Amazon for pets

Chewy.com for the Chinese market

• Online Pet Product Sales: An e-commerce platform offering a comprehensive selection of pet food, treats, toys, accessories, and other supplies.
• Pet Services: Provides or facilitates offline services such as pet grooming, training, and veterinary care through its network.
• Private Label Pet Products: Develops and sells its own proprietary brands of pet food and other pet-related merchandise.
• Pet Community and Content: Offers an online community platform with articles, forums, and social features for pet owners to connect and share information.

Boqii (symbol: BQ) primarily sells its products and services directly to **individuals**, specifically pet owners in China. As such, it does not have major corporate customers in the traditional B2B sense.

The company serves the following categories of individual customers:

• General Pet Owners: Individuals who own pets (such as dogs, cats, and other small animals) and purchase a wide range of pet products including food, treats, toys, health supplements, and daily necessities through Boqii's integrated online platform.
• Pet Service Seekers: Pet owners who utilize Boqii's platform to discover and book various offline pet services, such as professional grooming, training, veterinary care, and pet boarding facilities.
• Community-Engaged Pet Owners: Individuals who actively participate in Boqii's online community for information, advice, social interaction, and user-generated content related to pet care and ownership, often influencing their purchasing decisions for products and services.

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Hao (Louis) Liang, Chairman, Chief Executive Officer and Director

Mr. Liang has served as Boqii's Chairman, Chief Executive Officer, and Director since 2012, overseeing overall strategic planning and management. He has 13 years of experience in management and strategy, with a deep understanding of the internet, pet, and media industries. Prior to joining Boqii, Mr. Liang was the chief operational officer of PPLive Inc., a director of Tencent Video, and one of the earliest product managers of QQ. He co-founded Boqii in December 2007.

Yingzhi (Lisa) Tang, Co-Chief Executive Officer, Chief Financial Officer and Director

Ms. Tang has served as Boqii's Co-Chief Executive Officer, Chief Financial Officer, and Director since 2012. She manages the company's private labels business, online community, MCN & content marketing, all external cooperation agreements, and human resources. Ms. Tang has 12 years of experience in the internet, pet, and media industries, coupled with expertise in financial investment and mergers and acquisitions. Before Boqii, she was the marketing director of PPLive Inc. and the head of Tencent's business services department. Ms. Tang co-founded Boqii in December 2007.

Chao Guo, Senior Vice President

Mr. Guo serves as the Senior Vice President of Boqii.

Guangyu Luo, Independent Director

Mr. Luo has over 20 years of experience in enterprise management, artificial intelligence, technology architecture, and financial management industries. He currently serves as the founder, Chief Technology Officer, and Chief Financial Officer of Shenzhen JuShu Network Group, where he is responsible for the group's operations and finance.

Su Zhang, Independent Director

Mr. Zhang was appointed as an independent director and a member of the Audit and Nominating committees of Boqii's board on May 9, 2023. He brings over 28 years of experience in the technology and internet industry, having worked at international well-known technology enterprises for more than 20 years.

The rapid growth and increasing dominance of short-video and live-streaming e-commerce platforms (e.g., Douyin, Kuaishou) in China for pet product sales and service promotion. These platforms provide highly engaging content and direct purchasing capabilities, diverting significant consumer attention and purchasing power away from traditional pet-focused e-commerce platforms like Boqii. Pet-related content and sales are thriving on these new channels, offering a compelling alternative for product discovery and transaction.

• Pet Food Market (China): The pet food market in China is estimated to be USD 12.73 billion in 2025 and is projected to grow to USD 19.19 billion by 2030.
• Pet Services Market (China): The pet services market in China generated a revenue of USD 620.4 million in 2023 and is expected to reach USD 1,156.9 million by 2030, demonstrating a compound annual growth rate (CAGR) of 9.3% from 2024 to 2030.
• Overall Pet Care Market (China): The broader China pet care market, encompassing both products and services, was valued at USD 17.31 billion in 2024 and is projected to grow to USD 29.40 billion by 2033, at a CAGR of 6.09% during the forecast period (2025-2033).

Boqii (BQ) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion and Optimization of Private Label Products: Boqii has demonstrated a strategic focus on its private label segment, which has shown positive developments, including an increase in the number of SKUs, a higher revenue share, and improved gross margins. The company plans to continue optimizing its private label product portfolio and expanding its distribution network, positioning this segment as a key growth driver.
2. Growth in Customer Base and Enhanced User Engagement: The company aims to attract new customers and increase sales through product innovations. Leveraging its established brand and strong online presence, Boqii seeks to reach a wider audience and capitalize on the expanding e-commerce market. Initiatives to improve user stickiness and increase customer purchase frequency are also expected to contribute to revenue growth.
3. Expansion of Market Reach, including Offline Network Development: Boqii is expanding its market presence by entering new geographic markets and broadening its product categories. A significant part of this strategy involves increasing its offline network, which connects over 15,000 physical pet stores and pet hospitals across 250 cities in China. This expansion is designed to enhance brand awareness and capture additional customer traffic and monetization opportunities.
4. Strategic Product Innovations: Boqii's commitment to introducing new and improved pet products is a fundamental driver to attract more customers and boost sales. By continuously tailoring its product offerings, the company aims to meet evolving consumer demands and maintain a competitive edge in the pet industry.

Share Repurchases

• Boqii reported net common equity repurchases of $8.08 million in fiscal year 2025.
• The company's net common equity repurchases amounted to $9.54 million in fiscal year 2024.
• In fiscal year 2023, net common equity repurchases were $15.43 million.

Share Issuance

• In November 2025, Boqii completed a registered direct offering, generating approximately $4.2 million in gross proceeds by selling 1,500,000 Class A ordinary shares (or pre-funded warrants) at $2.80 per share.
• In July 2025, Boqii implemented a 1-for-160 reverse stock split, which consolidated existing shares and resulted in a total of 2,879,559 outstanding ordinary shares.

Outbound Investments

• As of March 31, 2025, Boqii had made cumulative capital contributions of approximately US$164.3 million to its PRC subsidiaries through intermediate holding companies, categorized as long-term investments.
• Funds equivalent to RMB31.4 million were provided to PRC subsidiaries as loans for the year ended March 31, 2023.

Capital Expenditures

• Capital expenditures for the last 12 months amounted to approximately -$454,627.
• Boqii does not anticipate any significant capital expenditures in the foreseeable future.
• The company expects its current financial resources to cover anticipated cash needs, including capital expenditures, for at least the next 12 months.