Company Overview - Wolfspeed, Inc. announced a reorganization plan that will reduce its debt by 70%, from $6.5 billion to $2 billion, and cut interest payments by approximately 60% [1] - The company will reincorporate from North Carolina to Delaware as part of the reorganization process [1] - Following the announcement, Wolfspeed shares surged by 50.9% to $32.63 in pre-market trading [1] Market Movements - Sunrise New Energy Co., Ltd. saw a significant increase of 97% to $1.77 after its subsidiary was granted a U.S. patent for lithium-ion battery anode material [5] - Vivakor, Inc. experienced a 67% rise to $0.4479 after signing a term sheet for up to $23 million in capital [5] - SciSparc Ltd. gained 45.7% to $6.49 following the approval of an acquisition by N2OFF stockholders [5] - Maison Solutions Inc. jumped 23.2% to $1.38 after securing a private placement of up to $70 million [5] Declines in Pre-Market Trading - Valneva SE fell 7.9% to $11.81 despite reporting a 95% antibody seroresponse sustained four years after a single dose [5] - Epsium Enterprise Limited declined 24.3% to $18.60 after a previous drop of 30% [5] - Artelo Biosciences, Inc. saw a decline of 23.1% to $4.50 following a proposed public offering announcement [5] - Energy Fuels Inc. fell 6.4% to $15.47 after announcing a proposed $550 million private offering of convertible senior notes [5]

Core Viewpoint - Chinese concept stocks experienced significant gains, with notable increases in share prices for several companies, indicating a positive market sentiment towards these stocks [1] Group 1: Stock Performance - BQ (波奇宠物) saw a remarkable increase of 233.22%, closing at 9.750 with a gain of 6.824 and a trading volume of 492 million [1] - BNSOF (恒星电子国际) rose by 27.14%, closing at 2.670 with an increase of 0.570 and a trading volume of 5,962 [1] - PWM (盛德财富) increased by 22.02%, closing at 0.6700 with a gain of 0.1209 and a trading volume of 177,500 [1] - ZYBT (正业生物) experienced a rise of 19.02%, closing at 2.190 with an increase of 0.350 and a trading volume of 1,860,900 [1] - PTNM (Pitanium) gained 16.63%, closing at 11.360 with a rise of 1.620 and a trading volume of 22,054,500 [1]

Group 1 - The top five Chinese concept stocks that experienced the largest declines in closing prices are: Futu Holdings down 26.42%, QuantumScape down 17.95%, Tianrui Xiang down 17.81%, BQ Pets down 16.58%, and Huize down 16.15% [1][1][1] - Futu Holdings (FTFT) latest price is 2.340 with a decline of 0.840 and a trading volume of 3.5571 million [1][1][1] - QuantumScape (QSG) latest price is 9.600 with a decline of 2.100 and a trading volume of 36.1601 million [1][1][1] - Tianrui Xiang (TIRX) latest price is 2.630 with a decline of 0.570 and a trading volume of 0.2324 million [1][1][1] - BQ Pets (BQ) latest price is 3.070 with a decline of 0.610 and a trading volume of 0.2371 million [1][1][1] - Huize (HUIZ) latest price is 3.530 with a decline of 0.680 and a trading volume of 1.1731 million [1][1][1]

Core Viewpoint - Boqii Holding Limited has filed its annual report for the fiscal year ended March 31, 2025, with the SEC, highlighting its position as a leading pet-focused platform in China [1]. Company Overview - Boqii Holding Limited is recognized as the leading online destination for pet products and supplies in China, offering a wide selection of high-quality products from global leading brands, local emerging brands, and its own private labels, Yoken and Mocare [3]. - The company operates various online sales platforms, including Boqii Mall and flagship stores on third-party e-commerce platforms, providing customers with convenient access to pet products and a personalized shopping experience [3]. - Boqii Community serves as an informative and interactive content platform for users to share knowledge and passion for pets [3]. Investor Relations - The company offers a hard copy of the Annual Report containing audited consolidated financial statements free of charge to shareholders upon request [2]. - Shareholders can direct their requests to the Investor Relations Department via email [2][4].

