iimedia.cn learned that on September 15, Boqii Pet announced the unaudited financial performance report for the first quarter of fiscal year 2023 ending June 30, 2022 before the U.S. stock market. The financial report shows that Boqii Pet's performance has grown steadily. Total revenue for the quarter was RMB 315.1 million. GMV was RMB 731.5 million. Under the optimization of product mix and effective cost control, the operating loss in the first quarter of fiscal year 2023 was RMB 9.8 million, which was 76.4% lower than the operating loss of RMB 41.5 million in the first quarter of fiscal year 2022.

At the same time, the number of active buyers of Boqii Pet this quarter increased by 20.8% from the previous quarter to 1.83 million. Thanks to the use of more cost-effective customer acquisition channels to reduce the cost of customer acquisition, the cost of customer acquisition in this quarter hit a new low of 5.2 yuan.

It is understood that Boqii Pet is deeply involved in the pet industry. It was listed on the New York Stock Exchange on September 30, 2020, becoming China's first listed comprehensive pet service platform. Th increase in revenue contribution from Boqii's pet service, the development of its own brand and the improvement of its product mix have jointly promoted the growth of gross profit. During the period, gross profit increased from RMB 56.4 million to RMB 70.7 million, a year-on-year increase of 25.3%. Gross margin also increased significantly by 490 basis points to 22.4%.

With the development of society and the continuous promotion and popularization of the concept of keeping pets, the high-growth pet industry has become a blue ocean in the market. Driven by the demand side, supply side and capital of the pet industry, the scale of China's pet economy industry has grown rapidly. In 2022, the scale of China's pet economy industry will reach 493.6 billion yuan, a year-on-year increase of 25.2%. It is estimated that the market size will reach 811.4 billion yuan in 2025.

The total revenue of Boqii Pets in the first quarter was 315.1 million yuan, and the high-growth pet industry has become a blue ocean in the market

The large-scale development of the pet market has led to the continuous improvement of market extension services. Pet food has expanded from staple food to snacks and nutritional health products; In the service, medical care and training began to become important components.

With the strong rise of the pet economy, the dividends from the rapid growth of the industry are bound to benefit all links in the industry chain, and the accompanying targets in the capital market will also receive more attention. Driven by the pet economy, various segments of pet products continue to emerge.

Compared with the pet economy in developed countries, China's current pet market is in its infancy. Pet-related industries and peripherals have become an independent industry, and market segmentation is becoming more and more refined.

The entry of capital has intensified the competition among pet companies. In the process of industry development, the domestic market is facing three-party competition among traditional pet food supplies, well-known foreign brands and new brands. But in the long run, the pet industry will continue to reshuffle. If we can make great efforts in quality, research and development, channels and marketing, domestic brands will be able to successfully 'break through' through long-term operation and establishment of brands.