SCHEDULE 13G 0002066973 XXXXXXXX LIVE Class A Ordinary Shares, par value $0.16 per share 11/04/2025 0001815021 Boqii Holding Ltd G1311F119 Building 9, No. 388, Shengrong Road Pudong New District Shanghai F4 201210 Rule 13d-1(c) Hexstone Capital LLC a NV 0.00 349292.00 0.00 349292.00 349292.00 N 9.9 OO As more fully described in Item 4 of this Statement on Schedule 13G (this ''Schedule 13G''), such shares and percentage are based on 3,496,128 Class A ordinary shares, par value $0.16 per share, of the issuer (the ''Ordinary Shares'') outstanding as of November 4, 2025, after giving effect to the issuer's offering (the ''Offering'') disclosed in the issuer's prospectus supplement, dated November 3, 2025, to the registration statement on Form F-3, as amended (File No. 333-267919), declared effective by the U.S. Securities and Exchange Commission on November 23, 2022 (the ''Prospectus Supplement''), assuming no exercise of any of the pre-funded warrants to purchase Ordinary Shares (the ''Pre-Funded Warrants'') sold in the Offering. Beneficial ownership consists of 349,000 Ordinary Shares held directly by the reporting person and does not include full exercise of the Pre-Funded Warrants held directly by the reporting person, which exercises are subject to a 9.99% beneficial ownership limitation provision (the ''Blocker''). Brendan O'Neil a X1 0.00 349292.00 0.00 349292.00 349292.00 N 9.9 IN As more fully described in Item 4 of this Schedule 13G, such shares and percentage are based on 3,496,128 Ordinary Shares outstanding as of November 4, 2025, after giving effect to the Offering disclosed in the Prospectus Supplement, assuming no exercise of any of the Pre-Funded Warrants sold in the Offering. Beneficial ownership consists of 349,000 Ordinary Shares indirectly held by the reporting person and does not include full exercise of the Pre-Funded Warrants indirectly held by the reporting person, which exercises are subject to a Blocker. Boqii Holding Ltd Building 9, No. 388, Shengrong Road, Pudong New District, Shanghai 201210, The People's Republic of China (i) Hexstone Capital LLC, a Nevada limited liability company ("Hexstone"); and (ii) Brendan O'Neil ("Mr. O'Neil"). The foregoing persons are hereinafter collectively referred to as the "Reporting Persons". Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed as Exhibit 1 to this Schedule 13G, pursuant to which such Reporting Persons have agreed to file this Schedule 13G and all subsequent amendments to the Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Act. The filing of this Schedule 13G should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the Ordinary Shares reported herein. The principal business address of each of the Reporting Persons is 3053 Fillmore St, Suite 303, San Francisco, CA 94123. Hexstone is a limited liability company organized under the laws of the State of Nevada. Mr. O'Neil is a citizen of the United States. Y The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Schedule 13G and is incorporated herein by reference for each such Reporting Person. The share amounts and ownership percentages reported are based on 3,496,128 Ordinary Shares outstanding as of November 4, 2025, after giving effect to the Offering disclosed in the Prospectus Supplement, assuming no exercise of any of the Pre-Funded Warrants sold in the Offering. Hexstone holds (i) 349,000 Ordinary Shares and (ii) Pre-Funded Warrants exercisable for up to 401,000 Ordinary Shares, of which 292 Ordinary Shares issuable upon exercise of the Pre-Funded Warrants may be deemed beneficially owned by Hexstone as a result of the triggering of the Blocker in the Pre-Funded Warrants, which prohibits Hexstone from exercising the Pre-Funded Warrants for Ordinary Shares if, as a result of such exercise, the holder thereof, together with its affiliates and any persons acting as a group together with such holder or any of such affiliates, would beneficially own more than 9.99% of the total number of Ordinary Shares then issued and outstanding immediately after giving effect to any such exercise. Consequently, Hexstone is the beneficial owner of 349,292 Ordinary Shares (the "Shares"). Hexstone has the power to dispose of and the power to vote the Shares beneficially owned by it, which power may be exercised by its managing member, Mr. O'Neil. Mr. O'Neil does not directly own the Shares. By reason of the provisions of Rule 13d-3 of the Act, Mr. O'Neil may be deemed to beneficially own the Shares which are beneficially owned by Hexstone. 9.99% (A) Hexstone: 0.00 (B) Mr. O'Neil: 0.00 (A) Hexstone: 349,292.00 (B) Mr. O'Neil: 349,292.00 (A) Hexstone: 0.00 (B) Mr. O'Neil: 0.00 (A) Hexstone: 349,292.00 (B) Mr. O'Neil: 349,292.00 Y Y Y N See Exhibit 1 filed herewith. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Hexstone Capital LLC /s/ Hexstone Capital LLC 11/10/2025 Brendan O'Neil /s/ Brendan O'Neil 11/10/2025 See Exhibit 1 filed herewith.