Boqii Pet Reached 5 Million Users in Fiscal Year 2022

Consumer Discretionary, Consumer Staples Author: Contributor, Sally Shi, Fuller Wang Jun 08, 2022 02:49 PM (GMT+8)

Boqii's gradual increase in its fiscal Q4 2022 and the fiscal year 2022 benefits from its successful direction of its business plan and the recovery of COVID-19. Its GMV for the fiscal year 2022 was even up 19.4%, marking a new record.

Dog / Pet

On June 6, 2022, Boqii Holding Limited (BQ: NYSE), also known as Boqii Pet, released its updated financial report for the fourth quarter of the fiscal year 2022. This quarter ended on March 31, 2022. In this quarter, Boqii gained revenue of CNY 250 million (USD 37.43 million), up 8.4% year-over-year compared with CNY 230 million in its fiscal Q4 2021. Its EBITDA loss was CNY 19 million, down 51.9% year-over-year. The net loss for this reported quarter was CNY 22 million, down 46.7% year-over-year compared with CNY 42 million in the same period last year. The adjusted net loss was CNY 24 million, down 39.5% year-over-year. Its GMV in this reported quarter was CNY 606 million, up 8.9% year-over-year.

Meanwhile, Boqii Holding Limited also released its financial report for its fiscal year 2022. In this fiscal year, Boqii gained revenue of CNY 1186 million, up 17.4% year-over-year compared with CNY 1011 million in its fiscal year 2021. Its EBITDA loss was CNY 121 million, down 31.4% compared with CNY 177 million in the fiscal year 2021. The net loss for its fiscal year 2022 was CNY 133 million, down 31.3% year-over-year. The adjusted net loss was CNY 121 million, down 18.9% compared with the fiscal year 2021. The GMV was CNY 2907 million, up 19.4% year-over-year.

The number of active buyers in the fiscal year 2022 was 5 million, an increase of 30.4% compared with 3.8 million in the fiscal year 2021. This number increased significantly. In the fiscal Q4 2022, the active buyers were 1.5 million, which increased by 14.8% compared with 1.3 million in the fiscal Q4 2021.

Boqii’s business has been gradually increasing. We concluded the reasons are the recovery of COVID-19. COVID-19 has caused a serious influence on China’s economy. The macro environment made Boqii suffer in the previous two years. However, as the situation caused by COVID-19 has become better, Boqii benefited from this condition. In addition, the company’s continued growth also acted as an important push. Its plan in developing a high-quality product portfolio, improving the supply chain, and finding more cooperation could also lead the company to a new level. Its new service of the group-buy, through providing necessity for pets during Shanghai’s lockdown due to COVID-19, covers 447 apartments. Therefore, this new service also potentially increases the company’s revenue and reputation.