Boqii Holding Limited

Specialty Retail · Consumer Cyclical

Price

$0.86

+0.05 (+6.45%)

Market Cap

$2.4M

Exchange

New York Stock Exchange American

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−17.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 306K (2022) → 253K (2026)

Boqii Holding Limited is a Chinese online retailer focused entirely on pet products. It sells pet food, health supplements, toys, and accessories to pet owners across China through its own e-commerce platform and third-party marketplaces like Tmall and JD.com. The company is one of China's larger specialty pet retail platforms, operating in a fast-growing market as more Chinese households adopt pets.

Boqii makes money by selling products directly to consumers and by charging brands for advertising and promotional services on its platform. It operates almost entirely within China and generates revenue in the hundreds of millions of yuan annually. The pet care market in China is expanding quickly, which gives Boqii a tailwind, but the company faces intense competition from larger generalist platforms and has struggled to reach consistent profitability, with negative operating and returns on capital — meaning it currently spends more than it earns, which is the central risk investors must weigh.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+221.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$193,787/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$85M cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Boqii Holding Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

26.3%

Modest — 26.3% gross margin

Operating Margin

-7.2%

Losing money on operations — -7.2%

ROCE

-13.2%

Weak — -13.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-13.1%

Shrinking sales (-13.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-7.2%

Burning cash (-7.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.15

Conservative — low debt load (0.15)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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