Boqii Holding (BQ) AI Stock Analysis

• Market Cap: $9.81M
• Dividend Yield: N/A
• Average Volume (3M): 2.37M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.63
• Revenue Growth: -34.36%
• EPS Growth: 59.23%
• Country: US
• Employees: 241
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.53
• Shares Outstanding: 4,298,128
• 10 Day Avg. Volume: 735,485
• 30 Day Avg. Volume: 2,371,696
• PEG Ratio: <0.01
• Price to Book (P/B): 0.10
• Price to Sales (P/S): 0.04
• P/FCF Ratio: -0.26
• Enterprise Value/Market Cap: 100.26
• Enterprise Value/Revenue: 2.10
• Enterprise Value/Gross Profit: 9.77
• Enterprise Value/Ebitda: -18.47
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 39 Underperform
• Price Target: $2.00 ▼(-0.50% Downside)

Boqii Holding's overall stock score is primarily impacted by its weak financial performance, characterized by declining revenues, negative profitability, and cash flow issues. The technical analysis also indicates a bearish trend, further contributing to the low score. Valuation metrics are unfavorable, with a negative P/E ratio and no dividend yield, reflecting ongoing financial struggles.

Positive Factors

Margin improvement from private-label focus

Boqii’s strategic shift to higher‑margin private‑label products, combined with supply‑chain optimization and cost reductions, materially improved gross margins and narrowed losses. If sustained, these structural changes can lift unit economics and support durable operating profitability.

Improved leverage management

A lower debt-to-equity ratio (0.26) versus prior years indicates better leverage management. Reduced reliance on debt limits interest burdens and increases financial flexibility to weather demand shocks or fund targeted investments, improving medium-term resilience.

Diverse platform monetization

Boqii’s multi-channel revenue model—product sales, advertising, memberships and service partnerships (vets, grooming)—creates multiple monetization levers. This platform ecosystem enhances customer stickiness and cross-sell potential, aligning with secular growth in China’s pet market.

Negative Factors

Steep and persistent revenue decline

Boqii’s sharp top-line contraction (recent year revenue down ~34% and fundamentals showing -25% growth) erodes scale advantages, supplier leverage and marketing ROI. Continued revenue decline undermines the business model’s capacity to achieve sustainable profitability and reinvestment.

Negative operating and free cash flows

Chronic negative operating and free cash flows constrain Boqii’s ability to fund inventory, marketing and platform investment internally. Persistent cash burn increases dependence on external financing, which can dilute shareholders and limit strategic flexibility over the medium term.

Ongoing unprofitability and weak returns

Despite margin improvements, Boqii remains unprofitable with negative net and EBIT margins and negative ROE; net loss persisted (RMB7.4m). Continued losses erode equity, restrict reinvestment capacity and delay a sustainable path to self‑funding and long‑term shareholder value creation.

Boqii Holding Business Overview & Revenue Model

Company Description

Boqii Holding Limited operates a pet-focused platform in the People's Republic of China. The company offers food, treats, shampoos, toys, cages, apparel, OTC veterinary drugs, and other pet products to pet parents, and small and medium pet businesses through e-commerce platforms and offline distribution network. It also operates Boqii Community, an interactive content platform; and provides online marketing and information services. The company was founded in 2008 and is headquartered in Shanghai, the People's Republic of China.

How the Company Makes Money

Boqii Holding generates revenue primarily through its e-commerce platform by selling pet food, supplies, and accessories directly to consumers. The company leverages a variety of revenue streams, including product sales, advertising services for brands looking to promote their products on their platform, and membership fees for premium services. Additionally, Boqii partners with pet-related service providers, such as veterinary services and pet grooming, to offer bundled services, further driving revenue. The growth of the pet industry in China, along with increasing disposable income and pet ownership rates, significantly contributes to the company's earnings potential.

Boqii Holding Financial Statement Overview

Summary

Boqii Holding faces substantial financial challenges across all verticals. The company is struggling with declining revenues, negative profitability, and cash flow issues. While there are some improvements in leverage, the overall financial health remains weak, with ongoing operational losses and liquidity concerns.

Income Statement

Boqii Holding's income statement reveals significant challenges. The company has experienced declining revenue over the past years, with a negative revenue growth rate of -33.90% in the most recent year. Profitability metrics are concerning, with negative net profit margins and EBIT margins, indicating ongoing operational losses. The gross profit margin has slightly improved to 21.47%, but overall, the company struggles with profitability and revenue growth.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 0.26, which is an improvement from previous years, indicating better leverage management. However, the return on equity remains negative, reflecting continued losses. The equity ratio is relatively stable, but the company's financial stability is still under pressure due to ongoing losses and past high leverage.

