#1Pod FISH b.Aii 波府全面关爱宠物生活 IPO Roadshow Presentation September 2020 Strictly Private & Confidential#2Disclaimer This presentation has been prepared by Bogi Holding Limited (the "Company) alely for informational purposes. The information included herein in the presentation has not been independently verified. No representations, warandies or undertakings, express or implied, are made by the Company or any of its affiliates, advisars or representatives or the underwriters as to, and no reliance should be placed upon, the accuracy, faimees, completeness or correctriess of the information or opinions presented or contained in this presentation By viewing or accessing the information contained in this presentation, you acknowledge and agree that none of the Company or any of its affiliates advisers or representatives or the underwers accept any responsibility whatsoever fin negligence or otherwise) for any loss howsoever arising from any information presented or contained in this prontation or otherwise asing in connection with the presentation. The information pd or contained in this presentation is subject to change without notice and its accursicy is not guaranteed. None of the Company or any of its affiliates, advisers or representatives or the underwriters make any undertaking to update any such information subsequent to the date hereof This presentation should not be construed as legal, tax, investment or other advice. We recommend that you seek independent third panty legal, regulatory, accounting and tax advice garding the content of this document. This presentation does not constitute and should not be considered as any form of financial opinion or recommendation by the Company or any other party This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment is the securities of the Company. No encurities of the Company may be offered or and in the United States without registration with the United Statee Secution and Exchange Commission or an exemption from such registration pursuant to the Securities Act and the regulations promulgated thereunder Any public offer of the Company's securities to be made in the United States will be made soloty pursuant to an effective registration statement and the statutory prospectus included in the registration statement prepared by the Company that would contain material information not contained herein and to which any prospective purchasers and referred in the event of any such offering this presentation shall be deemed superseded, amended and supplemented in as entirety by such prospectus. Such prospectus will contain all material information in respect of the Company and any securities offered thereby and any decision to invest in such securites should be made solely in reliance on such prospectus. The prospectus will be available at the website of the SEC and may be obtained from the potential underwrters participating in such offer or the Company upon auch publication. This presentation does not comatute a "prospectus" within the meaning of the Section Act Any decision to purchase securities in the proposed offering should be made solely on the basis of the information contained in the statutory prospectus sed or to be issued in due course in relation to the proposed offering The Company has filed a registration statement on Form F-1 with the SEC relating to the proposed public offering of its securities in the United States, but the registration statement has not yet become effective. The proposed offering of the Company's secuses to be made in the United States will be made solely on the basis of the information contained in the prospectus included in such registration statement, as amended. Any decision to purchase the Company's securities in the proposed offering should be made solely on the basis of the information contained in the prospectus This presentation contains statements that reflect the Company's intent, bellefs or curent expectations about the future. These statements can be recognized by the use of words such as "expects," "plans." "wil" "stimates "projects, intends" or words of similar meaning These forward-locking statements are not guarantees of future performance and are based on a number of assumptions about the Company's operations and other factors, many of which are beyond the Company's control, and accordingly, actual es may differ materialy from the forward-looking statements Caudan should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements. The Company or any of its affiliates, advisors or representatives or the underwers has no obligation and does not undertake to revise forward-looking statements to reflect newly available information, future events or circonstances This presentation does not constitute an offer to sell or an invitation to purchase or subscribe for any securities of the Company for sale in the United States or anywhere ebe, No part of this presentation that form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, these materials do not constitute a "prospectus within the meaning of the US Securities Act of 1933, as amersted, and the regulations enacted thereunder. This presentation does not contain a relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the curties of the Company and is calified in to entirety by ance to the deed information in the prospects relating to the proposed offering in wasting its business, the Company uses certain non-GAAP measures as supplemental measures to review and assess its operating and