{"url_path":"/sec/bq/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-07-13","source_url":"https://www.sec.gov/Archives/edgar/data/1815021/0001213900-26-077593-index.html","accession_number":"0001213900-26-077593","cik":"0001815021","ticker":"BQ","issuer_name":"Boqii Holding Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1815021/0001213900-26-077593-index.html","primary_entity_key":"0001815021","primary_entity_name":"Boqii Holding Ltd"},"word_count":2554,"has_tables":true,"body_markdown":"**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 20-F**\n\n** **\n\n**(Mark One)**\n\n☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**OR**\n\n \n\n☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For the fiscal year ended March 31, 2026.**\n\n \n\n**OR**\n\n \n\n☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**OR**\n\n \n\n☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**Date of event requiring this shell company report\n________________**\n\n \n\n**For the transition period from                    \nto                 **\n\n \n\n**Commission file number: 001-39547**\n\n \n\n**BOQII HOLDING LIMITED**\n\n**(Exact name of Registrant as specified in its\ncharter)**\n\n \n\n**N/A**\n\n**(Translation of Registrant’s name into\nEnglish)**\n\n** **\n\n**Cayman Islands**\n\n**(Jurisdiction of incorporation or organization)**\n\n** **\n\n**Room 1203, 12th Floor, Building T1, Smart Cloud**\n\n**No. 1, Lane 235, Yubei Road**\n\n**Pudong New District, Shanghai 201204**\n\n \n\n**People’s Republic of China**\n\n**(Address of principal executive offices)**\n\n** **\n\n**Yingzhi (Lisa) Tang**\n\n**co-Chief Executive Officer and Chief Financial\nOfficer**\n\n**Tel: +86 21-6109-6226**\n\n**E-mail: lisa@boqii.com**\n\n**Room 1203, 12th Floor, Building T1, Smart Cloud**\n\n**No. 1, Lane 235, Yubei Road**\n\n**Pudong New District, Shanghai 201204**\n\n**People’s Republic of China**\n\n**(Name, Telephone, E-mail and/or Facsimile number\nand Address of Company Contact Person)**\n\n \n\n**Securities registered or to be registered pursuant\nto Section 12(b) of the Act:**\n\n \n\n**Title of each class**   **Trading Symbol**   **Name of each exchange on which registered**\n\n**Class A ordinary shares, par value US$0.0000001 per share**   **BQ**   **NYSE American LLC**\n\n \n\n**Securities registered or to be registered pursuant\nto Section 12(g) of the Act:**\n\n** **\n\n**None**\n\n**(Title of Class)**\n\n** **\n\n**Securities for which there is a reporting obligation\npursuant to Section 15(d) of the Act:**\n\n** **\n\n**None**\n\n**(Title of Class)**\n\n** **\n\nIndicate the number of outstanding shares of each\nof the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\n \n\nAs of March 31, 2026, there were 4,298,128 Class\nA ordinary shares, 81,486 Class B ordinary shares, and 500,000 Class C ordinary shares issued and outstanding.\n\n \n\n \n\nIndicate by check mark if the registrant is a\nwell-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n \n\nYes ☐    No ☒\n\n \n\nIf this report is an annual or transition report,\nindicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act\nof 1934.\n\n \n\nYes ☐    No ☒\n\n \n\nNote - Checking the box above will not relieve\nany registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations\nunder those Sections.\n\n \n\nIndicate by check mark whether the registrant\n(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months\n(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements\nfor the past 90 days.\n\n \n\nYes ☒    No ☐\n\n \n\nIndicate by check mark whether the registrant\nhas submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405\nof this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\n \n\nYes ☒    No ☐\n\n \n\nIndicate by check mark whether the registrant\nis a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth company. See definition of “large\naccelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge Accelerated Filer ☐ Non-accelerated Filer ☒\n\nAccelerated Filer ☐ Emerging growth company ☐\n\n \n\nIf an emerging growth company that prepares its\nfinancial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition\nperiod for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange\nAct. ☐\n\n \n\n†The term “new\nor revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting\nStandards Codification after April 5, 2012.