Financial Performance - Net revenues for the years ended March 31, 2023, 2024, and 2025 were approximately RMB1,092.1 million, RMB709.4 million, and RMB468.9 million (approximately US$64.6 million) respectively[85]. - Total revenues for the year ended March 31, 2023, were RMB 1,092,094 thousand, a decrease from RMB 1,092,094 thousand in the previous year[66]. - Net loss attributable to Boqii Holding Limited for the year ended March 31, 2023, was RMB 102,799 thousand, compared to a net loss of RMB 63,664 thousand for the year ended March 31, 2024[67]. - Gross profit for the year ended March 31, 2023, was RMB 233,486 thousand, while for the year ended March 31, 2024, it decreased to RMB 140,737 thousand[66]. - Third-party revenues for the year ended March 31, 2025, were RMB 468,894 thousand, a decline from RMB 709,352 thousand in the previous year[67]. - Total operating expenses for the year ended March 31, 2023, were RMB 337,539 thousand, compared to RMB 203,862 thousand for the year ended March 31, 2024[66]. - The company recorded net losses of approximately RMB106.0 million, RMB68.9 million, and RMB58.6 million (approximately US$8.1 million) for the years ended March 31, 2023, 2024, and 2025 respectively[86]. Assets and Liabilities - Total assets as of March 31, 2023, amounted to RMB 540,800,000, with current assets of RMB 89,850,000[62]. - Current liabilities totaled RMB 315,849,000, including short-term borrowings of RMB 86,261,000[62]. - As of March 31, 2025, total assets amounted to RMB 316,166,000, a decrease from RMB 383,215,000 as of March 31, 2024, reflecting a decline of approximately 17.5%[63]. - Total liabilities decreased from RMB 122,334,000 to RMB 87,791,000, a reduction of approximately 28.1%[64]. - Shareholders' equity increased from RMB 252,918,000 to RMB 219,571,000, indicating a decrease of about 13.2%[64]. - The total shareholders' equity as of March 31, 2023, was RMB 217,754,000, with a shareholders' deficit of RMB 178,283,000[62]. Corporate Structure and Risks - The corporate structure involves unique risks to investors, as the Class A ordinary shares represent equity securities of a Cayman Islands holding company rather than direct equity interests in the VIEs[31]. - The contractual arrangements with the VIEs allow the company to consolidate their operating results in financial statements under U.S. GAAP[38]. - The PRC Foreign Investment Law does not clarify whether controlling PRC onshore variable interest entities via contractual arrangements will be recognized as "foreign investment," leading to potential regulatory risks[49]. - The company faces significant uncertainty regarding potential future actions by the PRC government that could affect the legality and enforceability of the contractual arrangements with the VIEs[32]. - Risks related to the corporate structure and contractual arrangements pose challenges for investors, particularly in the context of Chinese regulations[81]. - The evolving PRC legal system introduces uncertainties in enforcing contractual arrangements, which could hinder the company's operational capabilities[205]. Cash Management and Dividends - The company has not established cash management policies for fund transfers between itself, its subsidiaries, and the VIEs, relying instead on estimated cash balances and forecasted requirements[51]. - The company has not declared or paid any cash dividends and intends to retain available funds for business operations and expansion[55]. - The company faces restrictions on transferring cash offshore, which may impact its ability to pay dividends to U.S. investors[59]. - The company has no current plans to declare or pay dividends in the near future, focusing instead on business growth[55]. Regulatory Compliance and Legal Risks - The company has obtained all necessary licenses and approvals for operations in China, but faces potential fines due to unregistered lease agreements[71]. - Future regulatory changes may require additional licenses or permits, which could materially affect the company's operations[72]. - The company must comply with the Overseas Listing Trial Measures effective March 31, 2023, which require filing procedures for future offshore offerings[76]. - The company is subject to potential fines ranging from RMB1,000 to RMB10,000 for each unregistered lease agreement under PRC law, which may affect its operations[172]. - The company may face severe penalties if its contractual arrangements with VIEs are found noncompliant with PRC laws, which could significantly affect its financial condition[190]. Market and Competitive Landscape - The company faces intense competition in China's pet industry, which is characterized by price sensitivity among consumers and competition from various retail formats[101]. - The company launched private label products, Yoken and Mocare, in 2015 and 2018, respectively, and introduced two "D-cat" labels in 2022[107]. - The company does not maintain long-term exclusive supply contracts with brand partners, which may lead to adverse effects on sales if partnerships are lost[105]. - The company plans to diversify monetization channels, including expanding offline presence and monetizing the online community user base[89]. Operational Challenges - The company has experienced challenges in optimizing its fulfillment network, which could lead to increased costs and operational difficulties[127]. - The company faces challenges in managing growth, which may strain operational and financial resources, potentially leading to expenses growing faster than revenues[116]. - The company relies on KOLs for popular content; failure to maintain these relationships could harm user engagement and revenue[118]. - The company is vulnerable to natural disasters and health epidemics, which could disrupt operations and lead to data loss or system failures[97]. Data Security and Compliance - The evolving PRC laws and regulations regarding data security and cybersecurity could materially impact business operations[84]. - The company must comply with evolving data protection laws, and failure to do so could harm its reputation and business prospects[146]. - The company is actively working to comply with privacy, data security, and cybersecurity laws, but faces uncertainty regarding the interpretation and enforcement of these regulations[228]. Management and Governance - The company has identified a material weakness in internal control over financial reporting, specifically related to financial closing policies and procedures, which could lead to material misstatements in future consolidated financial statements[177][178]. - The company’s senior management is critical to its operations, and losing key personnel could lead to significant costs and business disruption[157]. - The company has adopted share incentive plans to attract and retain qualified individuals, with the latest amendment to the 2018 Global Share Plan increasing the number of shares reserved for awards by 25,000[169].

