Cover Page
Cover Page | 12 Months Ended |
Mar. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity File Number | 001-39547 |
Entity Registrant Name | Boqii Holding Ltd |
Entity Central Index Key | 0001815021 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Address, Country | CN |
ICFR Auditor Attestation Flag | false |
Entity Incorporation, State or Country Code | E9 |
Document Accounting Standard | U.S. GAAP |
Entity Address, Address Line One | Building 9, No. 388, Shengrong Road |
Entity Address, Address Line Two | Pudong New District |
Entity Address, City or Town | Shanghai |
Entity Address, Postal Zip Code | 201210 |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shanghai, the People’s Republic of China |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | CN |
Entity Address, Address Line One | Building 9, No. 388, Shengrong Road |
Entity Address, Address Line Two | Pudong New District |
Entity Address, City or Town | Shanghai |
Entity Address, Postal Zip Code | 201210 |
Contact Personnel Name | Yingzhi (Lisa) Tang |
Contact Personnel Fax Number | 180 1851 3366 |
Ordinary Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 70,729,482 |
Class A Ordinary Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.001 per share |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 57,691,753 |
Class B Ordinary Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 13,037,729 |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares, each ADS represents four and one half (4.5) Class A ordinary shares, par value US$0.001 per share |
Trading Symbol | BQ |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 1,928,662 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 89,850 | $ 13,083 | ¥ 162,855 |
Short-term investments | 69,797 | 10,163 | 128,084 |
Accounts receivable, net | 76,742 | 11,175 | 49,231 |
Inventories, net | 81,052 | 11,802 | 109,921 |
Prepayments and other current assets | 79,359 | 11,556 | 116,738 |
Amounts due from related parties | 9,379 | 1,366 | 11,726 |
Total current assets | 406,179 | 59,145 | 578,555 |
Non-current assets: | |||
Property and equipment, net | 5,492 | 800 | 7,779 |
Intangible assets | 21,594 | 3,144 | 25,544 |
Operating lease right-of-use assets | 22,354 | 3,255 | 38,567 |
Long-term investments | 75,607 | 11,010 | 82,319 |
Goodwill | 0 | 40,684 | |
Amounts due from related parties, non-current | 2,988 | 435 | |
Other non-current asset | 6,586 | 959 | 4,861 |
Total non-current assets | 134,621 | 19,603 | 199,754 |
Total assets | 540,800 | 78,748 | 778,309 |
Current liabilities | |||
Short-term borrowings (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB872 and RMB363 as of March 31, 2022 and 2023, respectively) | 86,261 | 12,561 | 161,126 |
Accounts payable (including accounts payable of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB55,144 and RMB13,459 as of March 31, 2022 and 2023, respectively) | 56,022 | 8,157 | 94,224 |
Salary and welfare payable (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB5,597 and RMB5,573 as of March 31, 2022 and 2023, respectively) | 6,890 | 1,003 | 6,871 |
Accrued liabilities and other current liabilities (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB24,417 and RMB15,712 as of March 31, 2022 and 2023, respectively) | 22,104 | 3,219 | 27,324 |
Amounts due to related parties, current (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB4 and RMB21 as of March 31, 2022 and 2023, respectively) | 471 | 69 | 219 |
Contract liabilities (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB7,007 and RMB4,471 as of March 31, 2022 and 2023, respectively) | 4,471 | 651 | 7,007 |
Operating lease liabilities, current (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB7,238 and RMB9,207 as of March 31, 2022 and 2023, respectively) | 9,220 | 1,343 | 10,001 |
Derivative liabilities (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of nil as of March 31, 2022 and 2023, respectively) | 10,701 | 1,558 | 9,086 |
Total current liabilities | 196,140 | 28,561 | 315,858 |
Non-current liabilities | |||
Deferred tax liabilities (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of nil as of March 31, 2022 and 2023, respectively) | 4,141 | 603 | 4,847 |
Operating lease liabilities, non-current (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB28,197 and RMB12,741 as of March 31, 2022 and 2023, respectively) | 12,741 | 1,855 | 28,197 |
Other debts, non-current (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB157,874 and RMB 75,481 as of March 31, 2022 and 2023, respectively) | 102,827 | 14,973 | 181,062 |
Total non-current liabilities | 119,709 | 17,431 | 214,106 |
Total liabilities | 315,849 | 45,992 | 529,964 |
Commitments and contingencies (Note 28) | |||
Mezzanine equity: | |||
Redeemable non-controlling interests | 7,197 | 1,048 | 6,522 |
Total mezzanine equity | 7,197 | 1,048 | 6,522 |
Shareholders' equity: | |||
Additional paid-in capital | 3,287,696 | 478,727 | 3,295,336 |
Statutory reserves | 3,876 | 564 | 3,433 |
Accumulated other comprehensive loss | (37,189) | (5,415) | (46,069) |
Accumulated deficit | (2,993,150) | (435,836) | (2,889,233) |
Receivable for issuance of ordinary shares | (83,400) | (12,145) | (164,746) |
Total Boqii Holding Limited shareholders' equity | 178,283 | 25,961 | 199,175 |
Non-controlling interests | 39,471 | 5,747 | 42,648 |
Total shareholders' equity | 217,754 | 31,708 | 241,823 |
Total liabilities, mezzanine equity and shareholders' equity | 540,800 | 78,748 | 778,309 |
Class A Ordinary Shares [Member] | |||
Shareholders' equity: | |||
Common Stock Value | 373 | 54 | 372 |
Class B Ordinary Shares [Member] | |||
Shareholders' equity: | |||
Common Stock Value | ¥ 82 | $ 12 | ¥ 82 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 CNY (¥) shares |
Short-term borrowings | ¥ 86,261 | $ 12,561 | ¥ 161,126 |
Accounts payable | 56,022 | 8,157 | 94,224 |
Salary and welfare payable | 6,890 | 1,003 | 6,871 |
Accrued liabilities and other current liabilities | 22,104 | 3,219 | 27,324 |
Amounts due to related parties, current | 471 | 69 | 219 |
Contract liabilities | 4,471 | 651 | 7,007 |
Operating lease liabilities, current | 9,220 | 1,343 | 10,001 |
Derivative liabilities | 10,701 | 1,558 | 9,086 |
Operating lease liabilities, non-current | 12,741 | 1,855 | 28,197 |
Other debts, non-current | 102,827 | $ 14,973 | 181,062 |
Nonrecourse [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Short-term borrowings | 363 | 872 | |
Accounts payable | 13,459 | 55,144 | |
Salary and welfare payable | 5,573 | 5,597 | |
Accrued liabilities and other current liabilities | 15,712 | 24,417 | |
Amounts due to related parties, current | 21 | 4 | |
Contract liabilities | 4,471 | 7,007 | |
Operating lease liabilities, current | 9,207 | 7,238 | |
Derivative liabilities | 0 | 0 | |
Deferred tax liabilities | 0 | 0 | |
Operating lease liabilities, non-current | 12,741 | 28,197 | |
Other debts, non-current | ¥ 75,481 | ¥ 157,874 | |
Class A Ordinary Shares [Member] | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | ||
Common Stock, Shares Authorized | shares | 129,500,000 | 129,500,000 | 129,500,000 |
Common Stock, Shares, Issued | shares | 55,763,079 | 55,763,079 | 55,709,591 |
Common Stock, Shares, Outstanding | shares | 55,763,079 | 55,763,079 | 55,709,591 |
Class B Ordinary Shares [Member] | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | ||
Common Stock, Shares Authorized | shares | 15,000,000 | 15,000,000 | 15,000,000 |
Common Stock, Shares, Issued | shares | 13,037,729 | 13,037,729 | 13,037,729 |
Common Stock, Shares, Outstanding | shares | 13,037,729 | 13,037,729 | 13,037,729 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | Mar. 31, 2021 CNY (¥) ¥ / shares shares | |
Net revenues: | ||||
Total revenues | ¥ 1,092,094 | $ 159,021 | ¥ 1,186,429 | ¥ 1,010,985 |
Total cost of revenue | (858,608) | (125,023) | (943,698) | (823,686) |
Gross profit | 233,486 | 33,998 | 242,731 | 187,299 |
Operating expenses: | ||||
Fulfillment expenses | (126,295) | (18,390) | (134,026) | (120,188) |
Sales and marketing expenses | (124,007) | (18,057) | (170,986) | (160,201) |
General and administrative expenses | (46,554) | (6,779) | (76,248) | (113,972) |
Impairment of goodwill | (40,684) | (5,900) | ||
Other income, net | 286 | 42 | 280 | 1,067 |
Loss from operations | (103,768) | (15,110) | (138,249) | (205,995) |
Interest income | 7,420 | 1,081 | 15,477 | 17,553 |
Interest expense | (13,350) | (1,944) | (20,884) | (27,650) |
Other gains, net | 5,159 | 751 | 6,020 | 11,332 |
Fair value change of derivative liabilities | (2,266) | (330) | 2,824 | 11,369 |
Loss before income tax expenses | (106,805) | (15,552) | (134,812) | (193,391) |
Income tax benefit | 911 | 133 | 1,571 | 871 |
Share of results of equity investees | (82) | (12) | 418 | (696) |
Net loss | (105,976) | (15,431) | (132,823) | (193,216) |
Less: Net income attributable to the non-controlling interest shareholders | (3,177) | (462) | (4,433) | 1,228 |
Net loss attributable to Boqii Holding Limited | (102,799) | (14,969) | (128,390) | (194,444) |
Accretion on convertible redeemable preferred shares to redemption value | 120,873 | |||
Accretion on redeemable non-controlling interests to redemption value | (675) | (98) | (575) | (138) |
Deemed dividend to preferred shareholders | (12,547) | |||
Net loss attributable to Boqii Holding Limited's ordinary shareholders | (103,474) | (15,067) | (128,965) | (86,256) |
Net loss | (105,976) | (15,431) | (132,823) | (193,216) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment, net of nil tax | 15,591 | 2,270 | (16,529) | (32,148) |
Unrealized securities holding gains/(losses) | (6,711) | (977) | (9,368) | 772 |
Total comprehensive loss | (97,096) | (14,138) | (158,720) | (224,592) |
Less: Total comprehensive loss/(income) attributable to non- controlling interests shareholders | (3,177) | (462) | (4,433) | 1,228 |
Total comprehensive loss attributable to Boqii Holding Limited | ¥ (93,919) | $ (13,676) | ¥ (154,287) | ¥ (225,820) |
Net loss per share attributable to Boqii Holding Limited's ordinary shareholders | ||||
— basic | (per share) | ¥ (1.5) | $ (0.22) | ¥ (1.9) | ¥ (1.29) |
— diluted | (per share) | ¥ (1.5) | $ (0.22) | ¥ (1.9) | ¥ (1.29) |
Weighted average number of ordinary shares | ||||
— basic | shares | 68,858,823 | 68,858,823 | 68,006,172 | 66,953,610 |
— diluted | shares | 68,858,823 | 68,858,823 | 68,006,172 | 66,953,610 |
Product Sales [Member] | ||||
Net revenues: | ||||
Total revenues | ¥ 1,048,491 | $ 152,672 | ¥ 1,137,329 | ¥ 1,003,197 |
Total cost of revenue | (842,700) | (930,400) | (820,300) | |
Online Marketing And Information Services And Other Revenue [Member] | ||||
Net revenues: | ||||
Total revenues | 43,603 | $ 6,349 | 49,100 | 7,788 |
Total cost of revenue | ¥ (15,900) | ¥ (13,300) | ¥ (3,400) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ in Thousands, $ in Thousands | CNY (¥) shares | USD ($) shares | Ordinary Shares [Member] CNY (¥) shares | Ordinary Shares [Member] Common Class A [Member] CNY (¥) shares | Ordinary Shares [Member] Common Class B [Member] CNY (¥) shares | Additional Paid-in Capital [Member] CNY (¥) | Statutory reserves [Member] CNY (¥) | Accumulated other comprehensive income [Member] CNY (¥) | Accumulated deficit [Member] CNY (¥) | Non-controlling interests [Member] CNY (¥) | Receivable for issuance of ordinary shares [Member] CNY (¥) |
Beginning Balance , Shares at Mar. 31, 2020 | shares | 22,238,454 | ||||||||||
Beginning Balance at Mar. 31, 2020 | ¥ (1,959,056) | ¥ 139 | ¥ 2,627 | ¥ 11,204 | ¥ (2,016,758) | ¥ 43,741 | ¥ (9) | ||||
Share-based compensation | 55,031 | ¥ 55,022 | 9 | ||||||||
Foreign currency translation adjustment | (32,148) | (32,148) | |||||||||
Appropriations to statutory reserves | 420 | (420) | |||||||||
Deemed dividend to preferred shareholders | (12,547) | (12,547) | |||||||||
Accretion to redemption value of redeemable convertible preferred shares (Note 20) | 120,873 | 120,873 | |||||||||
Accretion on redeemable non-controlling interests to redemption value | (138) | (138) | |||||||||
Unrealized securities holding gains (losses), net of tax | 772 | 772 | |||||||||
Exercise of CMB Warrant | (656,448) | (656,448) | |||||||||
Capital contribution from non-controlling interests | 50 | 50 | |||||||||
Receivable for issuance of convertible redeemable preferred shares | (413,377) | (413,377) | |||||||||
Conversion of ordinary shares into Class A and Class B ordinary shares , Shares | shares | (22,238,454) | 10,033,850 | 12,204,604 | ||||||||
Conversion of ordinary shares into Class A and Class B ordinary shares | ¥ (139) | ¥ 63 | ¥ 76 | ||||||||
Issuance of Class A ordinary shares upon initial public offering ("IPO"), net of cost of issuance, Shares | shares | 5,250,000 | ||||||||||
Issuance of Class A ordinary shares upon initial public offering ("IPO"), net of cost of issuance | 395,071 | ¥ 36 | 395,035 | ||||||||
Conversion of Series A convertible redeemable preferred shares upon completion of the IPO , Shares | shares | 7,844,137 | ||||||||||
Conversion of Series A convertible redeemable preferred shares upon completion of the IPO | 461,445 | ¥ 53 | 461,392 | ||||||||
Conversion of Series B convertible redeemable preferred shares upon completion of the IPO , Shares | shares | 8,557,980 | ||||||||||
Conversion of Series B convertible redeemable preferred shares upon completion of the IPO | 504,337 | ¥ 57 | 504,280 | ||||||||
Conversion of Series C convertible redeemable preferred shares upon completion of the IPO , Shares | shares | 4,684,976 | 833,125 | |||||||||
Conversion of Series C convertible redeemable preferred shares upon completion of the IPO | 331,465 | ¥ 32 | ¥ 6 | 331,427 | |||||||
Conversion of Series C+ convertible redeemable preferred shares upon completion of the IPO , Shares | shares | 6,883,520 | ||||||||||
Conversion of Series C+ convertible redeemable preferred shares upon completion of the IPO | 662,808 | ¥ 47 | 662,761 | ||||||||
Conversion of Series D convertible redeemable preferred shares upon completion of the IPO , Shares | shares | 2,526,026 | ||||||||||
Conversion of Series D convertible redeemable preferred shares upon completion of the IPO | 181,004 | ¥ 17 | 180,987 | ||||||||
Conversion of Series D-1 convertible redeemable preferred shares upon completion of the IPO , Shares | shares | 2,178,530 | ||||||||||
Conversion of Series D-1 convertible redeemable preferred shares upon completion of the IPO | 164,859 | ¥ 15 | 164,844 | ||||||||
Conversion of Series D-2 convertible redeemable preferred shares upon completion of the IPO , Shares | shares | 1,182,803 | ||||||||||
Conversion of Series D-2 convertible redeemable preferred shares upon completion of the IPO | 92,314 | ¥ 8 | 92,306 | ||||||||
Conversion of Series E convertible redeemable preferred shares upon completion of the IPO , Shares | shares | 5,885,210 | ||||||||||
Conversion of Series E convertible redeemable preferred shares upon completion of the IPO | 455,980 | ¥ 40 | 455,940 | ||||||||
Repurchase of Ordinary Shares , Shares | shares | (521,924) | ||||||||||
Repurchase of Ordinary Shares | (31,386) | ¥ (4) | (31,382) | ||||||||
Net loss | (193,216) | (194,444) | 1,228 | ||||||||
Ending Balance, Shares at Mar. 31, 2021 | shares | 54,505,108 | 13,037,729 | |||||||||
Ending Balance at Mar. 31, 2021 | 127,693 | ¥ 364 | ¥ 82 | 3,272,612 | 3,047 | (20,172) | (2,759,882) | 45,019 | (413,377) | ||
Share-based compensation | 14,409 | 14,409 | |||||||||
Foreign currency translation adjustment | (16,529) | (16,529) | |||||||||
Appropriations to statutory reserves | 386 | (386) | |||||||||
Accretion on redeemable non-controlling interests to redemption value | (575) | (575) | |||||||||
Receivable for issuance of ordinary shares (Note 23) | 248,631 | 248,631 | |||||||||
Unrealized securities holding gains (losses), net of tax | (9,368) | (9,368) | |||||||||
Acquisition of a subsidiaries | ¥ 1,817 | 1,817 | |||||||||
Issuance of ordinary shares for the exercise of stock options, Shares | shares | 1,204,483 | 1,204,483 | 1,204,483 | ||||||||
Issuance of ordinary shares for the exercise of stock options | ¥ 8,323 | ¥ 8 | 8,315 | ||||||||
Capital contribution from non-controlling interests | 245 | 245 | |||||||||
Net loss | (132,823) | (128,390) | (4,433) | ||||||||
Ending Balance, Shares at Mar. 31, 2022 | shares | 55,709,591 | 13,037,729 | |||||||||
Ending Balance at Mar. 31, 2022 | 241,823 | ¥ 372 | ¥ 82 | 3,295,336 | 3,433 | (46,069) | (2,889,233) | 42,648 | (164,746) | ||
Share-based compensation | (7,677) | (7,677) | |||||||||
Foreign currency translation adjustment | 15,591 | 15,591 | |||||||||
Appropriations to statutory reserves | 443 | (443) | |||||||||
Accretion on redeemable non-controlling interests to redemption value | (675) | (675) | |||||||||
Receivable for issuance of ordinary shares (Note 23) | 81,341 | 81,341 | |||||||||
Unrealized securities holding gains (losses), net of tax | ¥ (6,711) | (6,711) | |||||||||
Issuance of ordinary shares for the exercise of stock options, Shares | shares | 53,488 | 53,488 | 53,488 | ||||||||
Issuance of ordinary shares for the exercise of stock options | ¥ 38 | ¥ 1 | 37 | ||||||||
Net loss | (105,976) | $ (15,431) | (102,799) | (3,177) | |||||||
Ending Balance, Shares at Mar. 31, 2023 | shares | 55,763,079 | 13,037,729 | |||||||||
Ending Balance at Mar. 31, 2023 | ¥ 217,754 | $ 31,708 | ¥ 373 | ¥ 82 | ¥ 3,287,696 | ¥ 3,876 | ¥ (37,189) | ¥ (2,993,150) | ¥ 39,471 | ¥ (83,405) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (105,976) | $ (15,431) | ¥ (132,823) | ¥ (193,216) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization expense | 7,844 | 1,142 | 7,678 | 7,083 |
Provision for inventories | 35 | 5 | 311 | (8) |
Provision for doubtful accounts | 133 | 19 | 213 | (107) |
Interest expense of other debts | 9,706 | 1,413 | 17,144 | 21,611 |
Interest receivable for issuance of ordinary shares | (6,112) | (890) | (14,239) | (15,394) |
Amortization of right-of-use assets | 24,597 | 3,582 | 11,705 | 11,687 |
Interest of lease liabilities | 1,777 | 259 | 1,949 | 1,596 |
Investment income | 178 | 26 | 622 | |
Share of results of equity investees | 82 | 12 | (418) | 131 |
Loss/(gain) on disposal of property and equipment and intangible assets | (7) | (1) | (104) | 20 |
Gain on disposal of other debts | (6,846) | |||
Gain from the re-measurement of the previously held equity interest to the fair value in the business acquisition | (127) | |||
Gain from disposal of a subsidiary | (3,597) | (524) | ||
Impairment of goodwill | 40,684 | 5,900 | ||
Share-based compensation expense | (7,677) | (1,118) | 14,409 | 55,022 |
Fair value change of derivative liabilities | 2,266 | 330 | (2,824) | (11,369) |
Deferred tax expense | (989) | (144) | (989) | (1,889) |
Changes in operating assets and liabilities, net of effects of businesses acquired: | ||||
Accounts receivable | (27,455) | (3,998) | (6,131) | (880) |
Inventories | 30,583 | 4,453 | (23,176) | (38,839) |
Prepayments and other current assets | 47,754 | 6,954 | (35,056) | (48,853) |
Amounts due from related parties | (3,839) | (559) | 490 | (2,663) |
Operating lease liabilities | (26,397) | (3,844) | (12,849) | (12,850) |
Accounts payable | (36,342) | (5,292) | 18,106 | (22,029) |
Salary and welfare payable | 6 | 1 | 293 | 2,518 |
Accrued liabilities and other current liabilities | 2,701 | 393 | 1,954 | 667 |
Amounts due to related parties | 252 | 37 | (808) | 1,062 |
Contract liabilities | (2,536) | (369) | 3,140 | (5,229) |
Other non-current assets | (1,740) | (253) | 4,026 | 11,289 |
Net cash used in operating activities | (54,069) | (7,873) | (147,504) | (247,486) |
Cash flows from investing activities: | ||||
Loan receivables advanced to third parties | (7,864) | (1,145) | (2,376) | (49,392) |
Repayments on loan receivables from third parties | 1,096 | 160 | 2,579 | 44,840 |
Loan receivables advanced to related parties | (4,120) | (600) | (35,995) | (4,814) |
Repayments on loan receivables from related parties | 3,874 | 564 | 35,245 | |
Acquisition of subsidiaries | (2,938) | (428) | ||
Increase/(decrease) in short-term investments | 58,287 | 8,487 | 40,462 | (168,546) |
Purchase of intangible assets | (50) | (7) | (24) | |
Purchase of property and equipment | (1,805) | (263) | (3,077) | (6,509) |
Disposal of property and equipment | 16 | 2 | 125 | 4 |
Acquisitions of long-term investments | (15,792) | |||
Net cash generated from/ (used in) investing activities | 46,496 | 6,770 | 21,147 | (184,417) |
Cash flows from financing activities: | ||||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs | 354,825 | |||
Acquisition of additional interests in subsidiaries from non-controlling interests | 245 | |||
Proceeds from short-term and long-term borrowings | 110,553 | 16,098 | 185,614 | 87,846 |
Repayments of short-term and long-term borrowings | (187,234) | (27,263) | (176,897) | (74,000) |
Proceeds from issuance of other debts, net of issuance costs | 16,940 | |||
Proceeds from issuance of ordinary shares | 87,959 | 12,808 | 262,870 | |
Repayments of other debts | (87,959) | (12,808) | (270,860) | (130,827) |
Proceeds from exercise of share option | 25 | 4 | 1,023 | 9 |
Proceeds from the initial public offering, net of underwriter discounts and commissions and other offering costs paid | 393,698 | |||
Net cash flows generated from/ (used in) financing activities | (76,656) | (11,161) | 1,995 | 648,491 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (84,229) | (12,264) | (124,362) | 216,588 |
Cash, cash equivalents and restricted cash at beginning of year | 162,855 | 23,714 | 292,237 | 88,352 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 11,224 | 1,633 | (5,020) | (12,703) |
Cash, cash equivalents and restricted cash at end of year | 89,850 | 13,083 | 162,855 | 292,237 |
Supplemental schedule of non-cash investing and financing activities: | ||||
Accretion on convertible redeemable preferred shares | 120,873 | |||
Accretion on redeemable non-controlling interests | (675) | (98) | (575) | (138) |
Deemed dividend to preferred shareholders | (12,547) | |||
Unpaid cash consideration for business acquisitions | (2,938) | |||
Additional ASC 842 supplemental disclosure: | ||||
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities | 26,397 | 3,844 | 12,849 | 12,850 |
Right-of-use assets obtained in exchange for operating lease obligations | ¥ 8,384 | $ 1,221 | ¥ 21,038 | ¥ 25,970 |
Organization and principal acti
Organization and principal activities | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and principal activities | 1. Organization and principal activities (a) Principal activities Boqii Holding Limited (“Boqii Holding”, or the “Company”), was incorporated under the laws of the Cayman Islands in June 2012, as an exempted company with limited liability. In these consolidated financial statements, where appropriate, the term “Company” also refers to its subsidiaries, the VIEs and the VIEs’ subsidiaries as a whole. The Company operates as an online one-stop destination for users to shop for a variety of pet products and interact with other users in its online pet community in the People’s Republic of China (the “PRC”), through its online platforms (Boqii.com and Boqii application, collectively “Boqii Marketplace”), branded stores on third-party online platforms (the “Online Branded Stores”) and its online pet community (“Boqii Community”). In addition to online business, the Company provides pet products to offline pet stores. The Company’s consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIEs and VIEs’ subsidiaries. As major Name of subsidiaries and VIE Place of incorporation Date of 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 Shanghai Every Supply Chain Co., Ltd. (“Shanghai Every”) Shanghai, the PRC September 2021 100% Sales of merchandise Consolidated VIEs Guangcheng (Shanghai) Information Technology Co., Ltd. (“Guangcheng”) Shanghai, the PRC November 2012 100% Operates the Company’s own online 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 Yueming”) 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 Tianjing Guangcheng Information Technology Co., Ltd. Tianjin, the PRC June 2017 100% Sales of merchandise Nanjing Cuida Biotechnology Co. Ltd.(“Cuida”) Nanjing, the PRC April 2017 70% Biotechnology extension services Taizhou Xingmu Biotechnology Co., Ltd. Taizhou, the PRC November 2019 80% Biotechnology research and development (b) Consolidated variable interest entities In order to comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in restricted businesses, the Company operates online platforms that provide internet information services and engages in other foreign-ownership-restricted businesses through certain PRC domestic companies (the PRC Domestic Companies, or the “VIEs”). The equity interests of the PRC Domestic Companies are held by certain management members of the Company or onshore nominees of certain investors of the Company (“Nominee Shareholders”), who act as nominee equity holders of the PRC Domestic Companies on behalf of Shanghai Xincheng and Xingmu WFOE, the Company’s wholly owned subsidiaries in the PRC (the “WFOEs”). The WFOEs entered into a series of contractual arrangements with the PRC Domestic Companies and their respective Nominee Shareholders (the “Contractual Arrangements”). These Contractual Agreements cannot be unilaterally terminated by the Nominee Shareholders or the PRC Domestic Companies. Through the Contractual Arrangements, the Nominee Shareholders have granted all their legal rights including voting rights and disposition rights of their equity interests in the PRC Domestic Companies to the WFOEs. The Nominee Shareholders do not have the power to direct the activities of the PRC Domestic Companies that most significantly impact their economic performance. The Nominee Shareholders do not have the obligation to absorb losses of the PRC Domestic Companies that could potentially be significant to them or the right to receive benefits from the PRC Domestic Companies that could potentially be significant to them. Accordingly, the PRC Domestic Companies are considered as variable interest entities of the Company, through the WFOEs. In accordance with Accounting Standards Codification (“ASC”) 810-10-25-38A, the Based on the above, the Company, through the WFOEs, is the ultimate primary beneficiary of the VIEs. Accordingly, the financial statements of the VIEs and their subsidiaries are consolidated in the Company’s consolidated financial statements. Loan Agreements Pursuant to the relevant loan agreements, the WFOEs have granted interest-free loans to the relevant Nominee Shareholders of the relevant VIEs with the sole purpose of providing funds necessary for the capital injection to the relevant VIEs. The loans can only be repaid by transfer of the equity interests of the relevant VIEs held by the Nominee Shareholders, and shall be repaid upon the occurrence of, among other events, the WFOEs exercise of their options to purchase the relevant VIEs’ equity interests under the Exclusive Option Agreements (refer to following section for further details). Any proceeds received by the Nominee Shareholders from transfer of the equity interests shall also be repaid to the WFOEs as part of the loan repayments. Other events that will lead to loan repayments include: the Nominee Shareholders receiving a written notice from the relevant PRC subsidiaries requesting loan repayments; the death or loss of capacity for civil conduct of the Nominee Shareholders; the Nominee Shareholders no longer acting as shareholders of the relevant VIEs or employees of the relevant VIEs, PRC subsidiaries or their related parties; the Nominee Shareholders being involved in criminal activities; or, any third party making a claim in an amount over RMB 500,000 against the Nominee Shareholders. The loans shall be considered fully repaid when the Nominee Shareholders have transferred all equity interests held by them to the WFOEs or a party designated by the WFOEs. The Loan Agreements shall remain valid until the Nominee Shareholders repaid the relevant loans to the WFOEs. Exclusive Option Agreements The Nominee Shareholders of the VIEs have granted the WFOEs the exclusive and irrevocable right to purchase or to designate one or more person(s) at their discretion to purchase part or all of the equity interests in the VIEs from the Nominee Shareholders for a purchase price at any time, subject to the lowest price permitted by PRC laws and regulations. The VIEs and their Nominee Shareholders have agreed that without prior written consent of the WFOEs, their respective Nominee Shareholders cannot sell, transfer, pledge or dispose their equity interests, and the VIEs cannot sell, transfer, pledge or dispose, but not limit to, the equity interests, significant assets, significant revenue and significant business. Also as agreed, the VIEs cannot declare any dividend or change capitalization structure of the VIEs and cannot enter into any loan or investment agreements. Furthermore, the Nominee Shareholders have agreed that any proceeds but not limited to the sales of the Nominee Shareholders’ equity interest in relevant VIEs should be gratuitously paid to the WOFEs or one or more person(s) at their discretion. The Exclusive Option Agreement will remain effective until all equity options in VIEs held by such Nominee Shareholders are transferred or assigned to the WFOEs or their designated representatives. Proxy Agreement and Power of Attorney Pursuant to the irrevocable power of attorney, each of the Nominee Shareholders appointed the WFOEs as their attorney-in-fact Exclusive Consultation and Service Agreements Pursuant to the Exclusive Consultation Service Agreements, the WFOEs have agreed to provide to the VIEs services, including, but not limited to, design and maintenance of the E-Commerce Intellectual Property License Agreements Pursuant to the intellectual property license agreements, the WFOEs have granted a non-exclusive non-transferable Equity Interest Pledge Agreements Pursuant to the relevant equity interest pledge agreements, the Nominee Shareholders of the VIEs have pledged 100% equity interests in relevant VIEs to the WFOEs to guarantee performance by the Nominee Shareholders of their obligations under the Exclusive Option Agreements, the Proxy Agreement and Power of Attorney and the Loan Agreements, as well as the performance by the VIEs of their obligations under the Exclusive Option Agreements, the Exclusive Consultation and Service Agreements and Intellectual Property License Agreements. In the event of a breach by the VIEs or any of their Nominee Shareholders of contractual obligations under the Contractual Agreements, as the case may be, the WFOEs, as pledgee, will have the right to dispose of the pledged equity interests in the relevant VIEs and will have priority in receiving the proceeds from such disposal. The Nominee Shareholders of the VIEs also covenant that, without the prior written consent of the WFOEs, they will not dispose of, create or allow any encumbrance on the pledged equity interests. The Equity Interest Pledge Agreements will remain in effect so long as any of the Loan Agreements, the Exclusive Consultation Service Agreements, the Exclusive Option Agreements, the Proxy Agreement and Power of Attorney, or the Intellectual Property License Agreements, as mentioned above, remains in effect or any guaranteed obligations of the VIEs, or, to the extent applicable, its Nominee Shareholders, remains outstanding under the Contractual Agreements. The pledge was registered with the relevant local administration and will remain binding until the VIEs and their Nominee Shareholders discharge all their obligations under the Contractual Arrangements. The registration of the equity pledge enables the WFOEs to enforce the equity pledge against third parties who acquire the equity interests of the VIEs in good faith. One set of existing Contractual Agreements were initially entered into in September 2012 by Shanghai Xincheng (one of the Company’s WOFEs), Guangcheng (one of the Company’s VIEs) and its nominee shareholders, was subsequently amended and restated on substantially similar terms in September 2017, October 2019 and August 2020, respectively. One set of existing Contractual Agreements were entered into in September 2019 by Xingmu WFOE (one of the Company’s WOFEs), Nanjing Xingmu (one of the Company’s VIEs) and its Nominee Shareholders. One set of Contractual Agreements were entered into in June 2021 by Shanghai Xincheng (one of the Company’s WOFEs), Suzhou Taicheng (one of the Company’s VIEs) and its Nominee Shareholders. A new set of Contractual Agreements were entered into in April 2022 by Shanghai Every (one of the Company’s WOFEs), Suzhou Xingyun Yueming (one of the Company’s VIEs) and its Nominee Shareholders.The Loan Agreements, Exclusive Option Agreements, Proxy Agreement and Power of Attorney, Exclusive Consultation and Service Agreements, Intellectual Property License Agreements and Equity Interest Pledge Agreements were amended to reflect the changes of shareholders’ holding in the VIE in their respective dates. No other material terms or conditions of these agreements were changed or altered. There was no impact to the Company’s control over the VIEs and the Company continues to consolidate the VIEs. (c) Risks in relations to the VIE structure Under the Contractual Agreements with the consolidated VIEs, the Company has the power to direct activities of the consolidated VIEs and VIEs’ subsidiaries through the Company’s relevant PRC subsidiaries, and can have assets transferred freely out of the consolidated VIEs and VIEs’ subsidiaries without restrictions. Therefore, the Company considers that there is no asset of the consolidated VIEs that can only be used to settle obligations of the respective consolidated VIEs, except for the registered capital of the consolidated VIEs amounting to RMB52 million and RMB52 million as of March 31, 2022 and 2023. Since the consolidated VIEs and VIEs’ subsidiaries are incorporated as limited liability companies under the PRC Law, creditors of the consolidated VIEs and VIEs’ subsidiaries do not have recourse to the general credit of the Company. The Company believes that the Company’s relevant PRC subsidiaries’ Contractual Arrangements with the consolidated VIEs and the Nominee Shareholders are in compliance with PRC laws and regulations, as applicable, and are legally binding and enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC law, the Company may be subject to penalties, which may include but not be limited to, the cancellation or revocation of the Company’s business and operating licenses, being required to restructure the Company’s operations or terminate the Company’s operating activities. The imposition of any of these or other penalties may result in a material and adverse effect on the Company’s ability to conduct its operations. In such case, the Company may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs. 