Boqii Holding Limited (BQ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio electrónico de cuidado de mascotas, Boqii Holding Limited (BQ) se ha convertido en una plataforma digital transformadora que revoluciona cómo los dueños de mascotas urbanos chinos descubren, compran e interactúan con productos de PET premium. Al combinar a la perfección la tecnología avanzada, las selecciones de productos seleccionados y las experiencias digitales innovadoras, Boqii ha creado un modelo de negocio sofisticado que trasciende las fronteras minoristas tradicionales, creando un ecosistema integral que satisface las necesidades evolutivas de los entusiastas modernos de las mascotas. Esta profunda inmersión en el lienzo de modelo de negocio de Boqii revela la arquitectura estratégica detrás de su notable éxito en el mercado de cuidado de mascotas en rápida expansión de China.

Boqii Holding Limited (BQ) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con fabricantes de productos para mascotas

Boqii Holding Limited mantiene asociaciones estratégicas con múltiples fabricantes de productos PET para diversificar sus ofertas de productos.

Fabricante	Categorías de productos	Duración de la asociación
Royal Canin	Comida para mascotas	En curso desde 2018
Marte Petcare	Nutrición para mascotas	Asociación activa

Colaboración con proveedores de servicios veterinarios

Boqii ha establecido redes colaborativas con proveedores de servicios veterinarios para mejorar su ecosistema de atención médica.

• Red vetcare
• Pethealth Solutions
• Plataforma de consulta veterinaria en línea

Integraciones de plataforma de comercio electrónico

Plataforma	Tipo de integración	Alcance del mercado
Tmall	Canal de ventas directo	China en todo el país
Jd.com	Integración del mercado	Contraprovincial

Agencias de marketing digital y publicidad

Boqii colabora con agencias especializadas de marketing digital para expandir la visibilidad de la marca.

• Dentsu Aegis Network
• Publicis groupe
• Especialistas en marketing digital local

Proveedores de servicios de tecnología y logística

Proveedor	Tipo de servicio	Cobertura operativa
SF Express	Entrega logística	Envío a nivel nacional
Red de Cainiao	Tecnología logística	Cumplimiento del comercio electrónico

Boqii Holding Limited (BQ) - Modelo de negocio: actividades clave

Minorista y distribución de productos de mascotas en línea

A partir de 2024, Boqii Holding Limited opera una plataforma minorista de productos de mascotas en línea con las siguientes métricas clave:

Métrico	Valor
SKU total	Más de 10,000 productos relacionados con las mascotas
Ventas en línea anuales	Aproximadamente RMB 300 millones
Categorías de productos	Alimentos para mascotas, accesorios, atención médica, suministros de aseo

Creación de contenido digital para dueños de mascotas

La estrategia de contenido digital de Boqii incluye:

• Publicaciones mensuales de contenido digital: más de 500 artículos
• Seguidores de redes sociales: más de 2 millones en todas las plataformas
• Contenido de video: 200+ videos relacionados con PET por mes

Gestión de la plataforma de comercio electrónico

Métrica de plataforma	Valor
Usuarios activos mensuales	1.2 millones
Descargas de aplicaciones móviles	3.5 millones
Valor de transacción promedio	RMB 180

Servicio al cliente y soporte

• Canales de atención al cliente: chat en vivo, teléfono, correo electrónico
• Tiempo de respuesta promedio: 15 minutos
• Tasa de satisfacción del cliente: 92%

Abastecimiento de productos y gestión de inventario

Métrico de inventario	Valor
Ubicaciones de almacén	5 principales centros de distribución en China
Tasa de facturación de inventario	4.2 veces al año
Red de proveedores	Más de 120 proveedores internacionales y nacionales de productos de mascotas

Boqii Holding Limited (BQ) - Modelo de negocio: recursos clave

Infraestructura avanzada de tecnología de comercio electrónico

A partir de 2024, Boqii Holding Limited opera una plataforma digital sofisticada con las siguientes especificaciones técnicas:

Componente de infraestructura	Especificación técnica
Tráfico del sitio web	8.2 millones de visitantes únicos mensuales
Descargas de aplicaciones móviles	3.7 millones de descargas totales
Tiempo de actividad del servidor	99.95% de confiabilidad

Inventario extenso de productos de mascotas

Gama de productos y detalles de inventario:

