$BQ

Boqii Holding Ltd

CIK:0001815021|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss
¥ in Thousands, $ in Thousands

12 Months Ended

Mar. 31, 2026

CNY (¥)

¥ / shares

Mar. 31, 2026

USD ($)

$ / shares

Mar. 31, 2025

CNY (¥)

¥ / shares

Mar. 31, 2024

CNY (¥)

¥ / shares

Net revenues:

Total revenues

¥ 420,467

$ 60,955

¥ 468,894

¥ 709,352

Total cost of revenue

(310,028)

(44,945)

(368,240)

(568,615)

Gross profit

110,439

16,010

100,654

140,737

Operating expenses:

Fulfillment expenses

(23,251)

(3,371)

(35,571)

(59,506)

Sales and marketing expenses

(81,638)

(11,835)

(74,531)

(85,091)

General and administrative expenses

(35,915)

(5,207)

(50,609)

(59,265)

Other income, net

399

736

2,966

Loss from operations

(29,966)

(4,345)

(59,321)

(60,159)

Interest income

431

972

2,638

Interest expense

(825)

(120)

(6,506)

(7,326)

Other loss, net

29,503

4,277

(236)

(3,994)

Fair value change of derivative liabilities

5,716

(1,034)

Loss before income tax expenses

(852)

(124)

(59,375)

(69,875)

Income tax benefit

(1,274)

(185)

801

927

Share of results of equity investees

242

(22)

Net loss

(1,884)

(274)

(58,596)

(68,898)

Less: Net loss attributable to the non-controlling interest shareholders

3,194

464

(4,471)

(5,234)

Net loss attributable to Boqii Holding Limited

(5,078)

(738)

(54,125)

(63,664)

Accretion on redeemable non-controlling interests to redemption value

(509)

(74)

(841)

(766)

Net loss attributable to Boqii Holding Limited’s ordinary shareholders

(5,587)

(812)

(54,966)

(64,430)

Net loss

(1,884)

(274)

(58,596)

(68,898)

Other comprehensive income (loss):

Foreign currency translation adjustment, net of tax

506

840

1,258

Unrealized securities holding losses/(gains)

(12,669)

(1,837)

869

(3,547)

Total comprehensive loss

(14,047)

(2,038)

(56,887)

(71,187)

Less: Total comprehensive loss attributable to non- controlling interests shareholders

3,194

464

(4,471)

(5,234)

Total comprehensive loss attributable to Boqii Holding Limited

¥ (17,241)

$ (2,502)

¥ (52,416)

¥ (65,953)

Net loss per share attributable to Boqii Holding Limited’s ordinary shareholders

— basic (in Dollars per share and Yuan Renminbi per share) | (per share)

¥ (1.47)

$ (0.21)

¥ (45.6)

¥ (102.4)

— diluted (in Dollars per share and Yuan Renminbi per share) | (per share)

¥ (1.47)

$ (0.21)

¥ (45.6)

¥ (102.4)

Weighted average number of ordinary shares

— basic (in Shares)

^[1]

3,790,573

1,205,493

628,986

— diluted (in Shares)

^[1]

3,790,573

1,205,493

628,986

Product sales

Net revenues:

Total revenues

¥ 381,208

$ 55,264

¥ 431,294

¥ 680,143

Online marketing and information services and other revenue

Net revenues:

Total revenues

¥ 39,259

$ 5,691

¥ 37,600

¥ 29,209

[1]

Options exercisable for a minimal exercise price (the “Penny Stock”) are included in the denominator of basic loss per share calculation once there are no further vesting conditions or contingencies associated with them, as they are considered issuable shares. Basic net loss per share is computed using the weighted average number of ordinary shares outstanding and the Penny Stock during the reporting periods. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding and the Penny Stock during the reporting periods.