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, 2022 2023 RMB RMB Cash and cash equivalents 20,567 15,522 Accounts receivable, net 31,435 33,172 Amounts due from related parties 11,726 6,770 Inventories, net 16,014 27,894 Prepayments and other current assets 57,107 48,291 Inter-company receivables 16,535 83,700 Property and equipment, net 6,715 4,661 Intangible assets 507 101 Operating lease right-of-use 35,688 22,305 Goodwill 994 — Long-term investments 81,649 75,505 Other non-current 3,389 5,219 Total assets 282,326 323,140 As of March 31, 2022 2023 RMB RMB Short-term borrowings 872 363 Accounts payable 55,144 13,459 Amounts due to related parties, current 4 21 Salary and welfare payable 5,597 5,573 Accrued liabilities and other current liabilities 24,417 15,712 Contract liabilities 7,007 4,471 Operating lease liabilities, current 7,238 9,207 Inter-company payables 945,960 1,095,452 Operating lease liabilities, non-current 28,197 12,741 Other debts, non-current 157,874 75,481 Total liabilities 1,232,310 1,232,480 Year Ended March 31, 2021 2022 2023 RMB RMB RMB Net revenues: Third-party revenues 735,518 877,380 786,152 Inter-company revenues 48,374 56,079 86,463 Total revenues 783,892 933,459 872,615 Cost of revenues: Third-party cost of revenues (372,475 ) (160,661 ) (81,810 ) Inter-company cost of revenues (297,844 ) (550,585 ) (534,518 ) Total cost of revenues (670,319 ) (711,246 ) (616,328 ) Gross profit 113,573 222,213 256,287 Operating expenses: Third-party operating expenses (254,951 ) (288,291 ) (237,852 ) Inter-company operating expenses (7,257 ) — (41 ) Total operating expenses (262,208 ) (288,291 ) (237,893 ) Impairment of goodwill — — (994 ) Other income, net 1,011 98 158 Profit/(Loss) from operations (147,624 ) (65,980 ) 17,558 Non-operating (18,162 ) (20,680 ) (29 ) Profit/(Loss) before income tax expenses (165,786 ) (86,660 ) 17,529 Income tax benefits/(expenses) (20 ) 681 21 Share of results of equity investees (696 ) 418 (82 ) Net profit/(loss) (166,502 ) (85,561 ) 17,468 Cash flows from operating activities: Net cash provided by transactions with external parties 419,767 526,201 471,991 Net cash used in transactions with the Company’s entities (331,064 ) (329,325 ) (449,155 ) Net cash generated from/ (used in) operating activities 88,703 196,876 22,836 Cash flows from investing activities: Other investing activities (31,972 ) (18,482 ) (9,638 ) Cash flows of loan funding provided to the Company’s entities, net of repayments received (5,242 ) 6,294 — Net cash used in investing activities (37,214 ) (12,188 ) (9,638 ) Cash flows from financing activities: Other financing activities (112,151 ) (273,906 ) (88,469 ) Cash flows of loan funding received from the Company’s entities, net of repayments made 41,717 91,794 69,204 Net cash generated from/ (used in) financing activities (70,434 ) (182,112 ) (19,265 ) |
Principal Accounting Policies
Principal Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Principal Accounting Policies | 2. Principal Accounting Policies (a) Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. (b) Basis of consolidation The Company’s consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries for which the Company is the primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A consolidated VIE is an entity in which the Company, or its subsidiaries, through Contractual Agreements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries have been eliminated upon consolidation . (c) Business combination and non-controlling The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations non-controlling non-controlling In a business combination achieved in stages, the Company re-measures re-measurement When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary or consolidated VIE, the Company deconsolidates the subsidiary or consolidated VIE from the date control is lost. Any retained non-controlling For the Company’s consolidated subsidiaries, VIEs and VIEs’ subsidiaries, non-controlling Non-controlling (d) Use of estimates The preparation of the Company’s consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company believes that assessment for impairment of long-lived assets and valuation of available-for-sale Management bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the consolidated financial statements that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. On an ongoing basis, management evaluates its estimates based on information that is currently available. Changes in circumstances, facts and experience may cause the Company to revise its estimates. Changes in estimates are recorded in the period in which they become known. Actual results could materially differ from these estimates. (e) Functional currency and foreign currency translation The Company’s reporting currency is Renminbi (“RMB”). The functional currency of the Company’s entities incorporated in Cayman Islands, British Virgin Islands and Hong Kong is the United States dollars (“US$”). The Company’s PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are translated at the balance sheet date exchange rate. The resulting exchange differences are included in the consolidated statements of loss and comprehensive loss as other gains, net. The financial statements of the Company are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive loss as a component of shareholders’ equity. The exchange rates used for translation on March 31, 2022 and 2023 were US$1.00= RMB 6.3482 and RMB 6.8717, respectively, representing the index rates stipulated by the People’s Bank of China. (f) Convenience translation Translations of the consolidated balance sheets, the consolidated statements of loss and comprehensive loss and the consolidated statements of cash flows from RMB into US$ as of and for the year ended March 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8676, representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2023, or at any other rate. (g) Fair value of financial instruments Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Company mainly consist of cash and cash equivalents, short-term investments, accounts receivable, amounts due from related parties, prepayments and other current assets, available-for-sale As of March 31, 2022 and 2023, except for available-for-sale non-current available-for-sale (h) Cash and cash equivalents Cash and cash equivalents include cash on hand and time deposits placed with banks and third party payment processors, which are unrestricted as to withdrawal or use, have original maturities of three months or less at the time of purchase and are readily convertible to known amounts of cash. (i) Short-term investments Short-term investments comprise primarily of (i) cash deposits at fixed rates with original maturities of greater than three months, but less than 12 months and; (ii) the investments issued by commercial banks or other financial institutions with a variable interest rate indexed to the performance of underlying assets within one year. As of March 31, 2022 and 2023, RMB128 million and RMB70 million short-term investments were used as collateral of RMB111 million and RMB64 million short-term borrowings, respectively. (j) Accounts receivable, net Accounts receivable are presented net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on general basis taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. (k) Inventories Inventories are stated at the lower of cost and net realizable value. Cost elements of our inventories comprise the purchase price of products, vendor rebates, shipping charges to receive products from the suppliers when they are embedded in the purchase price. Cost is determined using the first-in first-out (l) Property and equipment, net Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the following estimated useful lives. The estimated useful lives are as follows: Useful years Warehouse equipment 3 - 5 years Furniture, computer and office equipment 3 - 5 years Vehicles 5 years Software 10 years Leasehold improvements Over the shorter of the expected life of leasehold improvements or the lease term Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of loss and comprehensive loss. (m) Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost. The Company performs valuation of the intangible assets arising from business combinations to determine the relative fair value to be assigned to each asset acquired. The intangible assets are amortized using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of intangible assets are as follows: Useful years Trademark 10 years Dealership 10 years License 4.5 years The estimated life of amortized intangibles is reassessed if circumstances occur that indicate the life has changed. (n) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not amortized but is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU No. 2017-04, 2017-04”), As there is only one reporting unit in the Company, the goodwill assessment was performed for the Company on consolidated level as one reporting unit. (o) Long-term investments The Company’s investments include equity method investments, equity securities with readily determinable fair values and available-for-sale The Company applies the equity method of accounting to account for an equity investment, in common stock or in-substance Equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. Debt securities that the Company has the intent to hold the security for an indefinite period or may sell the security in response to the changes in economic conditions are classified as available-for-sale The Company continually reviews its investments to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Company considers in its determination are the duration and severity of the decline in fair value; the financial condition, operating performance and the prospects of the equity investee; and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment is written down to fair value. (p) Impairment of long-lived assets other than goodwill Long-lived assets (including property and equipment and amortizable intangible assets) are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Company had originally estimated. When these events occur, the Company evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No impairment charges were recognized for the years ended March 31, 2021, 2022 and 2023. (q) Revenue recognition In May 2014, the FASB issued ASU No. 2014-09, 2014-09”) 2014-09 No. 2014-09 Consistent with the criteria of Topic 606, the Company follows five steps for its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Revenue arrangements with multiple performance obligations are divided into separate distinct goods or services. The Company allocates the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. The Company’s revenues are primarily derived from (i) product sales and (ii) online marketing and information services and other revenue. When either party to a contract has performed, the Company presents the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. A receivable is recorded when the Company has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. A contract asset is recorded when the Company has transferred products or services to the customer before payment is received or is due, and the Company’s right to consideration is conditional on future performance or other factors in the contract. No contract asset was recorded as of March 31, 2022 and 2023. The Company’s contract liabilities consist of payments received or awards to customers (in the form of Boqii Beans) related to unsatisfied performance obligations at the end of the period. As of April 1, 2021 and 2022, the Company’s total contract liabilities were RMB3.9 million and RMB7.0 million, respectively, of which RMB3.6 million and RMB3.0 million were recognized as revenue for the years ended March 31, 2022 and 2023. The Company’s total unearned revenue was RMB4.5 million as of March 31, 2023. Revenue is recorded net of value-added tax. Revenue recognition policies for each type of revenue steam are as follows: Sales of merchandise The Company primarily sells pet products through online stores to individual online customers. Besides online sales, the Company also sells products through offline channels to its business customers and pet stores across the country. The Company recognizes the product revenues from products sales on a gross basis as the Company is acting as a principal in these transactions. The Company has obtained control of the products before they are transferred to customers. The Company is primarily obligated in these transactions, is subject to inventory risk or has the ability to direct the use of inventory, and has latitude in establishing prices and selecting suppliers. Revenue is recognized when consumers physically accept the products after delivery, which is when the control of products is transferred, and is recorded net of return allowances and rebates to pet stores. The Company also enters into arrangements with its business partners to sell their products on the Company’s online stores. The Company considers the arrangements meet the indicators of consignment arrangement under ASC 606-10-55-80, Online marketing and information services and other revenue The Company provides online marketing and information services to third-parties on the Company’s various channels and third-party platforms, including but not limited to advertising placements, organizing online and offline marketing campaigns featuring social media influencers and circulating marketing messages to end consumers. With respect to the Company’s marketing services, length of the periods over which services are provided are generally within months or less, revenue from such arrangements is recognized ratably over the service period, as the third-party simultaneously consumes the benefits when the advertisement is displayed or the campaign is ongoing. The Company also provides warehouse services. The warehouse services include warehousing, packaging, dispatching and other services. Revenue is primarily recognized when the services are rendered. (r) Sales returns The Company offers online consumers an unconditional right of return for a period of seven days upon receipt of products. Return allowances, which reduce revenue and cost of sales, are estimated by categories of return policies offered to online customers, based on historical data the Company has maintained, and subject to adjustments to the extent that actual returns differ or are expected to differ. (s) Sales incentives The Company adopted a customer reward program, under which the Company grants certain units (“Boqii Bean”) to its customers at its discretion in different situations. Boqii Beans are not redeemable for cash and can be used as a coupon for the customer’s future purchase on the Boqii Marketplace and Boqii.com. The value of ten units of Boqii Bean is equivalent to one RMB yuan before taking into account the impact of breakage. For the Boqii Beans that are granted with concurrent revenue transactions, the allocated transaction price based on its relative standalone selling price are recognized as reduction of the revenue and accrued for as contract liabilities. As customers redeem awards, the accrued liability is reduced correspondingly. For the Boqii Beans that are granted without concurrent revenue transactions, they are not accounted for when granted and are recognized as a reduction of revenue when they are applied in future sales. The Company also has a coupon program, through which the Company grants coupons to online customers when they make a successful purchase order, finish first registration on Boqii Marketplace or comment on products. When a coupon is granted concurrent with a revenue transaction, the Company accounts for the estimated cost of future usage of the coupon as reduction of the revenue. When a coupon is not granted concurrent with a revenue transaction, they are not accounted for when they are granted and are recognized as a reduction of revenue when they are applied in future sales. (t) Cost of revenue Cost of revenue consist of cost of product sales of RMB820.3 million, RMB930.4 million and RMB842.7 million for the years ended March 31, 2021, 2022 and 2023, respectively, and cost of services of RMB3.4million, RMB13.3million and RMB15.9 million for the years ended March 31, 2021, 2022 and 2023, respectively. Cost of product sales comprise the purchase price of products, vendor rebates and inventory write-downs. Cost of products does not include other costs such as shipping and handling expense, payroll and benefits of logistic staff, and logistic centers rental expenses. Cost of service consists of the advertising and promotion costs, employee wages and benefits in connection with the Company’s provision of marketing and information services including the fees that the Company paid to third-parties for advertising and promotion on various online and offline channels. (u) Vendor rebates The Company periodically receives consideration from certain vendors, representing rebates for products sold over a period of time. The Company accounts for the rebates received from its vendors as a reduction to the price it pays for the products purchased. Rebates are earned based on reaching minimum purchased thresholds for a specified period. When volume rebates can be reasonably estimated based on the Company’s past experience, current forecasts and purchase volume, a portion of the rebate is recognized as the Company makes progress towards the purchase threshold. (v) Fulfillment expenses Fulfillment costs primarily represent warehousing, shipping and handling expenses for dispatching and delivering products to consumers, employee wages and benefits for the relevant personnel, customs clearance expenses and other related transaction costs. (w) Sales and marketing expenses Sales and marketing expenses comprise primarily of advertising expenses, third-party platforms commission fee, employee wages, rental expenses and benefits for sales and marketing staff, depreciation expenses and other daily expenses which are related to the sales and marketing functions. Advertising expenses consist primarily of customer acquisition cost and costs for the promotion of corporate image and product marketing. The Company expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended March 31, 2021, 2022 and 2023, the advertising expenses were RMB83 million, RMB81 million and RMB44 million, respectively. (x) General and administrative expenses General and administrative expenses consist of employee wages and benefits for corporate employees, research and development expenses and other expenses which are related to the general corporate functions, including accounting, finance, tax, legal and human resources, costs associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses. For the years ended March 31, 2021, 2022 and 2023, the research and development were RMB14.1 million, RMB11.3 million and RMB3.7 million, respectively. (y) Leases The Company applied ASC 842, “Leases”, by using the optional transition method at the adoption date without recasting comparative periods. The Company determines if an arrangement is a lease at inception. Operating leases are primarily for office and warehouse space and are included in operating lease right-of-use non-current ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, which it calculates based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For operating leases with a term of one year or less, the Company has elected to not recognize a lease liability or ROU asset on its consolidated balance sheet. Instead, it recognizes the lease payments as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of loss and comprehensive loss and cash flows. (z) Government grants The Company’s PRC based subsidiaries received government subsidies from certain local governments. The government subsidies are granted from time to time at the discretion of the relevant government authorities. These subsidies are granted for general corporate purposes and to support the Group’s ongoing operations in the region Cash subsidies are recorded in other income, net on the consolidated statements of loss and comprehensive loss when received and when all conditions for their receipt have been satisfied. The Group recognized government subsidies (aa) Income taxes Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax Uncertain tax positions The Company recognizes in its consolidated financial statements the benefit of a tax position if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Company estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Company’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Company’s consolidated financial statements in the period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require the Company to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. As of March 31, 2022 and 2023, the Company did not have any material unrecognized uncertain tax positions. (ab) Share-based compensation The Company follows ASC 718 to determine whether a share option should be classified and accounted for as a liability award or equity award. All grants of share-based awards to employees, management and nonemployees classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. Employees’ share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses (a) immediately at the grant date if no vesting conditions are required; or (b) for share-based awards granted with only service conditions, using the graded vesting method, net of estimated forfeitures, over the vesting period; or (c) for share-based awards granted with service conditions and the occurrence of an initial public offering (“IPO”) as performance condition, cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO, using the graded vesting method. Under ASC 718, the Company applies the Binominal option pricing model in determining the fair value of options granted. ASC 718 requires forfeiture rates to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expense is recorded net of estimated forfeitures such that expense is recorded only for those share-based awards that are expected to vest. (ac) Net loss per share Basic net loss per share is computed by dividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year using the two-class two-class Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year/period. Ordinary share equivalents consist of the ordinary shares issuable in connection with the Company’s convertible redeemable preferred shares using the if-converted (ad) Comprehensive loss Comprehensive loss is defined as the changes in shareholders’ equity of the Company during a period transactions and other events and circumstances excluding transactions resulting from investments from shareholders, distributions to shareholders, accretions on convertible redeemable preferred shares and modification and extinguishment of convertible redeemable preferred shares. Comprehensive loss for the periods presented includes net loss, foreign currency translation adjustments and unrealized securities holding gains (losses). (ae) Segment reporting ASC 280, Segment Reporting Based on the criteria established by ASC 280, the Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company’s long-lived assets are substantially located in the PRC and substantially all the Company’s revenue are derived from within the PRC, no geographical segments are presented. (af) Recent accounting pronouncements The Company qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Company adopts the following standards based on extended transition period provided to private companies or early adopts as necessary as permitted by the respective standards. New and Amended Standards Adopted by the Company: In August 2020, the FASB issued ASU 2020-06, 470-20) 815-40),” earnings-per-share New and amended standards not yet adopted by the Company: In June 2016, the FASB issued ASU 2016-13, 2016-13 In October 2021, the FASB issued ASU 2021-08, “Business In March 2022, the FASB issued ASU 2022-02, 2016-13, 326-20. In June 2022, the FASB issued ASU 2022-03 |
Business combinations
Business combinations | 12 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Business combinations | 3. Business combinations For the year ended March 31, 2022, the Company has completed the below business combination. The results of the acquired entities’ operations have been included in the Company’s consolidated financial statements since their respective dates of acquisition. (a) Chongni Network Technology (Shanghai) Co., Ltd (“Chongni Network”) In October 2018, the Company acquired 49% equity interest of Chongni Network, an offline trading company incorporated in the PRC. According to the investment agreement, the Company was entitled to appoint a director to Chongni Network (out of total three board seats). The Company accounted this investment using equity method. In May 2021, the Company entered into an agreement with Chongni to purchase additional equity interest of Chongni Network with total cash consideration of RMB2.9 million. Upon the acquisition of additional interests in Chongni Network, on June 30, 2021, the date of acquisition, the Company’s equity interests in Chongni network was increased from 49% to 63.65% with the right to appoint 2 out of 3 of Chongni Network’s board of directors, and have obtained control over Chongni Network thereon. The Company accounted for this transaction as a step acquisition with the total purchase consideration of RMB3.2 million, which included the cash consideration of RMB2.9 million, and the fair value of the previously held 49% equity interest of Chongni Network in an amount of RMB0.3 million. A gain of RMB0.1 million in relation to the revaluation of the previously held equity interests was recorded in other gains, net in the consolidated statement of loss and comprehensive loss for the year ended March 31, 2022. The fair value of the previously held equity interests was estimated based on the acquisition price of the additional interests of Chongni Network. On the acquisition date, the allocation of the purchase price of the assets acquired and liabilities assumed based on their fair values was as follows: As of June 30, 2021 RMB Total purchase price is comprised of: - fair value of 49% previously held equity interests 245 - cash consideration 2,938 Fair value of total consideration 3,183 As of June 30, 2021 RMB Cash and cash equivalents 2 Prepayments and other current assets 4,533 Total assets 4,535 Accrued liabilities and other current liabilities (33 ) Total liabilities (33 ) Net assets acquired 4,502 Goodwill 499 Non-controlling (1,818 ) Total 3,183 The acquired business contributed revenues of nil and loss of RMB0.08 million to the Company for the period from June 30, 2021 to March 31, 2022. Pro forma results of operations for the acquisition have not been presented because they are not material to the consolidated statements of loss and comprehensive losses for the year ended March 31, 2021 and 2022. |