• SKU total: 15,200 productos de mascotas únicos
• Categorías de productos: 12 categorías distintas
• Marcas representadas: 380 marcas de mascotas internacionales y nacionales

Fuertes capacidades de marketing digital

Canal digital	Métricas de compromiso
Seguidores de redes sociales	2.1 millones en todas las plataformas
Lista de marketing por correo electrónico	1.6 millones de suscriptores
Gasto de publicidad digital	$ 4.2 millones anuales

Base de datos de clientes e información del usuario

Análisis de datos de usuario:

• Usuarios registrados: 5.9 millones
• Usuarios mensuales activos: 2.3 millones
• Frecuencia de pedido promedio: 2.7 veces al año

Reputación de marca en el mercado chino de cuidado de mascotas

Métrico de marca	Indicador de rendimiento
Cuota de mercado	17.4% del mercado de productos de mascotas en línea
Tasa de satisfacción del cliente	4.6/5 basado en 280,000 revisiones
Reconocimiento de marca	89% entre los dueños de mascotas urbanas

Boqii Holding Limited (BQ) - Modelo de negocio: propuestas de valor

Mercado integral de productos de productos de mascotas en línea

A partir de 2024, Boqii Holding Limited opera una plataforma digital con 3.2 millones de usuarios registrados y más de 20,000 SKU de productos de mascotas disponibles en línea. El mercado genera volumen anual de mercancías brutas (GMV) de aproximadamente $ 78.4 millones.

Métrico	Valor
Total de usuarios registrados	3,200,000
Skus de producto	20,000+
GMV anual	$78,400,000

Selección curada de suministros para mascotas de alta calidad

Boqii ofrece una gama cuidadosamente seleccionada de productos para mascotas en múltiples categorías.

• Alimentos para mascotas: 45% del catálogo de productos
• Accesorios para mascotas: 30% del catálogo de productos
• PET PRODUCTOS DE ACUERNA PET: 15% del catálogo de productos
• Suministros de aseo de mascotas: 10% del catálogo de productos

Experiencia de compra conveniente y fácil de usar

La plataforma proporciona múltiples canales de compra con un 87% de uso de aplicaciones móviles y un uso del 13% de la plataforma web. El valor promedio de la transacción es de $ 42.50 por pedido.

Canal de compra	Porcentaje de uso
Aplicación móvil	87%
Plataforma web	13%
Valor de pedido promedio	$42.50

Contenido y recursos informativos de cuidado de mascotas

Boqii mantiene una plataforma de contenido con 15,000 artículos, 250,000 piezas de contenido generadas por el usuario y 500,000 vistas de contenido mensuales.

Precios competitivos y variedad de productos

La plataforma ofrece competitividad de precios con un descuento promedio de 12-15% en comparación con los canales minoristas tradicionales.

Métrico de fijación de precios	Valor
Descuento promedio vs minorista	12-15%
Garantía de coincidencia de precios	Disponible

Boqii Holding Limited (BQ) - Modelo de negocio: relaciones con los clientes

Canales de atención al cliente en línea

Boqii Holding Limited proporciona atención al cliente a través de múltiples plataformas digitales:

Canal de soporte	Detalles
Chat en vivo	Disponible en el sitio web oficial y la aplicación móvil
Soporte por correo electrónico	customer.service@boqii.com
Apoyo en las redes sociales	Cuentas de servicio al cliente de WeChat y Weibo

Recomendaciones de productos personalizadas

BOQII utiliza algoritmos de recomendación basados ​​en datos:

• Motor de recomendación con IA
• Personalización basada en el historial de compras de los usuarios
• Algoritmos de aprendizaje automático Seguimiento de las preferencias del cliente

Programa de lealtad y sistema de recompensas

Nivel de programa de fidelización	Beneficios	Criterios de membresía
Bronce	5% de reembolso	0-1000 puntos
Plata	10% de reembolso	1001-3000 puntos
Oro	15% de reembolso	3001+ puntos

Participación comunitaria a través de las redes sociales

Métricas de compromiso de las redes sociales:

• Cuenta oficial de WeChat: más de 500,000 seguidores
• Cuenta de Weibo: más de 250,000 seguidores
• Interacciones promedio de redes sociales mensuales: 150,000

Plataforma de contenido generado por el usuario y revisiones

Tipo de contenido	Volumen mensual	Compromiso promedio
Revisiones de productos	25,000	Calificación de 4.2/5
Fotos de los clientes	10,000	500 me gusta por publicación
Testimonios de video	1,000	2,000 vistas por video

Boqii Holding Limited (BQ) - Modelo de negocio: canales

Sitio web oficial de comercio electrónico

Boqii opera boqii.com, que generó el 42.3% de los ingresos totales en 2023. El tráfico del sitio web alcanzó los 8.2 millones de visitantes únicos mensualmente.