\n\n \n\nIndicate by check mark whether the registrant\nhas filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial\nreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or\nissued its audit report. ☐\n\n \n\nIf securities are registered pursuant to Section\n12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction\nof an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error\ncorrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s\nexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark which basis of accounting\nthe registrant has used to prepare the financial statements included in this filing:\n\n \n\n☒ U.S. GAAP \n\n \n\n☐\nInternational Financial Reporting Standards as issued by the International Accounting Standards Board\n\n \n\n☐\nOther\n\n \n\nIf “Other” has been checked in response\nto the previous question, indicate by check mark which financial statement item the registrant has elected to follow.\n\n \n\n☐ Item 17    ☐ Item\n18\n\n \n\nIf this is an annual report, indicate by check\nmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\n \n\nYes ☐    No ☒\n\n \n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY\nPROCEEDINGS DURING THE PAST FIVE YEARS)\n\n \n\nIndicate by check mark whether the registrant\nhas filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent\nto the distribution of securities under a plan confirmed by a court.\n\n \n\nYes ☐    No ☐\n\n \n\n \n\n \n\n \n\n \n\n**TABLE OF CONTENTS**\n\n** **\n\n[INTRODUCTION](#a_001)\n \nii\n\n \n \n\n[FORWARD-LOOKING\nINFORMATION](#a_002)\n \niv\n\n \n \n\n[PART\nI](#a_003)\n \n1\n\n \n \n\n[ITEM\n1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#a_004)\n \n1\n\n \n \n\n[ITEM\n2. OFFER STATISTICS AND EXPECTED TIMETABLE](#a_005)\n \n1\n\n \n \n\n[ITEM\n3. KEY INFORMATION](#a_006)\n \n1\n\n \n \n\n[ITEM\n4. INFORMATION ON THE COMPANY](#a_007)\n \n65\n\n \n \n\n[ITEM\n4A. UNRESOLVED STAFF COMMENTS](#a_008)\n \n100\n\n \n \n\n[ITEM\n5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#a_009)\n \n101\n\n \n \n\n[ITEM\n6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#a_010)\n \n113\n\n \n \n\n[ITEM\n7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#a_011)\n \n121\n\n \n \n\n[ITEM\n8. FINANCIAL INFORMATION](#a_012)\n \n122\n\n \n \n\n[ITEM\n9. THE OFFER AND LISTING](#a_013)\n \n122\n\n \n \n\n[ITEM\n10. ADDITIONAL INFORMATION](#a_014)\n \n123\n\n \n \n\n[ITEM\n11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a_015)\n \n129\n\n \n \n\n[ITEM\n12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#a_016)\n \n130\n\n \n \n\n[PART\nII](#a_017)\n \n131\n\n \n \n\n[ITEM\n13. ITEM DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#a_018)\n \n131\n\n \n \n\n[ITEM\n14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#a_019)\n \n131\n\n \n \n\n[ITEM\n15. CONTROLS AND PROCEDURES](#a_020)\n \n131\n\n \n \n\n[ITEM\n16 [RESERVED]](#a_042)\n \n132\n\n \n \n\n[ITEM\n16.A. AUDIT COMMITTEE FINANCIAL EXPERT](#a_021)\n \n132\n\n \n \n\n[ITEM\n16.B. CODE OF ETHICS](#a_022)\n \n132\n\n \n \n\n[ITEM\n16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#a_023)\n \n133\n\n \n \n\n[ITEM\n16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#a_024)\n \n133\n\n \n \n\n[ITEM\n16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#a_025)\n \n133\n\n \n \n\n[ITEM\n16.F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#a_026)\n \n133\n\n \n \n\n[ITEM\n16.G. CORPORATE GOVERNANCE](#a_027)\n \n134\n\n \n \n\n[ITEM\n16.H. MINE SAFETY DISCLOSURE](#a_028)\n \n135\n\n \n \n\n[ITEM\n16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#a_029)\n \n135\n\n \n \n\n[ITEM\n16.J. INSIDER TRADING POLICIES](#a_030)\n \n135\n\n \n \n\n[ITEM\n16.K. CYBERSECURITY](#a_031)\n \n136\n\n \n \n\n[PART\nIII](#a_032)\n \nF-1\n\n \n \n\n[ITEM\n17. FINANCIAL STATEMENTS](#a_033)\n \nF-1\n\n \n \n\n[ITEM\n18. FINANCIAL STATEMENTS](#a_034)\n \nF-1\n\n \n \n\n[ITEM\n19. EXHIBITS](#a_041)\n \n137\n\ni\n\n \n\n \n\n**INTRODUCTION**\n\n \n\nExcept where the context otherwise indicates and for the\npurpose of this annual report only:\n\n \n\n●“active\nbuyers” in a given period refers to a registered account that accepted one or more shipped orders on our online sales platforms;\nfor the avoidance of doubt, active buyers include both individual customers and small and medium pet businesses. The active buyers are\ncalculated using internal company data, treating each account as a separate active buyer even though some buyers may buy through different\naccounts and multiple buyers may buy through the same account;\n\n \n\n●“ADSs”\nrefers to the American depositary shares, each represented 150 Class A ordinary shares (defined below) before the mandatory exchange\nof the ADSs for Class A ordinary shares and removal of the ADS program effective July 11, 2025;\n\n \n\n●“Boqii”\nrefers to Boqii Holding Limited, a Cayman Islands exempted company;\n\n \n\n●“we,”\n“us,” “our company,” “the Company,” “the Group” and “our” refer to Boqii\nand its subsidiaries and, in the context of describing our operations and consolidated financial information, including the VIEs (defined\nbelow) and their respective subsidiaries;\n\n \n\n●“brand\nowner” refers to a company engaging in the production and sale of branded pet goods;\n\n \n\n●“brand\npartner” refers to a specific brand owner whose products are sold via our online sales platforms and offline network;\n\n \n\n●“Class\nA ordinary shares” refers to our Class A ordinary shares, par value US$0.0000001 per share;\n\n \n\n●“Class\nB ordinary shares” refers to our Class B ordinary shares, par value US$0.0000001 per share;\n\n \n\n●“Class\nC ordinary shares” refers to our Class C ordinary shares, par value US$0.0000001 per share;\n\n \n\n●“China”\nor the “PRC” refers to the People’s Republic of China, including Hong Kong and Macau and, only for the purpose of this\nannual report, excluding Taiwan; the only instances in which “China” or the “PRC” do not include Hong Kong or\nMacau are when used in the case of laws and regulations, including, among others, tax matters, adopted by the People’s Republic\nof China; the legal and operational risks associated with operating in China also apply to our operations in Hong Kong;\n\n \n\n●“GMV”\nrefers to gross merchandise volume, which is the total value of confirmed orders placed with us and sold through distribution model or\ndrop shipping model where we act as a principal in the transaction regardless of whether the products are delivered or returned, calculated\nbased on the listed prices of the ordered products without taking into consideration any discounts;\n\n \n\nii\n\n \n\n \n\n●“KOL”\nrefers to key opinion leaders, or individuals who have the power to engage and impact people within a specific community or field;\n\n \n\n●“online\nplatforms” refers to our online sales platforms and our content platform;\n\n \n\n●“online\nsales platforms” refers to Boqii Mall, our flagship stores on third-party e-commerce platforms and our proprietary SaaS system;\n\n \n\n●“MAA”\nmeans the fifteenth amended and restated memorandum and articles of association of Boqii currently in effect;\n\n \n\n●“Meiyizhi\nWFOE” refers to Shanghai Meiyizhi Supply Chain Co., Ltd.;\n\n \n\n●“RMB”\nor “Renminbi” refers to the legal currency of the People’s Republic of China;\n\n \n\n●“Shanghai\nGuangcheng” refers to Guangcheng (Shanghai) Information Technology Co., Ltd.;\n\n \n\n●“Shanghai\nXincheng” refers to Xincheng (Shanghai) Information Technology Co., Ltd.;\n\n \n\n●“shares”\nor “ordinary shares” refers to our Class A ordinary shares, Class B ordinary shares and Class C ordinary shares, par value\nUS$0.0000001 per share each;\n\n \n\n●“Suzhou\nTaicheng” refers to Suzhou Taicheng Supply Chain Co., Ltd.;\n\n \n\n●“Suzhou\nXingyun” refers to Suzhou Xingyun Yueming Supply Chain Co., Ltd.;\n\n \n\n●“US$,”\n“dollars” or “U.S. dollars” refers to the legal currency of the United States;\n\n \n\n●“variable\ninterest entities,” or “VIEs,” refers to the PRC entities of which we have power to control the management, and financial\nand operating policies and have the right to recognize and receive substantially all the economic benefits and in which we have an exclusive\noption to purchase all or part of the equity interests at the minimum price possible to the extent permitted by PRC law;\n\n \n\n●“Xingmu”\nor “Nanjing Xingmu” refers to Nanjing Xingmu Biotechnology Co., Ltd.;\n\n \n\n●“Xingmu\nWFOE” refers to Nanjing Xinmu Information Technology Co., Ltd.; and\n\n \n\n●“Yoken\nWFOE” refers to Chengdu Chongaita Information Technology Co., Ltd.