Risks and Concentration
Risks and Concentration | 12 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Risks and Concentration | 4. Risks and Concentration (a) Foreign currency exchange rate risk The Company may experience economic losses and negative impacts on earnings and equity as a result of fluctuations in the exchange rate between the US$ and the RMB. The depreciation of RMB against US$ was approximately 2.3% in 2021. The appreciation of RMB against US$ was approximately 8.5% in 2022. It is difficult to predict how market forces or the PRC or the U.S. government policy may impact the exchange rate between RMB and US$ in the future. (b) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s interest rate risk arises primarily from long-term borrowings. Borrowings issued at variable rates and fixed rates expose the Company to cash flow interest rate risk and fair value interest rate risk respectively. (c) Concentration of credit risk Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and cash equivalents, short-term investment, accounts receivable and amounts due from related parties. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. The Company deposits its cash and cash equivalents and short-term investment with financial institutions located in jurisdictions where the subsidiaries are located. The Company believes that no significant credit risk exists as these financial institutions have high credit quality. Accounts receivable are typically unsecured and are derived from revenue earned through third-party consumers. The Company conducts credit evaluations of third-party customers and related parties, and generally does not require collateral or other security from its third-party customers and related parties. The Company establishes an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific third-party customers and related parties. (d) Concentration of customers and suppliers Substantially all revenue was derived from customers located in China. There are no customers from whom revenues individually represent greater than 10% of the total revenues of the Company in any of the periods presented. The information of the supplier with greater than 10% of the total purchases of the Company for the years ended March 31, 2021, 2022 and 2023 was as follows: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Royal Canin China Co., Ltd. 19 % 17 % 22 % |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 5. Cash and cash equivalents Cash and cash equivalents represent cash on hand and demand deposits placed with banks and third party-payment processors, which are unrestricted as to withdrawal or use. Cash and cash equivalents balance as of March 31, 2022 and March 31, 2023 primarily consist of the following currencies: As of March 31, 2022 As of March 31, 2023 Amount RMB Amount RMB RMB 47,321 47,321 62,727 62,727 Hong Kong dollars 39 31 7 6 US$ 18,133 115,110 3,946 27,114 EUR 55 392 — 2 NZD — 1 — 1 Total 162,855 89,850 |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Accounts receivable, net | 6. Accounts receivable, net Accounts receivable consist of the following: As of March 31, As of March 31, RMB RMB Accounts receivable - Product sales 42,070 71,471 Accounts receivable - Online marketing and information service and other service 7,630 5,873 Allowance of doubtful accounts (469 ) (602 ) Total 49,231 76,742 Movement of allowance of doubtful accounts As of March 31, As of March 31, As of March 31, RMB RMB RMB At beginning of year 363 256 469 Addition/(reversal) (107 ) 213 133 At end of year 256 469 602 |
Inventories, net of inventory r
Inventories, net of inventory reserves | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, net of inventory reserves | 7. Inventories, net of inventory reserves Inventories, net of inventory reserves consist of the following: As of March 31, As of March 31, RMB RMB Products 109,383 80,431 Packaging materials and others 538 621 Total inventories, net of inventory reserves 109,921 81,052 Movement of inventory provision: As of March 31, As of March 31, As of March 31, RMB RMB RMB At beginning of year 273 266 577 Provision/(reversal) (7 ) 311 35 At end of year 266 577 612 The total amounts charged to the consolidated statements of loss and comprehensive loss for (reversal)/provision of inventory reserves amounted to approximately RMB(0.007) million, RMB0.31 million and RMB0.035 million for the years ended March 31, 2021, 2022 and 2023, respectively. |
Prepayments and other current a
Prepayments and other current assets | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and other current assets | 8. Prepayments and other current assets The prepayments and other current assets consist of the following: As of March 31, As of March 31, RMB RMB Prepayments for purchases of products (a) 52,348 24,216 Vendor rebate receivables (b) 24,462 16,160 Value-added tax (“VAT”) deductible (c) 18,864 10,512 Loan receivables (d) 3,845 9,886 Sales return assets 1,264 2,835 Deposits 1,312 999 Others 14,643 14,751 Total 116,738 79,359 (a) Prepayments for purchases of products represent cash prepaid to the Company’s third-party brand partners for the procurement of products. (b) Vendor rebate receivables represent the rebates to be received by the Company from its suppliers after certain levels of purchases are achieved. (c) VAT recoverable represents the balances that the Company can utilize to deduct its value-added tax liabilities within the next 12 months. (d) The balance represents loan receivables due from certain third-party companies and individuals. From July 2020 to March 2023, the Company entered into several loan agreements with aggregate principal amount of RMB11.0 million. The maturity dates of these loans are from October 2023 to March 2024. The interest rates ranged from 0% to 4% per annum. As of March 31, 2022 and 2023, the balances of loan receivables were RMB3.8 million and RMB9.9 million, respectively. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | 9. Property and equipment, net Property and equipment consist of the following: As of March 31, As of March 31, RMB RMB Cost: Warehouse equipment 2,669 2,879 Furniture, computer and office equipment 7,503 7,082 Vehicles 3,684 4,740 Leasehold improvement 10,209 10,501 Software 2,995 3,009 Total cost 27,060 28,211 Less: Accumulated depreciation (19,281 ) (22,719 ) Property and equipment, net 7,779 5,492 The total amounts charged to the consolidated statements of loss and comprehensive loss for depreciation and amortization expenses amounted to approximately RMB3.08 million, RMB3.7 million and RMB3.8 million for the years ended March 31, 2021, 2022 and 2023, respectively. |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible assets, net | 10. Intangible assets, net Intangible assets of the Company were mainly as follows: As of March 31, As of March 31, RMB RMB Cost: Trademark 437 486 License 3,530 3,530 Dealership 31,717 31,717 Total cost 35,684 35,733 Less: Accumulated amortization (10,140 ) (14,139 ) Intangible assets, net 25,544 21,594 License and dealership resulting from the business combinations completed during the year ended March 31,2021 have been allocated to the single reporting unit of the Company. The total carrying amount of intangible assets resulting from the business combinations were The total amortization expenses of the intangible assets charged to the consolidated statements of loss and comprehensive loss amounted to approximately RMB4.0 million, RMB4.0 million and RMB4.0 million for the years ended March 31, 2021, 2022 and 2023, respectively. The annual estimated amortization expense for intangible assets subject to amortization for the succeeding five years is as follows: As of March 31, 2024 2025 2026 2027 2028 Amortization expenses 3,867 3,438 3,207 3,203 3,187 |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Mar. 31, 2023 | |
Long-term Investments and Receivables, Net [Abstract] | |
Long-term investments | 11. Long-term investments The Company’s long-term investments consist of the following: As of March 31, As of March 31, RMB RMB Equity method investments 6,783 7,494 Available-for-sale 74,866 68,011 Equity securities with readily determinable fair values 670 102 Total 82,319 75,607 Equity method investments The Company applies equity method in accounting for its investments in entities in which the Company has the ability to exercise significant influence but does not have control. As of March 31, 2022 and 2023, the carrying value of the equity method investments were RMB6.8 million and RMB7.5 million respectively, the change of which primarily relates to the equity gain recognized and the following investments which were accounted for as equity method investment: In April 2019, the Company invested in Jiangsu Nanjing Agricultural University Animal Pharmaceutical Co., Ltd. (“Nanjing Animal Pharmaceutical”) to purchase 8.42% equity interest with total cash consideration of RMB2.5 million. As the Company is able to exercise significant influence through its entitlement to appoint one director, the Company therefore accounts for this investment under the equity method of accounting. In December 2022, the Company disposed all of its equity interest in Nanjing Animal Pharmaceutical with a total cash consideration of RMB The Company had 24.6 % equity interests in Wuhan Chunzhijin Information Technology Co., Ltd. (“Chunzhijin”), which was accounted using equity method. The Company also provided loan to Chunzhijin (Note 28). In March 2023, the Company further invested in Chunzhijin to purchase Available-for-sale The following table summarizes the Company’s available-for-sale Cost Gross unrealized gains Gross unrealized losses Disposal of Long-term Fair value Unlisted debt securities 76,000 — (1,134 ) — 74,866 The following table summarizes the Company’s available-for-sale Cost Gross unrealized gains Gross unrealized losses Disposal of Long-term investments Fair value Unlisted debt securities 76,000 — (7,561 ) (428 ) 68,011 The Company held 6.2% shareholding of Qingdao Shuangan Biotechnology Co., Ltd (“Qingdao Shuangan”). According to the investment agreement, the Company is entitled to redemption right after 48 months from the investment closing date. In April 2022, the Company transferred 0.31% shareholding of Qingdao Shuangan to a third-party investor with a cash consideration of RMB0.8 million. The Company recognized a RMB0.37 million investment gain in other gains, net. After the completion of the transaction, the shareholding of Qingdao Shuangan held by the Company was 5.9%. As of March 31, 2022 and 2023, based on the valuation results, the Company re-measured million, respectively. For the years ended March 31, 2021, 2022 and 2023, the unrealized securities holding gains/(losses) (net of tax) of RMB0.02 million, RMB In October 2019, the Company purchased 23.64% shareholding of Beijing Petdog Technology Development Co., Ltd. (“Beijing Petdog”) with a cash consideration of RMB50 million. According to the investment agreement, the Company is entitled to redemption right after 60 months from the investment closing date. As of March 31, 2021, 2022 and 2023, based on the valuation results, the Company re-measured the investment at fair value of RMB million, respectively. For year ended March 31, 2022 and 2023, the unrealized securities holding gains/(losses) (net of tax) of RMB0.75 million, RMB(10.4) million and RMB(6.4) million was recorded as other comprehensive income/(loss), respectively. In July and November 2021, the Company entered into investment agreements with Nanjing Animal Pharmaceutical. The Company provided Nanjing Animal Pharmaceutical one-year s s re-measured Equity securities with readily determinable fair values The following table summarizes the Company’s equity securities with readily determinable fair values as of March 31, 2022: Cost Gross unrealized gains Gross unrealized losses Fair value Listed company 1,292 — (622 ) 670 The following table summarizes the Company’s equity securities with readily determinable fair values as of March 31, 2023: Cost Gross unrealized gains Gross unrealized losses Fair value Listed company 1,292 — (1,190 ) 102 In June 2021, the Company purchased 40,000 ordinary shares of Better Choice Company Inc. (“BTTR”), a company registered on NYSE American and engaging in selling pet products with a total cash consideration of US$200,000. The Company measured and recorded the investment at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. The change of fair value is reported in other gains, net. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 12. Goodwill The changes in the carrying amount of goodwill for the years ended March 31, 2022 and 2023 were as follows: Total RMB Balance as of March 31, 2021 Goodwill 40,184 Accumulated impairment loss — 40,184 Transaction during the year Addition (Note 3) 500 Balance as of March 31, 2022 Goodwill 40,684 Accumulated impairment loss — 40,684 Transaction during the year Impairment (40,684 ) Balance as of March 31, 2023 Goodwill 40,684 Accumulated impairment loss (40,684 ) — In the second half of fiscal year 2023, the Covid-19 resurgence in certain areas of China and the market downturn impact on our operations caused a triggering event for possible impairment of goodwill. Together with other indicators such as history of net losses and low market capitalization of us, as a result, management concluded the existence of the impairment indicator which required the Company to perform a quantitative goodwill impairment test as of March 31, 2023. Since there is only one reporting unit in the Company, management used the market capitalization to determine the reporting unit’s fair value. Based on quantitative goodwill impairment test, the fair value of the reporting unit was RMB119.8 million (US$17.4 million), which was lower than the carrying value of our net assets of RMB213.0 million (US$31.0 million) as of March 31, 2023, hence a full impairment charge of RMB40.7 million (US$5.9 million) was recognized during the year ended March 31, 2023. |
Other non-current Assets
Other non-current Assets | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other non-current Assets | 13. Other non-current As of March 31, As of March 31, RMB RMB Deposits (a) 3,924 3,165 Long-term loan receivables (b) 937 3,421 4,861 6,586 (a) Deposits mainly consisted of rental deposits and deposit for online stores operated on third party platforms, which will be collected after one year. (b) From May 2021 to May 2022, the Company entered into interest free loan agreements with three third parties for total principal amounts of RMB3.4 million. The repayment terms of the loan agreements were ranged from 24 months to 36 months with due dates from May 2024 to June 2025. As of March 31, 2022 and 2023, the balances of long-term loan receivables were RMB0.9 million and RMB3.4 million, respectively. |
Accrued liabilities and other c
Accrued liabilities and other current liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued liabilities and other current liabilities | 14. Accrued liabilities and other current liabilities Accrued liabilities and other current liabilities consist of the following: As of March 31, As of March 31, RMB RMB Logistics expenses payables 14,625 7,663 Advances from customers 3,773 3,077 Payable for investment 2,563 2,563 Refund obligation of sales returns 1,411 3,113 Professional service fee accruals 579 1,694 Accrued advertising expenses 150 168 Others 4,223 3,826 Total 27,324 22,104 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 15. Leases As of March 31, 2022 and 2023, the Company has operating leases recorded on its consolidated balance sheet for certain office spaces and facilities that expire on various dates through 2026. The Company does not plan to cancel the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. All of the Company’s leases qualify as operating leases. As of March 31, As of March 31, RMB RMB Assets Operating lease right-of-use 38,567 22,354 Liabilities Operating lease liabilities, current 10,001 9,220 Operating lease liabilities, non-current 28,197 12,741 Total operating lease liabilities 38,198 21,961 Weighted average remaining lease term (years) 3.61 2.77 Weighted average discount rate 4.95 % 5.38 % Information related to operating lease activity during the years ended March 31, 2021, 2022 and 2023 are as follows: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Operating lease right-of-use 25,970 21,038 8,384 Operating lease related expenses Amortization of right-of-use 11,687 11,705 24,597 Interest of lease liabilities 1,596 1,949 1,777 13,283 13,654 26,374 Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Operating lease payments (included in measurement of lease liabilities) 12,850 12,849 26,397 Maturities of lease liabilities were as follows: Year ended March 31, 2023 RMB For the year ending March 31, 2023 9,902 2024 10,287 2025 4,263 2026 152 2027 — Total lease payments 24,604 Less: imputed interest (2,643 ) Total 21,961 |
Interest expense
Interest expense | 12 Months Ended |
Mar. 31, 2023 | |
Interest and Debt Expense [Abstract] | |
Interest expense | 16. Interest expense Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Amortization charges on promissory notes 21,611 17,144 9,706 Interest expense on borrowings 6,039 3,740 3,644 Total 27,650 20,884 13,350 |
Other gains, net
Other gains, net | 12 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other gains, net | 17. Other gains, net Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Gain from the re-measurement — 127 — Foreign exchange losses, net (2,867 ) 5,322 2,679 Gain on disposal of other debts 6,846 — — Reimbursement from a depositary bank (a) 6,556 1,482 — Investment loss — (622 ) (178 ) Gain on disposal of a subsidiary (b) — — 3,597 Others 797 (289 ) (939 ) 11,332 6,020 5,159 (a) The Company received a reimbursement of US$1.0M (equivalent to RMB6.6 million), US$0.2M (equivalent to RMB1.5 million) and nil from the depository for the establishment and maintenance of the ADS program for the years ended March 31, 2021, 2022 and 2023. (b) In August 2022, the Company disposed a subsidiary to a third-party investor and recognized an investment gain of RMB 3.6 million. |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 18. Income taxes Cayman Islands Under the current tax laws of Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries incorporated in Hong Kong are subject to a two-tiered China On July 25, 2018, Boqii (Shanghai) Information Technology Co., Ltd. (“Shanghai Boqii”) was entitled to be “Software Enterprises”. According to the Enterprise Income Tax (“EIT”) Law and relevant regulations in the PRC, from the year of 2018, Shanghai Boqii could enjoy a tax holiday of 2-year 3-year In addition, Shanghai Boqii was also qualified as a “High and New Technology Enterprise (“HNTE”) on August 29, 2019, and is eligible to enjoy a preferential tax rate of 15% from 2019 to 2024 to the extent it has taxable income under the EIT Law, as long as it maintains the HNTE qualification and duly conducts relevant EIT filing procedures with the relevant tax authority. Shanghai Boqii can re-apply The Company’s other subsidiaries, VIEs and VIEs’ subsidiaries established in the PRC are subject to the PRC general income tax rate of 25%. Reconciliations of the differences between the income tax expenses of the Company and the PRC statutory EIT rate applicable to losses of the consolidated entities are as follows: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Loss before income taxes (193,391 ) (134,812 ) (106,805 ) Income tax computed at respective applicable tax rates (48,348 ) (33,702 ) (26,701 ) Effect of different tax jurisdiction 14,272 2,341 12,323 Super deduction for research and development expenses (a) (2,632 ) (1,881 ) (456 ) Non-deductible 140 97 728 Change in valuation allowance 37,439 34,716 15,017 Total 871 1,571 911 (a) According to the relevant laws and regulations promulgated by the State Administration of Tax of the PRC, from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses so incurred as tax deductible expenses. The additional deduction of 75% of qualified research and development expenses (the “Super Deduction”) can be directly claimed in the annual EIT filing. For the years end March 31, 2021, 2022 and 2023, the Super Deduction for research and development expenses available to the Company amounted to RMB2.6 million, RMB1.9 million and RMB0.5 million, respectively. The provisions for income taxes for the years ended March 31, 2021, 2022 and 2023 differ from the amounts computed by applying the EIT primarily due to change in valuation allowance provided and tax differential from certain subsidiaries with preferential tax rates of the Company. The following table sets forth the effect of tax holiday effect on China operations: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Tax holiday effect 1,074 3,513 1,235 Basic and diluted net loss per share effect 0.02 0.05 0.02 Reconciliations between the effective income tax rate and the PRC statutory income tax rates are as follows: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB PRC statutory income tax rates 25 % 25 % 25 % Tax holiday effect 1 % 3 % (1 %) Difference in tax rates of subsidiaries outside PRC (8 %) (8 %) (10 %) Super deduction for research and development expenses 1 % 1 % 0 % Non-deductible 0 % 0 % 1 % Change in valuation allowance (19 %) (20 %) (14 %) Effective income tax rate 0 % 1 % 1 % Composition of income tax expenses The current and deferred portions of income tax expenses included in the consolidated statements of loss and comprehensive loss are as follows: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Current income tax expense/(benefit) 1,018 (582 ) 78 Deferred tax benefit (1,889 ) (989 ) (989 ) Income tax credit, net (871 ) (1,571 ) (911 ) Deferred tax assets and deferred tax liabilities Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax asset and liabilities balances as of March 31, 2022 and 2023 are as follows: As of March 31, As of March 31, RMB RMB Deferred tax assets: Net accumulated loss-carry forward 172,059 163,526 Deferred deductible advertising expense 2,483 — Allowance 78 238 Contract liabilities 419 172 Accruals 2,208 842 Fair Value Change — 1,891 Less: Valuation allowance (177,247 ) (166,669 ) Net deferred tax assets — — Deferred tax liabilities: Recognition of intangible assets arising from asset acquisition and business combination (5,130 ) (4,141 ) Unrealized fair value change of the available-for-sale 283 — Net deferred tax liabilities (4,847 ) (4,141 ) As of March 31, 2022 and 2023, the PRC entities of the Company had tax loss carryforwards of approximately RMB688 million and RMB654 million respectively, which can be carried forward to offset taxable income. The carryforwards period for net operating losses under the EIT Law is five years. The net operating loss carry forward of the Company will expire in varying amounts between 2024 and 2028. Other than the expiration, there are no other limitations or restrictions upon the Company’s ability to use these operating loss carryforwards. Valuation allowance is provided against deferred tax assets when the Company determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Company considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. If events occur in the future that allow the Company to realize part or all of its deferred income tax, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur. As of March 31, 2022 and 2023, valuation allowances of RMB177.2 million and RMB166.7 million were provided because it was more likely than not that the Company will not be able to utilize these tax losses carry forwards and other deferred tax assets generated by its subsidiaries and VIEs. Movement of valuation allowance is as follows: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Beginning balance 112,539 149,978 177,247 Change of valuation allowance 37,439 27,269 15,017 Written-off — — (22,995 ) Decrease of valuation allowances related to the disposal of a subsidiary — — (2,600 ) Ending balance 149,978 177,247 166,669 |
Ordinary Share
Ordinary Share | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Ordinary Share | 19. Ordinary Share As of March 31, 2022, the Company had 55,709,591 Class A ordinary shares and 13,037,729 Class B ordinary shares issued and outstanding, respectively. As of March 31, 2023, the Company had 55,763,079 Class A ordinary shares and 13,037,729 Class B ordinary shares issued and outstanding, respectively. Initial public offering In October 2020, the Company completed its IPO on the New York Stock Exchange of 7,000,000 American Depositary Shares (“ADSs”) (including 1,050,000 ADSs sold upon the full exercise of the underwriters’ over-allotment option) (each representing 0.75 of one Class A ordinary share), for a total ordinary shares offering of 5,250,000 shares at a price of US$10.00 per ADS. The net proceeds raised from the IPO amounted to approximately US$61 million after deducting underwriting discounts and commissions and other offering expenses. Upon the completion of the IPO, all series of redeemable convertible preferred shares of the Company were converted and designated as Class A ordinary shares with a par value of US$0.001 each on a one-for- one basis except for one-for-one basis one-for-one one-for-one In respect of all matters subject to shareholders’ vote, each holder of Class A ordinary share is entitled to one and each holder of Class B ordinary share is entitled to twenty votes. In February 2021, the Company repurchased 521,924 shares of Class A ordinary shares from one of its shareholders with a consideration amounting to US$4.8 million, the repurchased shares were cancelled thereafter. |
Convertible redeemable preferre
Convertible redeemable preferred shares | 12 Months Ended |
Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | |
Convertible redeemable preferred shares | 20. Convertible redeemable preferred shares The Company issued several series of convertible redeemable preferred shares in previous years. Upon the completion of the IPO, all series of redeemable convertible preferred shares of the Company were converted and designated as Class A ordinary shares (Note 19). The Company classified the Preferred Shares in the mezzanine section of the Consolidated Balance Sheets because they were contingently redeemable upon the occurrence of an event outside of the Company’s control (e.g. the Company not achieving a Qualified IPO before the Optional Redemption Date). The Preferred Shares were determined to be mezzanine equity with no embedded feature to be bifurcated and no BCF to be recognized. The Preferred Shares were Since the Preferred Shares bec a pre-determined was RMB-121 million |
Redeemable non-controlling inte
Redeemable non-controlling interests | 12 Months Ended |
Mar. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Redeemable non-controlling interests | 21. Redeemable non-controlling Yoken Holding Limited (“Yoken”), a wholly owned subsidiary of the Company issued 120,000 redeemable preferred shares amounting to RMB6 million to a third-party investor in October, 2020. The preferred shares are redeemable at the holder’s option if Yoken fails to complete a qualified IPO in a pre-agreed non-controlling For the years ended March 31 2021, 2022 and 2023, the Company recognized accretion of RMB0.1 million, RMB0.6 million and RMB0.7 million, respectively, to the respective redemption value of the redeemable non-controlling interest over the period starting from issuance date with a corresponding increase to the accumulated deficit. As of March 31, 2022 and 2023, the redeemable non-controlling The following tables provides details of the redeemable non-controlling interests activity for the years ended March 31, 2021, 2022 and 2023: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Beginning balance 5,809 5,947 6,522 Accretion of redeemable non-controlling interests 138 575 675 Ending balance 5,947 6,522 7,197 |
Borrowings, other debts and der
