Boqii Holding Limited is a Cayman Islands-incorporated pet-focused e-commerce and pet product platform company that operates primarily in the People's Republic of China through a Variable Interest Entity (VIE) structure anchored by subsidiaries including Yoken WFOE (Chengdu Chongaita Information Technology Co., Ltd.), Xingmu WFOE (Nanjing Xinmu Information Technology Co., Ltd.), Shanghai Guangcheng, Shanghai Xincheng, Suzhou Taicheng, and Suzhou Xingyun Yueming, with the company headquartered at Room 1203, 12th Floor, Building T1, Smart Cloud No. 1, Lane 235, Yubei Road, Pudong New District, Shanghai. The company has been operating through a meaningful multi-year revenue contraction, with total revenues of 420,467 thousand RMB for the fiscal year ended March 31, 2026 (FY2026) down 10.3 percent from 468,894 thousand RMB in FY2025 and down 40.7 percent from 709,352 thousand RMB in FY2024, a meaningful two-year revenue contraction. The FY2026 net loss attributable to Boqii Holding Limited's ordinary shareholders of (5,587) thousand RMB (US$812 thousand) was a meaningful year-over-year improvement from (54,966) thousand RMB in FY2025 and from (64,430) thousand RMB in FY2024.
The investment thesis rests on three variables. The meaningful revenue contraction is the load-bearing financial observation, with FY2026 total revenues of 420,467 thousand RMB (US$60,955 thousand) down 40.7 percent from FY2024, and the strategic intent is to stabilize the revenue base and the operating margin trajectory. The PRC VIE structure risk is the load-bearing structural variable, with the VIE structure carrying the principal PRC regulatory and operational risk, and the strategic intent is to maintain the VIE structure and the broader PRC operational and regulatory positioning. The ADR-to-ordinary-share exchange and the 160-for-1 share consolidation that were approved in 2025 are the load-bearing corporate actions, with the ADS program mandatorily exchanged for Class A ordinary shares and the ADS program removed effective July 11, 2025, and the 160-for-1 share consolidation approved by shareholders on June 26, 2025, and the strategic intent is to maintain the public listing on Nasdaq with the new share structure.
The Company operates in the PRC pet food and pet product market, where the relevant peer set includes the much larger international pet food companies (the Mars Petcare, the Nestle Purina PetCare, the J.M. Smucker, and the Hill's Pet Nutrition), the larger China-based pet food companies (the Yantai Zhongchong Pet Products and the Shanghai Yanzhi Pet Products), the larger pet e-commerce platforms (the Alibaba's Tmall Pet, the JD.com's Pet Pavilion, and the Amazon's pet product category), and a broader set of regional and specialty pet product companies. The Company's strategic positioning is differentiated by the China-based pet e-commerce and pet product platform, the Yoken and Mocare brands (the proprietary Yoken brand offers high value for money pet food and products, and the proprietary Mocare brand focuses on premium freeze-dried cat food), the two D-cat labels (the D-cat pet snacks and pet supplies label and the D-cat pet pharmaceuticals and medical care products label, both launched in 2022), and the broader China-based pet product platform.