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2026 CNY (¥)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 CNY (¥)	Mar. 31, 2024 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (1,884)	$ (274)	¥ (58,596)	¥ (68,898)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	1,197	174	5,227	6,355
Provision for inventories obsolescence/(reversal)	358	52	154	(223)
Allowance for expected credit loss/(reversal)	137	20	(332)	(116)
Interest expense of other debts			5,974	5,058
Amortization of right-of-use assets	2,690	390	9,502	17,948
Interest of lease liabilities	87	13	318	199
Investment loss	(5,928)	(859)	(61)	(1,820)
Share of results of equity investees	(242)	(35)	22	(50)
Discount on the ordinary shares issued by public offering				5,943
Loss/(gain) on disposal of property and equipment and intangible assets	(168)	(24)	(463)	46
Loss on disposal of other debts	(10,435)	(1,513)		1,425
Gain/(loss) from disposal of a subsidiary	(13,001)	(1,885)		(49)
Share-based compensation expense	5	1	81	679
Fair value change of derivative liabilities	(5)	(1)	(5,716)	1,034
Deferred tax expense	1,201	174	(801)	(907)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable	2,660	386	21,260	27,179
Inventories	8,166	1,184	15,135	26,540
Prepayments and other current assets	(2,053)	(297)	(26,650)	11,491
Amounts due from related parties	1,409	204	(13,253)	2,413
Operating lease liabilities	(2,702)	(392)	(10,114)	(17,977)
Accounts payable	(11,254)	(1,631)	(4,635)	(31,501)
Salary and welfare payable	(458)	(66)	(1,056)	(3,893)
Accrued liabilities and other current liabilities	(320)	(46)	(4,272)	(4,766)
Amounts due to related parties				(471)
Contract liabilities	1,062	154	189	(2,892)
Other non-current assets	186	27	1,255	1,825
Net cash used in operating activities	(29,292)	(4,244)	(66,832)	(25,428)
Cash flows from investing activities:
Loan advanced to third parties	(2,066)	(300)	(701)	(3,194)
Repayments on loan receivables from third parties	1,214	176	2,898	4,206
Loan advanced to related parties	(680)	(99)	(1,989)	(4,779)
Repayments on loan receivables from related parties	230	33	1,952	3,196
Disposal of subsidiaries, net of cash and cash equivalents acquired	10,190	1,477		(37)
Decrease/(increase) in short-term investments, net			(4,000)	69,797
Purchase of intangible assets			(9)	(36)
Purchase of property and equipment	(1,060)	(154)	(3,299)	(527)
Proceeds from disposal of property and equipment	211	31	357	213
Deposits to be used in connection with future acquisitions			29,090	(29,090)
Disposal of long-term investments	15,687	2,274	300	8,065
Net cash generated from investing activities	23,726	3,438	24,599	47,814
Cash flows from financing activities:
Proceeds from short-term and long-term borrowings	19,000	2,754	31,510	15,000
Repayments of short-term and long-term borrowings	(12,000)	(1,740)	(37,660)	(86,049)
Proceeds from issuance of other debts, net of issuance costs			9,783	8,786
Repayments of other debts	(15,000)	(2,175)	(10,000)	(6,818)
Proceeds from exercise of share option				29
Proceeds from issuance of ordinary shares, net of issuance costs	24,334	3,528	14,517	35,920
Net cash flows (used in) /generated from financing activities	16,334	2,367	8,150	(33,132)
Net (decrease)/ increase in cash and cash equivalents	10,768	1,561	(34,083)	(10,746)
Cash and cash equivalents at beginning of year	38,659	5,604	72,722	89,850
Effects of exchange rate changes on cash and cash equivalents			20	(6,382)
Cash and cash equivalents at end of year	49,427	7,165	38,659	72,722
Supplemental schedule of non-cash investing and financing activities:
Accretion on redeemable non-controlling interests	(509)	(74)	(841)	(766)
Unpaid cash consideration for business acquisitions	(2,938)	(426)	(2,938)	(2,938)
Additional ASC 842 supplemental disclosure:
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities	2,702	392	10,114	17,977
Right-of-use assets obtained in exchange for operating lease obligations	¥ 4,369	$ 633	¥ 3,635	¥ 4,545

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Mar. 31, 2026 CNY (¥)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 49,427	$ 7,165	¥ 38,659
Short-term investments			4,000
Accounts receivable, net	11,924	1,729	29,318
Inventories, net	26,207	3,799	40,076
Prepayments and other current assets	87,636	12,704	90,465
Total current assets	193,633	28,070	222,322
Non-current assets:
Property and equipment, net	1,339	194	4,249
Intangible assets	94	14	14,671
Operating lease right-of-use assets	3,739	542	3,084
Long-term investments	35,908	5,206	64,986
Other non-current asset	1,660	241	1,919
Total non-current assets	48,134	6,979	93,844
Total assets	241,767	35,049	316,166
Current liabilities
Short-term borrowings (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB 63 and RMB 8,000 as of March 31, 2025 and 2026, respectively)	16,000	2,320	9,063
Accounts payable (including accounts payable of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB 421 and RMB 438 as of March 31, 2025 and 2026, respectively)	8,156	1,182	19,558
Salary and welfare payable (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB57 and RMB 535 as of March 31, 2025 and 2026, respectively)	1,027	149	1,908
Accrued liabilities and other current liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB 3,563 and RMB 468 as of March 31, 2025 and 2026, respectively)	31,357	4,547	11,856
Contract liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB 1,768 and RMB 1,466 as of March 31, 2025 and 2026, respectively)	1,896	275	1,768
Operating lease liabilities, current (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB1,284 and RMB 873 as of March 31, 2025 and 2026, respectively)	1,070	155	1,714
Derivative liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of Nil as of March 31, 2025 and 2026, respectively)			5
Total current liabilities	59,506	8,628	45,872
Non-current liabilities
Deferred tax liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of Nil as of March 31, 2025 and 2026, respectively)			2,433
Operating lease liabilities, non-current (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB 538 and RMB 2021 as of March 31, 2025 and 2026, respectively)	2,273	330	851
Other debts, non-current (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB200 and RMB 200 as of March 31, 2025 and 2026, respectively)	200	29	38,635
Total non-current liabilities	2,473	359	41,919
Total liabilities	61,979	8,987	87,791
Commitments and contingencies (Note 26)
Mezzanine equity:
Redeemable non-controlling interests			8,804
Total mezzanine equity			8,804
Shareholders’ equity:
Additional paid-in capital	3,364,191	487,705	3,342,121
Statutory reserves	2,375	344	3,876
Accumulated other comprehensive loss	(56,824)	(8,238)	(37,769)
Accumulated deficit	(3,120,958)	(452,444)	(3,115,371)
Receivable for issuance of ordinary shares	(6,248)	(906)	(6,248)
Total Boqii Holding Limited shareholders’ equity	188,001	27,253	189,805
Non-controlling interests	(8,213)	(1,191)	29,766
Total shareholders’ equity	179,788	26,062	219,571
Total liabilities, mezzanine equity and shareholders’ equity	241,767	35,049	316,166
Related Party
Current assets:
Amounts due from related parties	18,439	2,673	19,804
Non-current assets:
Amounts due from related parties, non-current	5,394	782	4,935
Class A Ordinary Shares
Shareholders’ equity:
Ordinary shares value	4,812	697	3,114
Class B Ordinary Shares
Shareholders’ equity:
Ordinary shares value	82	12	82
Class C Ordinary Shares
Shareholders’ equity:
Ordinary shares value	¥ 571	$ 83