Borrowings, other debts and derivative liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings, other debts and derivative liabilities | 22. Borrowings, other debts and derivative liabilities Short-term borrowings The following table presents short-term borrowings from commercial banks, other institutions and individuals as of March 31, 2022 and 2023. Short-term borrowings include borrowings with maturity terms shorter than one year: As of March 31, As of March 31, RMB RMB Bank borrowings 134,540 86,261 Current portion of long-term bank borrowings 26,586 — Total 161,126 86,261 Bank borrowings As of March 31, 2022 and 2023, the Company obtained short-term bank borrowings of RMB161.1 million and RMB86.3 million in aggregate, of which RMB110.5 million and RMB63.9 million were collateralized by short-term investments, respectively. The weighted average interest rate for the outstanding borrowings were approximately 2.63% and 3.98%, respectively. These short-term bank borrowings did not include any restrictive covenants. As of March 31, 2022 and 2023, the unused facility for the short-term borrowing were RMB170.3 million and RMB As of March 31, 2023, the Company has not obtained long-term bank borrowings. As of March 31, 2023, the unused facility for the long-term borrowings was none. Future principal maturities of short-term borrowings and long-term borrowings as of March 31, 2021 and 2022 are as followings: Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB For the year ending March 31, - Within 1 year 161,126 86,261 Total 161,126 86,261 As of the date of this annual report, all the outstanding short-term borrowing as of March 31, 2023 was subsequently settled. Other debts Other debts – non-current As of March 31, As of March 31, RMB RMB Loan from CMB (a) 86,373 — Loan from Chong Li (b) 70,001 73,981 Loan for Yoken Series A-1 23,188 27,346 Payable for investment 1,500 1,500 Total 181,062 102,827 (a) Loan from CMB Guangcheng signed loan agreement with CMB in March 2020 (“Loan from CMB”). The loan was interest-free with a principal amount of US$46 million. The term is 2 years and can be extended if agreed by both CMB and Guangcheng. The Company accounts for Loan from CMB as a long-term debt initially recognized in the amount of RMB303 million (which is the present value of the principal amount of US$46 million) and subsequently measured at amortized cost. During the years ended March 31, 2022 and 2023, the Company repaid the principal of Loan from CMB in the amount of RMB235.0 million and RMB87.9 million, respectively. For the years ended March 31, 2022 and 2023, the Company recorded RMB8.9 million and RMB1.5 million interest expenses of Loan from CMB. The Company issued preferred shares to be settled by CMB after CMB receiving the repayment of the Loan from CMB. The Company recorded a receivable for issuance of preferred shares in the amount of RMB303 million (which is the present value of the principal amount of US$46 million) in mezzanine equity for the consideration of the preferred shares not yet received from the investors. After the completion of the IPO in October 2020, the preferred shares were automatically converted into Class A ordinary shares. The Company accounted for the consideration of such-converted ordinary shares as receivable for issuance of ordinary shares in equity. As of March 31, 2022 and 2023, the receivable for issuance of ordinary shares is RMB86.4 million and nil, respectively (Note 23). (b) Loan from Chong Li Guangcheng signed loan agreement with Chong Li in March 2020 (“Loan from Chong Li”). The loan was interest-free with a principal amount of RMB128 million. The term is 5 years and can be extended if agreed by both Chong Li and Guangcheng. The Company accounted for Loan from Chong Li as a long-term debt initially recognized in the amount of RMB95 million (which is the present value of the principal amount of RMB128 million) and subsequently measured at amortized cost. During the years ended March 31, 2022 and 2023, the Company repaid the principal of Loan from Chong Li of RMB35.9 million and RMB36.4 million, respectively. For the years ended March 31, 2022 and 2023, the Company recorded interest expenses of RMB5.1 million and RMB4.5 million, respectively. The Company issued preferred shares to be settled by Superb Origin International Limited (“Superb Origin”, Chong Li is the 100% equity owner of Superb Origin) after Guangcheng repaid the Loan from Chong Li. The Company recorded a receivable for issuance of preferred shares in the amount of RMB95 million (which is the present value of the principal amount of RMB128 million) in mezzanine equity for the consideration of the preferred shares not yet received from Superb Origin. After the completion of the IPO in October 2020, preferred shares were automatically converted into Class A ordinary shares. The Company then recorded the unreceived consideration from Superb Origin as receivable for issuance of ordinary shares under shareholders’ equity (Note 23). (c) Yoken Series A-1 On March 2, 2020, Yoken Holding Limited (“Yoken”), a wholly owned subsidiary of the Company, entered into a share purchase agreement with three investors (“Yoken Series A-1 A-1 A-1 A-1 A-1 A-1 A-1 A-1 A-1 A-1 A-1 On October 23, 2020, one of the investors terminated and entered into a new share purchase agreement with Yoken, pursuant to which 120,000 Yoken Series A-1 A-1 A-1 A-1 A-1 Derivative liabilities As of March 31, As of March 31, RMB RMB Conversion A-1 9,086 7,850 Forward exchange contracts (b) — 2,851 Total 9,086 10,701 For the initial recognition of each debt instrument that has a bifurcated derivative liability (i.e., embedded warrant or conversion feature), out of the total consideration received, the derivative liability is recognized at fair value and the remaining consideration (net of issuance costs) is then allocated to the host debt instrument. The derivative liability is subsequently carried at fair value with any changes in fair value recognized currently in the income statement. The host debt instrument is subsequently amortized using the effective interest rate method. Upon conversion of the host debt instrument into the Preferred Shares or debt repayment, both the host debt instrument and the respective derivative liability are subject to extinguishment accounting with a gain or loss recognized from the difference between the recoded values of both liabilities and the fair value of consideration given by the Company (i.e., the Preferred Shares or cash). (a) The warrant issued in connection with Yoken Series A-1 The Company assessed the embedded warrant along with the conversion features in Yoken Series A-1 (b) In June and December 2021 and March 2022, the Company entered three new forward exchange contracts with a financial institution. Pursuant to which, the financial institution agreed to purchase US$8 million, US$4 million and US$5 million from the Company in exchange of RMB52.4 million, RMB26.1 million and RMB32.1 million at a fixed foreign exchange rate of 6.5452, 6.5128 and 6.4200 on June 2022, December 2022 and March 2023, respectively. The Company settled in advance with amount of US$11 million and recorded the fair value gain in the amount of RMB1.2 million as fair value change of derivative liabilities. For the year ended March 31, 2022, the fair value gain of the rest forward exchange contracts was RMB0.9 million and was recorded as fair value change of derivative liabilities. The carrying value of the remaining forward exchange contracts was RMB0.7 million and was recorded as prepayments and other current assets. In December 2022 and March 2023, the forward exchange contracts which signed in December 2021 and March 2022 were renewed to December 2023 and March 2024 respectively. And the Company settled in advance with amount of US$1.5 million and recorded the fair value gain in the amount of RMB0.1 million as fair value change of derivative liabilities. For the year ended March 31, 2023, the fair value loss of the rest forward exchange contracts was RMB(3.6) million and was recorded as fair value change of derivative liabilities. The carrying value of the remaining forward exchange contracts was RMB2.9 million and was recorded as derivative liabilities. |
Receivable for issuance of ordi
Receivable for issuance of ordinary shares | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Receivable for issuance of ordinary shares | 23. Receivable for issuance of ordinary shares The Company issued preferred shares to investors, which to be settled by the investors after Guangcheng repaid the Loan from CMB and Loan from Chong Li to the investors. The Company recorded a receivable for issuance of preferred shares in mezzanine equity for the consideration of the preferred shares not yet received from the investors. After the completion of the IPO in October 2020, the preferred shares were automatically converted into Class A ordinary shares. The Company accounted for the consideration of such-converted ordinary shares as receivable for issuance of ordinary shares under shareholders’ equity. During the years ended March 31, 2022 and 2023, the Company received RMB262.9 and RMB87.9 million from the receivable for issuance of ordinary shares. For the years ended March 31, 2022 and 2023, the Company recorded interest income of RMB14.2 million and RMB6.1 million, respectively. As of March 31, 2022 and 2023, the balances of receivable for issuance of ordinary shares were RMB164.7 million and RMB83.4 million, respectively. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Mar. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | 24. Share-based compensation On September 27, 2012, the Company adopted 2012 Global Share Plan (the “2012 Plan”) and reserved 1,061,500 ordinary shares for share options to be granted to certain of the Company’s employees and non-employees In May 2022, the Company amended the 2018 Plan and increased 4,000,000 authorized reserved shares from 8,987,836 to 12,987,836. Except for share options granted to certain senior management personnel during the years ended March 31, 2015 and 2016, which were immediately fully vested and exercisable once granted, other share options granted to employees and non-employees For the years ended March 31, 2022 and 2023, 1,282,500 and nil share options were granted to the Participants respectively. The following table sets forth the share options activity for the years ended March 31, 2022 and 2023: Number of shares Weighted exercise price Weighted average remaining contractual term Aggregate intrinsic value Weighted average fair value US$ US$ US$ Outstanding as of March 31, 2021 5,512,222 3.36 6.32 29,360 3.28 Exercisable as of March 31, 2021 — — — — — Granted 1,282,500 2.86 2.27 Exercised (1,204,483 ) 1.09 0.73 Forfeited (358,348 ) 2.86 3.83 Outstanding as of March 31, 2022 5,231,891 2.86 5.25 404 2.36 Exercisable as of March 31, 2022 — — — — — Exercised (53,488 ) 0.60 2.26 Forfeited (1,233,050 ) 1.31 0.86 Outstanding as of March 31, 2023 3,945,354 2.58 3.45 124 2.06 Exercisable as of March 31, 2023 — — — — — The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the estimated fair value of the underlying shares of US$29,359,582, US$404,409 and US$123,594 at March 31, 2021, 2022 and 2023, respectively. As of March 31, 2022 and 2023, there were US$2,298,328 and US$322,926 of unrecognized share-based compensation expenses related to share options granted by the Company, which were expected to be recognized over a weighted-average period of 5.3 years and 3.4 years, respectively. Options granted to the Participants were measured at fair value on the dates of grant using the Binomial Option Pricing Model. The assumptions used to value the Company’s option grants for the year ended March 31, 2022 were as follows: Year ended March 31, 2022 Expected volatility 42.22 % - Risk-free interest rate 1.62 % - Exercise multiple 2.8/2.2 Expected dividend yield 0% Contractual term (in years) 10 The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the option valuation date. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employee exercise history, it was estimated by referencing to a widely-accepted academic research publication. The expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not anticipate any dividend payments in the foreseeable future. The expected term is the contract life of the option. For the Company’s share options granted to the Participants, the completion of a Qualified IPO is considered to be a performance condition of the awards. A Qualified IPO is not considered to be probable until it is completed. Under ASC 718, compensation cost should be accrued if it is probable that the performance condition will be achieved. As a result, no compensation expense will be recognized related to these options until the completion of a Qualified IPO, and hence no share-based compensation expense was recognized for the year ended March 31, 2020. For the year ended March 31, 2021, upon the completion of the IPO in October 2020, the Company recorded RMB55 million of share-based compensation expense. For the year ended March 31, 2022 and 2023, RMB14.4 million and RMB-7.7 million of share-based compensation expense was recorded, respectively. The fair value of options granted to the Participants for the years ended March 31, 2022 and 2023 was amounting to US$2.9 million and nil, respectively. |
Employee benefits
Employee benefits | 12 Months Ended |
Mar. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Employee benefits | 25. Employee benefits The full-time employees of the Company’s subsidiaries and VIEs that are incorporated in the PRC are entitled to staff welfare benefits including medical insurance, basic pensions, unemployment insurance, work injury insurance, maternity insurance and housing funds. These companies are required to contribute to these benefits based on certain percentages of the employees’ salaries in accordance with the relevant regulations and charge the amount contributed to these benefits to the consolidated statements of loss and comprehensive loss. The Company has no legal obligation for the benefits beyond the contribution made. The PRC government is responsible for the welfare and medical benefits and ultimate pension liability to these employees. The total amounts charged to the consolidated statements of loss and comprehensive loss for such employee benefits amounted to RMB6 million, RMB7 million and RMB9 million for the years ended March 31, 2021, 2022 and 2023, respectively. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 26. Fair value measurements The Company measured its short-term investments, available-for-sale available-for-sale available-for-sale The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of March 31, 2022 and 2023: Fair value measurement at reporting date using Description Fair value as of Quoted price in Significant other Significant RMB RMB RMB RMB Assets: Short-term investments 128,084 — 128,084 — Available-for-sale 74,866 — — 74,866 Equity securities with readily determinable fair values 670 670 — — Total assets 203,620 670 128,084 74,866 Liabilities: Derivative liabilities 9,086 — — 9,086 Fair value measurement at reporting date using Description Fair value as of Quoted price in Significant other Significant RMB RMB RMB RMB Assets: Short-term investments 69,797 — 69,797 — Available-for-sale 68,011 — — 68,011 Equity securities with readily determinable fair values 102 102 — — Total assets 137,910 102 69,797 68,011 Liabilities: Derivative liabilities 10,701 — — 10,701 The roll forward of major Level 3 investments are as following: Derivative liabilities Available-for-sale Fair value of Level 3 investments as at March 31, 2020 14,351 70,328 New addition 9,581 — Disposal of Series D-3 (2,377 ) — Unrealized fair value change of the derivative liabilities (11,559 ) — Unrealized fair value change of the available-for-sale — 1,029 Fair value of Level 3 investments as at March 31, 2021 9,996 71,357 New addition — 16,000 Reclassification of forward exchange contracts 746 — Unrealized fair value change of the derivative liabilities (1,656 ) — Unrealized fair value change of the available-for-sale — (12,491 ) Fair value of Level 3 investments as at March 31, 2022 9,086 74,866 Reclassification of forward exchange contracts (651 ) — Unrealized fair value change of the derivative liabilities 2,266 — Unrealized fair value change of the available-for-sale — (6,427 ) Disposal of available-for-sale — (428 ) Fair value of Level 3 investments as at March 31, 2023 10,701 68,011 The Company determined the fair value of their investments by using equity allocation model, market approach and binomial model. The determination of the fair value was based on estimates, judgments and information of other comparable public companies. The significant unobservable inputs adopted in the valuation as of March 31, 2022 and 2023: As of March 31, 2022 As of March 31, 2023 Implied price to sales after discount n.a. 1.04x Weighted average cost of capital 15 %, %, % n.a. Lack of marketability discount 17 %, %, % 20% Risk-free rate 1.95 %, %, %, % 2.60 %, %, Expected volatility 39.88 %, %, %, % 47.19 %, %, Probability Liquidation scenario: 20% Redemption scenario: 40% IPO scenario: 40% Liquidation scenario: 35 %, Redemption scenario: 35 %, IPO scenario: 30 %, The significant unobservable inputs used in the fair value measurement of the fair value of the investments include weighted average cost of capital, implied price to sales after discount for lack of marketability, lack of marketability discount, risk-free rate, expected volatility and probabilities of different scenarios. Significant increases in lack of marketability discount and risk-free rate would result in a significantly lower fair value measurement. Significant decreases in expected volatility would result in a significantly lower fair value measurement. If the probabilities of redemption and liquidation scenarios are assumed to keep equal, significant increases in the probability of IPO scenario would result in a significantly lower fair value measurement. The Company determined the fair value of their derivative liabilities by using binominal model. The determination of the fair value was based on estimates, judgments and information of other comparable public companies. The significant unobservable inputs adopted in the valuation as of March 31, 2022 and 2023 are as follows: As of March 31, As of March 31, Spot price (US$) 0.44, 6.93 5.90 Risk-free rate 1.25%, 2.5% 3.83% Expected volatility 57.95%, 48.15% 61.13% Expected expiry years (in years) 0.50, 3.56 2.60 The significant unobservable inputs used in the fair value measurement of the derivative liabilities include spot price, risk-free rate, expected volatility and expected expiry years. Significant decreases in spot price, risk-free rate, expected volatility and expected expiry years would result in a significantly lower fair value measurement. |
Net loss per share
Net loss per share | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per share | 27. Net loss per share Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended March 31, 2021, 2022 and 2023, respectively, as follows: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Numerator: Net loss attributable to Boqii Holding Limited (194,444 ) (128,390 ) (102,799 ) Accretion on the Preferred Shares to redemption value (Note 20) 120,873 — — Accretion on the Redeemable non-controlling (138 ) (575 ) (675 ) Deemed dividend to preferred shareholders (12,547 ) — — Net loss attributable to ordinary shareholders (86,256 ) (128,965 ) (103,474 ) Denominator: Weighted average number of ordinary shares used in computing net loss per share, Basic and diluted (Note (a)) 66,953,610 68,006,172 68,858,823 Net loss per share attributable to ordinary shareholders: Basic and diluted (1.29 ) (1.90 ) (1.50 ) Note (a): Options exercisable for a minimal exercise price (the “Penny Stock”) are included in the denominator of basic loss per share calculation once there are no further vesting conditions or contingencies associated with them, as they are considered issuable shares. Basic net loss per share is computed using the weighted average number of ordinary shares outstanding and the Penny Stock during the reporting periods. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding and the Penny Stock during the reporting periods. For the years ended March 31, 2022 and 2023, assumed share options have not been reflected in the dilutive calculations pursuant to ASC 260, “Earnings Per Share,” due to the anti-dilutive effect. The following ordinary shares equivalent were excluded from the computation of diluted net loss per ordinary share for the periods presented because including them would have had an anti-dilutive effect: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Share options - weighted average 2,585,103 719,437 591,418 |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | 28. Related party transactions The table below sets forth the major related parties and their relationships with the Company as of March 31, 2021, 2022 and 2023: Name of related parties Relationship with the Company Nanjing Animal Pharmaceutical An equity investee of the Company Wuhan Chunzhijin An equity investee of the Company Weishi Network An equity investee of the Company Beijing Petdog An available-for-sale debt investee that the Company has significant influence Shanghai Guangcheng Information Technology (limited partnership) (“Shanghai Guangcheng Information”) A company with a common director of the Company MERCHANT TYCOON LIMITED A shareholder of the Company SUPERB ORIGIN INTERNATIONAL LIMITED A shareholder of the Company Yingzhi (Lisa) Tang Senior management of the Company Yan Jiang Senior management of the Company Di (Jackie) Chen Senior management of the Company until July, 2021 Ying (Christina) Zhang Senior management of the Company until February, 2022 Fei Wang Senior management of the Company until April, 2022 Lijun Zhou Senior management of the Company until April, 2022 Details of related party transactions are as follows: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Online marketing and information services Beijing Petdog 410 — — Weishi Network — 19 — 410 19 — Purchase of merchandise Weishi Network — 1,582 — Nanjing Animal Pharmaceutical 250 1,020 1,402 250 2,602 1,402 Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Loans granted to related parties Shanghai Guangcheng Information (a) — 33,395 — Wuhan Chunzhijin (b) 5,690 2,600 2,720 MERCHANT TYCOON LIMITED — — 100 Yingzhi (Lisa) Tang — 1,750 — Lijun Zhou — 300 — Yan Jiang 200 70 — Nanjing Animal Pharmaceutical (c) 500 — — Fei Wang 500 — — 6,890 38,115 2,820 (a) In April 2021, the Company granted Shanghai Guangcheng Information a short-term loan with a total principal amount of RMB33.4 million (equivalent to USD5 million), bearing an interest rate of 3.5 (b) The Company entered into a loan agreement with Wuhan Chunzhijin to provide Wuhan Chunzhijin with an interest-free loan of up to 10 million, which will be repaid on demand. In March 2023, the company converted RMB3.4 million loan to Wuhan Chunzhijin into equity interest. (Detail refer to Note 11) (c) In December 2019, Nanjing Xingmu, one of the Company’s subsidiaries, entered into a twelve-month interest free loan agreement with Nanjing Agricultural Pharmaceutical for a principal amount of RMB1 million. This loan was early repaid in May 2020. In June 2020, Nanjing Xingmu entered into another twelve-month interest free loan agreement with Nanjing Agricultural Pharmaceutical for a principal amount of RMB0.5 million. The loan was repaid in June 2021. Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Staff advances Yingzhi (Lisa) Tang 10 — — Advances provided to related parties SUPERB ORIGIN INTERNATIONAL LIMITED — — 5,497 Nanjing Animal Pharmaceutical 2,073 — 350 2,073 — 5,847 Loans granted from related parties Shanghai Guangcheng Information (a) — 9,961 — (a) In April 2021, the Company obtained a total loan facility up to USD5 million from Shanghai Guangcheng Information. During the year ended March 31, 2022, the Company drew down a total amount of USD1.5 million (equivalent to RMB10.0 million) from the loan facility, with interest bearing at 3.5% per annum. The loan was fully repaid by March 31, 2022. Details of related party balances are as follows: Amounts due from related parties As of March 31, As of March 31, RMB RMB Prepayments to related parties SUPERB ORIGIN INTERNATIONAL LIMITED — 5,497 Nanjing Animal Pharmaceutical 1,650 2,000 Weishi Network 1,582 1,582 3,232 9,079 Other receivables from related parties Wuhan Chunzhijin 7,594 2,988 Loans to related parties Yan Jiang 200 200 Fei Wang ( a 500 — Lijun Zhou 200 — MERCHANT TYCOON LIMITED — 100 900 300 ( a In January 2021, the Company entered into a one-year loan agreement with Fei Wang, for a principal amount of RMB0.5 million, bearing an interest rate of 4% per annum. This loan was pledged by 515,000 stock options owned by Fei Wang. In December 2022, the loan contract was renewed to December 2023 and was recorded as prepayments and other current assets as of March 31, 2023. Amounts due to related parties As of March 31, As of March 31, RMB RMB Trade payables to related parties Nanjing Animal Pharmaceutical 219 471 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 29. Commitments and contingencies (a) Capital commitments The Company’s capital commitments primarily relate to commitments on leasehold improvement and purchase of equipment. As of March 31, 2022 and 2023, no capital commitment was related to leasehold improvement and purchase of equipment. (b) Contingencies The Company is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on our consolidated financial position, cash flows or results of operations on an individual basis or in the aggregate. As of March 31, 2022 and 2023, the Company is not a party to any material legal or administrative proceedings. |
Subsequent events
Subsequent events | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 30. Subsequent events In April 2023, the Company and Nanjing Animal Pharmaceutical signed the Convertible Debt Release Agreement, in which Nanjing Animal Pharmaceutical would redeem part of the convertible debts from the Company. According to the agreement, Nanjing Animal Pharmaceutical repaid the Company the principal amount of RMB6 million, interest of RMB0.84 million, and an additional compensation of RMB1.06 million in April 2023. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Restricted net assets | 31. Restricted net assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from the Company’s subsidiaries and the VIEs incorporated in the PRC. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with US GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiary. In accordance with the Company law of the PRC, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax For the years ended March 31, 2021, 2022 and 2023, appropriation to statutory reserves was made because two PRC subsidiaries had generated profits for these periods. As a result of these PRC laws and regulations subject to the limit discussed above that require annual appropriations of 10% of after-tax Foreign exchange and other regulations in the PRC further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. As of March 31, 2023, the total restricted net assets of the Company’s subsidiaries and the VIEs incorporated in the PRC and subjected to restriction amounted to nil. Rules 12-04(a) 4-08(e)(3) S-X S-X Rule4-08 |
Principal Accounting Policies (
Principal Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation | (a) Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. |
Basis of consolidation | (b) Basis of consolidation The Company’s consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries for which the Company is the primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A consolidated VIE is an entity in which the Company, or its subsidiaries, through Contractual Agreements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries have been eliminated upon consolidation . |
Business combination and non-controlling interests | (c) Business combination and non-controlling The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations non-controlling non-controlling In a business combination achieved in stages, the Company re-measures re-measurement When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary or consolidated VIE, the Company deconsolidates the subsidiary or consolidated VIE from the date control is lost. Any retained non-controlling For the Company’s consolidated subsidiaries, VIEs and VIEs’ subsidiaries, non-controlling Non-controlling |
Use of estimates | (d) Use of estimates The preparation of the Company’s consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company believes that assessment for impairment of long-lived assets and valuation of available-for-sale Management bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the consolidated financial statements that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. On an ongoing basis, management evaluates its estimates based on information that is currently available. Changes in circumstances, facts and experience may cause the Company to revise its estimates. Changes in estimates are recorded in the period in which they become known. Actual results could materially differ from these estimates. |
Functional currency and foreign currency translation | (e) Functional currency and foreign currency translation The Company’s reporting currency is Renminbi (“RMB”). The functional currency of the Company’s entities incorporated in Cayman Islands, British Virgin Islands and Hong Kong is the United States dollars (“US$”). The Company’s PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are translated at the balance sheet date exchange rate. The resulting exchange differences are included in the consolidated statements of loss and comprehensive loss as other gains, net. The financial statements of the Company are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive loss as a component of shareholders’ equity. The exchange rates used for translation on March 31, 2022 and 2023 were US$1.00= RMB 6.3482 and RMB 6.8717, respectively, representing the index rates stipulated by the People’s Bank of China. |
Convenience translation | (f) Convenience translation Translations of the consolidated balance sheets, the consolidated statements of loss and comprehensive loss and the consolidated statements of cash flows from RMB into US$ as of and for the year ended March 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8676, representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2023, or at any other rate. |
Fair value of financial instruments | (g) Fair value of financial instruments Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial assets and liabilities of the Company mainly consist of cash and cash equivalents, short-term investments, accounts receivable, amounts due from related parties, prepayments and other current assets, available-for-sale As of March 31, 2022 and 2023, except for available-for-sale non-current available-for-sale |
Cash and cash equivalents | (h) Cash and cash equivalents Cash and cash equivalents include cash on hand and time deposits placed with banks and third party payment processors, which are unrestricted as to withdrawal or use, have original maturities of three months or less at the time of purchase and are readily convertible to known amounts of cash. |