Core Points - Boqii Holding Limited has ceased the listing of its American Depositary Shares (ADSs) on NYSE American and has listed its Class A ordinary shares on a post-reverse stock split basis effective July 11, 2025 [1] - The company implemented a reverse stock split where every 160 existing Class A ordinary shares consolidated into one new ordinary share, resulting in a mandatory exchange rate of 0.9375 of a new ordinary share for each cancelled ADS [2] - The new ordinary shares commenced trading on AMEX under the symbol "BQ" on July 11, 2025, with a new CUSIP number G1311F119 [3] Company Overview - Boqii Holding Limited is a leading pet-focused platform in China, recognized as the top online destination for pet products and supplies, offering a wide selection of high-quality products from global and local brands as well as its private labels [4] - The company's online sales platforms, including Boqii Mall and flagship stores on third-party e-commerce platforms, provide customers with convenient access to a diverse range of pet products and a personalized shopping experience [4] - Boqii Community serves as an informative and interactive content platform for users to share knowledge and passion for pets [4]

Group 1 - Nasdaq Golden Dragon China Index increased by 1.6%, outperforming the three major US stock indices, which are down by up to 0.6% [1] - Notable gains in popular Chinese concept stocks include Bilibili up over 7.8%, Baidu and Yum China up to 5.3%, and Li Auto up over 4.3% [1] - Significant stock movements include Yunmi Technology up 36.14%, XinYong up 30.77%, and Bit Origin up 24.94% [1] Group 2 - Yunmi Technology's current price is $2.26, with a rise of 36.14% and a year-to-date increase of 54.79% [2] - XinYong's current price is $4.25, with a rise of 30.77% and a year-to-date increase of 429.28% [2] - Bit Digital's current price is $3.56, with a rise of 21.12% and a year-to-date increase of 21.53% [2]

