v3.25.2
Organization and Principal Activities (Tables)
 12 Months Ended
Mar. 31, 2024
Organization and Principal Activities [Abstract]  
Schedule of Company’s Principal Subsidiaries, Consolidated VIEs and Major VIEs’ Subsidiaries

As of March 31, 2024, the Company’s principal subsidiaries, consolidated VIEs and major VIEs’ subsidiaries are as follows:

 

Name of subsidiaries and VIE   Place of incorporation  

Date of incorporation

or acquisition

  

Percentage

of direct

or indirect

     Principal activities
Subsidiaries:                  
Boqii Corporation Limited (“Boqii Corporation”)   Hong Kong   July 2012   100 %   Investment holding
Boqii International Limited   Hong Kong   August 2016   100 %   Investment holding
Xingmu International Limited   British Virgin Islands   August 2019   51 %   Investment holding
Xingmu HK Limited   Hong Kong   November 2019   51 %   Investment holding
Nanjing Xinmu Information Technology Co., Ltd. (“Xingmu WFOE”)   Nanjing, the PRC   November 2019   51 %  

Technology development and sales

of merchandise

Xincheng (Shanghai) Information Technology Co., Ltd. (“Shanghai Xincheng”)   Shanghai, the PRC   November 2012   100 %  

Technology development and sales

of merchandise

Shanghai Yiqin Pets Products Co., Ltd.   Shanghai, the PRC   February 2013   100 %  

Technology development and sales

of merchandise

                   
Consolidated VIEs                  
Guangcheng (Shanghai) Information Technology Co., Ltd. (“Shanghai Guangcheng”)   Shanghai, the PRC   November 2012   100 %  

Operates the Company’s own

online e-commerce platform

Nanjing Xingmu Biotechnology Co., Ltd. (“Nanjing Xingmu”)   Nanjing, the PRC   November 2019   51 %  

Biotechnology research and

development

Suzhou Taicheng Supply Chain Co., Ltd. (“Suzhou Taicheng”)   Suzhou, the PRC   June 2021   100 %   Sales of merchandise
Suzhou Xingyun Yueming Supply Chain Co., Ltd. (“Suzhou Xingyun”)   Suzhou, the PRC   April 2022   100 %   Sales of merchandise
                   
Subsidiaries of VIEs                  
Boqii (Shanghai) Information Technology Co., Ltd.   Shanghai, the PRC   August 2014   90 %   Technology development
Schedule of Company’s Consolidated Financial Statements

The following table set forth the assets, liabilities, results of operations and changes in cash, cash equivalents and restricted cash of the consolidated VIEs and their subsidiaries taken as a whole, which were included in the Company’s consolidated financial statements with intercompany transactions eliminated (RMB in thousands):

 

   As of March 31, 
   2023   2024 
   RMB   RMB 
         
Cash and cash equivalents   15,522    19,197 
Accounts receivable, net   33,172    23,731 
Amounts due from related parties   6,770    7,298 
Inventories, net   27,894    11,104 
Prepayments and other current assets   48,291    32,418 
Inter-company receivables   83,700    19,140 
Property and equipment, net   4,661    2,444 
Intangible assets   101    25 
Operating lease right-of-use assets   22,305    7,346 
Long-term investments   75,505    65,849 
Other non-current asset   5,219    2,093 
Total assets   323,140    190,645 

 

   As of March 31, 
   2023   2024 
   RMB   RMB 
         
Short-term borrowings   363    10,213 
Accounts payable   13,459    2,279 
Amounts due to related parties, current   21    
-
 
Salary and welfare payable   5,573    440 
Accrued liabilities and other current liabilities   15,712    6,759 
Contract liabilities   4,471    1,579 
Operating lease liabilities, current   9,207    5,254 
Inter-company payables   1,095,452    997,922 
Operating lease liabilities, non-current   12,741    2,209 
Other debts, non-current   75,481    11,500 
Total liabilities   1,232,480    1,038,155 
   Year Ended March 31, 
   2022   2023   2024 
   RMB   RMB   RMB 
Net revenues:            
Third-party revenues   877,380    786,152    463,457 
Inter-company revenues   56,079    86,463    41,335 
Total revenues   933,459    872,615    504,792 
Cost of revenues:               
Third-party cost of revenues   (160,661)   (81,810)   (92,297)
Inter-company cost of revenues   (550,585)   (534,518)   (266,823)
Total cost of revenues   (711,246)   (616,328)   (359,120)
Gross profit   222,213    256,287    145,672 
Operating expenses:               
Third-party operating expenses   (288,291)   (237,852)   (138,799)
Inter-company operating expenses   
-
    (41)   286 
Total operating expenses   (288,291)   (237,893)   (138,513)
Impairment of goodwill   
-
    (994)   
-
 
Other income, net   98    158    961 
Profit/(Loss) from operations   (65,980)   17,558    8,120 
Non-operating expense   (20,680)   (29)   (15,744)
Profit/(Loss) before income tax expenses   (86,660)   17,529    (7,624)
Income tax benefits   681    21    38 
Share of results of equity investees   418    (82)   50 
Net profit/(loss)   (85,561)   17,468    (7,536)
                
Cash flows from operating activities:               
Net cash provided by transactions with external parties   526,201    471,991    244,798 
Net cash used in transactions with the Company’s entities   (329,325)   (449,155)   (717,589)
Net cash generated from/ (used in) operating activities   196,876    22,836    (472,791)
Cash flows from investing activities:               
Other investing activities   (18,482)   (9,638)   5,219 
Cash flows of loan funding provided to the Company’s entities, net of repayments received   6,294    
-
    
-
 
Net cash used in investing activities   (12,188)   (9,638)   5,219 
Cash flows from financing activities:               
Other financing activities   (273,906)   (88,469)   3,032 
Cash flows of loan funding received from the Company’s entities, net of repayments made   91,794    69,204    468,214 
Net cash generated from/ (used in) financing activities   (182,112)   (19,265)   471,246