Short-term investments | (i) Short-term investments Short-term investments comprise primarily of (i) cash deposits at fixed rates with original maturities of greater than three months, but less than 12 months and; (ii) the investments issued by commercial banks or other financial institutions with a variable interest rate indexed to the performance of underlying assets within one year. As of March 31, 2022 and 2023, RMB128 million and RMB70 million short-term investments were used as collateral of RMB111 million and RMB64 million short-term borrowings, respectively. |
Accounts receivable, net | (j) Accounts receivable, net Accounts receivable are presented net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on general basis taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. |
Inventories | (k) Inventories Inventories are stated at the lower of cost and net realizable value. Cost elements of our inventories comprise the purchase price of products, vendor rebates, shipping charges to receive products from the suppliers when they are embedded in the purchase price. Cost is determined using the first-in first-out |
Property and equipment, net | (l) Property and equipment, net Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the following estimated useful lives. The estimated useful lives are as follows: Useful years Warehouse equipment 3 - 5 years Furniture, computer and office equipment 3 - 5 years Vehicles 5 years Software 10 years Leasehold improvements Over the shorter of the expected life of leasehold improvements or the lease term Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of loss and comprehensive loss. |
Intangible assets, net | (m) Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost. The Company performs valuation of the intangible assets arising from business combinations to determine the relative fair value to be assigned to each asset acquired. The intangible assets are amortized using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of intangible assets are as follows: Useful years Trademark 10 years Dealership 10 years License 4.5 years The estimated life of amortized intangibles is reassessed if circumstances occur that indicate the life has changed. |
Goodwill | (n) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not amortized but is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU No. 2017-04, 2017-04”), As there is only one reporting unit in the Company, the goodwill assessment was performed for the Company on consolidated level as one reporting unit. |
Long-term investments | (o) Long-term investments The Company’s investments include equity method investments, equity securities with readily determinable fair values and available-for-sale The Company applies the equity method of accounting to account for an equity investment, in common stock or in-substance Equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. Debt securities that the Company has the intent to hold the security for an indefinite period or may sell the security in response to the changes in economic conditions are classified as available-for-sale The Company continually reviews its investments to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Company considers in its determination are the duration and severity of the decline in fair value; the financial condition, operating performance and the prospects of the equity investee; and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment is written down to fair value. |
Impairment of long-lived assets other than goodwill | (p) Impairment of long-lived assets other than goodwill Long-lived assets (including property and equipment and amortizable intangible assets) are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Company had originally estimated. When these events occur, the Company evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No impairment charges were recognized for the years ended March 31, 2021, 2022 and 2023. |
Revenue recognition | (q) Revenue recognition In May 2014, the FASB issued ASU No. 2014-09, 2014-09”) 2014-09 No. 2014-09 Consistent with the criteria of Topic 606, the Company follows five steps for its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Revenue arrangements with multiple performance obligations are divided into separate distinct goods or services. The Company allocates the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. The Company’s revenues are primarily derived from (i) product sales and (ii) online marketing and information services and other revenue. When either party to a contract has performed, the Company presents the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s payment. A receivable is recorded when the Company has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. A contract asset is recorded when the Company has transferred products or services to the customer before payment is received or is due, and the Company’s right to consideration is conditional on future performance or other factors in the contract. No contract asset was recorded as of March 31, 2022 and 2023. The Company’s contract liabilities consist of payments received or awards to customers (in the form of Boqii Beans) related to unsatisfied performance obligations at the end of the period. As of April 1, 2021 and 2022, the Company’s total contract liabilities were RMB3.9 million and RMB7.0 million, respectively, of which RMB3.6 million and RMB3.0 million were recognized as revenue for the years ended March 31, 2022 and 2023. The Company’s total unearned revenue was RMB4.5 million as of March 31, 2023. Revenue is recorded net of value-added tax. Revenue recognition policies for each type of revenue steam are as follows: Sales of merchandise The Company primarily sells pet products through online stores to individual online customers. Besides online sales, the Company also sells products through offline channels to its business customers and pet stores across the country. The Company recognizes the product revenues from products sales on a gross basis as the Company is acting as a principal in these transactions. The Company has obtained control of the products before they are transferred to customers. The Company is primarily obligated in these transactions, is subject to inventory risk or has the ability to direct the use of inventory, and has latitude in establishing prices and selecting suppliers. Revenue is recognized when consumers physically accept the products after delivery, which is when the control of products is transferred, and is recorded net of return allowances and rebates to pet stores. The Company also enters into arrangements with its business partners to sell their products on the Company’s online stores. The Company considers the arrangements meet the indicators of consignment arrangement under ASC 606-10-55-80, Online marketing and information services and other revenue The Company provides online marketing and information services to third-parties on the Company’s various channels and third-party platforms, including but not limited to advertising placements, organizing online and offline marketing campaigns featuring social media influencers and circulating marketing messages to end consumers. With respect to the Company’s marketing services, length of the periods over which services are provided are generally within months or less, revenue from such arrangements is recognized ratably over the service period, as the third-party simultaneously consumes the benefits when the advertisement is displayed or the campaign is ongoing. The Company also provides warehouse services. The warehouse services include warehousing, packaging, dispatching and other services. Revenue is primarily recognized when the services are rendered. |
Sales returns | (r) Sales returns The Company offers online consumers an unconditional right of return for a period of seven days upon receipt of products. Return allowances, which reduce revenue and cost of sales, are estimated by categories of return policies offered to online customers, based on historical data the Company has maintained, and subject to adjustments to the extent that actual returns differ or are expected to differ. |
Sales incentives | (s) Sales incentives The Company adopted a customer reward program, under which the Company grants certain units (“Boqii Bean”) to its customers at its discretion in different situations. Boqii Beans are not redeemable for cash and can be used as a coupon for the customer’s future purchase on the Boqii Marketplace and Boqii.com. The value of ten units of Boqii Bean is equivalent to one RMB yuan before taking into account the impact of breakage. For the Boqii Beans that are granted with concurrent revenue transactions, the allocated transaction price based on its relative standalone selling price are recognized as reduction of the revenue and accrued for as contract liabilities. As customers redeem awards, the accrued liability is reduced correspondingly. For the Boqii Beans that are granted without concurrent revenue transactions, they are not accounted for when granted and are recognized as a reduction of revenue when they are applied in future sales. The Company also has a coupon program, through which the Company grants coupons to online customers when they make a successful purchase order, finish first registration on Boqii Marketplace or comment on products. When a coupon is granted concurrent with a revenue transaction, the Company accounts for the estimated cost of future usage of the coupon as reduction of the revenue. When a coupon is not granted concurrent with a revenue transaction, they are not accounted for when they are granted and are recognized as a reduction of revenue when they are applied in future sales. |
Cost of revenue | (t) Cost of revenue Cost of revenue consist of cost of product sales of RMB820.3 million, RMB930.4 million and RMB842.7 million for the years ended March 31, 2021, 2022 and 2023, respectively, and cost of services of RMB3.4million, RMB13.3million and RMB15.9 million for the years ended March 31, 2021, 2022 and 2023, respectively. Cost of product sales comprise the purchase price of products, vendor rebates and inventory write-downs. Cost of products does not include other costs such as shipping and handling expense, payroll and benefits of logistic staff, and logistic centers rental expenses. Cost of service consists of the advertising and promotion costs, employee wages and benefits in connection with the Company’s provision of marketing and information services including the fees that the Company paid to third-parties for advertising and promotion on various online and offline channels. |
Vendor rebates | (u) Vendor rebates The Company periodically receives consideration from certain vendors, representing rebates for products sold over a period of time. The Company accounts for the rebates received from its vendors as a reduction to the price it pays for the products purchased. Rebates are earned based on reaching minimum purchased thresholds for a specified period. When volume rebates can be reasonably estimated based on the Company’s past experience, current forecasts and purchase volume, a portion of the rebate is recognized as the Company makes progress towards the purchase threshold. |
Fulfillment expenses | (v) Fulfillment expenses Fulfillment costs primarily represent warehousing, shipping and handling expenses for dispatching and delivering products to consumers, employee wages and benefits for the relevant personnel, customs clearance expenses and other related transaction costs. |
Sales and marketing expenses | (w) Sales and marketing expenses Sales and marketing expenses comprise primarily of advertising expenses, third-party platforms commission fee, employee wages, rental expenses and benefits for sales and marketing staff, depreciation expenses and other daily expenses which are related to the sales and marketing functions. Advertising expenses consist primarily of customer acquisition cost and costs for the promotion of corporate image and product marketing. The Company expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended March 31, 2021, 2022 and 2023, the advertising expenses were RMB83 million, RMB81 million and RMB44 million, respectively. |
General and administrative expenses | (x) General and administrative expenses General and administrative expenses consist of employee wages and benefits for corporate employees, research and development expenses and other expenses which are related to the general corporate functions, including accounting, finance, tax, legal and human resources, costs associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses. For the years ended March 31, 2021, 2022 and 2023, the research and development were RMB14.1 million, RMB11.3 million and RMB3.7 million, respectively. |
Leases | (y) Leases The Company applied ASC 842, “Leases”, by using the optional transition method at the adoption date without recasting comparative periods. The Company determines if an arrangement is a lease at inception. Operating leases are primarily for office and warehouse space and are included in operating lease right-of-use non-current ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, which it calculates based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For operating leases with a term of one year or less, the Company has elected to not recognize a lease liability or ROU asset on its consolidated balance sheet. Instead, it recognizes the lease payments as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of loss and comprehensive loss and cash flows. |
Government grants | (z) Government grants The Company’s PRC based subsidiaries received government subsidies from certain local governments. The government subsidies are granted from time to time at the discretion of the relevant government authorities. These subsidies are granted for general corporate purposes and to support the Group’s ongoing operations in the region Cash subsidies are recorded in other income, net on the consolidated statements of loss and comprehensive loss when received and when all conditions for their receipt have been satisfied. The Group recognized government subsidies |
Income taxes | (aa) Income taxes Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax Uncertain tax positions The Company recognizes in its consolidated financial statements the benefit of a tax position if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Company estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Company’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Company’s consolidated financial statements in the period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require the Company to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. As of March 31, 2022 and 2023, the Company did not have any material unrecognized uncertain tax positions. |
Share-based compensation | (ab) Share-based compensation The Company follows ASC 718 to determine whether a share option should be classified and accounted for as a liability award or equity award. All grants of share-based awards to employees, management and nonemployees classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. Employees’ share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses (a) immediately at the grant date if no vesting conditions are required; or (b) for share-based awards granted with only service conditions, using the graded vesting method, net of estimated forfeitures, over the vesting period; or (c) for share-based awards granted with service conditions and the occurrence of an initial public offering (“IPO”) as performance condition, cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO, using the graded vesting method. Under ASC 718, the Company applies the Binominal option pricing model in determining the fair value of options granted. ASC 718 requires forfeiture rates to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expense is recorded net of estimated forfeitures such that expense is recorded only for those share-based awards that are expected to vest. |
Net loss per share | (ac) Net loss per share Basic net loss per share is computed by dividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year using the two-class two-class Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year/period. Ordinary share equivalents consist of the ordinary shares issuable in connection with the Company’s convertible redeemable preferred shares using the if-converted |
Comprehensive loss | (ad) Comprehensive loss Comprehensive loss is defined as the changes in shareholders’ equity of the Company during a period transactions and other events and circumstances excluding transactions resulting from investments from shareholders, distributions to shareholders, accretions on convertible redeemable preferred shares and modification and extinguishment of convertible redeemable preferred shares. Comprehensive loss for the periods presented includes net loss, foreign currency translation adjustments and unrealized securities holding gains (losses). |
Segment reporting | (ae) Segment reporting ASC 280, Segment Reporting Based on the criteria established by ASC 280, the Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company’s long-lived assets are substantially located in the PRC and substantially all the Company’s revenue are derived from within the PRC, no geographical segments are presented. |
Recent accounting pronouncements | (af) Recent accounting pronouncements The Company qualifies as an “emerging growth company”, or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. The Company adopts the following standards based on extended transition period provided to private companies or early adopts as necessary as permitted by the respective standards. New and Amended Standards Adopted by the Company: In August 2020, the FASB issued ASU 2020-06, 470-20) 815-40),” earnings-per-share New and amended standards not yet adopted by the Company: In June 2016, the FASB issued ASU 2016-13, 2016-13 In October 2021, the FASB issued ASU 2021-08, “Business In March 2022, the FASB issued ASU 2022-02, 2016-13, 326-20. In June 2022, the FASB issued ASU 2022-03 |
Organization and principal ac_2
Organization and principal activities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Details of the Subsidiaries, VIEs and VIE's Subsidiaries | As major Name of subsidiaries and VIE Place of incorporation Date of 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 Shanghai Every Supply Chain Co., Ltd. (“Shanghai Every”) Shanghai, the PRC September 2021 100% Sales of merchandise Consolidated VIEs Guangcheng (Shanghai) Information Technology Co., Ltd. (“Guangcheng”) Shanghai, the PRC November 2012 100% Operates the Company’s own online 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 Yueming”) 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 Tianjing Guangcheng Information Technology Co., Ltd. Tianjin, the PRC June 2017 100% Sales of merchandise Nanjing Cuida Biotechnology Co. Ltd.(“Cuida”) Nanjing, the PRC April 2017 70% Biotechnology extension services Taizhou Xingmu Biotechnology Co., Ltd. Taizhou, the PRC November 2019 80% Biotechnology research and development |
Schedule of Variable Interest Entities | 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, 2022 2023 RMB RMB Cash and cash equivalents 20,567 15,522 Accounts receivable, net 31,435 33,172 Amounts due from related parties 11,726 6,770 Inventories, net 16,014 27,894 Prepayments and other current assets 57,107 48,291 Inter-company receivables 16,535 83,700 Property and equipment, net 6,715 4,661 Intangible assets 507 101 Operating lease right-of-use 35,688 22,305 Goodwill 994 — Long-term investments 81,649 75,505 Other non-current 3,389 5,219 Total assets 282,326 323,140 As of March 31, 2022 2023 RMB RMB Short-term borrowings 872 363 Accounts payable 55,144 13,459 Amounts due to related parties, current 4 21 Salary and welfare payable 5,597 5,573 Accrued liabilities and other current liabilities 24,417 15,712 Contract liabilities 7,007 4,471 Operating lease liabilities, current 7,238 9,207 Inter-company payables 945,960 1,095,452 Operating lease liabilities, non-current 28,197 12,741 Other debts, non-current 157,874 75,481 Total liabilities 1,232,310 1,232,480 Year Ended March 31, 2021 2022 2023 RMB RMB RMB Net revenues: Third-party revenues 735,518 877,380 786,152 Inter-company revenues 48,374 56,079 86,463 Total revenues 783,892 933,459 872,615 Cost of revenues: Third-party cost of revenues (372,475 ) (160,661 ) (81,810 ) Inter-company cost of revenues (297,844 ) (550,585 ) (534,518 ) Total cost of revenues (670,319 ) (711,246 ) (616,328 ) Gross profit 113,573 222,213 256,287 Operating expenses: Third-party operating expenses (254,951 ) (288,291 ) (237,852 ) Inter-company operating expenses (7,257 ) — (41 ) Total operating expenses (262,208 ) (288,291 ) (237,893 ) Impairment of goodwill — — (994 ) Other income, net 1,011 98 158 Profit/(Loss) from operations (147,624 ) (65,980 ) 17,558 Non-operating (18,162 ) (20,680 ) (29 ) Profit/(Loss) before income tax expenses (165,786 ) (86,660 ) 17,529 Income tax benefits/(expenses) (20 ) 681 21 Share of results of equity investees (696 ) 418 (82 ) Net profit/(loss) (166,502 ) (85,561 ) 17,468 Cash flows from operating activities: Net cash provided by transactions with external parties 419,767 526,201 471,991 Net cash used in transactions with the Company’s entities (331,064 ) (329,325 ) (449,155 ) Net cash generated from/ (used in) operating activities 88,703 196,876 22,836 Cash flows from investing activities: Other investing activities (31,972 ) (18,482 ) (9,638 ) Cash flows of loan funding provided to the Company’s entities, net of repayments received (5,242 ) 6,294 — Net cash used in investing activities (37,214 ) (12,188 ) (9,638 ) Cash flows from financing activities: Other financing activities (112,151 ) (273,906 ) (88,469 ) Cash flows of loan funding received from the Company’s entities, net of repayments made 41,717 91,794 69,204 Net cash generated from/ (used in) financing activities (70,434 ) (182,112 ) (19,265 ) |
Principal Accounting Policies_2
Principal Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property Plant and Equipment & Useful Lives | The estimated useful lives are as follows: Useful years Warehouse equipment 3 - 5 years Furniture, computer and office equipment 3 - 5 years Vehicles 5 years Software 10 years Leasehold improvements Over the shorter of the expected life of leasehold improvements or the lease term |
Schedule of Finite Lived Intangible Assets Useful Lives | The estimated useful lives of intangible assets are as follows: Useful years Trademark 10 years Dealership 10 years License 4.5 years |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Chongni network technology Co Ltd [Member] | |
Business Acquisition [Line Items] | |
Summary of Identified Assets Acquired and Liabilities Assumed | On the acquisition date, the allocation of the purchase price of the assets acquired and liabilities assumed based on their fair values was as follows: As of June 30, 2021 RMB Total purchase price is comprised of: - fair value of 49% previously held equity interests 245 - cash consideration 2,938 Fair value of total consideration 3,183 As of June 30, 2021 RMB Cash and cash equivalents 2 Prepayments and other current assets 4,533 Total assets 4,535 Accrued liabilities and other current liabilities (33 ) Total liabilities (33 ) Net assets acquired 4,502 Goodwill 499 Non-controlling (1,818 ) Total 3,183 |
Risks and Concentration (Tables
Risks and Concentration (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, By Risk Factor | The information of the supplier with greater than 10% of the total purchases of the Company for the years ended March 31, 2021, 2022 and 2023 was as follows: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Royal Canin China Co., Ltd. 19 % 17 % 22 % |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents represent cash on hand and demand deposits placed with banks and third party-payment processors, which are unrestricted as to withdrawal or use. Cash and cash equivalents balance as of March 31, 2022 and March 31, 2023 primarily consist of the following currencies: As of March 31, 2022 As of March 31, 2023 Amount RMB Amount RMB RMB 47,321 47,321 62,727 62,727 Hong Kong dollars 39 31 7 6 US$ 18,133 115,110 3,946 27,114 EUR 55 392 — 2 NZD — 1 — 1 Total 162,855 89,850 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Accounts Receivable Net | Accounts receivable consist of the following: As of March 31, As of March 31, RMB RMB Accounts receivable - Product sales 42,070 71,471 Accounts receivable - Online marketing and information service and other service 7,630 5,873 Allowance of doubtful accounts (469 ) (602 ) Total 49,231 76,742 |
Summary of Movement of Allowance of Doubtful Accounts | Movement of allowance of doubtful accounts As of March 31, As of March 31, As of March 31, RMB RMB RMB At beginning of year 363 256 469 Addition/(reversal) (107 ) 213 133 At end of year 256 469 602 |
Inventories, net of inventory_2
Inventories, net of inventory reserves (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories, Net of Inventory Reserves | Inventories, net of inventory reserves consist of the following: As of March 31, As of March 31, RMB RMB Products 109,383 80,431 Packaging materials and others 538 621 Total inventories, net of inventory reserves 109,921 81,052 |
Summary of Movement of inventory provision | Movement of inventory provision: As of March 31, As of March 31, As of March 31, RMB RMB RMB At beginning of year 273 266 577 Provision/(reversal) (7 ) 311 35 At end of year 266 577 612 |
Prepayments and other current_2
Prepayments and other current assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Prepayments and Other Current Assets | The prepayments and other current assets consist of the following: As of March 31, As of March 31, RMB RMB Prepayments for purchases of products (a) 52,348 24,216 Vendor rebate receivables (b) 24,462 16,160 Value-added tax (“VAT”) deductible (c) 18,864 10,512 Loan receivables (d) 3,845 9,886 Sales return assets 1,264 2,835 Deposits 1,312 999 Others 14,643 14,751 Total 116,738 79,359 (a) Prepayments for purchases of products represent cash prepaid to the Company’s third-party brand partners for the procurement of products. (b) Vendor rebate receivables represent the rebates to be received by the Company from its suppliers after certain levels of purchases are achieved. (c) VAT recoverable represents the balances that the Company can utilize to deduct its value-added tax liabilities within the next 12 months. (d) The balance represents loan receivables due from certain third-party companies and individuals. From July 2020 to March 2023, the Company entered into several loan agreements with aggregate principal amount of RMB11.0 million. The maturity dates of these loans are from October 2023 to March 2024. The interest rates ranged from 0% to 4% per annum. As of March 31, 2022 and 2023, the balances of loan receivables were RMB3.8 million and RMB9.9 million, respectively. |
Property and equipment, net (T
Property and equipment, net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment's | Property and equipment consist of the following: As of March 31, As of March 31, RMB RMB Cost: Warehouse equipment 2,669 2,879 Furniture, computer and office equipment 7,503 7,082 Vehicles 3,684 4,740 Leasehold improvement 10,209 10,501 Software 2,995 3,009 Total cost 27,060 28,211 Less: Accumulated depreciation (19,281 ) (22,719 ) Property and equipment, net 7,779 5,492 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets of the Company were mainly as follows: As of March 31, As of March 31, RMB RMB Cost: Trademark 437 486 License 3,530 3,530 Dealership 31,717 31,717 Total cost 35,684 35,733 Less: Accumulated amortization (10,140 ) (14,139 ) Intangible assets, net 25,544 21,594 |
Schedule of Annual Estimated Amortization Expense for Intangible Assets | The annual estimated amortization expense for intangible assets subject to amortization for the succeeding five years is as follows: As of March 31, 2024 2025 2026 2027 2028 Amortization expenses 3,867 3,438 3,207 3,203 3,187 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Long-term Investments and Receivables, Net [Abstract] | |
Summary of Long-Term Investment | The Company’s long-term investments consist of the following: As of March 31, As of March 31, RMB RMB Equity method investments 6,783 7,494 Available-for-sale 74,866 68,011 Equity securities with readily determinable fair values 670 102 Total 82,319 75,607 |
Summary of Available-For-Sale Debt Investments | Available-for-sale The following table summarizes the Company’s available-for-sale Cost Gross unrealized gains Gross unrealized losses Disposal of Long-term Fair value Unlisted debt securities 76,000 — (1,134 ) — 74,866 The following table summarizes the Company’s available-for-sale Cost Gross unrealized gains Gross unrealized losses Disposal of Long-term investments Fair value Unlisted debt securities 76,000 — (7,561 ) (428 ) 68,011 |
Summary of Equity Securities With Readily Determinable Fair Values | Equity securities with readily determinable fair values The following table summarizes the Company’s equity securities with readily determinable fair values as of March 31, 2022: Cost Gross unrealized gains Gross unrealized losses Fair value Listed company 1,292 — (622 ) 670 The following table summarizes the Company’s equity securities with readily determinable fair values as of March 31, 2023: Cost Gross unrealized gains Gross unrealized losses Fair value Listed company 1,292 — (1,190 ) 102 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended March 31, 2022 and 2023 were as follows: Total RMB Balance as of March 31, 2021 Goodwill 40,184 Accumulated impairment loss — 40,184 Transaction during the year Addition (Note 3) 500 Balance as of March 31, 2022 Goodwill 40,684 Accumulated impairment loss — 40,684 Transaction during the year Impairment (40,684 ) Balance as of March 31, 2023 Goodwill 40,684 Accumulated impairment loss (40,684 ) — |
Other non-current Assets (Table
Other non-current Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Non-current Assets | As of March 31, As of March 31, RMB RMB Deposits (a) 3,924 3,165 Long-term loan receivables (b) 937 3,421 4,861 6,586 (a) Deposits mainly consisted of rental deposits and deposit for online stores operated on third party platforms, which will be collected after one year. (b) From May 2021 to May 2022, the Company entered into interest free loan agreements with three third parties for total principal amounts of RMB3.4 million. The repayment terms of the loan agreements were ranged from 24 months to 36 months with due dates from May 2024 to June 2025. As of March 31, 2022 and 2023, the balances of long-term loan receivables were RMB0.9 million and RMB3.4 million, respectively. |