Core Viewpoint - Boqii Holding Limited plans to cease the listing of its American Depositary Shares (ADSs) on NYSE American and will substitute them with its Class A ordinary shares on a post-reverse stock split basis, effective July 11, 2025 [1][2][4] Group 1: Listing Changes - The Company will stop trading its ADSs on AMEX at 4:00 p.m. (New York Time) on July 10, 2025, with the ADR Facility terminating at the close of business on July 11, 2025 [1][2] - Following the termination of the ADR Facility, a reverse stock split will occur, consolidating every 160 existing ordinary shares into one new ordinary share with a par value of US$0.16 [3] - Holders of ADSs will have their shares automatically cancelled and will receive 0.9375 new Class A ordinary shares for each ADS cancelled [3] Group 2: Share Structure and Trading - The Company's Class A ordinary shares are expected to commence trading on AMEX under the symbol "BQ" on July 11, 2025, after the reverse split and mandatory exchange [4] - Post-reverse split, the total outstanding ordinary shares will be reduced to 2,879,559, consisting of 2,798,073 Class A ordinary shares and 81,486 Class B ordinary shares [4] - The new CUSIP number for the consolidated Class A ordinary shares will be G1311F119 [4] Group 3: Company Overview - Boqii Holding Limited is a leading pet-focused platform in China, offering a wide selection of high-quality pet products, including global and local brands, as well as its private labels [5] - The Company operates online sales platforms, including Boqii Mall and flagship stores on third-party e-commerce platforms, providing customers with convenient access to pet products [5] - Boqii Community serves as an informative and interactive platform for users to share knowledge and love for pets [5]

Core Viewpoint - Boqii Holding Limited will terminate its Deposit Agreement and implement a reverse stock split, consolidating every 160 ordinary shares into one new ordinary share, with plans to list its Class A ordinary shares on NYSE American LLC [1][2] Company Actions - The termination of the Deposit Agreement was approved by shareholders on June 26, 2025 [1] - A reverse stock split will occur, consolidating every 160 ordinary shares into one new ordinary share [1] - The company plans to list its Class A ordinary shares on NYSE American LLC, replacing the American depositary shares (ADSs) [2] Company Overview - Boqii Holding Limited is a leading pet-focused platform in China, offering a wide selection of high-quality pet products [3] - The company provides products from global leading brands, local emerging brands, and its own private labels, including Yoken, Mocare, and D-cat [3] - Boqii's online sales platforms include Boqii Mall and flagship stores on third-party e-commerce platforms, enhancing customer access and shopping experience [3]

Company Overview - Boqii Holding Limited is a leading pet-focused platform in China, operating as the top online destination for pet products and supplies [1] - The company offers a broad selection of high-quality products, including global leading brands, local emerging brands, and its own private labels (Yoken, Mocare, D-cat) at competitive prices [1] - Boqii operates through multiple online sales platforms, including Boqii Mall and flagship stores on third-party e-commerce platforms, providing customers with convenient access and personalized shopping experiences [1] - The company also maintains the Boqii Community, an interactive content platform for users to share knowledge and love for pets [1] ADS Ratio Change - Boqii announced a change in the ratio of its American Depositary Shares (ADSs) to Class A ordinary shares, from 1:15 to 1:150, effective on or about January 21, 2025 [4] - The ADS Ratio Change will have the same effect as a 1-for-10 reverse split on existing ADSs, requiring holders to surrender 10 old ADSs for 1 new ADS [5] - No fractional new ADSs will be issued, with the Depositary selling fractional entitlements and distributing net cash proceeds to applicable ADS holders [6] - The company's ADSs will continue trading on NYSE American under the ticker symbol "BQ", with the ADS price expected to increase proportionally, though no assurance is given regarding the post-change price [6] Investor Relations - For investor inquiries, Boqii provides contact information including a phone number (+86-21-6882-6051) and email address [3]