| Schedule of Company’s Principal Subsidiaries, Consolidated VIEs and Major VIEs’ Subsidiaries |
As of March 31, 2026, 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 | | 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 | | 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, | |
| | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | |
| | |
| | |
| |
| Cash and cash equivalents | |
| 14,308 | | |
| 11,673 | |
| Short-term investments | |
| 4,000 | | |
| - | |
| Accounts receivable, net | |
| 20,551 | | |
| 4,543 | |
| Amounts due from related parties | |
| 6,069 | | |
| 6,531 | |
| Inventories, net | |
| 6,057 | | |
| 569 | |
| Prepayments and other current assets | |
| 33,197 | | |
| 23,702 | |
| Inter-company receivables | |
| 12,579 | | |
| 31,856 | |
| Property and equipment, net | |
| 3,461 | | |
| 873 | |
| Intangible assets | |
| 15 | | |
| 7 | |
| Operating lease right-of-use assets | |
| 2,050 | | |
| 3,098 | |
| Long-term investments | |
| 64,975 | | |
| 35,907 | |
| Other non-current asset | |
| 529 | | |
| 363 | |
| Total assets | |
| 167,791 | | |
| 119,122 | |
| | |
As of March 31, | |
| | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | |
| | |
| | |
| |
| Short-term borrowings | |
| 63 | | |
| 8,000 | |
| Accounts payable | |
| 421 | | |
| 438 | |
| Salary and welfare payable | |
| 57 | | |
| 535 | |
| Accrued liabilities and other current liabilities | |
| 3,563 | | |
| 468 | |
| Contract liabilities | |
| 1,768 | | |
| 1,466 | |
| Operating lease liabilities, current | |
| 1,284 | | |
| 873 | |
| Inter-company payables | |
| 1,011,916 | | |
| 992,092 | |
| Operating lease liabilities, non-current | |
| 538 | | |
| 2,021 | |
| Other debts, non-current | |
| 200 | | |
| 200 | |
| Total liabilities | |
| 1,019,810 | | |
| 1,006,093 | |
| | |
Year Ended March 31, | |
| | |
2024 | | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | | |
RMB | |
| Net revenues: | |
| | |
| | |
| |
| Third-party revenues | |
| 463,457 | | |
| 232,187 | | |
| 114,793 | |
| Inter-company revenues | |
| 41,335 | | |
| 27,336 | | |
| 24,601 | |
| Total revenues | |
| 504,792 | | |
| 259,523 | | |
| 139,394 | |
| Cost of revenues: | |
| | | |
| | | |
| | |
| Third-party cost of revenues | |
| (92,297 | ) | |
| (61,726 | ) | |
| (7,922 | ) |
| Inter-company cost of revenues | |
| (266,823 | ) | |
| (121,990 | ) | |
| (74,187 | ) |
| Total cost of revenues | |
| (359,120 | ) | |
| (183,716 | ) | |
| (82,109 | ) |
| Gross profit | |
| 145,672 | | |
| 75,807 | | |
| 57,285 | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Third-party operating expenses | |
| (138,799 | ) | |
| (81,627 | ) | |
| (58,794 | ) |
| Inter-company operating expenses | |
| 286 | | |
| - | | |
| - | |
| Total operating expenses | |
| (138,513 | ) | |
| (81,627 | ) | |
| (58,794 | ) |
| Other income, net | |
| 961 | | |
| 592 | | |
| 298 | |
| Profit/(Loss) from operations | |
| 8,120 | | |
| (5,228 | ) | |
| (1,211 | ) |
| Non-operating expense | |
| (15,744 | ) | |
| (419 | ) | |
| (11,304 | ) |
| Loss before income tax expenses | |
| (7,624 | ) | |
| (5,647 | ) | |
| (12,515 | ) |
| Income tax benefits | |
| 38 | | |
| - | | |
| (1,227 | ) |
| Share of results of equity investees | |
| 50 | | |
| (22 | ) | |
| 242 | |
| Net loss | |
| (7,536 | ) | |
| (5,669 | ) | |
| (13,500 | ) |
| | |
| | | |
| | | |
| | |
| Cash flows from operating activities: | |
| | | |
| | | |
| | |
| Net cash provided by transactions with external parties | |
| 244,798 | | |
| 116,914 | | |
| 72,165 | |
| Net cash used in transactions with the Company’s entities | |
| (717,589 | ) | |
| (175,936 | ) | |
| (124,905 | ) |
| Net cash used in operating activities | |
| (472,791 | ) | |
| (59,022 | ) | |
| (52,740 | ) |
| Cash flows from investing activities: | |
| | | |
| | | |
| | |
| Other investing activities | |
| 5,219 | | |
| (1,672 | ) | |
| 23,717 | |
| Cash flows of loan funding provided to the Group’s entities, net of repayments received | |
| - | | |
| - | | |
| (17,068 | ) |
| Net cash generated from/ (used in) investing activities | |
| 5,219 | | |
| (1,672 | ) | |
| 6,649 | |
| Cash flows from financing activities: | |
| | | |
| | | |
| | |
| Other financing activities | |
| 3,032 | | |
| (20,150 | ) | |
| 8,000 | |
| Cash flows of loan funding received from the Company's entities, net of repayments made | |
| 468,214 | | |
| 75,955 | | |
| 35,456 | |
| Net cash generated from financing activities | |
| 471,246 | | |
| 55,805 | | |
| 43,456 | |
|