Accrued liabilities and other_2
Accrued liabilities and other current liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities and Other Current Liabilities | Accrued liabilities and other current liabilities consist of the following: As of March 31, As of March 31, RMB RMB Logistics expenses payables 14,625 7,663 Advances from customers 3,773 3,077 Payable for investment 2,563 2,563 Refund obligation of sales returns 1,411 3,113 Professional service fee accruals 579 1,694 Accrued advertising expenses 150 168 Others 4,223 3,826 Total 27,324 22,104 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of Operating Leases | As of March 31, As of March 31, RMB RMB Assets Operating lease right-of-use 38,567 22,354 Liabilities Operating lease liabilities, current 10,001 9,220 Operating lease liabilities, non-current 28,197 12,741 Total operating lease liabilities 38,198 21,961 Weighted average remaining lease term (years) 3.61 2.77 Weighted average discount rate 4.95 % 5.38 % |
Summary of Operating Lease Activity | Information related to operating lease activity during the years ended March 31, 2021, 2022 and 2023 are as follows: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Operating lease right-of-use 25,970 21,038 8,384 Operating lease related expenses Amortization of right-of-use 11,687 11,705 24,597 Interest of lease liabilities 1,596 1,949 1,777 13,283 13,654 26,374 Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Operating lease payments (included in measurement of lease liabilities) 12,850 12,849 26,397 |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Year ended March 31, 2023 RMB For the year ending March 31, 2023 9,902 2024 10,287 2025 4,263 2026 152 2027 — Total lease payments 24,604 Less: imputed interest (2,643 ) Total 21,961 |
Interest expense (Tables)
Interest expense (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Interest and Debt Expense [Abstract] | |
Summary of Interest Expense | Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Amortization charges on promissory notes 21,611 17,144 9,706 Interest expense on borrowings 6,039 3,740 3,644 Total 27,650 20,884 13,350 |
Other gains, net (Tables)
Other gains, net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Summary of Other (Losses), Net | Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Gain from the re-measurement — 127 — Foreign exchange losses, net (2,867 ) 5,322 2,679 Gain on disposal of other debts 6,846 — — Reimbursement from a depositary bank (a) 6,556 1,482 — Investment loss — (622 ) (178 ) Gain on disposal of a subsidiary (b) — — 3,597 Others 797 (289 ) (939 ) 11,332 6,020 5,159 (a) The Company received a reimbursement of US$1.0M (equivalent to RMB6.6 million), US$0.2M (equivalent to RMB1.5 million) and nil from the depository for the establishment and maintenance of the ADS program for the years ended March 31, 2021, 2022 and 2023. (b) In August 2022, the Company disposed a subsidiary to a third-party investor and recognized an investment gain of RMB 3.6 million. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of the differences between the income tax expenses of the Company and the PRC statutory EIT rate applicable to losses of the consolidated entities are as follows: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Loss before income taxes (193,391 ) (134,812 ) (106,805 ) Income tax computed at respective applicable tax rates (48,348 ) (33,702 ) (26,701 ) Effect of different tax jurisdiction 14,272 2,341 12,323 Super deduction for research and development expenses (a) (2,632 ) (1,881 ) (456 ) Non-deductible 140 97 728 Change in valuation allowance 37,439 34,716 15,017 Total 871 1,571 911 (a) According to the relevant laws and regulations promulgated by the State Administration of Tax of the PRC, from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses so incurred as tax deductible expenses. The additional deduction of 75% of qualified research and development expenses (the “Super Deduction”) can be directly claimed in the annual EIT filing. For the years end March 31, 2021, 2022 and 2023, the Super Deduction for research and development expenses available to the Company amounted to RMB2.6 million, RMB1.9 million and RMB0.5 million, respectively. Reconciliations between the effective income tax rate and the PRC statutory income tax rates are as follows: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB PRC statutory income tax rates 25 % 25 % 25 % Tax holiday effect 1 % 3 % (1 %) Difference in tax rates of subsidiaries outside PRC (8 %) (8 %) (10 %) Super deduction for research and development expenses 1 % 1 % 0 % Non-deductible 0 % 0 % 1 % Change in valuation allowance (19 %) (20 %) (14 %) Effective income tax rate 0 % 1 % 1 % |
Summary of Income Tax Holiday | The provisions for income taxes for the years ended March 31, 2021, 2022 and 2023 differ from the amounts computed by applying the EIT primarily due to change in valuation allowance provided and tax differential from certain subsidiaries with preferential tax rates of the Company. The following table sets forth the effect of tax holiday effect on China operations: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Tax holiday effect 1,074 3,513 1,235 Basic and diluted net loss per share effect 0.02 0.05 0.02 |
Schedule of Components of Income Tax Expense (Benefit) | The current and deferred portions of income tax expenses included in the consolidated statements of loss and comprehensive loss are as follows: Year ended March 31, 2021 Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB RMB Current income tax expense/(benefit) 1,018 (582 ) 78 Deferred tax benefit (1,889 ) (989 ) (989 ) Income tax credit, net (871 ) (1,571 ) (911 ) |
Schedule of Deferred Tax Assets And Tax Liabilities | Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax asset and liabilities balances as of March 31, 2022 and 2023 are as follows: As of March 31, As of March 31, RMB RMB Deferred tax assets: Net accumulated loss-carry forward 172,059 163,526 Deferred deductible advertising expense 2,483 — Allowance 78 238 Contract liabilities 419 172 Accruals 2,208 842 Fair Value Change — 1,891 Less: Valuation allowance (177,247 ) (166,669 ) Net deferred tax assets — — Deferred tax liabilities: Recognition of intangible assets arising from asset acquisition and business combination (5,130 ) (4,141 ) Unrealized fair value change of the available-for-sale 283 — Net deferred tax liabilities (4,847 ) (4,141 ) |
Summary of Valuation Allowance | Movement of valuation allowance is as follows: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Beginning balance 112,539 149,978 177,247 Change of valuation allowance 37,439 27,269 15,017 Written-off — — (22,995 ) Decrease of valuation allowances related to the disposal of a subsidiary — — (2,600 ) Ending balance 149,978 177,247 166,669 |
Redeemable non-controlling in_2
Redeemable non-controlling interests (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule Of Redeemable Non-Controlling Interests Activity | The following tables provides details of the redeemable non-controlling interests activity for the years ended March 31, 2021, 2022 and 2023: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Beginning balance 5,809 5,947 6,522 Accretion of redeemable non-controlling interests 138 575 675 Ending balance 5,947 6,522 7,197 |
Borrowings, other debts and d_2
Borrowings, other debts and derivative liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Short-term Debt | The following table presents short-term borrowings from commercial banks, other institutions and individuals as of March 31, 2022 and 2023. Short-term borrowings include borrowings with maturity terms shorter than one year: As of March 31, As of March 31, RMB RMB Bank borrowings 134,540 86,261 Current portion of long-term bank borrowings 26,586 — Total 161,126 86,261 |
Summary of Maturities of Long-term Debt | Future principal maturities of short-term borrowings and long-term borrowings as of March 31, 2021 and 2022 are as followings: Year ended March 31, 2022 Year ended March 31, 2023 RMB RMB For the year ending March 31, - Within 1 year 161,126 86,261 Total 161,126 86,261 |
Summary of Other Long Term Debt | Other debts – non-current As of March 31, As of March 31, RMB RMB Loan from CMB (a) 86,373 — Loan from Chong Li (b) 70,001 73,981 Loan for Yoken Series A-1 23,188 27,346 Payable for investment 1,500 1,500 Total 181,062 102,827 |
Summary of Fair Value of Derivative Liabilities | Derivative liabilities As of March 31, As of March 31, RMB RMB Conversion A-1 9,086 7,850 Forward exchange contracts (b) — 2,851 Total 9,086 10,701 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Summary of Stock Option Activity | The following table sets forth the share options activity for the years ended March 31, 2022 and 2023: Number of shares Weighted exercise price Weighted average remaining contractual term Aggregate intrinsic value Weighted average fair value US$ US$ US$ Outstanding as of March 31, 2021 5,512,222 3.36 6.32 29,360 3.28 Exercisable as of March 31, 2021 — — — — — Granted 1,282,500 2.86 2.27 Exercised (1,204,483 ) 1.09 0.73 Forfeited (358,348 ) 2.86 3.83 Outstanding as of March 31, 2022 5,231,891 2.86 5.25 404 2.36 Exercisable as of March 31, 2022 — — — — — Exercised (53,488 ) 0.60 2.26 Forfeited (1,233,050 ) 1.31 0.86 Outstanding as of March 31, 2023 3,945,354 2.58 3.45 124 2.06 Exercisable as of March 31, 2023 — — — — — |
Summary of Options Measured At Fair Value, Valuation Assumptions | The significant unobservable inputs adopted in the valuation as of March 31, 2022 and 2023 are as follows: As of March 31, As of March 31, Spot price (US$) 0.44, 6.93 5.90 Risk-free rate 1.25%, 2.5% 3.83% Expected volatility 57.95%, 48.15% 61.13% Expected expiry years (in years) 0.50, 3.56 2.60 |
Employees and Non Employees [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Summary of Options Measured At Fair Value, Valuation Assumptions | Year ended March 31, 2022 Expected volatility 42.22 % - Risk-free interest rate 1.62 % - Exercise multiple 2.8/2.2 Expected dividend yield 0% Contractual term (in years) 10 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets and Liabilities | The following table summarizes the Company’s financial assets and liabilities measured and recorded at fair value on recurring basis as of March 31, 2022 and 2023: Fair value measurement at reporting date using Description Fair value as of Quoted price in Significant other Significant RMB RMB RMB RMB Assets: Short-term investments 128,084 — 128,084 — Available-for-sale 74,866 — — 74,866 Equity securities with readily determinable fair values 670 670 — — Total assets 203,620 670 128,084 74,866 Liabilities: Derivative liabilities 9,086 — — 9,086 Fair value measurement at reporting date using Description Fair value as of Quoted price in Significant other Significant RMB RMB RMB RMB Assets: Short-term investments 69,797 — 69,797 — Available-for-sale 68,011 — — 68,011 Equity securities with readily determinable fair values 102 102 — — Total assets 137,910 102 69,797 68,011 Liabilities: Derivative liabilities 10,701 — — 10,701 |
Summary of Roll Forward of Major Level 3 Investments | The roll forward of major Level 3 investments are as following: Derivative liabilities Available-for-sale Fair value of Level 3 investments as at March 31, 2020 14,351 70,328 New addition 9,581 — Disposal of Series D-3 (2,377 ) — Unrealized fair value change of the derivative liabilities (11,559 ) — Unrealized fair value change of the available-for-sale — 1,029 Fair value of Level 3 investments as at March 31, 2021 9,996 71,357 New addition — 16,000 Reclassification of forward exchange contracts 746 — Unrealized fair value change of the derivative liabilities (1,656 ) — Unrealized fair value change of the available-for-sale — (12,491 ) Fair value of Level 3 investments as at March 31, 2022 9,086 74,866 Reclassification of forward exchange contracts (651 ) — Unrealized fair value change of the derivative liabilities 2,266 — Unrealized fair value change of the available-for-sale — (6,427 ) Disposal of available-for-sale — (428 ) Fair value of Level 3 investments as at March 31, 2023 10,701 68,011 |
Summary of Significant Unobservable Inputs | The Company determined the fair value of their investments by using equity allocation model, market approach and binomial model. The determination of the fair value was based on estimates, judgments and information of other comparable public companies. The significant unobservable inputs adopted in the valuation as of March 31, 2022 and 2023: As of March 31, 2022 As of March 31, 2023 Implied price to sales after discount n.a. 1.04x Weighted average cost of capital 15 %, %, % n.a. Lack of marketability discount 17 %, %, % 20% Risk-free rate 1.95 %, %, %, % 2.60 %, %, Expected volatility 39.88 %, %, %, % 47.19 %, %, Probability Liquidation scenario: 20% Redemption scenario: 40% IPO scenario: 40% Liquidation scenario: 35 %, Redemption scenario: 35 %, IPO scenario: 30 %, |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The significant unobservable inputs adopted in the valuation as of March 31, 2022 and 2023 are as follows: As of March 31, As of March 31, Spot price (US$) 0.44, 6.93 5.90 Risk-free rate 1.25%, 2.5% 3.83% Expected volatility 57.95%, 48.15% 61.13% Expected expiry years (in years) 0.50, 3.56 2.60 |
Net loss per share (Tables)
Net loss per share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended March 31, 2021, 2022 and 2023, respectively, as follows: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Numerator: Net loss attributable to Boqii Holding Limited (194,444 ) (128,390 ) (102,799 ) Accretion on the Preferred Shares to redemption value (Note 20) 120,873 — — Accretion on the Redeemable non-controlling (138 ) (575 ) (675 ) Deemed dividend to preferred shareholders (12,547 ) — — Net loss attributable to ordinary shareholders (86,256 ) (128,965 ) (103,474 ) Denominator: Weighted average number of ordinary shares used in computing net loss per share, Basic and diluted (Note (a)) 66,953,610 68,006,172 68,858,823 Net loss per share attributable to ordinary shareholders: Basic and diluted (1.29 ) (1.90 ) (1.50 ) |
Schedule of Antidilutive Securities Excluded From Computation Of Earnings Per Share | The following ordinary shares equivalent were excluded from the computation of diluted net loss per ordinary share for the periods presented because including them would have had an anti-dilutive effect: Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Share options - weighted average 2,585,103 719,437 591,418 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Summary of Major Related Parties And Their Relationships With The Company | The table below sets forth the major related parties and their relationships with the Company as of March 31, 2021, 2022 and 2023: Name of related parties Relationship with the Company Nanjing Animal Pharmaceutical An equity investee of the Company Wuhan Chunzhijin An equity investee of the Company Weishi Network An equity investee of the Company Beijing Petdog An available-for-sale debt investee that the Company has significant influence Shanghai Guangcheng Information Technology (limited partnership) (“Shanghai Guangcheng Information”) A company with a common director of the Company MERCHANT TYCOON LIMITED A shareholder of the Company SUPERB ORIGIN INTERNATIONAL LIMITED A shareholder of the Company Yingzhi (Lisa) Tang Senior management of the Company Yan Jiang Senior management of the Company Di (Jackie) Chen Senior management of the Company until July, 2021 Ying (Christina) Zhang Senior management of the Company until February, 2022 Fei Wang Senior management of the Company until April, 2022 Lijun Zhou Senior management of the Company until April, 2022 |
Summary of Related Party Transactions And Balances | Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Online marketing and information services Beijing Petdog 410 — — Weishi Network — 19 — 410 19 — Purchase of merchandise Weishi Network — 1,582 — Nanjing Animal Pharmaceutical 250 1,020 1,402 250 2,602 1,402 Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Loans granted to related parties Shanghai Guangcheng Information (a) — 33,395 — Wuhan Chunzhijin (b) 5,690 2,600 2,720 MERCHANT TYCOON LIMITED — — 100 Yingzhi (Lisa) Tang — 1,750 — Lijun Zhou — 300 — Yan Jiang 200 70 — Nanjing Animal Pharmaceutical (c) 500 — — Fei Wang 500 — — 6,890 38,115 2,820 (a) In April 2021, the Company granted Shanghai Guangcheng Information a short-term loan with a total principal amount of RMB33.4 million (equivalent to USD5 million), bearing an interest rate of 3.5 (b) The Company entered into a loan agreement with Wuhan Chunzhijin to provide Wuhan Chunzhijin with an interest-free loan of up to 10 million, which will be repaid on demand. In March 2023, the company converted RMB3.4 million loan to Wuhan Chunzhijin into equity interest. (Detail refer to Note 11) (c) In December 2019, Nanjing Xingmu, one of the Company’s subsidiaries, entered into a twelve-month interest free loan agreement with Nanjing Agricultural Pharmaceutical for a principal amount of RMB1 million. This loan was early repaid in May 2020. In June 2020, Nanjing Xingmu entered into another twelve-month interest free loan agreement with Nanjing Agricultural Pharmaceutical for a principal amount of RMB0.5 million. The loan was repaid in June 2021. |
Summary of Related Party Transactions | Year Ended March 31, 2021 Year Ended March 31, 2022 Year Ended March 31, 2023 RMB RMB RMB Staff advances Yingzhi (Lisa) Tang 10 — — Advances provided to related parties SUPERB ORIGIN INTERNATIONAL LIMITED — — 5,497 Nanjing Animal Pharmaceutical 2,073 — 350 2,073 — 5,847 Loans granted from related parties Shanghai Guangcheng Information (a) — 9,961 — (a) In April 2021, the Company obtained a total loan facility up to USD5 million from Shanghai Guangcheng Information. During the year ended March 31, 2022, the Company drew down a total amount of USD1.5 million (equivalent to RMB10.0 million) from the loan facility, with interest bearing at 3.5% per annum. The loan was fully repaid by March 31, 2022. |
Summary of Transactions Due From Related Parties | Amounts due from related parties As of March 31, As of March 31, RMB RMB Prepayments to related parties SUPERB ORIGIN INTERNATIONAL LIMITED — 5,497 Nanjing Animal Pharmaceutical 1,650 2,000 Weishi Network 1,582 1,582 3,232 9,079 Other receivables from related parties Wuhan Chunzhijin 7,594 2,988 Loans to related parties Yan Jiang 200 200 Fei Wang ( a 500 — Lijun Zhou 200 — MERCHANT TYCOON LIMITED — 100 900 300 ( a In January 2021, the Company entered into a one-year loan agreement with Fei Wang, for a principal amount of RMB0.5 million, bearing an interest rate of 4% per annum. This loan was pledged by 515,000 stock options owned by Fei Wang. In December 2022, the loan contract was renewed to December 2023 and was recorded as prepayments and other current assets as of March 31, 2023. |
Summary of Transactions Due To related parties | Amounts due to related parties As of March 31, As of March 31, RMB RMB Trade payables to related parties Nanjing Animal Pharmaceutical 219 471 |
Organization and principal ac_3
Organization and principal activities - Schedule of Details of the Subsidiaries, VIEs and VIE's Subsidiaries (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Guangcheng (Shanghai) Information Technology Co., Ltd. ("Guangcheng") [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Shanghai, the PRC |
Date of incorporation or acquisition | Nov. 30, 2012 |
Percentage of direct or indirect | 100% |
Principal activities | Operates the Company’s own online e-commerce platform |
Nanjing Xingmu Biotechnology Co., Ltd. ("Nanjing Xingmu") [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Nanjing, the PRC |
Date of incorporation or acquisition | Nov. 30, 2019 |
Percentage of direct or indirect | 51% |
Principal activities | Biotechnology research and development |
Suzhou Taicheng Supply Chain Co Ltd Suzhou Taicheng [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Suzhou, the PRC |
Date of incorporation or acquisition | Jun. 30, 2021 |
Percentage of direct or indirect | 100% |
Principal activities | Sales of merchandise |
Suzhou Xingyun Yueming Supply Chain Co., Ltd. ("Suzhou Xingyun Yueming") [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Suzhou, the PRC |
Date of incorporation or acquisition | Apr. 30, 2022 |
Percentage of direct or indirect | 100% |
Principal activities | Sales of merchandise |
Boqii (Shanghai) Information Technology Co., Ltd. [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Shanghai, the PRC |
Date of incorporation or acquisition | Aug. 31, 2014 |
Percentage of direct or indirect | 90% |
Principal activities | Technology development |
Tianjing Guangcheng Information Technology Co., Ltd. [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Tianjin, the PRC |
Date of incorporation or acquisition | Jun. 30, 2017 |
Percentage of direct or indirect | 100% |
Principal activities | Sales of merchandise |
Nanjing Cuida Biotechnology Co. Ltd.("Cuida") [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Nanjing, the PRC |
Date of incorporation or acquisition | Apr. 30, 2017 |
Percentage of direct or indirect | 70% |
Principal activities | Biotechnology extension services |
Taizhou Xingmu Biotechnology Co., Ltd. [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Taizhou, the PRC |
Date of incorporation or acquisition | Nov. 30, 2019 |
Percentage of direct or indirect | 80% |
Principal activities | Biotechnology research and development |
Boqii Corporation Limited ("Boqii Corporation") [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Hong Kong |
Date of incorporation or acquisition | Jul. 31, 2012 |
Percentage of direct or indirect | 100% |
Principal activities | Investment holding |
Boqii International Limited [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Hong Kong |
Date of incorporation or acquisition | Aug. 31, 2016 |
Percentage of direct or indirect | 100% |
Principal activities | Investment holding |
Xingmu International Limited [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | British Virgin Islands |
Date of incorporation or acquisition | Aug. 31, 2019 |
Percentage of direct or indirect | 51% |
Principal activities | Investment holding |
Xingmu HK Limited [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Hong Kong |
Date of incorporation or acquisition | Nov. 30, 2019 |
Percentage of direct or indirect | 51% |
Principal activities | Investment holding |
Nanjing Xinmu Information Technology Co., Ltd. ("Xinmu WFOE") [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Nanjing, the PRC |
Date of incorporation or acquisition | Nov. 30, 2019 |
Percentage of direct or indirect | 51% |
Principal activities | Technology development and sales of merchandise |
Xincheng (Shanghai) Information Technology Co., Ltd. ("Shanghai Xincheng") [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Shanghai, the PRC |
Date of incorporation or acquisition | Nov. 30, 2012 |
Percentage of direct or indirect | 100% |
Principal activities | Technology development and sales of merchandise |
Shanghai Yiqin Pets Products Co., Ltd. [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Shanghai, the PRC |
Date of incorporation or acquisition | Feb. 28, 2013 |
Percentage of direct or indirect | 100% |
Principal activities | Technology development and sales of merchandise |
Shanghai Every Supply Chain Co., Ltd. ("Shanghai Every") [Member] | |
Schedule Of Subsidiaries And Variable Interest Entities [Line Items] | |
Place of incorporation | Shanghai, the PRC |
Date of incorporation or acquisition | Sep. 30, 2021 |
Percentage of direct or indirect | 100% |
Principal activities | Sales of merchandise |
Organization and principal ac_4
Organization and principal activities - Schedule of Variable Interest Entities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | ¥ 89,850 | ¥ 162,855 | $ 13,083 | ||
Accounts receivable, net | 76,742 | 49,231 | 11,175 | ||
Amounts due from related parties | 9,379 | 11,726 | 1,366 | ||
Inventories, net | 81,052 | 109,921 | 11,802 | ||
Prepayments and other current assets | 79,359 | 116,738 | 11,556 | ||
Property and equipment, net | 5,492 | 7,779 | 800 | ||
Intangible assets | 21,594 | 25,544 | 3,144 | ||
Operating lease right-of-use assets | 22,354 | 38,567 | 3,255 | ||
Goodwill | 0 | 40,684 | ¥ 40,184 | ||
Long-term investments | 75,607 | 82,319 | 11,010 | ||
Other non-current asset | 6,586 | 4,861 | 959 | ||
Total assets | 540,800 | 778,309 | 78,748 | ||
Short-term borrowings | 86,261 | 161,126 | 12,561 | ||
Accounts payable | 56,022 | 94,224 | 8,157 | ||
Amounts due to related parties, current | 471 | 219 | 69 | ||
Salary and welfare payable | 6,890 | 6,871 | 1,003 | ||
Accrued liabilities and other current liabilities | 22,104 | 27,324 | 3,219 | ||
Contract liabilities | 4,471 | 7,007 | 651 | ||
Operating lease liabilities, current | 9,220 | 10,001 | 1,343 | ||
Operating lease liabilities, non-current | 12,741 | 28,197 | 1,855 | ||
Other debts, non-current | 102,827 | 181,062 | 14,973 | ||
Total liabilities | 315,849 | 529,964 | $ 45,992 | ||
Net revenues: | |||||
Total revenues | 1,092,094 | $ 159,021 | 1,186,429 | 1,010,985 | |
Cost of revenues: | |||||
Total cost of revenue | (858,608) | (125,023) | (943,698) | (823,686) | |
Gross profit | 233,486 | 33,998 | 242,731 | 187,299 | |
Operating expenses: | |||||
Impairment of goodwill | (40,684) | (5,900) | |||
Other income, net | 286 | 42 | 280 | 1,067 | |
Profit/(Loss) from operations | (103,768) | (15,110) | (138,249) | (205,995) | |
Income tax benefits/(expenses) | (911) | (133) | (1,571) | (871) | |
Share of results of equity investees | (82) | (12) | 418 | (696) | |
Net profit/(loss) | (105,976) | (15,431) | (132,823) | (193,216) | |
Cash flows from operating activities: | |||||
Net cash generated from/ (used in) operating activities | (54,069) | (7,873) | (147,504) | (247,486) | |
Cash flows from investing activities: | |||||
Net cash used in investing activities | 46,496 | 6,770 | 21,147 | (184,417) | |
Cash flows from financing activities: | |||||
Net cash generated from/ (used in) financing activities | (76,656) | $ (11,161) | 1,995 | 648,491 | |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 15,522 | 20,567 | |||
Accounts receivable, net | 33,172 | 31,435 | |||
Amounts due from related parties | 6,770 | 11,726 | |||
Inventories, net | 27,894 | 16,014 | |||
Prepayments and other current assets | 48,291 | 57,107 | |||
Inter-company receivables | 83,700 | 16,535 | |||
Property and equipment, net | 4,661 | 6,715 | |||
Intangible assets | 101 | 507 | |||
Operating lease right-of-use assets | 22,305 | 35,688 | |||
Goodwill | 994 | ||||
Long-term investments | 75,505 | 81,649 | |||
Other non-current asset | 5,219 | 3,389 | |||
Total assets | 323,140 | 282,326 | |||
Short-term borrowings | 363 | 872 | |||
Accounts payable | 13,459 | 55,144 | |||
Amounts due to related parties, current | 21 | 4 | |||
Salary and welfare payable | 5,573 | 5,597 | |||
Accrued liabilities and other current liabilities | 15,712 | 24,417 | |||
Contract liabilities | 4,471 | 7,007 | |||
Operating lease liabilities, current | 9,207 | 7,238 | |||
Inter-company payables | 1,095,452 | 945,960 | |||
Operating lease liabilities, non-current | 12,741 | 28,197 | |||
Other debts, non-current | 75,481 | 157,874 | |||
Total liabilities | 1,232,480 | 1,232,310 | |||
Net revenues: | |||||
Total revenues | 872,615 | 933,459 | 783,892 | ||
Cost of revenues: | |||||
Total cost of revenue | (616,328) | (711,246) | (670,319) | ||
Gross profit | 256,287 | 222,213 | 113,573 | ||
Operating expenses: | |||||
Total operating expenses | (237,893) | (288,291) | (262,208) | ||
Impairment of goodwill | (994) | ||||
Other income, net | 158 | 98 | 1,011 | ||
Profit/(Loss) from operations | 17,558 | (65,980) | (147,624) | ||
Non-operating expense | (29) | (20,680) | (18,162) | ||
Profit/(Loss) before income tax expenses | 17,529 | (86,660) | (165,786) | ||
Income tax benefits/(expenses) | 21 | 681 | (20) | ||
Share of results of equity investees | (82) | 418 | (696) | ||
Net profit/(loss) | 17,468 | (85,561) | (166,502) | ||
Cash flows from operating activities: | |||||
Net cash provided by transactions with external parties | 471,991 | 526,201 | 419,767 | ||
Net cash used in transactions with the Company's entities | (449,155) | (329,325) | (331,064) | ||
Net cash generated from/ (used in) operating activities | 22,836 | 196,876 | 88,703 | ||
Cash flows from investing activities: | |||||
Other investing activities | (9,638) | (18,482) | (31,972) | ||
Cash flows of loan funding provided to the Company's entities, net of repayments received | 6,294 | (5,242) | |||
Net cash used in investing activities | (9,638) | (12,188) | (37,214) | ||
Cash flows from financing activities: | |||||
Other financing activities | (88,469) | (273,906) | (112,151) | ||
Cash flows of loan funding received from the Company's entities, net of repayments made | 69,204 | 91,794 | 41,717 | ||
Net cash generated from/ (used in) financing activities | (19,265) | (182,112) | (70,434) | ||
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | Third-party [Member] | |||||
Net revenues: | |||||
Total revenues | 786,152 | 877,380 | 735,518 | ||
Cost of revenues: | |||||
Total cost of revenue | (81,810) | (160,661) | (372,475) | ||
Operating expenses: | |||||
Third-party operating expenses | (237,852) | (288,291) | (254,951) | ||
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | Inter-company [Member] | |||||
Net revenues: | |||||
Total revenues | 86,463 | 56,079 | 48,374 | ||
Cost of revenues: | |||||
Total cost of revenue | (534,518) | ¥ (550,585) | (297,844) | ||
Operating expenses: | |||||
Inter-company operating expenses | ¥ (41) | ¥ (7,257) |
Organization and principal ac_5
Organization and principal activities - Additional Information (Detail) - CNY (¥) | Mar. 31, 2023 | Mar. 31, 2022 |
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] | ||
Organization And Principal Activities [Line Items] | ||
Total registered capital | ¥ 52,000,000 | ¥ 52,000,000 |
Contractual Arrangements [Member] | ||
Organization And Principal Activities [Line Items] | ||