\n\n \n\nUnless otherwise noted, all\ntranslations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report are made at RMB6.8980 to US$1.00, the\nexchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2026. We make no representation that\nany Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any\nparticular rate, the rates stated below, or at all.\n\n \n\nUnless otherwise stated in\nthis annual report, all numbers of our ordinary shares and related data have been updated to reflect the 160-for-1 share consolidation\napproved by our shareholders on June 26, 2025 (the “2025 Reverse Split”).\n\n** **\n\niii\n\n \n\n \n\n**FORWARD-LOOKING INFORMATION**\n\n \n\nThis annual report contains\nstatements that constitute forward-looking statements which reflect our current expectations and views of future events. These statements\nare made under the “safe harbor” provisions of the U.S. Private Securities Litigations Reform Act of 1995. Many of the forward-looking\nstatements contained in this annual report can be identified by the use of forward-looking words such as “anticipate,” “believe,”\n“could,” “expect,” “should,” “plan,” “intend,” “estimate” and\n“potential,” among others.\n\n \n\nForward-looking statements\nappear in a number of places in this annual report and include, but are not limited to, statements regarding our intent, belief or current\nexpectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available\nto our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed\nor implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section\nentitled “*Item 3. Key Information-3.D. Risk Factors*” in this annual report. These risks and uncertainties include factors\nrelating to:\n\n \n\n●our\nmission and strategies;\n\n \n\n●our\nfuture business development, financial conditions and results of operations;\n\n \n\n●the\nexpected growth of the online retail and pet industries in China;\n\n \n\n●our\nexpectations regarding demand for and market acceptance of our products and services;\n\n \n\n●our\nexpectations regarding keeping and strengthening our relationships with customers, users, KOLs, brand partners, manufacturers, strategic\npartners, offline pet stores and pet hospitals and other stakeholders;\n\n \n\n●competition\nin our industry;\n\n \n\n●general\neconomic and business condition in China; and\n\n \n\n●relevant\ngovernment policies and regulations relating to our industry.\n\n \n\nThis annual report contains\ncertain data and information that we obtained from various government and private publications. Statistical data in these publications\nalso include projections based on a number of assumptions. Our industry may not grow at the rate projected by market data, or at all.\nFailure of this market to grow at the projected rate may have a material and adverse effect on our business and the market price of Class\nA ordinary shares. In addition, the rapidly changing nature of pet industry results in significant uncertainties for any projections or\nestimates relating to the growth prospects or future condition of our market. Furthermore, if any one or more of the assumptions underlying\nthe market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should\nnot place undue reliance on these forward-looking statements.\n\n \n\nForward-looking statements\nspeak only as of the date they are made, and except to the extent required by applicable laws and regulations, we do not undertake any\nobligation to update them in light of new information or future developments or to release publicly any revisions to these statements\nin order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. You should read this annual report\nand the documents that we refer to in this annual report and exhibits to this annual report completely and with the understanding that\nour actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary\nstatements.\n\n \n\niv\n\n \n\n \n\n**PART I**"}