0001213900-26-031835
SEC filingBoqii Holding Limited, a Cayman Islands holding company operating through PRC subsidiaries and VIEs, reported net revenues of RMB468.9 million (US$64.6 million) for FY2025 ended March 31, 2025, down 33.9% from RMB709.4 million in FY2024. Product sales, comprising 92.0% of revenues, fell 36.6% to RMB431.3 million (US$59.4 million), reflecting strategic focus on profitability over volume. Online marketing services grew 28.7% to RMB37.6 million (US$5.2 million). Gross profit declined 28.5% to RMB100.7 million (US$13.9 million), with gross margin improving to 21.5% from 19.8%. Operating loss narrowed slightly to RMB59.3 million (US$8.2 million) from RMB60.2 million, driven by 21.2% lower operating expenses. Net loss improved 15.0% to RMB58.6 million (US$8.1 million). Cash and equivalents decreased to RMB38.7 million (US$5.3 million) from RMB72.7 million, with operating cash use of RMB66.8 million (US$9.2 million). Positive working capital of RMB176.5 million (US$24.3 million) supports operations. FY2025 reflects restructuring post-ADS termination and 160-for-1 reverse split effective July 2025, emphasizing margin improvement amid declining revenues.
Boqii Holding Limited's FY2025 results show revenue contraction but margin improvement. Net revenues declined 33.9% YoY to RMB468.9 million (US$64.6 million) from RMB709.4 million, driven by 36.6% drop in product sales to RMB431.3 million (92.0% of total). Marketing services grew 28.7% to RMB37.6 million. Gross profit fell 28.5% to RMB100.7 million (US$13.9 million), with gross margin expanding to 21.5% from 19.8%. Operating loss narrowed 1.4% to RMB59.3 million (US$8.2 million) via 21.2% expense reduction to RMB160.7 million. Net loss improved 15.0% to RMB58.6 million (US$8.1 million). Cash position weakened to RMB38.7 million (US$5.3 million) from RMB72.7 million, with operating cash burn of RMB66.8 million (US$9.2 million). Positive working capital of RMB176.5 million (US$24.3 million) provides liquidity buffer.
Product sales dominated at 92.0% (RMB431.3 million, -36.6% YoY), reflecting strategic volume reduction for profitability. Branded products contributed RMB299.6 million (69.5%), private labels RMB131.7 million (30.5%). Boqii Mall sales RMB218.1 million (50.6%), third-party platforms RMB213.2 million (49.4%). Offline distribution RMB65.2 million (13.9%). Marketing services rose 28.7% to RMB37.6 million (8.0%). No geographic segment breakdown disclosed; all revenues PRC-based.
Gross margin improved to 21.5% (+1.7pp YoY) via service mix shift (78.2% margin) and private label focus. Fulfillment expenses fell 40.2% to RMB35.6 million (7.6% of revenue, -0.8pp). Sales/marketing down 12.4% to RMB74.5 million (15.9%, +3.9pp). G&A decreased 14.6% to RMB50.6 million (10.8%, +2.4pp). Operating margin -12.6% (-4.1pp YoY). No operating income positivity.
Operating cash use RMB66.8 million (US$9.2 million), driven by working capital changes. Investing cash inflow RMB24.6 million (US$3.4 million) from deposit recovery. Financing inflow RMB8.2 million (US$1.1 million) net borrowings/equity. Total liabilities RMB87.8 million (US$12.1 million), short-term borrowings RMB9.1 million (US$1.2 million). Redeemable NCI RMB8.8 million (US$1.2 million). Shareholders' equity RMB219.6 million (US$30.3 million). No material debt covenants.
No explicit guidance disclosed. Strategic focus: profitability via private labels (24.0% GMV), cost discipline, post-ADS termination/reverse split (July 2025). Risks: VIE structure, PRC regulations, competition, cybersecurity. Management emphasizes ecosystem expansion, offline network.