Percentage of Maximum entity interests acquirable In variable Interest Entity Under PRC law | 100% | |
Loan Agreements [Member] | Repayment of Loan [Member] | ||
Organization And Principal Activities [Line Items] | ||
Third party claim against nominee shareholders | ¥ 500,000 | |
Intellectual Property License Agreements [Member] | ||
Organization And Principal Activities [Line Items] | ||
Number of Business days in which agreement amount is to paid from relevant quarter | 15 days | |
Term of agreement | 10 years | |
Extended term | 10 years | |
Period of prior written notice required to terminate the agreement | 90 days | |
Equity Interest Pledge Agreements [Member] | ||
Organization And Principal Activities [Line Items] | ||
Percentage of equity interest pledged by nominal shareholders | 100% |
Principal Accounting Policies -
Principal Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2023 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Mar. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Mar. 31, 2021 CNY (¥) | Apr. 01, 2022 CNY (¥) | Apr. 01, 2021 CNY (¥) | |
Principal Accounting Policies [Line Items] | |||||||||
Contract with Customer, Asset | ¥ 0 | ¥ 0 | |||||||
Contract with Customer, Liability | ¥ 7,000 | ¥ 3,900 | |||||||
Contract with Customer, Liability, Revenue Recognized | 3,000 | 3,600 | |||||||
Unearned Revenue | 4,500 | ||||||||
Cost of Revenue | 858,608 | $ 125,023 | 943,698 | ¥ 823,686 | |||||
Advertising Expense | ¥ 44,000 | 81,000 | 83,000 | ||||||
Government subsidies recognized | ¥ 300 | ¥ 200 | ¥ 1,100 | ||||||
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Income Net | Other Income Net | |||||||
Other Research and Development Expense | ¥ 3,700 | 11,300 | 14,100 | ||||||
Impairment of finitely lived intangible assets | 0 | 0 | 0 | ||||||
Impairment of tangible assets amount | 0 | 0 | 0 | ||||||
Short-term Investments [Member] | |||||||||
Principal Accounting Policies [Line Items] | |||||||||
Short-term investments used as collateral | 70,000 | 128,000 | |||||||
Short Term Borrowings Collateralized by Short Term Investments | 64,000 | 111,000 | |||||||
Cost of product sales [Member] | |||||||||
Principal Accounting Policies [Line Items] | |||||||||
Cost of Revenue | 842,700 | 930,400 | 820,300 | ||||||
Cost of services [Member] | |||||||||
Principal Accounting Policies [Line Items] | |||||||||
Cost of Revenue | ¥ 15,900 | ¥ 13,300 | ¥ 3,400 | ||||||
CNY [Member] | |||||||||
Principal Accounting Policies [Line Items] | |||||||||
Foreign Currency Exchange Rate | 6.8717 | 6.3482 | |||||||
Convenience translation exchange rate | 6.8676 |
Principal Accounting Policies_3
Principal Accounting Policies - Schedule of Property Plant And Equipment Useful Lives (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Over the shorter of the expected life of leasehold improvements or the lease term |
Maximum [Member] | Warehouse Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Furniture, Computer And Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Warehouse Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Furniture, Computer And Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Principal Accounting Policies_4
Principal Accounting Policies - Schedule of Finite Lived Intangible Assets Useful Lives (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Trademark [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Dealership [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
License [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 4 years 6 months |
Business combinations - Summary
Business combinations - Summary of Identified Assets Acquired and Liabilities Assumed (Detail) - Chongni network technology Co Ltd [Member] - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2023 | |
Total purchase price is comprised of: | ||
- fair value of 49% previously held equity interests | ¥ 245 | |
- cash consideration | 2,938 | ¥ 2,900 |
Fair value of total consideration | 3,183 | |
Cash and cash equivalents | 2 | |
Prepayments and other current assets | 4,533 | |
Total assets | 4,535 | |
Accrued liabilities and other current liabilities | (33) | |
Total liabilities | (33) | |
Net assets acquired | 4,502 | |
Goodwill | 499 | |
Non-controlling interests | (1,818) | |
Total | ¥ 3,183 |
Business combinations - Summa_2
Business combinations - Summary of Identified Assets Acquired and Liabilities Assumed (Detail) (Parenthetical) | Jun. 30, 2021 |
Xingmu Group [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |
Business Combination, Step Acquisition, Equity Interest in Acquire, Percentage | 49% |
Business combinations - Additio
Business combinations - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2023 | Oct. 31, 2018 | |
Nanjing Cuida Biotechnology Co Ltd [Member] | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquire since Acquisition Date | ¥ (80) | |||
Chongni network technology Co Ltd [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 63.65% | 49% | ||
Payments to Acquire Businesses, Gross | ¥ 2,938 | ¥ 2,900 | ||
Business Combination, Step Acquisition, Equity Interest in Acquire, Percentage | 49% | |||
Business Combination, Consideration Transferred | 3,183 | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 2,900 | |||
Business Combination Purchase Price Information On Acquisition Date | 300 | |||
Business Combination, Step Acquisition, Equity Interest in Acquire, Re-measurement Gain (Loss), Net | ¥ 100 |
Risks and Concentration - Addit
Risks and Concentration - Additional Information (Detail) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue Benchmark [Member] | ||
Concentration Risk [Line Items] | ||
Number of Customers | 0 | |
Revenue Benchmark [Member] | Royal Canin China Co., Ltd [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10% | |
CNY [Member] | ||
Concentration Risk [Line Items] | ||
Foreign currency increase (decrease) percentage | 8.50% | (2.30%) |
Risks and Concentration - Sched
Risks and Concentration - Schedules of Concentration of Risk, By Risk Factor (Detail) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Royal Canin China Co., Ltd [Member] | Supplier Concentration Risk [Member] | Purchases [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 22% | 17% | 19% |
Cash and cash equivalents - Sch
Cash and cash equivalents - Schedule of Cash And Cash Equivalents (Detail) € in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 HKD ($) | Mar. 31, 2023 EUR (€) | Mar. 31, 2023 NZD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 HKD ($) | Mar. 31, 2022 EUR (€) | Mar. 31, 2022 NZD ($) |
RMB | ||||||||||
Cash and cash equivalents | ¥ 89,850 | $ 13,083 | ¥ 162,855 | |||||||
Cash Equivalents [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | ¥ | 89,850 | 162,855 | ||||||||
CNY [Member] | Cash [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | ¥ | 62,727 | 47,321 | ||||||||
CNY [Member] | Cash Equivalents [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | ¥ | ¥ 62,727 | ¥ 47,321 | ||||||||
Hong Kong dollars [Member] | Cash [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | $ 7 | $ 39 | ||||||||
Hong Kong dollars [Member] | Cash Equivalents [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | $ 6 | $ 31 | ||||||||
USD [Member] | Cash [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | 3,946 | $ 18,133 | ||||||||
USD [Member] | Cash Equivalents [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | $ 27,114 | $ 115,110 | ||||||||
EUR [Member] | Cash [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | € | € 0 | € 55 | ||||||||
EUR [Member] | Cash Equivalents [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | € | € 2 | € 392 | ||||||||
NZD | Cash [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | $ 0 | $ 0 | ||||||||
NZD | Cash Equivalents [Member] | ||||||||||
RMB | ||||||||||
Cash and cash equivalents | $ 1 | $ 1 |
Accounts receivable, net - Summ
Accounts receivable, net - Summary of Accounts Receivable Net (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance of doubtful accounts | ¥ (602) | ¥ (469) | |
Total | 76,742 | $ 11,175 | 49,231 |
Product Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 71,471 | 42,070 | |
Online Marketing And Information Services And Other Revenue [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | ¥ 5,873 | ¥ 7,630 |
Accounts receivable, net - Su_2
Accounts receivable, net - Summary of Movement of Allowance of Doubtful Accounts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
At beginning of year | ¥ 469 | ¥ 256 | ¥ 363 | |
Addition/(reversal) | 133 | $ 19 | 213 | (107) |
At end of year | ¥ 602 | ¥ 469 | ¥ 256 |
Inventories, net of inventory_3
Inventories, net of inventory reserves - Summary of Inventories, Net of Inventory Reserves (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Inventory [Line Items] | |||
Inventory, Net | ¥ 81,052 | $ 11,802 | ¥ 109,921 |
Products [Member] | |||
Inventory [Line Items] | |||
Inventory, Net | 80,431 | 109,383 | |
Packaging materials and others [Member] | |||
Inventory [Line Items] | |||
Inventory, Net | ¥ 621 | ¥ 538 |
Inventories, net of inventory_4
Inventories, net of inventory reserves - Summary of Movement of Inventory Provision (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
At beginning of year | ¥ 577 | ¥ 266 | ¥ 273 |
Provision/(reversal) | 35 | 311 | (7) |
At end of year | ¥ 612 | ¥ 577 | ¥ 266 |
Inventories, net of inventory_5
Inventories, net of inventory reserves - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
(Reversal) Provision of inventory reserves | ¥ 35 | ¥ 310 | ¥ (7) |
Prepayments and other current_3
Prepayments and other current assets - Summary of Prepayments and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Prepaid Expense and Other Assets, Current [Abstract] | |||
Prepayments for purchases of products | ¥ 24,216 | ¥ 52,348 | |
Vendor rebate receivables | 16,160 | 24,462 | |
Value-added tax ("VAT") deductible | 10,512 | 18,864 | |
Loan receivables | 9,886 | 3,845 | |
Sales return assets | 2,835 | 1,264 | |
Deposits | 999 | 1,312 | |
Others | 14,751 | 14,643 | |
Total | ¥ 79,359 | $ 11,556 | ¥ 116,738 |
Prepayments and other current_4
Prepayments and other current assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Notes and loans receivable net current | ||
Financing receivable, after allowance for credit loss, current | ¥ 9,886 | ¥ 3,845 |
Loans Receivable Period Ranging From 12 To 24 Months [Member] | Maximum [Member] | ||
Notes and loans receivable net current | ||
Loan receivable fixed rate of interest percentage | 4% | |
Loans Receivable Period Ranging From 12 To 24 Months [Member] | Minimum [Member] | ||
Notes and loans receivable net current | ||
Loan receivable fixed rate of interest percentage | 0% | |
Loans Receivable Period Ranging From 12 To 24 Months [Member] | From October 2023 to March 2024 [Member] | ||
Notes and loans receivable net current | ||
Loan receivable face or par amount | ¥ 11,000 | |
Loans Receivable Period Ranging From 12 To 24 Months [Member] | From October 2023 to March 2024 [Member] | Maximum [Member] | ||
Notes and loans receivable net current | ||
Loans receivable month of maturity | 2024-03 | |
Loans Receivable Period Ranging From 12 To 24 Months [Member] | From October 2023 to March 2024 [Member] | Minimum [Member] | ||
Notes and loans receivable net current | ||
Loans receivable month of maturity | 2023-10 |
Property and equipment, net - S
Property and equipment, net - Summary of Property, Plant and Equipment's (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 28,211 | ¥ 27,060 | |
Less: Accumulated depreciation | (22,719) | (19,281) | |
Property and equipment, net | 5,492 | $ 800 | 7,779 |
Warehouse Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,879 | 2,669 | |
Furniture, Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 7,082 | 7,503 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 4,740 | 3,684 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 10,501 | 10,209 | |
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 3,009 | ¥ 2,995 |
Property and equipment, net -
Property and equipment, net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | ¥ 3,800 | ¥ 3,700 | ¥ 3,080 |
Intangible assets, net - Schedu
Intangible assets, net - Schedule of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | ¥ 35,733 | ¥ 35,684 | |
Less: Accumulated amortization | (14,139) | (10,140) | |
Intangible assets | 21,594 | $ 3,144 | 25,544 |
Trademark [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 486 | 437 | |
License [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 3,530 | 3,530 | |
Dealership [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | ¥ 31,717 | ¥ 31,717 |
Intangible assets, net - Sche_2
Intangible assets, net - Schedule of Annual Estimated Amortization Expense for Intangible Assets (Detail) ¥ in Thousands | Mar. 31, 2023 CNY (¥) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2024 | ¥ 3,867 |
2025 | 3,438 |
2026 | 3,207 |
2027 | 3,203 |
2028 | ¥ 3,187 |
Intangible assets, net - Additi
Intangible assets, net - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Intangible assets resulting from the business combinations | ¥ 21.6 | ¥ 25.5 | |
Amortization expenses of the intangible assets | ¥ 4 | ¥ 4 | ¥ 4 |
Long-Term Investments - Summary
Long-Term Investments - Summary of Long-Term Investment (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Long-term Investments [Abstract] | |||
Equity method investments | ¥ 7,494 | ¥ 6,783 | |
Available-for-sale investments | 68,011 | 74,866 | |
Equity securities with readily determinable fair values | 102 | 670 | |
Total | ¥ 75,607 | $ 11,010 | ¥ 82,319 |
Long-Term Investments - Summa_2
Long-Term Investments - Summary of Available-For-Sale Debt Investments (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Available-for-sale [Abstract] | ||
Cost | ¥ 76,000 | ¥ 76,000 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (7,561) | (1,134) |
Disposal of Long-term investments | (428) | 0 |
Fair value | ¥ 68,011 | ¥ 74,866 |
Long-Term Investments - Summa_3
Long-Term Investments - Summary Of Equity Securities With Readily Determinable Fair Values (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity Securities With Readily Determinable Fair Value [Line Items] | ||
Cost | ¥ 1,292 | ¥ 1,292 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,190) | (622) |
Fair value | ¥ 102 | ¥ 670 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2021 CNY (¥) | Jun. 30, 2021 USD ($) shares | Oct. 31, 2019 CNY (¥) | Apr. 30, 2019 CNY (¥) | Mar. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Apr. 30, 2020 | |
Long term Investments and Receivables Net [Line Items] | |||||||||
Carrying value of equity method investments | ¥ 7,494 | ¥ 6,783 | |||||||
Cash consideration | 15,792 | ||||||||
Stock Issued During Period, Value, New Issues | ¥ 395,071 | ||||||||
Proceeds from Sale of Equity Method Investments | ¥ 3,000 | ||||||||
Other Nonoperating Gains (Losses) | (939) | (289) | 797 | ||||||
Wuhan Chunzhijin [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Loans receivable waived and converted into shares | 3,400 | ||||||||
Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Other Nonoperating Gains (Losses) | 540 | ||||||||
Nanjing Animal Pharmaceutical [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Investment re-measured at fair value | 18,000 | 16,900 | |||||||
Unrealized Securities holding gain, Net of tax | ¥ 830 | 710 | |||||||
Long-term Line of Credit | ¥ 16,000 | ||||||||
Line of Credit Facility, Interest Rate During Period | 8% | ||||||||
Debt Instrument, Convertible, Conversion Ratio | 3.33 | ||||||||
Accrued Liabilities And Other Current Liabilities [Member] | Nanjing Animal Pharmaceutical [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Long-term Debt, Gross | ¥ 2,000 | ||||||||
Qingdao Shuangan Biotechnology Co Ltd [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Redemption of investment period | 48 months | ||||||||
Investment re-measured at fair value | ¥ 17,800 | 12,800 | |||||||
Unrealized Securities holding gain, Net of tax | ¥ (1,140) | 340 | 20 | ||||||
Qingdao Shuangan Biotechnology Co Ltd [Member] | Available For Sale Debt Investments [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Equity method investment ownership percentage | 6.20% | ||||||||
Beijing Petdog Technology Development Co Ltd [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Cash consideration | ¥ 50,000 | ||||||||
Redemption of investment period | 60 months | ||||||||
Investment re-measured at fair value | ¥ 33,700 | 40,100 | |||||||
Unrealized Securities holding gain, Net of tax | ¥ (6,400) | ¥ (10,400) | ¥ 750 | ||||||
Beijing Petdog Technology Development Co Ltd [Member] | Available For Sale Debt Investments [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Equity method investment ownership percentage | 23.64% | ||||||||
Better Choice Company Inc [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 40,000 | ||||||||
Stock Issued During Period, Value, New Issues | $ | $ 200,000 | ||||||||
Jiangsu Nanjing Agricultural University Animal Pharmaceutical Co Ltd [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Cash consideration | ¥ 2,500 | ||||||||
Jiangsu Nanjing Agricultural University Animal Pharmaceutical Co Ltd [Member] | Equity Method Investment [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Equity method investment ownership percentage | 8.42% | ||||||||
Wuhan Chunzhijin Information Technology Co Ltd [Member] | Equity Method Investment [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Equity method investment ownership percentage | 13.30% | 24.60% | |||||||
Wuhan Chunzhijin Information Technology Co Ltd [Member] | Maximum [Member] | Equity Method Investment [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Equity method investment ownership percentage | 34.65% | ||||||||
Qingdao Shuangan [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Proceeds from Sale of Equity Method Investments | ¥ 800 | ||||||||
Other Nonoperating Gains (Losses) | ¥ 370 | ||||||||
Percentage Of Equity Interests Transferred | 0.31% | ||||||||
Qingdao Shuangan [Member] | Available For Sale Debt Investments [Member] | |||||||||
Long term Investments and Receivables Net [Line Items] | |||||||||
Equity method investment ownership percentage | 5.90% |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in the Carrying Amount of Goodwill (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | ¥ 40,684 | ¥ 40,684 | ¥ 40,184 | |
Accumulated impairment loss | (40,684) | 0 | 0 | |
Impairment | (40,684) | $ (5,900) | ||
Total | ¥ 0 | 40,684 | ¥ 40,184 | |
Additions | ¥ 500 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - 12 months ended Mar. 31, 2023 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | USD ($) |
Indefinite-lived Intangible Assets [Line Items] | |||
Reporting Unit, Amount of Fair Value Less Than Carrying Amount | ¥ 119,800 | $ 17,400 | |
Net Assets Of The Group | 213,000 | $ 31,000 | |
Impairment of goodwill | ¥ 40,684 | $ 5,900 |
Other non-current Assets - Sche
Other non-current Assets - Schedule of Other Non-current Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Other Assets, Noncurrent Disclosure [Abstract] | |||
Deposits | ¥ 3,165 | ¥ 3,924 | |
Long-term loans receivable | 3,421 | 937 | |
Total | ¥ 6,586 | $ 959 | ¥ 4,861 |
Other non-current Assets - Sc_2
Other non-current Assets - Schedule of Other Non-current Assets (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Assets Noncurrent Disclosure [Line Items] | ||
Long-term loans receivable | ¥ 3,421 | ¥ 937 |
Loan Receivable for the Period 24 to 36 Months [Member] | ||
Other Assets Noncurrent Disclosure [Line Items] | ||
Loan receivable face or par amount | ¥ 3,400 | |
Loan Receivable for the Period 24 to 36 Months [Member] | From May 2021 To May 2022 [Member] | Maximum [Member] | ||
Other Assets Noncurrent Disclosure [Line Items] | ||
Loans Receivable Term | 36 months | |
Loans receivable month of maturity | 2025-06 | |
Loan Receivable for the Period 24 to 36 Months [Member] | From May 2021 To May 2022 [Member] | Minimum [Member] | ||
Other Assets Noncurrent Disclosure [Line Items] | ||
Loans Receivable Term | 24 months | |
Loans receivable month of maturity | 2024-05 |
Accrued liabilities and other_3
Accrued liabilities and other current liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Accrued Liabilities and Other Liabilities [Abstract] | |||
Logistics expenses payables | ¥ 7,663 | ¥ 14,625 | |
Advances from customers | 3,077 | 3,773 | |
Payable for investment | 2,563 | 2,563 | |
Refund obligation of sales returns | 3,113 | 1,411 | |
Professional service fee accruals | 1,694 | 579 | |
Accrued advertising expenses | 168 | 150 | |
Others | 3,826 | 4,223 | |
Total | ¥ 22,104 | $ 3,219 | ¥ 27,324 |
Leases - Summary of Operating L
Leases - Summary of Operating Leases (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Assets | |||
Operating lease right-of-use assets | ¥ 22,354 | $ 3,255 | ¥ 38,567 |
Liabilities | |||
Operating lease liabilities, current | 9,220 | 1,343 | 10,001 |
Operating lease liabilities, non-current | 12,741 | $ 1,855 | 28,197 |
Total operating lease liabilities | ¥ 21,961 | ¥ 38,198 | |
Weighted average remaining lease term (years) | 2 years 9 months 7 days | 2 years 9 months 7 days | 3 years 7 months 9 days |
Weighted average discount rate | 5.38% | 5.38% | 4.95% |
Leases - Summary of Operating_2
Leases - Summary of Operating Lease Activity (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Leases [Abstract] | ||||
Operating lease right-of-use assets obtained in exchange for lease obligations | ¥ 8,384 | $ 1,221 | ¥ 21,038 | ¥ 25,970 |
Amortization of right-of-use assets | 24,597 | 11,705 | 11,687 | |
Interest of lease liabilities | 1,777 | 1,949 | 1,596 | |
Operating lease payments (included in measurement of lease liabilities) | 26,397 | 12,849 | 12,850 | |
Operating lease, expense | ¥ 26,374 | ¥ 13,654 | ¥ 13,283 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Leases [Abstract] | ||
2023 | ¥ 9,902 | |
2024 | 10,287 | |
2025 | 4,263 | |
2026 | 152 | |
2027 | 0 | |
Total lease payments | 24,604 | |
Less: imputed interest | (2,643) | |
Total | ¥ 21,961 | ¥ 38,198 |
Interest expense - Summary of I
Interest expense - Summary of Interest Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Interest and Debt Expense [Abstract] | ||||
Amortization charges on promissory notes | ¥ 9,706 | ¥ 17,144 | ¥ 21,611 | |
Interest expense on borrowings | 3,644 | 3,740 | 6,039 | |
Total | ¥ 13,350 | $ 1,944 | ¥ 20,884 | ¥ 27,650 |
Other gains, net - Summary of O
Other gains, net - Summary of Other (Losses), Net (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2022 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Other gains (losses), net [Abstract] | |||||
Gain from the re-measurement of the previously held equity interests to the fair value in the step acquisitions | ¥ 127 | ||||
Foreign exchange losses, net | ¥ 2,679 | 5,322 | ¥ (2,867) | ||
Gain on disposal of other debts | 6,846 | ||||
Reimbursement from a depositary bank | 1,482 | 6,556 | |||
Investment loss | (178) | (622) | 0 | ||
Gain on disposal of a subsidiary | ¥ 3,600 | 3,597 | $ 524 | ||
Others | (939) | (289) | 797 | ||
Total | ¥ 5,159 | ¥ 6,020 | ¥ 11,332 |
Other gains, net - Summary of_2
Other gains, net - Summary of Other (Losses), Net (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2022 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2021 USD ($) | |
Other gains (losses), net [Abstract] | |||||||
Reimbursement depositary received | ¥ 0 | ¥ 1,500 | $ 200 | ¥ 6,600 | $ 1,000 | ||
Investment gain on disposal of a subsidiary | ¥ 3,600 | ¥ 3,597 | $ 524 |
Income taxes - Schedule of Effe
Income taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Loss before income taxes | ¥ (106,805) | $ (15,552) | ¥ (134,812) | ¥ (193,391) |
Income tax computed at respective applicable tax rates | (26,701) | (33,702) | (48,348) | |
Effect of different tax jurisdiction | 12,323 | 2,341 | 14,272 | |
Super deduction for research and development expenses | (456) | (1,881) | (2,632) | |
Non-deductible expenses | 728 | 97 | 140 | |
Change in valuation allowance | 15,017 | 34,716 | 37,439 | |
Total | ¥ 911 | $ 133 | ¥ 1,571 | ¥ 871 |
PRC statutory income tax rates | 25% | 25% | 25% | 25% |
Tax holiday effect | (1.00%) | (1.00%) | 3% | 1% |
Difference in tax rates of subsidiaries outside PRC | (10.00%) | (10.00%) | (8.00%) | (8.00%) |
Super deduction for research and development expenses | 0% | 0% | 1% | 1% |
Non-deductible expenses | 1% | 1% | 0% | 0% |
Change in valuation allowance | (14.00%) | (14.00%) | (20.00%) | (19.00%) |
Effective income tax rate | 1% | 1% | 1% | 0% |
Income taxes - Schedule of Ef_2
Income taxes - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Super deduction for research and development expenses | ¥ 456 | ¥ 1,881 | ¥ 2,632 |
Tax Year 2018 [Member] | |||
Effective income tax rate reconciliation non-deductible expense research and development percentage | 175% | ||
Effective income tax rate reconciliation non-deductible expense research and development additional deduction percentage | 75% |
Income taxes - Summary of Inco
Income taxes - Summary of Income Tax Holiday (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax holiday effect | ¥ 1,235 | ¥ 3,513 | ¥ 1,074 |
Basic and diluted net loss per share effect | ¥ 0.02 | ¥ 0.05 | ¥ 0.02 |
Income taxes - Schedule of Comp
Income taxes - Schedule of Components of Income Tax Expenses Benefit (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense/(benefit) | ¥ 78 | ¥ (582) | ¥ 1,018 | |
Deferred tax benefit | (989) | $ (144) | (989) | (1,889) |
Income tax Credit, net | ¥ (911) | $ (133) | ¥ (1,571) | ¥ (871) |
Income taxes - Schedule of Defe
Income taxes - Schedule of Deferred Tax Assets And Tax Liabilities (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred tax assets: | ||||
Net accumulated loss-carry forward | ¥ 163,526 | ¥ 172,059 | ||
Deferred deductible advertising expense | 0 | 2,483 | ||
Allowance | 238 | 78 | ||
Contract liabilities | 172 | 419 | ||
Accruals | 842 | 2,208 | ||
Fair Value Change | 1,891 | 0 | ||
Less: Valuation allowance | (166,669) | (177,247) | ¥ (149,978) | ¥ (112,539) |
Net deferred tax assets | 0 | 0 | ||
Deferred tax liabilities: | ||||
Recognition of intangible assets arising from asset acquisition and business combination | (4,141) | (5,130) | ||
Unrealized fair value change of the available-for-sale debt investments | 0 | 283 | ||
Net deferred tax liabilities | ¥ (4,141) | ¥ (4,847) |
Income taxes - Summary of Valua
Income taxes - Summary of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | ¥ 177,247 | ¥ 149,978 | ¥ 112,539 |
Change of valuation allowance | 15,017 | 27,269 | 37,439 |
Written-off for expiration of net operating losses | (22,995) | 0 | 0 |
Decrease of valuation allowances related to the disposal of a subsidiary | (2,600) | 0 | 0 |
Ending balance | ¥ 166,669 | ¥ 177,247 | ¥ 149,978 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Jul. 25, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income tax rate | 25% | 25% | 25% | |
Income tax holiday, description | Shanghai Boqii could enjoy a tax holiday of 2-year EIT exemption and subsequently 3-year 12.5% preferential tax rate. | |||
Change of valuation allowance | ¥ 166.7 | ¥ 177.2 | ||
Operating loss carry forwards | ¥ 654 | ¥ 688 | ||
Preferential tax rate | 12.50% | 12.50% | 12.50% | |
HK [Member] | Maximum [Member] | ||||
Income tax rate | 16.50% | |||
HK [Member] | Minimum [Member] | ||||
Income tax rate | 8.25% | |||
CHINA [Member] | ||||
Income tax rate | 25% | |||
Preferential tax rate | 15% |
Ordinary Share - Additional Inf
Ordinary Share - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2021 USD ($) shares | Oct. 31, 2020 USD ($) shares $ / shares | Mar. 31, 2023 $ / shares shares | Mar. 31, 2021 CNY (¥) | Mar. 31, 2022 $ / shares shares | |
Number of shares per ADS | 0.75 | ||||
Proceeds from IPO | $ 61 | ¥ 393,698 | |||
Common Class A [Member] | |||||
Common Stock, Shares, Issued | 55,763,079 | 55,709,591 | |||
Common Stock, Shares, Outstanding | 55,763,079 | 55,709,591 | |||
Stock issued during period | 5,250,000 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | |||
Common Class B [Member] | |||||
Common Stock, Shares, Issued | 13,037,729 | 13,037,729 | |||
Common Stock, Shares, Outstanding | 13,037,729 | 13,037,729 | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
Preferred Stock, Conversion Basis | one basis except for | ||||
ADS [Member] | |||||
Share price | $ / shares | 10 | ||||
Series C Redeemable Convertible Preferred Shares [Member] | |||||
Preferred Stock, Conversion Basis | one-for-one basis | ||||
IPO [Member] | Common Class A [Member] | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | ||||
Stock Repurchased and Retired During Period, Shares | 521,924 | ||||
Stock Repurchased and Retired During Period, Value | $ | $ 4.8 | ||||
IPO [Member] | Common Class B [Member] | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 12,204,604 | ||||
IPO [Member] | ADS [Member] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 7,000,000 | ||||
IPO [Member] | Series A Redeemable Convertible Preferred Shares [Member] | |||||
Convertible Preferred Shares, Outstanding | 10,340,000 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 7,844,137 | ||||
Preferred Stock, Conversion Basis | 1: 0.76 | ||||
IPO [Member] | Series B Redeemable Convertible Preferred Shares [Member] | |||||
Convertible Preferred Shares, Outstanding | 9,067,384 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 8,557,980 | ||||
Preferred Stock, Conversion Basis | 1:0.94 | ||||
IPO [Member] | Series C Plus Redeemable Convertible Preferred Shares [Member] | |||||
Convertible Preferred Shares, Outstanding | 6,734,459 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 6,883,520 | ||||
Preferred Stock, Conversion Basis | 1:1.02 | ||||
IPO [Member] | Series C Preferred Stock [Member] | |||||
Convertible Preferred Shares, Outstanding | 833,125 | ||||
Over-Allotment Option [Member] | ADS [Member] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 1,050,000 |
Convertible redeemable prefer_2
Convertible redeemable preferred shares - Additional Information (Detail) ¥ in Thousands, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2021 USD ($) | |
Accretion on the Preferred Shares to redemption value | ¥ 0 | ¥ 0 | ¥ 121,000 | $ 18 |
Redeemable non-controlling in_3
Redeemable non-controlling interests - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||