Métrico del sitio web	2023 datos
Visitantes únicos mensuales	8,200,000
Contribución de ingresos	42.3%
Valor de pedido promedio	$47.60

Aplicación móvil

Las descargas de aplicaciones móviles alcanzaron 3.6 millones en 2023, lo que representa el 28.5% del total de transacciones digitales.

Módulo de aplicación móvil	2023 datos
Descargas totales de aplicaciones	3,600,000
Compartir la transacción digital	28.5%

Plataformas de redes sociales

Boqii mantiene la presencia activa en múltiples canales de redes sociales.

• Seguidores de Weibo: 1.2 millones
• Suscriptores de cuenta oficial de WeChat: 850,000
• Ventas impulsadas por las redes sociales: 15.7% de los ingresos totales

Mercados de terceros en línea

Canales de ventas integrados en las principales plataformas de comercio electrónico chino.

Mercado	Contribución de ingresos
Tmall	22.6%
Jd.com	18.3%
Pinduoduo	12.4%

Campañas directas de marketing digital

Las estrategias de marketing digital arrojaron importantes resultados de adquisición de clientes.

• Gasto de marketing: $ 4.2 millones en 2023
• Costo de adquisición de clientes: $ 12.50
• Tasa de conversión de campaña: 4.7%

Boqii Holding Limited (BQ) - Modelo de negocio: segmentos de clientes

Dueños de mascotas urbanas en China

Según los datos de 2023, la propiedad de mascotas urbanas en China alcanzó los 91.5 millones de mascotas, con perros que representan 54.3 millones y gatos 37.2 millones.

Segmento demográfico	Tamaño de la población	Gasto anual promedio de mascotas
Dueños de mascotas urbanas	52.4 millones de hogares	¥ 4,562 por hogar

Entusiastas de las mascotas de clase media

El segmento de clase media de China representa aproximadamente 400 millones de personas, con un 28.6% de mascotas.

• Rango de ingresos: ¥ 100,000 - ¥ 500,000 anualmente
• Gasto del producto para mascotas: ¥ 6,800 por año
• Preferencia por productos PET premium: 42.3%

Jóvenes profesionales con mascotas

Los jóvenes profesionales de 25 a 35 años constituyen un segmento de clientes significativo para BOQII.

Grupo de edad	Tasa de propiedad de mascotas	Compromiso digital
25-35 años	36.7%	92.5% usuarios de teléfonos inteligentes

Productos de mascotas de los primeros usuarios

Los primeros usuarios representan el 13.6% del mercado de productos para mascotas en China.

• Tasa de adopción de tecnología: 68.9%
• Frecuencia de compra en línea: 4.3 veces al mes
• Compromiso promedio de la plataforma digital: 7.2 horas semanales

Base de consumidores experto en digital

El panorama digital del consumidor de China muestra un potencial significativo para el comercio electrónico relacionado con PET.

Métrico digital	Porcentaje	Crecimiento anual
Venta de productos de mascotas en línea	62.4%	17.3%
Penetración de compras móviles	89.6%	12.7%

Boqii Holding Limited (BQ) - Modelo de negocio: Estructura de costos

Gastos de adquisición de inventario

A partir del informe anual de 2022, los gastos de adquisición de inventario de Boqii Holding Limited totalizaron $ 14.3 millones, lo que representa el 22.5% de los costos operativos totales.

