Revenue has experienced a sharp 31.5% year-over-year contraction as of 2025Q4, while thin gross margins of 22.3% highlight limited pricing power against larger competitors.
| Sales/Revenue | 468.89M | 709.35M | 1.09B | 1.19B | 1.01B | 770.24M | 803.83M |
| Revenue Growth % | -33.9% | -35.05% | -7.95% | 17.35% | 31.26% | -4.18% | - |
| Cost of Goods Sold | 368.24M | 568.62M | 858.61M | 943.7M | 823.69M | 611.47M | 599.48M |
| COGS % of Revenue | 78.53% | 80.16% | 78.62% | 79.54% | 81.47% | 79.39% | 74.58% |
| Gross Profit | 100.65M | 140.74M | 233.49M | 242.73M | 187.3M | 158.77M | 204.35M |
| Gross Margin % | 21.47% | 19.84% | 21.38% | 20.46% | 18.53% | 20.61% | 25.42% |
| Gross Profit Growth % | -28.48% | -39.72% | -3.81% | 29.6% | 17.97% | -22.31% | - |
| Operating Expenses | 159.97M | 200.9M | 337.25M | 380.98M | 393.29M | 296.15M | 405.48M |
| OpEx % of Revenue | 34.12% | 28.32% | 30.88% | 32.11% | 38.9% | 38.45% | 50.44% |
| Selling, General & Admin | 125.14M | 144.36M | 296.86M | 381.26M | 394.36M | 298.55M | 409.33M |
| SG&A % of Revenue | 26.69% | 20.35% | 27.18% | 32.14% | 39.01% | 38.76% | 50.92% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 34.84M | 56.54M | 40.4M | -280K | -1.07M | -2.4M | -843K |
| Operating Income | -59.32M | -60.16M | -103.77M | -138.25M | -206M | -137.39M | -201.13M |
| Operating Margin % | -12.65% | -8.48% | -9.5% | -11.65% | -20.38% | -17.84% | -25.02% |
| Operating Income Growth % | 1.39% | 42.03% | 24.94% | 32.89% | -49.94% | 31.69% | - |
| EBITDA | -44.59M | -35.86M | -71.33M | -118.87M | -187.22M | -117.09M | -180.04M |
| EBITDA Margin % | -9.51% | -5.05% | -6.53% | -10.02% | -18.52% | -15.2% | -22.4% |
| EBITDA Growth % | -24.36% | 49.73% | 39.99% | 36.51% | -59.9% | 34.96% | - |
| D&A (Non-Cash Add-back) | 14.73M | 24.3M | 32.44M | 19.38M | 18.77M | 20.3M | 21.09M |
| EBIT | -52.87M | -62.55M | -93.45M | -113.93M | -165.74M | -116.66M | -213.1M |
| Net Interest Income | -5.53M | -4.69M | -5.93M | -5.41M | -10.1M | -58.87M | -18.54M |
| Interest Income | 972K | 2.64M | 7.42M | 15.48M | 17.55M | 400K | 114K |
| Interest Expense | 6.51M | 7.33M | 13.35M | 20.88M | 27.65M | 59.27M | 18.65M |
| Other Income/Expense | -76K | -9.67M | -3.12M | 3.85M | 11.91M | -39.06M | -30.63M |
| Pretax Income | -59.4M | -69.83M | -106.89M | -134.39M | -194.09M | -176.44M | -231.76M |
| Pretax Margin % | -12.67% | -9.84% | -9.79% | -11.33% | -19.2% | -22.91% | -28.83% |
| Income Tax | -801K | -927K | -911K | -1.57M | -871K | -512K | -141K |
| Effective Tax Rate % | 1.35% | 1.33% | 0.85% | 1.17% | 0.45% | 0.29% | 0.06% |
| Net Income | -54.13M | -63.66M | -102.8M | -128.39M | -194.44M | -179.02M | -234.24M |
| Net Margin % | -11.54% | -8.97% | -9.41% | -10.82% | -19.23% | -23.24% | -29.14% |
| Net Income Growth % | 14.98% | 38.07% | 19.93% | 33.97% | -8.61% | 23.57% | - |
| Net Income (Continuing) | -58.6M | -68.9M | -105.98M | -132.82M | -193.22M | -175.93M | -231.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 38.57M | 42.2M | 46.67M | 49.17M | 45.02M | 43.74M | 4.63M |
| EPS (Diluted) | -44.85 | -208.05 | -339.00 | -417.75 | -278.25 | -1279.95 | -2054.25 |
| EPS Growth % | 78.44% | 38.63% | 18.85% | -50.13% | 78.26% | 37.69% | - |
| EPS (Basic) | -44.85 | -145.20 | -339.00 | -417.75 | -278.25 | -1279.95 | -2054.25 |
| Diluted Shares Outstanding | 1.21M | 306.07K | 306.07K | 305.53K | 300.2K | 306K | 306K |
| Basic Shares Outstanding | 1.21M | 306.07K | 306.07K | 305.53K | 300.2K | 306K | 306K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Structural revenue base erosion
According to the provided financial data, Boqii's revenue has experienced a sharp decline, falling from $274.6M in 2023Q2 to $109.6M by 2025Q4, representing a significant contraction that suggests the company is losing market share to larger, more integrated e-commerce ecosystems within the Chinese pet sector.
The consistent downward trajectory in top-line figures indicates that the company's community-driven model is failing to retain users against the convenience and pricing power of generalist platforms. This trend suggests that the platform's value proposition may be increasingly viewed as redundant by consumers, necessitating a fundamental reassessment of its long-term growth durability.
As reported in the income statement, Boqii maintains a thin gross margin of approximately 22.3%, which, based on historical figures, has struggled to expand significantly, highlighting the company's limited pricing power and the high variable costs inherent in its current product-heavy retail model.
The inability to meaningfully improve gross margins suggests that the company remains trapped in a low-margin commodity environment where it cannot pass input costs to consumers. Investors should monitor whether the company can pivot toward higher-margin service offerings, as the current structure appears insufficient to support the necessary operating expenses.
Based on the reported figures, Boqii's operating margin of -14.7% in 2025Q4 demonstrates a failure to achieve economies of scale, as the company's fixed overhead costs continue to outpace the shrinking gross profit generated by its declining revenue base.
The persistence of negative operating margins despite various periods of activity suggests that the company's cost structure is not sufficiently flexible to adjust to lower volume. This lack of operating leverage implies that the business model may require a radical reduction in fixed expenses to reach even a breakeven point.
While the bull case often emphasizes Boqii's proprietary community data, the financial statements reveal a -33.9% revenue decline, which suggests that this social graph has failed to act as a meaningful barrier to entry against larger, better-capitalized competitors in the Chinese pet market.
Short-sellers would likely focus on the disconnect between the company's 'community-first' narrative and the reality of its deteriorating financial performance. The data warrants investigation into whether the community is a genuine asset or merely a legacy feature that no longer drives meaningful commercial conversion or customer retention.
Quick answers to the most common questions about buying BQ stock.
For fiscal year 2025, Boqii Holding Limited (BQ) reported total revenue of $468.9M. This represents a 41.7% decline compared to $803.8M in 2019.
Boqii Holding Limited (BQ) reported a net loss of $54.1M for the fiscal year ending 2025.
Boqii Holding Limited (BQ) reported an operating income of $-59.3M, resulting in an operating profit margin of -12.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Boqii Holding Limited (BQ) generated $100.7M in gross profit for the year, representing a gross profit margin of 21.5%. This demonstrates the company's core pricing power and production efficiency.