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BQ

Boqii Holding Limited

BQ

Boqii Holding Limited • AMEX
$2.22 ▼ -2.63% (-0.06)
Market Cap $992957
52w High $56.10
52w Low $1.62
Dividend Yield 0%
P/E -0.35
Volume 391.20K
Outstanding Shares 447.28K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2023 $274.569M ▼ $73.062M ▼ $-16.8M ▼ -6.119% ▼ $-57.9 ▼ $-11.928M ▼
Q1-2023 $315.06M ▲ $80.453M ▲ $-12.4M ▲ -3.936% ▲ $-41.55 ▲ $-6.446M ▲
Q4-2022 $249.857M ▼ $78.126M ▼ $-22.424M ▲ -8.975% ▼ $-73.95 ▲ $-13.9M ▲
Q3-2022 $332.605M ▲ $108.174M ▲ $-27.758M ▲ -8.346% ▲ $-90.9 ▲ $-15.338M ▲
Q2-2022 $282.121M $96.749M $-43.315M -15.353% $-144.15 $-35.353M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $42.659M ▼ $316.166M ▼ $87.791M ▼ $189.805M ▼
Q2-2025 $46.244M ▼ $367.349M ▼ $131.007M ▲ $195.984M ▼
Q4-2024 $72.722M ▼ $383.215M ▼ $122.334M ▼ $218.681M ▲
Q2-2024 $86.811M ▼ $436.542M ▼ $172.57M ▼ $217.612M ▲
Q4-2023 $159.647M $540.8M $315.85M $178.283M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2023 $-17.506M ▲ $3.945M ▲ $0 ▼ $0 ▲ $-51.634M ▲ $3.945M ▲
Q4-2022 $-82.243M ▲ $-348.518M ▲ $490.974M ▲ $-2.569B ▲ $-2.433B ▲ $-355.88M ▲
Q4-2021 $-481.388M ▼ $-1.016B ▼ $-841.956M ▼ $-2.655B ▼ $-4.52B ▼ $-1.047B ▼
Q2-2021 $-28.067M ▲ $0 ▲ $0 ▲ $0 ▼ $0 ▼ $0 ▲
Q1-2021 $-42.299M $-53.87M $-38.193M $324.763M $231.238M $-54.965M

Revenue by Products

Product Q3-2021Q3-2022
Online Marketing And Information Services And Other Revenue
Online Marketing And Information Services And Other Revenue
 $0 ▲$50.00M ▲
Product Sales
Product Sales
 $820.00M ▲$1.14Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Boqii’s business is still loss‑making and has been for several years. Sales have actually drifted down from earlier levels, and while the company does earn a positive gross profit, it is too thin to cover operating costs. Operating and net losses have narrowed a bit compared with the worst years, but the company has not yet shown a clear path to sustained profitability. The extremely large swings in earnings per share mainly reflect repeated reverse stock splits, not underlying business strength, which can make the reported per‑share figures look worse than the economic reality, but they still signal ongoing pressure on the equity story.

Balance Sheet

Balance Sheet The balance sheet is small and has been shrinking, which suggests a tighter financial position than in prior years. Cash has come down from earlier peaks, though it is still present, and total debt has also been reduced meaningfully from past levels, easing some leverage risk. Shareholders’ equity remains positive but modest, pointing to a thin capital cushion if losses continue. Overall, the company looks financially fragile, with limited room for large shocks and likely dependence on careful cash management or external funding to support operations.

Cash Flow

Cash Flow Boqii has consistently used, rather than generated, cash from its core operations. Free cash flow has been negative every year, and although the cash burn has improved somewhat compared with earlier periods, the business is not yet self‑funding. Capital spending is very light, which fits an asset‑light online platform model but also means there is little in the way of long‑term investment on the balance sheet to show for past outflows. The key issue is that the company must keep finding ways to cover ongoing cash needs until the business model turns cash‑positive, if it does.

Competitive Edge

Competitive Edge Strategically, Boqii occupies an interesting niche as a pet‑focused ecosystem in a large and growing Chinese pet market. Its strengths are a specialized brand, an active online community, and integration with thousands of offline pet shops and clinics, which together create some stickiness and data advantages. However, it operates in the shadow of much larger e‑commerce platforms that can offer pet products at scale and with very strong logistics. The market itself is fragmented, so Boqii’s overall share is small, and it must keep differentiating through community, services, and private labels to avoid being squeezed by generalist giants.

Innovation and R&D

Innovation and R&D Innovation is centered on using data and software to tie together pet owners, online content, and offline partners. The company’s private‑label brands, content community, SaaS tools for pet stores, and experiments like hotel partnerships for pet travel all point to a creative, ecosystem‑driven approach rather than heavy lab‑style R&D. That said, public information about concrete technology roadmaps is limited, and the strained financial profile could cap how aggressively Boqii can invest in new features, AI capabilities, or expanded services. Execution on these ideas, not just announcing them, will likely determine how much real edge they provide.

Summary

Boqii combines an attractive narrative—pet ownership growth, community‑driven commerce, and an online‑offline ecosystem—with a weak financial track record. The business remains small, loss‑making, and cash‑consuming, with a thin capital base and a history of multiple reverse stock splits that signal sustained market and valuation pressure. On the positive side, the company has carved out a recognizable presence in a growing niche and built assets in brand, community, and partnerships that could be valuable if monetized more effectively. The main tensions are between strategic potential and financial fragility, alongside intense competition from much larger platforms. Future outcomes will hinge on whether Boqii can stabilize revenue, improve margins, and turn its ecosystem and private labels into a consistently cash‑generative model before its financial flexibility becomes too constrained.

NEWS

November 4, 2025 · 5:30 PM UTC

Univest Securities, LLC Announces Closing of $4.2 Million Registered Direct Offering for its Client Boqii Holding Ltd. (NYSE: BQ)

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November 4, 2025 · 4:14 PM UTC

Boqii Holding Limited Announces Closing of $4.2 Million Registered Direct Offering

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November 3, 2025 · 12:36 PM UTC

Boqii Holding Ltd. Announces $4.2 Million Registered Direct Offering

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October 31, 2025 · 1:00 PM UTC

Boqii Holding Limited Provides Response to Unusual Market Action

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October 29, 2025 · 8:30 AM UTC

Yoken, Private Label of Boqii Holding Limited, Joins Hands with High-End Hotels to Redefine "Travelling with Pets"

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