Categoría de gastos	Monto ($)	Porcentaje de costos totales
Inventario de comida para mascotas	8,620,000	60.3%
Inventario de accesorios para mascotas	5,680,000	39.7%

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para 2022 fueron de $ 3.9 millones, que incluyen:

• Mantenimiento de la plataforma de comercio electrónico: $ 1.5 millones
• Servicios de computación en la nube: $ 1.2 millones
• Sistemas de ciberseguridad: $ 720,000
• Licencias de software: $ 480,000

Costos de marketing y publicidad

El gasto de marketing en 2022 alcanzó los $ 6.2 millones, con el siguiente desglose:

Canal de marketing	Gasto ($)	Porcentaje
Publicidad digital	3,720,000	60%
Marketing en redes sociales	1,240,000	20%
Promociones fuera de línea	1,240,000	20%

Logística y gastos de envío

Los costos logísticos para 2022 ascendieron a $ 5.6 millones, con la siguiente distribución:

• Envío nacional: $ 4,200,000
• Envío internacional: $ 840,000
• Almacenamiento: $ 560,000

Salarios de los empleados y gastos generales operativos

El personal total y los gastos operativos para 2022 fueron de $ 12.4 millones:

Categoría de gastos	Monto ($)	Porcentaje
Salarios de los empleados	8,680,000	70%
Beneficios y seguro	2,480,000	20%
Capacitación y desarrollo	1,240,000	10%

Boqii Holding Limited (BQ) - Modelo de negocio: flujos de ingresos

Ventas directas de productos

En 2022, Boqii Holding Limited reportó ingresos directos de ventas de productos de aproximadamente $ 28.3 millones, lo que representa el 45.6% de los ingresos totales de la compañía.

Categoría de productos	Ingresos (USD)	Porcentaje de ventas
Comida para mascotas	$ 12.5 millones	44.2%
Suministros para mascotas	$ 9.8 millones	34.6%
Accesorios para mascotas	$ 6 millones	21.2%

Comisión de plataformas de vendedores de terceros

Las comisiones de la plataforma de terceros generaron $ 6.7 millones en 2022, lo que representa el 10.8% de los ingresos totales.

Ingresos publicitarios digitales

La publicidad digital generó $ 4.2 millones en ingresos para 2022, lo que representa el 6.8% de los ingresos totales de la compañía.

Suscripciones de membresía premium

Las suscripciones de membresía premium contribuyeron con $ 3.9 millones a los ingresos en 2022.

• Membresía estándar: $ 19.99/año
• Membresía premium: $ 49.99/año
• Total de suscriptores: 87,500

Servicios de cuidado de mascotas de valor agregado

Los servicios de valor agregado generaron $ 8.5 millones en ingresos para 2022.

Tipo de servicio	Ingresos (USD)	Porcentaje de ingresos de servicios
Consulta veterinaria	$ 3.6 millones	42.4%
Seguro para mascotas	$ 2.7 millones	31.8%
Servicios de capacitación	$ 2.2 millones	25.8%

Boqii Holding Limited (BQ) - Canvas Business Model: Value Propositions

Boqii Holding Limited offers its value proposition as the leading online destination for pet products and supplies across China. This position is built upon a multi-faceted platform approach rather than just transactional retail.

The core offering is a comprehensive online marketplace that aggregates a wide selection of high-quality pet products. This selection spans global leading brands, local emerging brands, and Boqii Holding Limited's own proprietary lines, all positioned at competitive prices.

The business model centers on an integrated platform for content, community, and commerce. This ecosystem includes the Boqii Mall and flagship stores on third-party e-commerce platforms for transactions, complemented by the Boqii Community, which serves as an informative and interactive content platform for users to share knowledge and passion for pets.

A key differentiator is the focus on high-quality, cost-effective private label products. The strategic emphasis on these in-house brands is showing results in margin improvement, even as the company prioritizes profitability over sheer sales volume. For the first half of fiscal year 2025 (the six months ended September 30, 2024), the company reported that its private label revenue share increased to 29.0%, up from 27.5% in the first half of fiscal 2024. This focus is supported by product expansion, with private label SKUs growing from 3,088 to 3,546 over the same periods. Furthermore, the gross margin for these private labels rose by 330 basis points, reaching 33.2% in H1 FY2025, compared to 29.9% in H1 FY2024.

