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Boqii Holding Limited (NYSE: BQ) is a premier pet-focused platform in China, offering a comprehensive range of high-quality pet products and services. Established in 2008, Boqii's mission is to connect people and pets by providing a one-stop destination for all pet-related needs.
Boqii operates both online and offline channels. Through its online stores like Boqii Mall and flagship stores on third-party e-commerce platforms, the company offers a vast selection of pet foods, health products, grooming essentials, toys, fish tanks, and specialized equipment such as aquatic fertilizers and oxygen pumps. Boqii also distributes its products to physical pet stores and hospitals across China.
In recent developments, Boqii announced its unaudited financial results for the second half of fiscal year 2023, ending March 31, 2023. The company reported a 16.2% annual growth in the number of active buyers, reaching 5.8 million users. Despite the challenges of the fiscal year, the company managed to reduce its operating loss by 24.9% year-on-year and successfully maintained a low customer acquisition cost of RMB 3.8 per user.
Boqii has also seen significant growth in its private label products, including Yoken and Mocare. Sales from these lines increased by 19.2% year-on-year, contributing to an improved gross margin of 32.8%. The company has made strides in optimizing its operations and reducing overheads, leading to a significant decrease in sales and marketing expenses and general administrative costs.
On the financial front, Boqii's total revenues for the second half of fiscal year 2023 were RMB 502.5 million (US$ 73.2 million), compared to RMB 582.5 million in the same period of fiscal year 2022. The company attributes the revenue decrease to the resurgence of COVID-19 in certain regions of China. However, the company remains optimistic about its future, given the improvements in gross margin and operational efficiencies.
In August 2023, Boqii announced a change in the ratio of its American Depositary Shares (ADS) from one ADS representing 4.5 Class A ordinary shares to one ADS representing 15 Class A ordinary shares. This change is expected to enhance shareholder value and improve the stock's market performance.
Boqii continues to be a leader in the Chinese pet market, distinguished by its broad selection of global and local brands and a robust private label portfolio. The company fosters a vibrant community through its Boqii Community platform, where pet owners can share their knowledge and passion for pets.
Boqii Holding Limited (NYSE:BQ) announced its annual general meeting (AGM) to take place on March 27, 2023, from 3:00 p.m. to 5:00 p.m. Beijing Time at its Shanghai office. The Record Date for shareholders is set for February 16, 2023. The AGM will not feature any proposals for approval but will be an open forum for discussions between shareholders and management. Shareholders and beneficial holders of the Company's American Depositary Shares are invited to attend. The Company's annual report is available on its investor relations website and will be provided in hard copy upon request.
On January 23, 2023, Dogness (NASDAQ: DOGZ) reported a substantial rebound in pet product sales in Australia, benefiting from post-COVID market recovery. Sales to Australia more than doubled compared to the previous year, with the Australian pet market estimated to reach $3.9 billion in 2023. The company continues to grow through established partnerships and expanded distribution channels. CEO Silong Chen expressed optimism for 2023, emphasizing the company's commitment to high-quality pet products. Major customers include Petco, PetSmart, Costco, and online platforms like Amazon and Boqii.
Boqii Holding Limited (NYSE: BQ) reported its first half fiscal year 2023 results, showing a total revenue of RMB589.6 million (US$82.9 million), a slight decrease from RMB604.0 million a year prior.
Operational losses decreased significantly, with a net loss of RMB29.5 million (US$4.1 million), down 64% year-over-year. The company's gross profit improved to RMB123.9 million, increasing its gross margin to 21.0%. Active buyers rose 16.4% to 3.8 million, with notable success in private label sales, which grew by 30.9% YoY to RMB105.1 million.
Boqii Holding Limited (NYSE: BQ), a leading pet-focused platform in China, will release its unaudited financial results for the first half of fiscal 2023 on December 1, 2022, before U.S. markets open. An earnings conference call is scheduled for the same day at 8:00 AM ET. Investors can access the call via international and U.S. numbers provided in the release. Boqii offers a wide range of pet products through its online platforms, enhancing customer experience through competitive pricing and diverse product selection.
Boqii Holding Limited (NYSE: BQ) reported its fiscal Q1 2023 results, with revenues of RMB 315.1 million (US$47 million), a decrease of 2.1% year-over-year. Active buyers grew by 11.4% to 1.8 million. The company achieved a gross profit of RMB 70.7 million (US$10.5 million), up 25.3%, leading to a gross margin increase of 490 basis points to 22.4%. Operating loss decreased significantly by 76.4% to RMB 9.8 million (US$1.5 million), while net loss narrowed by 66.8% to RMB 12.4 million (US$1.9 million). The company continues to optimize its product mix amid ongoing COVID-19 impacts.
Boqii Holding Limited (NYSE: BQ), a leading pet-focused platform in China, will release its unaudited financial results for the quarter ending June 30, 2022, on September 15, 2022, before U.S. markets open. An earnings conference call will be held at 8:00 AM ET on the same day. Investors can access the call via the provided phone numbers. Boqii aims to provide a broad selection of pet products through its online sales platforms and community engagement.
Boqii Holding Limited (NYSE: BQ) announced the resignation of Mr. Kai Fang as Chief Strategy Officer effective immediately due to personal reasons. Mr. Fang has been instrumental in strategic planning and capital market management since 2021. The board expressed gratitude for his contributions to the company's growth. Boqii remains a leading pet-focused platform in China, offering a diverse range of pet products through its online platforms and community engagement.
Boqii Holding Limited (NYSE: BQ), a leading pet-focused platform in China, has been identified by the SEC under the Holding Foreign Companies Accountable Act (HFCAA). This identification, dated July 29, 2022, was related to Boqii's use of an auditor whose work cannot be fully inspected by the PCAOB. Under HFCAA, companies could face delisting after three consecutive years of such findings. Boqii assures stakeholders that this does not impact its business operations and is exploring solutions to protect its listing status on the NYSE.
Boqii Holding Limited (NYSE: BQ) announced the filing of its annual report on Form 20-F for the fiscal year ended March 31, 2022. This report, submitted to the SEC on July 27, 2022, contains the audited consolidated financial statements. Shareholders and ADS holders can request a hard copy of the Annual Report free of charge. Boqii is recognized as a leading pet-focused platform in China, offering a wide range of pet products and an engaging shopping experience via its online sales platforms.
Boqii Holding Limited (NYSE: BQ) reported its fiscal Q4 2022 revenue of RMB249.9 million, an 8.4% increase YoY. For the full year, revenues reached RMB1,186.4 million, up 17.4%. The company improved its net loss to RMB22.2 million in Q4, a 46.7% reduction from last year, and for the year, net losses declined to RMB132.8 million, 31.3% less than FY2021. Active buyers rose 14.8% YoY to 1.5 million in Q4, while full-year totals hit 5.0 million, a 30.4% increase. EBITDA losses narrowed in both periods, demonstrating operational efficiencies despite challenges from Covid-19.
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