Boqii Holding Limited (BQ): Business Model Canvas [Dec-2025 Updated]

You're digging into the financials of Boqii Holding Limited (BQ), trying to map out where the real value is being built, especially as the top line contracted in fiscal year 2025. Honestly, looking at the numbers-like private labels driving 29.0% of H1 FY2025 revenue against a 468.89 million CNY total for the year-it's clear the strategy is a sharp pivot toward margin. This Business Model Canvas breaks down exactly how they manage over 20,000 SKUs and engage their 3.2 million users through community and commerce, so you can see the levers behind that 51.7 million RMB H1 gross profit. Let's see the full nine blocks that define their operating reality below.

Boqii Holding Limited (BQ) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps Boqii Holding Limited's ecosystem running, which is critical given their focus on a fragmented market.

Strategic alliances with pet product manufacturers.

Boqii Holding Limited has engaged in strategic investments with manufacturers to secure supply and market access. An example includes an investment in the U.S. premium pet food maker Better Choice Co.

Collaborations with veterinary service providers in China.

Boqii Holding Limited partnered with Evetsoft Pet Hospital Management Software to create an online procurement platform for pet hospitals and clinics. At the time of that partnership announcement, only about 1,800 out of an estimated 15,000 pet hospitals and clinics in China utilized a centralized supply chain system.

Logistics and fulfillment service providers for distribution.

The distribution network supports sales to more than 15,000 pet stores and hospitals across 250 cities in China. This requires a network of logistics and fulfillment service providers for both online and offline channels.

High-end hotels for private label Yoken co-branding.

The private label Yoken deepened collaboration in high-end cultural and tourism ventures in 2025, entering co-branding partnerships with specific luxury hotels. These partnerships involve launching professional custom rooms and exclusive customized travel kits.

• Banyan Tree Sanya, the flagship store of Banyan Tree Hotel in China.
• Langham Xintiandi Shanghai under Langham Hotels International.
• Fuchun Resort Hangzhou.

Integrations with major third-party e-commerce platforms.

Boqii Holding Limited utilizes flagship stores on major third-party e-commerce platforms as a primary sales channel alongside its own Boqii Mall. The success of the private label strategy, which relies on these distribution points, is evident in the latest available figures.

The total revenue for the first half of fiscal 2025 was RMB249.7 million (US$35.6 million), with a total Gross Merchandise Volume (GMV) of RMB538.2 million (US$76.7 million).

Boqii Holding Limited (BQ) - Canvas Business Model: Key Activities

You're looking at the core engine room of Boqii Holding Limited, the activities that drive their pet-focused platform. Here's the breakdown based on the latest available operational data, primarily from the first half of fiscal year 2025 (ended September 30, 2024), plus some late 2025 corporate actions.

E-commerce platform management and maintenance.

Managing the online sales infrastructure, which includes Boqii Mall and flagship stores on third-party platforms, is central. Total Gross Merchandise Volume (GMV) for the first half of fiscal 2025 reached RMB538.2 million (US$76.7 million). This was a decrease from RMB903.0 million in the first half of fiscal 2024. The platform relies on data analytics from extensive user interactions to personalize the shopping experience.

Platform activity metrics for H1 FY2025:

• Total Revenues: RMB249.7 million (US$35.6 million).
• Overall Gross Margin: 20.7%, an improvement of 70 basis points.
• Operating Expenses: Reduced by 29.3% to RMB79.3 million (US$11.3 million).

Product sourcing, inventory, and supply chain management.

This involves procuring products from global leading brands, local emerging brands, and in-house labels. Efficiency in the supply chain is a focus area, evidenced by cost reductions. Fulfillment expenses, covering shipping and warehousing, were RMB18.6 million (US$2.7 million) in H1 FY2025, a decrease of 46.0% compared to the prior year period. This brought fulfillment expenses down to 7.5% of total revenues, from 8.9% in H1 FY2024.

Here's a look at the cost structure management during H1 FY2025:

Liquidity management is also key; cash and short-term investments stood at RMB46.2 million (US$6.6 million) as of September 30, 2024, down from RMB72.7 million on March 31, 2024. The company also announced the closing of a $4.2 million Registered Direct Offering in November 2025.

