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Boqii buys products from pet-brand suppliers and sells them to pet owners through Boqii Mall and flagship stores on platforms including Tmall, JD.com and Douyin. Most revenue comes from product sales, with partner brands contributing more than its own labels, which include Yoken, Mocare and D-cat. Manufacturing partners make its private-label products. Boqii also supplies physical pet stores and pet hospitals, though these sales are a small part of the business, and charges brand owners for advertising and marketing campaigns.
Pet-focused content and social interactions help turn users into shoppers and encourage repeat purchases. The business depends on continued access to third-party platforms’ traffic and on reliable product supply. Zhejiang HaoChao Network Technology Co., Ltd. accounts for a large share of revenue, while Royal Canin China Co., Ltd. supplies a large share of purchases. Most products come from brand partners, generally without long-term exclusive supply contracts.
Chinese foreign-investment restrictions prevent Boqii’s wholly owned local subsidiaries from directly conducting certain activities, including value-added telecommunications services and veterinary-drug imports. For those operations, Boqii uses contractual arrangements to direct locally owned companies and receive their economic benefits rather than owning them outright. Its ability to continue those activities depends on the arrangements remaining valid and enforceable.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Boqii’s results hinge on Chinese pet-food demand and two concentrated trading relationships: Royal Canin China supplied 44% of purchases, while Zhejiang HaoChao Network Technology accounted for 47.5% of revenue in fiscal 2026.
JD.com competes with Boqii by selling pet food and supplies directly to Chinese pet owners, but also gives Boqii access to shoppers through its flagship store on JD.com.
Petco Health and Wellness Company, Inc. offers a comparison for Boqii’s exposure to pet owners’ recurring food and supplies spending: both sell national-brand and own-brand products, but serve different countries. Petco’s food and supplies sales are the relevant comparison, rather than its veterinary, grooming and training services.
JD.com, Inc. earningsJD
JD.com sells pet food and supplies directly to Chinese pet owners and hosts Boqii's flagship store, so its report will show how demand and competition are moving among the online shoppers they share.
Look for JD.com's pet-food and supplies sales or category commentary. Resilience would suggest Chinese online pet spending remains supportive, leaving Boqii to compete for shoppers across its own mall and its JD flagship store; weakness would point to softer demand or tougher competition for the same customers.
Boqii Holding Limited earningsThis company
Boqii earns most of its revenue from pet food and supplies, and this report will show whether it can improve product margins without letting product sales keep shrinking.
Read product-sales revenue alongside product gross margin—the share of product revenue left after product costs. Steadier sales with a higher margin would show Boqii is keeping more from each sale without much further loss of scale; another sales decline alongside a higher margin would show the improvement still comes with a shrinking product business.
