Boqii Announces Fiscal 2026 First Half Unaudited Financial Results
Boqii Holding Limited (NYSE American: BQ), a prominent pet-focused platform in China, reported its unaudited financial results for the first half of fiscal 2026, which ended on September 30, 2025. The results reflect Boqii's ongoing strategy to enhance profitability amidst challenging market conditions.
Fiscal 2026 First Half Financial Highlights
- Total revenues reached RMB207.9 million (approximately US$29.2 million), a decline from RMB249.7 million in the first half of fiscal 2025.
- Gross margin improved to 25.9%, representing an increase of 520 basis points from 20.7% in the prior year.
- Loss from operations narrowed to RMB16.9 million (US$2.4 million), down 37.4% from RMB27.0 million for the same period last year.
- Net loss significantly decreased to RMB7.4 million (US$1.0 million), a reduction of 75.1% compared to RMB29.6 million in the first half of fiscal 2025.
- EBITDA was a loss of RMB5.6 million (US$0.8 million), representing a decrease in losses by 77.6% from RMB25.0 million in the prior year.
- Total Gross Merchandise Volume (GMV) stood at RMB376.4 million (US$52.9 million), down from RMB538.2 million in the first half of fiscal 2025.
Operational Achievements and Strategic Focus
Mr. Hao Liang, Founder and CEO of Boqii, commented on the results: “Despite persistently challenging market conditions and weakened consumer sentiment during the first half of fiscal 2026, we have actively executed our strategic initiatives, demonstrating strong resilience. Our gross margin enhancement to 25.9% and the significant growth in our private label SKUs from 3,546 to 4,427 underscores our commitment to sustainable growth.”
Ms. Yingzhi (Lisa) Tang, Co-Founder and CFO, highlighted progress in supply chain management: “By optimizing our fulfillment strategy, we achieved a 31.0% reduction in fulfillment expenses, allowing us to increase our post-fulfillment gross margin from 13.3% to 19.7%. Our reduced net loss to RMB7.4 million reflects the effectiveness of our operational strategies.”
Detailed Financial Overview
Boqii reported the following revenue breakdown for the first half of fiscal 2026:
| Category | Six Months Ended September 30, 2025 (RMB) | Six Months Ended September 30, 2024 (RMB) | Change (%) |
|---|---|---|---|
| Product Sales | RMB187.8 million | RMB232.7 million | (19.3) |
| Boqii Mall | RMB99.6 million | RMB112.5 million | (11.5) |
| Third Party E-commerce Platforms | RMB88.2 million | RMB120.2 million | (26.6) |
| Online Marketing and Information Services | RMB20.1 million | RMB17.0 million | 18.2 |
| Total Revenues | RMB207.9 million | RMB249.7 million | (16.7) |
Conclusion
Boqii's results for the first half of fiscal 2026 illustrate a strategic pivot towards profitability, highlighted by improvements in gross margin and operational efficiencies. As a company traded under the symbol BQ, Boqii appears to be well-positioned for future growth with its enhanced focus on private labels and supply chain optimization.