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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.
Dogness (International) Corporation reported its unaudited financial results for the six months ending December 31, 2022, indicating a challenging period amid macroeconomic factors. Total revenue dropped by approximately
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.
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