Cash Flow

Cash flow analysis highlights significant challenges, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is unfavorable, indicating cash flow issues. Despite a positive free cash flow to net income ratio, the overall cash flow situation remains weak, impacting the company's liquidity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	468.89M	468.89M	709.35M	1.09B	1.19B	1.01B
Gross Profit	100.65M	100.65M	140.74M	233.49M	242.73M	187.30M
EBITDA	-53.25M	-38.14M	-38.25M	-61.01M	-94.55M	-146.97M
Net Income	-54.13M	-54.13M	-63.66M	-102.80M	-128.39M	-194.44M
Balance Sheet
Total Assets	316.17M	316.17M	383.21M	540.80M	778.31M	880.57M
Cash, Cash Equivalents and Short-Term Investments	42.66M	42.66M	72.72M	159.65M	290.94M	460.78M
Total Debt	50.06M	50.06M	66.38M	209.55M	380.39M	614.99M
Total Liabilities	87.79M	87.79M	122.33M	315.85M	529.96M	752.88M
Stockholders Equity	189.81M	189.81M	218.68M	178.28M	199.18M	82.67M
Cash Flow
Free Cash Flow	0.00	-70.14M	-25.99M	-55.92M	-150.60M	-254.00M
Operating Cash Flow	0.00	-66.83M	-25.43M	-54.07M	-147.50M	-247.49M
Investing Cash Flow	0.00	24.60M	47.81M	46.50M	21.15M	-184.42M
Financing Cash Flow	0.00	8.15M	-33.13M	-76.66M	2.00M	648.49M

Boqii Holding Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.01
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BQ, the sentiment is Negative. The current price of 2.01 is below the 20-day moving average (MA) of 2.07, below the 50-day MA of 2.20, and below the 200-day MA of 3.35, indicating a bearish trend. The MACD of -0.18 indicates Negative momentum. The RSI at 42.50 is Neutral, neither overbought nor oversold. The STOCH value of 37.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BQ.

Boqii Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JD	70 Outperform	$43.15B	10.08	13.68%	3.37%	16.54%	-3.61%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
CHWY	61 Neutral	$13.31B	67.66	59.58%	―	9.80%	-46.84%
JWEL	54 Neutral	$4.60M	-0.85	―	―	-16.89%	31.24%
WNW	44 Neutral	$24.09M	0.14	12.11%	―	570.49%	―
BQ	39 Underperform	$9.81M	-3.70	-25.20%	―	-34.36%	59.23%
YJ	38 Underperform	$6.28M	-0.37	―	―	-35.95%	26.08%

Boqii Holding Corporate Events

Boqii Narrows Losses as Margins Improve in First Half of Fiscal 2026

On January 5, 2026, Boqii Holding reported unaudited financial results for the first half of fiscal 2026, covering the six months ended September 30, 2025, showing that total revenues declined 16.7% year-on-year to RMB207.9 million as the company prioritized profitability over sales volume, with GMV also decreasing to RMB376.4 million. Despite weaker topline performance in a challenging consumption environment, Boqii significantly improved its profitability metrics: gross margin rose 520 basis points to 25.9%, operating expenses fell 10.2%, and net loss narrowed 75.1% to RMB7.4 million, aided by a stronger focus on higher-margin private-label products, supply-chain optimization that cut fulfillment costs, and cost reductions including staff layoffs and lower rental expenses; EBITDA loss also shrank sharply and the company exited its involvement in Nanjing Xingmu’s operations effective April 1, 2025, underscoring a strategic shift toward leaner, higher-margin operations that may bolster its competitive positioning in China’s pet economy.

The most recent analyst rating on (BQ) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Boqii Holding stock, see the BQ Stock Forecast page.

Boqii Holding Announces Equity Interest Repurchase Agreement

On December 4, 2025, Boqii Holding Limited’s variable interest entity, Shanghai Guangcheng, entered into an equity interest repurchase agreement with Nanjing Xingmu Biotechnology Co., Ltd. and its founders. The agreement involves the repurchase of a 14.5% equity interest in Nanjing Xingmu for RMB 12.5 million, to be paid in installments. This transaction is expected to lead to the termination of existing contractual arrangements, impacting the company’s financial consolidation practices.

The most recent analyst rating on (BQ) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Boqii Holding stock, see the BQ Stock Forecast page.

Boqii Holding Completes $4.2 Million Direct Offering

On November 4, 2025, Boqii Holding Limited completed a registered direct offering, raising approximately $4.2 million through the sale of 698,000 Class A ordinary shares and pre-funded warrants. The proceeds from this offering are intended for working capital and general corporate purposes. The offering was facilitated by Univest Securities, LLC as the placement agent, and included customary agreements and conditions. This financial move is expected to support Boqii’s operational activities and potentially strengthen its market position in the pet industry.

The most recent analyst rating on (BQ) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Boqii Holding stock, see the BQ Stock Forecast page.

Boqii Addresses Unusual Trading Activity on NYSE American

On October 31, 2025, Boqii Holding Limited announced it had noticed unusual trading activity in its Class A ordinary shares on the NYSE American. After conducting an internal review, the company confirmed no new material developments beyond previously disclosed information. This announcement serves as a reassurance to investors and stakeholders, emphasizing the importance of relying on official company filings and press releases for updates.

The most recent analyst rating on (BQ) stock is a Hold with a $17.00 price target. To see the full list of analyst forecasts on Boqii Holding stock, see the BQ Stock Forecast page.