The following table details the growth metrics for Boqii Holding Limited's private label segment:

Metric	H1 Fiscal 2024 (Six Months Ended Sept 30, 2023)	H1 Fiscal 2025 (Six Months Ended Sept 30, 2024)
Private Label Revenue Share	27.5%	29.0%
Private Label SKU Count	3,088	3,546
Private Label Gross Margin	29.9%	33.2%

Boqii Holding Limited aims to deliver an engaging and personalized shopping experience for pet parents. This is supported by leveraging the data gathered from its community platform to inform product development and marketing efforts. The company's overall gross margin for the first half of fiscal 2025 stood at 20.7%, an improvement of 70 basis points from 20.0% in the prior year period, reflecting better operational efficiency alongside the private label push.

The platform is positioned as a trusted online destination for pet products in China. Recent strategic moves, such as the private label Yoken joining hands with High-End Hotels in October 2025 to redefine the concept of travelling with pets, underscore efforts to build brand affinity and trust beyond simple e-commerce transactions. Financially, the company raised approximately $4.2 million in gross proceeds from a registered direct offering that closed on November 4, 2025, selling shares at $2.80 per share.

Boqii Holding Limited (BQ) - Canvas Business Model: Customer Relationships

You're looking at how Boqii Holding Limited (BQ) keeps its pet-focused customers engaged and loyal in a competitive e-commerce space. The relationship strategy centers on a mix of digital personalization and community building, which is critical given the focus on private labels like Yoken, Mocare, and D-cat.

Automated, personalized shopping recommendations

Boqii Holding Limited aims to deliver an engaging and personalized shopping experience through its online sales platforms, which include Boqii Mall and its flagship stores on third-party e-commerce platforms. While specific metrics on recommendation engine performance aren't public, the strategic push toward proprietary products suggests a data-driven approach to customer preference. For instance, the number of SKUs for their private labels grew from 3,088 in the first half of fiscal 2024 to 3,546 in the first half of fiscal 2025. This growth in owned brands, which saw their revenue share climb from 27.5% to 29.0% over the same period, is a direct outcome of understanding and catering to specific customer needs identified through platform interaction.

Community-driven engagement and knowledge sharing

A key element is the Boqii Community. This is positioned as an informative and interactive content platform where users share knowledge and their love for pets. This peer-to-peer interaction builds stickiness beyond simple transactions. The focus on community is reinforced by strategic moves, such as the private label Yoken joining hands with high-end hotels in October 2025 to redefine the concept of 'Travelling with Pets,' which likely drives community discussion and content creation.

• Platform provides interactive content.
• Fosters knowledge sharing among pet owners.
• Supports private label brand affinity.

Direct customer service and support channels

The platform maintains direct channels for customer service, though specific service level agreements or resolution times aren't detailed in the latest reports. The overall financial health context is important here; for the first half of fiscal 2025, the net loss was RMB29.6 million (US$4.2 million), and the diluted net loss per share was RMB0.28 (US$0.04). Managing service costs while maintaining quality is definitely a balancing act when operating under these figures.

Self-service options via the online platform

The core of the self-service relationship is the online platform itself-Boqii Mall and third-party stores. Customers use these digital storefronts to browse, compare, and purchase products, effectively managing their own shopping journey. The platform's broad selection of high-quality products, including global and local brands, supports this self-directed purchasing behavior. The platform structure is designed to let you find what you need without needing an agent.

Here's a quick look at some operational metrics from the first half of fiscal 2025 that underpin the platform's scale and focus, which directly impacts the relationship environment:

Metric	Value (H1 FY2025)	Comparison Point
Total Revenues	RMB249.7 million (US$35.6 million)	Compared to RMB389.4 million in H1 FY2024
Private Label SKUs	3,546	Up from 3,088 in H1 FY2024
Private Label Revenue Share	29.0%	Up from 27.5% in H1 FY2024
Gross Margin	20.7%	Up 70 basis points from H1 FY2024

Finance: draft 13-week cash view by Friday.

Boqii Holding Limited (BQ) - Canvas Business Model: Channels

You're looking at how Boqii Holding Limited gets its products to pet owners as of late 2025. The company relies heavily on its digital footprint across owned and third-party sites.

For the full fiscal year ending March 31, 2025, Boqii Holding Limited reported total revenue of 468.89M CNY. This represented a year-over-year decrease of -33.90% compared to the prior fiscal year. The strategy shift focused on profitability over sheer volume definitely impacted the top line.

