Boqii Holding Limited
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsBoqii Holding Limited is a Cayman Islands-incorporated, China-based pet products retailer whose Class A ordinary shares trade on NYSE American under the symbol BQ, with ADSs exchanged for Class A ordinary shares and the ADS program removed effective July 11, 2025.
What they do
Boqii operates online sales platforms for pet goods in the People's Republic of China, selling products from brand owners it calls brand partners. The company also runs an offline network of stores through which it sells pet products. Its registered accounts that accept one or more shipped orders are counted as active buyers, a metric that includes both individual customers and small and medium pet businesses.
Revenue drivers
- Online sales platforms — Boqii sells branded pet goods through its online sales platforms, generating revenue from brand partners' products purchased by registered accounts including individual customers and small and medium pet businesses.
- Offline network — The company sells products from brand partners through its offline network, adding a physical retail channel alongside its online platforms.
Recent performance
Annual revenue declined from $187.2M in fiscal 2022 to $61.0M in fiscal 2026, a roughly two-thirds reduction over four years. Net loss narrowed from $20.3M in fiscal 2022 to $738,000 in fiscal 2026. Diluted EPS improved from negative $0.30 in fiscal 2022 to negative $0.21 in fiscal 2026. Operating cash flow remained negative every year, at negative $4.2M in fiscal 2026 versus negative $23.3M in fiscal 2022. At March 31, 2026, total assets were $35.0M, total liabilities $9.0M, shareholder equity $27.3M and cash and equivalents $7.2M.
Strategy
The provided filing excerpts do not include a management discussion of strategy, investments or priorities for fiscal 2026. The overview section lists only definitions and corporate details, and the Item 5 operating and financial review is referenced in the table of contents but its text is not included in the excerpts. As a result, no stated direction, investment plans or priorities can be reported from the source material.
Risks
- Revenue contraction — Annual revenue has fallen every year from $187.2M in fiscal 2022 to $61.0M in fiscal 2026, a decline of about 67% over the period.
- Persistent cash burn — Operating cash flow has been negative in each reported year, including negative $4.2M in fiscal 2026, against cash and equivalents of $7.2M at March 31, 2026.
- Unprofitable operations — The company has reported a net loss every year from fiscal 2022 through fiscal 2026, though the loss narrowed to $738,000 in fiscal 2026.
- China operational concentration — Operations are based in the PRC, and the filing states that legal and operational risks associated with operating in China also apply to the company's operations in Hong Kong.
Outlook
The excerpts provided do not include management's outlook or forward-looking guidance for fiscal 2027 or beyond. The filing contains a forward-looking information section and a table of contents reference to Item 5, Operating and Financial Review and Prospects, but the corresponding text is not part of the source material. No specific expectations, targets or planned actions can be reported.