Digital content creation for the Boqii Community.

The Boqii Community is an interactive platform where users share experiences and discover products. While specific content creation spending isn't broken out, Sales and Marketing expenses, which would encompass promotional content, were RMB35.8 million (US$5.1 million) in H1 FY2025. The platform's focus is on providing an engaging and personalized shopping experience.

Development and promotion of private label brands.

Developing proprietary labels like Yoken, Mocare, and D-cat is a strategic priority. This segment shows growth in both penetration and margin, defintely a bright spot.

Private Label Performance (H1 FY2025 vs. H1 FY2024):

• SKU Count: Increased from 3,088 to 3,546.
• Revenue Share: Rose from 27.5% to 29.0%.
• Gross Margin: Increased by 330 basis points, from 29.9% to 33.2%.

The private label Yoken was noted for joining hands with high-end hotels in October 2025 to redefine travel with pets.

Customer service and support operations.

Support operations are integrated into the platform experience. The company reduced overall operating expenses by 29.3% in H1 FY2025, which would include support overhead. The focus on profitability over volume suggests a drive for efficiency across all customer-facing functions. The company also executed a 1-for-160 reverse stock split in July 2025, a structural action impacting shareholder relations and reporting.

Finance: draft 13-week cash view by Friday.

Boqii Holding Limited (BQ) - Canvas Business Model: Key Resources

You're looking at the core assets Boqii Holding Limited relies on to run its pet-focused platform business as of late 2025. These are the things they own or control that are essential for delivering value.

Advanced e-commerce technology infrastructure

Boqii Holding Limited's operations are anchored by its online sales platforms, which include the proprietary Boqii Mall and its flagship stores hosted on third-party e-commerce platforms. This infrastructure supports the delivery of what they aim to be a convenient and personalized shopping experience for customers in China.

The company's operational focus in the first half of fiscal year 2025 (six months ended September 30, 2024) involved a strategic shift toward profitability, evidenced by a reduction in operating expenses by 29.3% to RMB79.3 million (US$11.3 million) compared to the prior year period. Furthermore, as of December 1, 2025, the company had an employee count of 158, generating approximately $408,969 in revenue per employee over the last twelve months.

Extensive pet product inventory of over 20,000 SKUs

The breadth of product selection is a critical resource. Boqii Holding Limited maintains an extensive catalog to serve the diverse needs of pet owners.

The total inventory figure is a key component of their value proposition, offering customers a one-stop destination for pet supplies.

Proprietary private label brands: Yoken, Mocare, and D-cat

Developing and controlling proprietary brands is a significant asset, allowing for margin control and differentiation. Boqii Holding Limited actively manages its private labels, including Yoken, Mocare, and D-cat. These brands are showing traction, which is important given the company's focus on profitability over pure volume.

Here's how the private label segment performed in the first half of fiscal 2025:

• Private label revenue share grew from 27.5% (H1 FY2024) to 29.0% (H1 FY2025).
• The gross margin for these private labels saw a substantial increase of 330 basis points, moving from 29.9% to 33.2%.
• The revenue share for private labels reached 29.0% of total revenue in H1 FY2025.

Also, note that one of the private labels, Yoken, was reported to be joining hands with high-end hotels in late October 2025 to redefine traveling with pets.

Large customer database and user behavior insights

The platform accumulates valuable data from its transactions and user interactions. This data forms the basis for personalization and targeted marketing efforts, which is crucial for driving repeat business and optimizing inventory purchasing. While a specific total customer count isn't immediately available, the scale of their operations implies a substantial dataset.

The company's Gross Merchandise Volume (GMV) for the first half of fiscal 2025 was RMB538.2 million (US$76.7 million). This volume, generated across their sales channels, feeds the insights engine.

The Boqii Community, a content and social platform

The Boqii Community functions as an informative and interactive content platform where users share knowledge and their love for pets. This community asset helps drive engagement beyond simple transactions, fostering brand loyalty and providing a direct channel for understanding user sentiment and needs.

The platform's ability to engage users is a non-financial resource that supports the overall ecosystem. For instance, the company's online marketing and information services revenue showed an increase of 11.1% in the first half of fiscal 2025, suggesting that content and community engagement are translating into monetizable services.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.