Oct. 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Equity, shares issued | 120,000 | ||||
Redeemable preferred shares issued amount | ¥ 413,377 | ||||
Accretion of redemption value of the redeemable non-controlling interest | ¥ (675) | ¥ (575) | (138) | ||
Redeemable non controlling interest equity carrying amount total | ¥ 7,197 | ¥ 6,522 | ¥ 5,947 | ¥ 5,809 | |
Yoken Holding Limited [Member] | |||||
Redeemable preferred shares issued amount | ¥ 6,000 | ||||
Percentage of preferred shares redeemable at redemption price measured by Interest per year Since Issuance of shares | 10% |
Redeemable non-controlling in_4
Redeemable non-controlling interests - Schedule Of Redeemable Non-Controlling Interests Activity (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Noncontrolling Interest [Abstract] | |||
Beginning balance | ¥ 6,522 | ¥ 5,947 | ¥ 5,809 |
Accretion of redeemable non-controlling interests | 675 | 575 | 138 |
Ending balance | ¥ 7,197 | ¥ 6,522 | ¥ 5,947 |
Borrowings, other debts and d_3
Borrowings, other debts and derivative liabilities - Summary of Short-term Debt (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Debt Disclosure [Abstract] | |||
Bank borrowings | ¥ 86,261 | ¥ 134,540 | |
Current portion of long-term bank borrowings | 26,586 | ||
Total | ¥ 86,261 | $ 12,561 | ¥ 161,126 |
Borrowings, other debts and d_4
Borrowings, other debts and derivative liabilities - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2021 CNY (¥) | Oct. 23, 2020 CNY (¥) shares | Oct. 23, 2020 USD ($) $ / shares shares | Mar. 31, 2020 CNY (¥) | Mar. 31, 2020 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2020 USD ($) | Mar. 01, 2020 CNY (¥) | |
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Short term bank borrowings outstanding | ¥ 86,261 | ¥ 161,126 | $ 12,561 | |||||||||||
Receivable for the issuance of ordinary shares | 83,400 | 164,746 | 12,145 | |||||||||||
Proceeds from Issuance of Debt | 110,553 | $ 16,098 | 185,614 | ¥ 87,846 | ||||||||||
Repayments of other debts | 87,959 | 12,808 | 270,860 | 130,827 | ||||||||||
Interest expense | 13,350 | 1,944 | 20,884 | 27,650 | ||||||||||
Derivative Liability, Current | 10,701 | 9,086 | $ 1,558 | |||||||||||
Stock issued during period, value, new issues | ¥ 395,071 | |||||||||||||
New Foreign Exchange Swap Contract [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Payment towards advance settlement of foreign exchange swaps | $ | $ 1,500 | $ 11,000 | ||||||||||||
Currency Swap [Member] | New Foreign Exchange Swap Contract [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Gain (Loss) on Derivative, Net | 100 | 1,200 | ||||||||||||
Deferred fair value gain loss on foreign swap contract one | (3,600) | 900 | ||||||||||||
Derivative assets current | ¥ 700 | |||||||||||||
Derivative Liability, Current | 2,900 | |||||||||||||
Currency Swap [Member] | New Foreign Exchange Swap Contract [Member] | New Foreign Exchange Swap Contract One [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Currency to be exchanged | $ | $ 8,000 | |||||||||||||
Derivative forward exchange rate | 6.5452 | 6.5452 | ||||||||||||
Currency to be received | ¥ 52,400 | |||||||||||||
Currency Swap [Member] | New Foreign Exchange Swap Contract [Member] | New Foreign Exchange Swap Contract Two [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Currency to be exchanged | $ | $ 4,000 | |||||||||||||
Derivative forward exchange rate | 6.5128 | 6.5128 | ||||||||||||
Currency to be received | ¥ 26,100 | |||||||||||||
Currency Swap [Member] | New Foreign Exchange Swap Contract [Member] | New Foreign Exchange Swap Contract Three [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Currency to be exchanged | $ | $ 5,000 | |||||||||||||
Derivative forward exchange rate | 6.42 | 6.42 | ||||||||||||
Currency to be received | ¥ 32,100 | |||||||||||||
Yoken Series A One Warrant [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Class of warrants or rights exercise price | $ / shares | $ 7.14 | |||||||||||||
Class of warrants or rights outstanding value | 27,300 | 23,200 | ||||||||||||
Chong Li [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Debt instrument face value | ¥ 128,000 | |||||||||||||
Long-term Debt, Term | 5 years | 5 years | ||||||||||||
Long term loan due to the related party non current | ¥ 95,000 | ¥ 95,000 | ||||||||||||
Receivable for the issuance of temporary equity | 36,400 | 35,900 | ||||||||||||
Interest expense | 4,500 | 5,100 | ||||||||||||
Chong Li [Member] | Superb Origin International Limited [Member] | Equity Owner [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Equity method investment ownership interest | 100% | 100% | ||||||||||||
Investor One [Member] | Yoken Series A One Warrant [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Class of warrants or rights number of securities called by the warrants or rights | shares | 360,000 | |||||||||||||
Debt instrument convertible carrying value at the time of conversion | ¥ 18,000 | $ 2,500 | ||||||||||||
Investor Two [Member] | Yoken Series A One Warrant [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Class of warrants or rights number of securities called by the warrants or rights | shares | 200,000 | |||||||||||||
Debt instrument convertible carrying value at the time of conversion | ¥ 10,000 | $ 1,400 | ||||||||||||
Loan for Yoken Series A-1 Warrant [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Long term borrowings fixed rate of interest rate percentage | 10% | 10% | ||||||||||||
Debt instrument converted shares issued | shares | 120,000 | 120,000 | ||||||||||||
Proceeds from Issuance of Debt | ¥ 18,000 | |||||||||||||
Loan for Yoken Series A-1 Warrant [Member] | Yoken Series A One Warrant [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Class of warrants or rights outstanding value | 7,900 | 9,100 | ||||||||||||
Interest Expense Reversed | ¥ 1,400 | |||||||||||||
Loan from CMB [Member] | CMB [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Debt instrument face value | $ | $ 46,000 | |||||||||||||
Long-term Debt, Term | 2 years | 2 years | ||||||||||||
Receivable for the issuance of ordinary shares | 0 | 86,400 | ||||||||||||
Stock issued during period, value, new issues | ¥ 303,000 | $ 46,000 | ||||||||||||
Loan from CMB [Member] | CMB [Member] | Extension of Loan Agreement [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Debt instrument face value | ¥ 303,000 | $ 46,000 | ||||||||||||
Repayments of other debts | 87,900 | 235,000 | ||||||||||||
Interest expense | 1,500 | ¥ 8,900 | ||||||||||||
Short-term Investments [Member] | Long Term Bank Loan [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Debt instrument unused borrowing capacity | ¥ 0 | |||||||||||||
Short Term Bank Loan [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Short term borrowings weighted average interest rate at a point in time | 3.98% | 2.63% | 3.98% | 2.63% | ||||||||||
Debt instrument unused borrowing capacity | ¥ 213,000 | ¥ 170,300 | ||||||||||||
Short Term Bank Loan [Member] | Short-term Investments [Member] | ||||||||||||||
Borrowings Other Debts And Other Liabilities [Line Items] | ||||||||||||||
Collateralized by short-term investments | ¥ 63,900 | ¥ 110,500 |
Borrowings, other debts and d_5
Borrowings, other debts and derivative liabilities - Summary of Maturities of Long-term Debt (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Debt Disclosure [Abstract] | ||
Within 1 year | ¥ 86,261 | ¥ 161,126 |
Total | ¥ 86,261 | ¥ 161,126 |
Borrowings, other debts and d_6
Borrowings, other debts and derivative liabilities - Summary of Other Long Term Debt (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) |
Debt Instrument [Line Items] | |||
Other debts, non-current | ¥ 102,827 | $ 14,973 | ¥ 181,062 |
Payable for investment | 1,500 | 1,500 | |
Loan from CMB [Member] | |||
Debt Instrument [Line Items] | |||
Other debts, non-current | 86,373 | ||
Loan from Chong Li [Member] | |||
Debt Instrument [Line Items] | |||
Other debts, non-current | 73,981 | 70,001 | |
Loan for Yoken Series A-1 Warrant [Member] | |||
Debt Instrument [Line Items] | |||
Other debts, non-current | ¥ 27,346 | ¥ 23,188 |
Borrowings, other debts and d_7
Borrowings, other debts and derivative liabilities - Summary of Fair Value of Derivative Liabilities (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule Of Derivative Liabilities At Fair Value [Line Items] | ||
Derivative Liability | ¥ 10,701 | ¥ 9,086 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Derivative Liability, Current | |
Conversion feature of Yoken Series A-1 Warrant [Member] | ||
Schedule Of Derivative Liabilities At Fair Value [Line Items] | ||
Derivative Liability | ¥ 7,850 | ¥ 9,086 |
Forward exchange swap [Member] | ||
Schedule Of Derivative Liabilities At Fair Value [Line Items] | ||
Derivative Liability | ¥ 2,851 |
Receivable for issuance of or_2
Receivable for issuance of ordinary shares - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2023 USD ($) | |
Receivable For The Issuance Of Ordinary Shares [Line Items] | |||
Proceeds from contributed capital | ¥ 87,900 | ¥ 262,900 | |
Interest income on subscription receivable from shareholders | 6,100 | 14,200 | |
Receivable for the issuance of ordinary shares | ¥ 83,400 | ¥ 164,746 | $ 12,145 |
Share-based compensation - Summ
Share-based compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Disclosure [Abstract] | |||
Number of shares, Outstanding, beginning | 5,231,891 | 5,512,222 | |
Number of shares, Granted | 1,282,500 | ||
Number of shares, Exercised | (53,488) | (1,204,483) | |
Number of shares, Forfeited | (1,233,050) | (358,348) | |
Number of shares, Outstanding, ending | 3,945,354 | 5,231,891 | 5,512,222 |
Weighted average exercise price, Outstanding, beginning | $ 2.86 | $ 3.36 | |
Weighted average exercise price, Granted | 2.86 | ||
Weighted average exercise price, Exercised | 0.6 | 1.09 | |
Weighted average exercise price, Forfeited | 1.31 | 2.86 | |
Weighted average exercise price, Outstanding, ending | $ 2.58 | $ 2.86 | $ 3.36 |
Weighted average remaining contractual term, Outstanding | 3 years 5 months 12 days | 5 years 3 months | 6 years 3 months 25 days |
Aggregate intrinsic value, Outstanding, beginning | $ 404 | $ 29,360 | |
Aggregate intrinsic value, Outstanding, ending | $ 124 | $ 404 | $ 29,360 |
Weighted average fair value, Outstanding, beginning | $ 2.36 | $ 3.28 | |
Weighted average fair value, Granted | 2.27 | ||
Weighted average fair value, Exercised | 2.26 | 0.73 | |
Weighted average fair value, Forfeited | 0.86 | 3.83 | |
Weighted average fair value, Outstanding, ending | $ 2.06 | $ 2.36 | $ 3.28 |
Share-based compensation - Su_2
Share-based compensation - Summary of Options Measured At Fair Value, Valuation Assumptions (Detail) - Share-based Payment Arrangement, Option [Member] | 12 Months Ended |
Mar. 31, 2022 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility , Minimum | 42.22% |
Expected volatility , Maximum | 43.71% |
Risk-free rate , Minimum | 1.62% |
Risk-free rate , Maximum | 1.86% |
Expected dividend yield | 0% |
Contractual term (in years) | 10 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise multiple | $ 2.8 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise multiple | $ 2.2 |
Share-based compensation - Addi
Share-based compensation - Additional Information (Detail) ¥ in Millions | 12 Months Ended | ||||||||||
Mar. 31, 2020 USD ($) | Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2022 CNY (¥) shares | Mar. 31, 2021 CNY (¥) | May 31, 2022 shares | Mar. 31, 2021 USD ($) | Sep. 01, 2020 shares | Aug. 01, 2018 shares | Sep. 27, 2012 shares | |
Share Based Payment Arrangement [Line Items] | |||||||||||
Percentage of entitlement to vest earn by employees | 25% | 25% | |||||||||
Share based compensation arrangement by share based payment award options granted | 1,282,500 | 1,282,500 | |||||||||
Share based compensation arrangement by share based payment award options outstanding intrinsic value | $ | $ 123,594,000 | $ 404,409,000 | $ 29,359,582,000 | ||||||||
Unrecognised share based compensation expenses | $ | $ 322,926,000 | $ 2,298,328,000 | |||||||||
Weighted average vesting period | 3 years 4 months 24 days | 3 years 4 months 24 days | 5 years 3 months 18 days | 5 years 3 months 18 days | |||||||
Share based compensation expense recognized until the completion of a qualified IPO | $ | $ 0 | ||||||||||
Share based compensation expense | $ 0 | ¥ (7.7) | ¥ 14.4 | ¥ 55 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 4,000,000 | ||||||||||
Employees and Non Employees [Member] | |||||||||||
Share Based Payment Arrangement [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award options granted | 0 | 0 | 1,282,500 | 1,282,500 | |||||||
Fair value of options granted amount | $ | $ 0 | $ 2,900,000 | |||||||||
2012 Global Share Plan [Member] | |||||||||||
Share Based Payment Arrangement [Line Items] | |||||||||||
Shares reserved for future issuances | 1,061,500 | ||||||||||
2018 Global Share Plan [Member] | |||||||||||
Share Based Payment Arrangement [Line Items] | |||||||||||
Shares reserved for future issuances | 8,987,836 | 5,987,836 | 5,987,836 | ||||||||
Amended 2018 Global Share Plan [Member] | |||||||||||
Share Based Payment Arrangement [Line Items] | |||||||||||
Shares reserved for future issuances | 12,987,836 | 8,987,836 |
Employee benefits - Additional
Employee benefits - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Compensation Related Costs [Abstract] | |||
Employee benefits costs | ¥ 9 | ¥ 7 | ¥ 6 |
Fair value measurements - Summa
Fair value measurements - Summary of Company's Financial Assets and Liabilities (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Assets: | ||
Available-for-sale debt investments | ¥ 68,011 | ¥ 74,866 |
Equity securities with readily determinable fair values | 102 | 670 |
Fair Value, Recurring [Member] | ||
Assets: | ||
Short-term investments | 69,797 | 128,084 |
Available-for-sale debt investments | 68,011 | 74,866 |
Equity securities with readily determinable fair values | 102 | 670 |
Total assets | 137,910 | 203,620 |
Liabilities: | ||
Derivative liabilities | 10,701 | 9,086 |
Fair Value, Recurring [Member] | Significant unobservable Inputs (Level 1) [Member] | ||
Assets: | ||
Equity securities with readily determinable fair values | 102 | 670 |
Total assets | 102 | 670 |
Fair Value, Recurring [Member] | Significant other observable Inputs (Level 2) [Member] | ||
Assets: | ||
Short-term investments | 69,797 | 128,084 |
Total assets | 69,797 | 128,084 |
Fair Value, Recurring [Member] | Significant unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Available-for-sale debt investments | 68,011 | 74,866 |
Total assets | 68,011 | 74,866 |
Liabilities: | ||
Derivative liabilities | ¥ 10,701 | ¥ 9,086 |
Fair value measurements - Sum_2
Fair value measurements - Summary of Roll Forward of Major Level 3 Investments (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Disposal of Series D-3 Notes | ¥ (428) | ||
Fair value of Level 3 investments , Beginning Balance | 74,866 | ¥ 71,357 | ¥ 70,328 |
New addition | 16,000 | ||
Unrealized fair value change of the available-for-sale debt investments | (6,427) | (12,491) | 1,029 |
Fair value of Level 3 investments , Ending Balance | 68,011 | 74,866 | 71,357 |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of Level 3 investments, Beginning Balance | 9,086 | 9,996 | 14,351 |
New addition | 9,581 | ||
Disposal of Series D-3 Notes | (2,377) | ||
Reclassification of forward exchange contracts | (651) | 746 | |
Unrealized fair value change of the derivative liabilities | 2,266 | (1,656) | (11,559) |
Fair value of Level 3 investments , Ending Balance | ¥ 10,701 | ¥ 9,086 | ¥ 9,996 |
Fair value measurements - Sum_3
Fair value measurements - Summary of Significant Unobservable Inputs (Detail) - Available-for-sale Securities [Member] | Mar. 31, 2023 | Mar. 31, 2022 |
Implied price to sales after discount for lack of marketability [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 1.04 | |
Weighted average cost of capital [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 15 | |
Weighted average cost of capital [Member] | Median [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 16.5 | |
Weighted average cost of capital [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 18 | |
Lack of marketability discount [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 20 | |
Lack of marketability discount [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 17 | |
Lack of marketability discount [Member] | Median [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 23 | |
Lack of marketability discount [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 29 | |
Risk-free rate [Member] | Minimum One [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.23 | |
Risk-free rate [Member] | Minimum Two [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.34 | |
Risk-free rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.6 | 1.95 |
Risk-free rate [Member] | Median [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.31 | |
Risk-free rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 2.19 | 2.36 |
Expected volatility [Member] | Minimum One [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 42.17 | |
Expected volatility [Member] | Minimum Two [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 42.48 | |
Expected volatility [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 47.19 | 39.88 |
Expected volatility [Member] | Median [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 43.65 | |
Expected volatility [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 32.08 | 47.34 |
Probability Liquidation scenario [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 20 | |
Probability Liquidation scenario [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 35 | |
Probability Liquidation scenario [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 40 | |
Probability Redemption scenario [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 40 | |
Probability Redemption scenario [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 35 | |
Probability Redemption scenario [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 40 | |
Probability IPO scenario [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 40 | |
Probability IPO scenario [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 30 | |
Probability IPO scenario [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 20 |
Fair value measurements - Sched
Fair value measurements - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail) - Derivative Financial Instruments, Liabilities [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Spot price | $ 5.9 | |
Risk-free rate | 3.83% | |
Risk-free rate , Minimum | 1.25% | |
Risk-free rate , Maximum | 2.50% | |
Expected volatility | 61.13% | |
Expected volatility , Minimum | 57.95% | |
Expected volatility , Maximum | 48.15% | |
Expected expiry years (in years) | 2 years 7 months 6 days | |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Spot price | $ 0.44 | |
Expected expiry years (in years) | 6 months | |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Spot price | $ 6.93 | |
Expected expiry years (in years) | 3 years 6 months 21 days |
Net Loss per share - Schedule o
Net Loss per share - Schedule of Earnings Per Share, Basic and Diluted (Detail) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 $ / shares | Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | Mar. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss attributable to Boqii Holding Limited | ¥ (102,799) | ¥ (128,390) | ¥ (194,444) | |
Accretion on the Preferred Shares to redemption value (Note 20) | 120,873 | |||
Accretion on the Redeemable non-controlling interests to redemption value (Note 21) | (675) | (575) | (138) | |
Deemed dividend to preferred shareholders | (12,547) | |||
Net loss attributable to ordinary shareholders | ¥ (103,474) | ¥ (128,965) | ¥ (86,256) | |
Denominator: | ||||
Weighted average number of ordinary shares used in computing net loss per share, Basic (Note (a)) | shares | 68,858,823 | 68,006,172 | 66,953,610 | |
Weighted average number of ordinary shares used in computing net loss per share, Diluted (Note (a)) | shares | 68,858,823 | 68,006,172 | 66,953,610 | |
Net loss per share attributable to ordinary shareholders: | ||||
Basic | (per share) | $ (0.22) | ¥ (1.5) | ¥ (1.9) | ¥ (1.29) |
Diluted | (per share) | $ (0.22) | ¥ (1.5) | ¥ (1.9) | ¥ (1.29) |
Net Loss per share - Schedule_2
Net Loss per share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 591,418 | 719,437 | 2,585,103 |
Related party transactions - Su
Related party transactions - Summary of Major Related Parties and Their Relationships With The Company (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Nanjing Animal Pharmaceutical [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Nanjing Animal Pharmaceutical |
Relationship with the company | An equity investee of the Company |
Wuhan Chunzhijin [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Wuhan Chunzhijin |
Relationship with the company | An equity investee of the Company |
Weishi Network [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Weishi Network |
Relationship with the company | An equity investee of the Company |
Beijing Petdog [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Beijing Petdog |
Relationship with the company | An available-for-sale debt investee that the Company has significant influence |
Shanghai Guangcheng Information Technology (limited partnership) (Shanghai Guangcheng Information) [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Shanghai Guangcheng Information Technology (limited partnership) (“Shanghai Guangcheng Information”) |
Relationship with the company | A company with a common director of the Company |
Yingzhi (Lisa) Tang [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Yingzhi (Lisa) Tang |
Relationship with the company | Senior management of the Company |
Lijun Zhou [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Lijun Zhou |
Relationship with the company | Senior management of the Company until April, 2022 |
Di (Jackie) Chen [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Di (Jackie) Chen |
Relationship with the company | Senior management of the Company until July, 2021 |
Ying (Christina) Zhang [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Ying (Christina) Zhang |
Relationship with the company | Senior management of the Company until February, 2022 |
Fei Wang [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Fei Wang |
Relationship with the company | Senior management of the Company until April, 2022 |
Yan Jiang [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | Yan Jiang |
Relationship with the company | Senior management of the Company |
MERCHANT TYCOON LIMITED [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | MERCHANT TYCOON LIMITED |
Relationship with the company | A shareholder of the Company |
Superb Origin International Limited [Member] | |
Schedule Of Transactions Between Related Parties [Line Items] | |
Name of related parties | SUPERB ORIGIN INTERNATIONAL LIMITED |
Relationship with the company | A shareholder of the Company |
Related party transactions - _2
Related party transactions - Summary of Related Party Transactions And Balances (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Online marketing and information services | ¥ 19 | ¥ 410 | |
Purchase of merchandise | 1,402 | 2,602 | 250 |
Loans granted to related parties | 2,820 | 38,115 | 6,890 |
Beijing Petdog [Member] | |||
Related Party Transaction [Line Items] | |||
Online marketing and information services | 410 | ||
Nanjing Animal Pharmaceutical [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of merchandise | 1,402 | 1,020 | 250 |
Loans granted to related parties | 500 | ||
Wuhan Chunzhijin [Member] | |||
Related Party Transaction [Line Items] | |||
Loans granted to related parties | 2,720 | 2,600 | 5,690 |
Yan Jiang [Member] | |||
Related Party Transaction [Line Items] | |||
Loans granted to related parties | 70 | 200 | |
Fei Wang [Member] | |||
Related Party Transaction [Line Items] | |||
Loans granted to related parties | 500 | ||
Weishi Network [Member] | |||
Related Party Transaction [Line Items] | |||
Online marketing and information services | 19 | ||
Purchase of merchandise | 1,582 | ||
Shanghai Guangcheng Information [Member] | |||
Related Party Transaction [Line Items] | |||
Loans granted to related parties | 33,395 | ||
Yingzhi Lisa Tang [Member] | |||
Related Party Transaction [Line Items] | |||
Loans granted to related parties | 1,750 | ||
Lijun Zhou [Member] | |||
Related Party Transaction [Line Items] | |||
Loans granted to related parties | 300 | ||
Merchant Tycoon Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Loans granted to related parties | ¥ 100 |
Related party transactions - _3
Related party transactions - Summary of Related Party Transactions And Balances (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 | Apr. 01, 2021 USD ($) | Apr. 01, 2021 CNY (¥) | Jun. 30, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Nanjing Agricultural Pharmaceutical [Member] | Twelve Month Interest Free Loan Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Face Amount | ¥ 0.5 | ¥ 1 | ||||
Wuhan Chunzhijin [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Face Amount | ¥ 10 | |||||
Debt instrument converted value | ¥ 3.4 | |||||
Shanghai Guangcheng Information [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Face Amount | $ | $ 5 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||
Loan Agreement [Member] | Shanghai Guangcheng Information [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Face Amount | $ 5 | ¥ 33.4 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% |
Related party transactions - _4
Related party transactions - Summary of Related Party Transaction (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Related Party Transaction [Line Items] | |||
Advances provided to related parties | ¥ 5,847 | ¥ 0 | ¥ 2,073 |
Yingzhi (Lisa) Tang [Member] | |||
Related Party Transaction [Line Items] | |||
Staff advances | 0 | 0 | 10 |
Nanjing Animal Pharmaceutical [Member] | |||
Related Party Transaction [Line Items] | |||
Advances provided to related parties | 350 | 0 | 2,073 |
Shanghai Guangcheng Information [Member] | |||
Related Party Transaction [Line Items] | |||
Loans granted from related parties | 0 | 9,961 | 0 |
Superb Origin International Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Advances provided to related parties | ¥ 5,497 | ¥ 0 | ¥ 0 |
Related party transactions - _5
Related party transactions - Summary of Related Party Transaction (Parenthetical) (Detail) - Shanghai Guangcheng Information [Member] ¥ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 USD ($) | Mar. 31, 2022 CNY (¥) | Apr. 01, 2021 USD ($) | |
Related Party Transaction [Line Items] | |||
Debt Instrument, Face Amount | $ 5 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |
Loan amount obtained from related party | $ 1.5 | ¥ 10 |
Related party transactions - _6
Related party transactions - Summary of Transactions Due From Related Parties (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Prepayments to related parties | ¥ 9,079 | ¥ 3,232 |
Loans to related parties | 300 | 900 |
Nanjing Animal Pharmaceutical [Member] | ||
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Prepayments to related parties | 2,000 | 1,650 |
Wuhan Chunzhijin [Member] | ||
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Other receivables from related parties | 2,988 | 7,594 |
Yan Jiang [Member] | ||
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Loans to related parties | 200 | 200 |
Fei Wang [Member] | ||
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Loans to related parties | 0 | 500 |
Lijun Zhou [Member] | ||
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Loans to related parties | 0 | 200 |
Weishi Network [Member] | ||
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Prepayments to related parties | 1,582 | 1,582 |
Merchant Tycoon Limited [Member] | ||
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Loans to related parties | 100 | 0 |
Superb Origin International Limited [Member] | ||
Schedule Of Transactions Due From Related Parties [Line Items] | ||
Prepayments to related parties | ¥ 5,497 | ¥ 0 |
Related party transactions - _7
Related party transactions - Summary of Transactions Due From Related Parties (Parenthetical) (Detail) - Fei Wang [Member] - One Year Loan Agreement [Member] ¥ in Millions | Jan. 31, 2021 CNY (¥) shares |
Schedule Of Transactions Due From Related Parties [Line Items] | |
Debt Instrument, Face Amount | ¥ | ¥ 0.5 |
Debt Instrument, Interest Rate, Stated Percentage | 4% |
Debt Instrument, Number of Stock Options Collateralized | shares | 515,000 |
Related party transactions - _8
Related party transactions - Summary of Transactions Due To Related Parties (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Nanjing Animal Pharmaceutical [Member] | ||
Schedule Of Transactions Due To Related Parties [Line Items] | ||
Trade payables to related parties | ¥ 471 | ¥ 219 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital commitment amount | ¥ 0 | ¥ 0 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) - Subsequent Event [Member] - Nanjing Animal Pharmaceutical [Member] ¥ in Thousands | Apr. 30, 2023 CNY (¥) |
Subsequent Events [Line Items] | |
Line of Credit Facility, Periodic Payment, Principal | ¥ 6,000 |
Line of Credit Facility, Periodic Payment, Interest | 840 |
Additional compensation of line of credit | ¥ 1,060 |
Restricted net assets - Additio
Restricted net assets - Additional Information (Detail) ¥ in Thousands | 12 Months Ended |
Mar. 31, 2023 CNY (¥) | |
Restricted net assets of the Company's subsidiaries and the VIEs. | ¥ 0 |
Threshold maximum percentage of restricted net assets of consolidated and unconsolidated subsidiaries to the consolidated net assets | 25% |
Threshold maximum percentage of restricted net assets not met by the consolidated subsidiaries to disclose the financial statements for the parent company | 25% |
PRC [Member] | |
Required minimum percentage of annual appropriations to general reserve fund or statutory surplus fund | 10 |
PRC [Member] | Statutory Surplus Reserve [Member] | Domestic Enterprise [Member] | |
Required minimum percentage of annual appropriations to general reserve fund | 10 |
Maximum percentage of statutory surplus reserve related to entity's registered capital | 50 |