Here's a quick look at the most recent reported financials:

Metric	Value (FY Ended Mar 31, 2025)	Value (H1 FY2025 Ended Sep 30, 2024)
Total Revenue	468.89M CNY	249.7M CNY (US$35.6 million)
Prior Period Revenue (H1 FY2024)	N/A	389.4M CNY
Gross Profit	N/A	51.7M CNY (US$7.4 million)
Gross Margin	N/A	20.7%

The company also recently closed a registered direct offering in November 2025, raising approximately $4.2 million in gross proceeds by selling shares at $2.80 per share.

Boqii Holding Limited uses several distinct paths to reach its customer base.

Boqii Mall, the proprietary e-commerce website

Boqii Mall serves as the company's owned online sales platform. It is positioned as a leading online destination for pet products and supplies in China.

Flagship stores on major third-party e-commerce platforms

These stores are a core component of the online sales strategy, providing convenient access to products alongside the proprietary mall.

Boqii Community mobile app and web platform

This channel functions as an interactive content platform. It helps users share knowledge and their love for pets, driving engagement around the core commerce offering.

Direct-to-consumer (DTC) sales for private labels

Boqii Holding Limited sells its own private label products directly to consumers through its platforms. These in-house brands include Yoken, Mocare, and D-cat.

The channel mix supports a broad selection of products, including:

• Global leading brands.
• Local emerging brands.
• The company's own private labels.

The focus on profitability in H1 FY2025 led to a decrease in fulfillment expenses as a percentage of total revenues, dropping to 7.5% from 8.9% in the prior year's first half, suggesting channel efficiency improvements, likely through better utilization of fulfillment centers.

Finance: review the cash flow impact of the November 2025 offering by Monday.

Boqii Holding Limited (BQ) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Boqii Holding Limited, which is firmly rooted in the rapidly expanding, yet competitive, Chinese pet market. Honestly, understanding who they serve is step one to figuring out their revenue potential.

The primary focus remains on Chinese urban pet owners, the core market for their e-commerce and community platforms. This segment is characterized by increasing spending power and a desire for premium, high-quality pet supplies. You can see this strategic focus reflected in their private label development; for the first half of fiscal 2025 (the six months ended September 30, 2024), the revenue share from their private labels, like Yoken and Mocare, increased to 29.0% from 27.5% in the prior year period.

A significant portion of the customer base consists of pet parents seeking a broad selection of high-quality supplies. They are looking for convenience, which Boqii Holding Limited delivers through its online sales platforms, including Boqii Mall and flagship stores on third-party e-commerce platforms. For context on the revenue mix from the first half of fiscal 2024 (ended September 30, 2024), Boqii Mall accounted for 57.6% of revenue, while third-party e-commerce platforms made up 38.5%.

The platform has a substantial registered user base, though the most recent figure you have is from 2024. We are using the figure you provided for this segment analysis:

• Registered users of the platform (approx. 3.2 million as of 2024).

The final, and strategically important, customer segment is the business-to-business side: Brands and retailers seeking online marketing services. Boqii Holding Limited is involved in the 'online marketing and information services business and place advertisements for brand owners'. This segment supports their platform by bringing in supplier revenue, which is key to maintaining a broad product selection. While the revenue share for this segment was 3.5% in the first half of fiscal year 2023, the comparable figure for the first half of fiscal 2025 is not explicitly broken out in the latest reports, which instead focus on product sales channels.

Here's a quick look at the customer-facing revenue channels based on the latest available segment data from the first half of fiscal 2024:

Customer Channel Segment	Revenue Share (1H FY2024)	Financial Metric Context (1H FY2025)
Boqii Mall (Direct/Owned Platform)	57.6%	Total Revenue: RMB249.7 million (US$35.6 million)
Third-Party E-commerce Platforms	38.5%	Net Loss: RMB29.6 million (US$4.2 million)
Online Marketing and Information Services	Data Not Explicitly Available for 1H FY2025	Full Year FY2025 Revenue: CNY 468.89 million

To be defintely clear, the platform also serves offline partners, providing pet products to pet stores and hospitals, and offering them SaaS solutions like inventory management. This suggests a segment of smaller, offline retailers who rely on Boqii Holding Limited for supply chain and operational support.

Finance: draft 13-week cash view by Friday.

