (+1.64%) [2] - Lexin has a market capitalization of 1.089 billion with a stock increase of 0.12 (+1.17%) [2] - Yatsen has a market capitalization of 0.936 billion with a stock decrease of 0.04 (-0.40%) [2] Other Notable Companies - Sohu has a market capitalization of 0.447 billion with a stock increase of 0.30 (+2.06%) [3] - Huami Technology has a market capitalization of 0.203 billion with a stock increase of 1.17 (+9.00%) [3] - Cheetah Mobile has a market capitalization of 0.156 billion with a stock decrease of 0.12 (-2.31%) [3]

Market Capitalization Overview - New Oriental has a market capitalization of 14.631 billion [2] - TAL Education has a market capitalization of 9.421 billion [2] - 51Talk has a market capitalization of 9.343 billion [2] - Other notable companies include Huya with 8.85 billion and 9.88 billion for Youdao [2] Stock Performance - New Oriental's stock decreased by 0.40 (-2.11%) [2] - TAL Education's stock increased by 0.26 (+6.67%) [2] - 51Talk's stock increased by 0.74 (+3.47%) [2] - Huya's stock decreased by 0.23 (-1.88%) [2] Additional Companies - 77.77 billion market cap for Zai Ding Pharma [2] - 65.02 billion for Qifu Technology [2] - 84.81 billion for Miniso [2] - 35.62 billion for RELX [2] Financial Metrics - 24.46 billion market cap for Lufax [2] - 11.48 billion for iQIYI [2] - 5.24 billion for Yirendai [2] - 1.76 billion for Tianjing Bio [2]