Organization and Principal Activities (Tables)

12 Months Ended

Mar. 31, 2025

Organization and Principal Activities [Abstract]

Schedule of Company’s Principal Subsidiaries, Consolidated VIEs and Major VIEs’ Subsidiaries

As of March 31, 2025, 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,
	2024		2025
	RMB		RMB
Cash and cash equivalents		19,197		14,308
Short-term investments		-		4,000
Accounts receivable, net		23,731		20,551
Amounts due from related parties		7,298		6,069
Inventories, net		11,104		6,057
Prepayments and other current assets		32,418		33,197
Inter-company receivables		19,140		12,579
Property and equipment, net		2,444		3,461
Intangible assets		25		15
Operating lease right-of-use assets		7,346		2,050
Long-term investments		65,849		64,975
Other non-current asset		2,093		529
Total assets		190,645		167,791

	As of March 31,
	2024		2025
	RMB		RMB
Short-term borrowings		10,213		63
Accounts payable		2,279		421
Salary and welfare payable		440		57
Accrued liabilities and other current liabilities		6,759		3,563
Contract liabilities		1,579		1,768
Operating lease liabilities, current		5,254		1,284
Inter-company payables		997,922		1,011,916
Operating lease liabilities, non-current		2,209		538
Other debts, non-current		11,500		200
Total liabilities		1,038,155		1,019,810

	Year Ended March 31,
	2023			2024			2025
	RMB			RMB			RMB
Net revenues:
Third-party revenues		786,152			463,457			232,187
Inter-company revenues		86,463			41,335			27,336
Total revenues		872,615			504,792			259,523
Cost of revenues:
Third-party cost of revenues		(81,810	)		(92,297	)		(61,726	)
Inter-company cost of revenues		(534,518	)		(266,823	)		(121,990	)
Total cost of revenues		(616,328	)		(359,120	)		(183,716	)
Gross profit		256,287			145,672			75,807
Operating expenses:
Third-party operating expenses		(237,852	)		(138,799	)		(81,627	)
Inter-company operating expenses		(41	)		286			-
Total operating expenses		(237,893	)		(138,513	)		(81,627	)
Impairment of goodwill		(994	)		-			-
Other income, net		158			961			592
Profit/(Loss) from operations		17,558			8,120			(5,228	)
Non-operating expense		(29	)		(15,744	)		(419	)
Profit/(Loss) before income tax expenses		17,529			(7,624	)		(5,647	)
Income tax benefits		21			38			-
Share of results of equity investees		(82	)		50			(22	)
Net profit/(loss)		17,468			(7,536	)		(5,669	)
Cash flows from operating activities:
Net cash provided by transactions with external parties		471,991			244,798			116,914
Net cash used in transactions with the Company’s entities		(449,155	)		(717,589	)		(175,936	)
Net cash generated from/ (used in) operating activities		22,836			(472,791	)		(59,022	)
Cash flows from investing activities:
Other investing activities		(9,638	)		5,219			(1,672	)
Net cash (used in) / generated from investing activities		(9,638	)		5,219			(1,672	)
Cash flows from financing activities:
Other financing activities		(88,469	)		3,032			(20,150	)
Cash flows of loan funding received from the Company’s entities, net of repayments made		69,204			468,214			75,955
Net cash (used in)/generated from financing activities		(19,265	)		471,246			55,805