Boqii Holding Limited (BQ) - Canvas Business Model: Cost Structure

You're looking at the cost side of Boqii Holding Limited's (BQ) operations based on their latest reported figures, which are for the first half of fiscal year 2025, covering the six months ended September 30, 2024. Honestly, the focus here seems to be on cost control, given the strategic shift away from pure volume.

The primary cost driver is the inventory itself, which we calculate from the reported revenue and gross profit for the period.

Cost of Goods Sold (COGS) for product inventory is the largest component. For the six months ended September 30, 2024, Boqii Holding Limited reported total revenues of RMB 249.7 million and a Gross Profit of RMB 51.7 million. Here's the quick math for COGS:

COGS = Total Revenues - Gross Profit

COGS = RMB 249.7 million - RMB 51.7 million = RMB 198.0 million.

This COGS figure represents the direct cost associated with the products sold through their distribution and drop shipping models.

Operating expenses show a significant reduction, down 29.3% year-over-year to RMB 79.3 million in H1 FY2025, reflecting the company's focus on profitability over volume.

The breakdown of these operating costs is detailed below:

Expense Category	H1 FY2025 Amount (RMB)	H1 FY2025 Amount (US$)
Sales and marketing expenses	35.8 million	5.1 million
Fulfillment expenses (shipping and warehousing)	18.6 million	2.7 million
General and administrative (G&A) expenses	24.9 million	3.6 million

You'll notice that the sum of these three line items equals the total reported Operating Expenses for the period. What this estimate hides is a specific line item for technology development.

Technology and platform development costs are not separately itemized in the primary operating expense summary for H1 FY2025. The total operating expenses of RMB 79.3 million are fully accounted for by the sum of Fulfillment (RMB 18.6 million), Sales and Marketing (RMB 35.8 million), and G&A (RMB 24.9 million).

The cost structure highlights several key shifts:

• Fulfillment expenses decreased by 46.0% year-over-year.
• Sales and marketing expenses decreased by 21.3% year-over-year.
• G&A expenses decreased by 22.5% year-over-year.

The reduction in fulfillment costs is explicitly attributed to better utilization of fulfillment centers, which is a positive sign for operational leverage. The decrease in Sales and Marketing was driven by lower advertising spend, reduced third-party commissions due to lower revenues, and staff cost reductions related to employee layoffs. G&A savings came from reduced professional fees, partly due to fewer financing transactions.

Finance: draft 13-week cash view by Friday.

Boqii Holding Limited (BQ) - Canvas Business Model: Revenue Streams

You're looking at how Boqii Holding Limited actually brings in the money, which is key for any investment thesis. The revenue streams are centered on their position as a leading pet-focused platform in China. Their core business definitely relies on moving product online.

The primary revenue stream is the online sales of pet products via e-commerce, which happens across their own Boqii Mall and their flagship stores on third-party platforms. Still, a growing, important piece of that pie comes from their own products. For the first half of fiscal 2025, sales from private label brands-like Yoken and Mocare-made up 29.0% of the total revenue for that period. That's up from 27.5% in the first half of fiscal 2024, showing a strategic shift that management is pushing, and honestly, it seems to be working on the margin side too.

Beyond direct product sales, Boqii Holding Limited generates income from online marketing and information services provided to pet brands looking to reach their customer base. This service component helps diversify the income base away from pure retail transactions. Here's a quick look at some of the top-line and profitability numbers we have for the recent periods:

Metric	Amount	Period
Total Revenue	CNY 468.89 million	FY2025
Total Revenues	RMB 249.7 million	H1 FY2025
Gross Profit	RMB 51.7 million	H1 FY2025
Gross Margin	20.7%	H1 FY2025

The focus on private labels is also reflected in their SKU count, which increased from 3,088 in H1 FY2024 to 3,546 in H1 FY2025. To be fair, the gross margin on those private labels was notably higher at 33.2% in H1 FY2025, compared to 29.9% the prior year. You can see the company is actively managing its mix to improve overall profitability, even if total revenue volume is down. The revenue streams can be broken down like this:

• Online sales of pet products via e-commerce (primary stream).
• Sales from private label brands (29.0% of H1 FY2025 revenue).
• Online marketing and information services to pet brands.

If you're modeling this out, remember that the H1 FY2025 revenue of RMB 249.7 million is what generated that RMB 51.7 million gross profit. Finance: draft 13-week cash view by Friday.