financial performanos. These non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating and financial performances, investors should not consider them in isolation, or as a substitute for any consolidated statement of operations data prepared in accordance with US GAAP THE INFORMATION CONTAINED IN THIS DOCUMENT IS HIGHLY CONFIDENTIAL AND IS BEING GIVEN SOLELY FOR YOUR INFORMATION AND ONLY FOR YOUR USE IN CONNECTION WITH THIS PRESENTATION THE INFORMATION CONTAINED HEREIN MAY NOT BE COPIED, REPRODUCED, REDISTRIBUTED, OR OTHERWISE DISCLOSED, IN WHOLE OR IN PART, TO ANY OTHER PERSON IN ANY MANNER Any forwarding, distribution or reproduction of this presentation in whole or in part is unauthorized room where such documents are provided or photograph, b:Ali波奇宠物 As participants of this presentation, you agree not to remove this document, or any materials provided in connection herewith from the conference room copy or otherwise reproduce this presentation in any form or pass on this presentation to any other person for any purpose.#3Offering Summary 1 Issuer Exchange / Ticker Offering Type Base Offerings Over-Allotment Option Filing Range Expected Pricing Use of Proceeds Lock-Up Underwriters Bogii Holding Limited NYSE: "BQ." Initial Public Offering 7.0 million ADSS, each representing 0.75 Class A ordinary share; 100% primary 15% (100% primary) $10.00-$12.00 per ADS Week of September 28, 2020 Business development, fulfillment improvement, strategic acquisitions, and general corporate purposes 180 days Roth Capital Partners, CMBI, Valuable Capital Limited bAli波奇宠物#4b.Ail 水 bAiig • 波奇网 | shop.boqi.com 波奇全面关爱宠物生活! 1. COMPANY OVERVIEW bAli波奇宠物#5b.Aii Our Vision Connecting people and pets Our Mission Empower the pet ecosystem and instill love and trust into pet parenting 90#6Who We Are China's One-stop Destination for Pet Parent And Value Chain Enabler in Pet Market Online community Business lines Interfaces E-commerce marketplace App and website + mini-program b.All Long-standing & trusted information education portal Core assets Capabilities UGC/PUGC community Offline distribution network Learn +POP store on platform Vast user base & deep user loyalty Record Omni-channel network Share Care needs Procurement fulfillment Shop Service Market leader Capabilities Private labels store Saas Core 57 Membership services Interfaces Business#7Company Overview Impact on the Chinese Pet Industry - Connecting China's fast-growing "1st generation" pet parents • Cooperation with 15,000+ physical pet stores and pet hospitals . Covering 250+ cities in China • Covering-570 brands Omni-channel Distribution Platform . Self-operated channels: Boqil Mali/ Boqil APP/Mini Program • Third-party channel: Tmall / JD / PDD/TikTok • Offline: Pet stores / pet hospitals • 17,853 SkUs GMV of RMB1,558 mm in FY2020² App & Website b.Aii POP Store Mini- Program Store SaaS Note: (1) As of Jun 30, 2020; (2) Fatal yaranded Mar 31, 2000; (3) The nine months ended Dec 31, 2010 (4) As of December 31, 2010 #1 Pet-focused Eco-platform Satisfying the Demands of Retail Customers . Covering the full spectrum of pet industry value chain Delivered more than 43.2 million online orders since inception Acquired invested in the value chain: #1 Pet-focused Online Community in China with Extensive Content . Offering extensive content on APP/PC/ HTML5 . 23.0 mm registered users • MAU of 3.5 mm³ . Share contents and improve interaction experience with short videos, live streams, articles, and photographs bAli波奇宠物#8History and Key Milestones 2014 -Launched our mobile app, Bogii Pet b.All 2008 -Launched Bogil Community, an experience-sharing platform for pet parents and pet lovers Established Boqil Mail, our self-operated online sales platform Online community Note: (T) In number of paties 2015 Launched our private label Yoken 2017 -Made minority equity investment in Shuangan, a leading pet food manufacturer in China 2018 introduced our private label Mocare, a premium brand specialized in freeze-dried organic pet foods Launched our membership program introduced our proprietary SaaS solutions which help offline pet stores optimize supply chain management and in-store operations yokan E-commerce Private labels MOCARE Membership 2019 Made a 23.6% equity investment in PetDog. the largest pet store franchise in China Offline franchise 2020 Introduced community interactions through live streaming and short videos Market Consolidation bAii波奇宠物#9b.Ail 水 bAlig 【波奇网 | shop.boqi.com 波奇全面关爱宠物生活! 2. INVESTMENT HIGHLIGHTS#10Investment Highlights Summary Leading Pet-focused Platform in China Riding on Market Tailwind 3 Disruptive Business Model Empowering the Entire Pet Value Chain Largest Pet-focused Online Community with Extensive Content D ✔ b.Aii 2&L Growing Data Matrix Enabling C2B Capabilities Private Label: Date-fed "Customer-to- Manufacturer" Model Experienced Senior Management b.Ail 5#111. Leading Pet-focused Platform in China Riding on Market Tailwind . Consistent Spending and Resilient Performance During Economic Downturns • The Largest Company Propelling the Revolution for the Pet Industry Largest pet- focused platform¹ In terms of revenue in 2019 and number of customers Across Pet Species Branded Partners ROYAL CANIN D pidan 大宠爱。 Full-category Product Offerings 23 Purich DREP Pedigree 41HOICE Largest pet-focused online retail business' • In terms of GMV in 2019 Note: (1) Accorting to Frost & Sullivan (2) As of Dec 31, 2019 Across Product Categories whiskas TOM CATT Red Dog Nature Bridge HOURSE FRONTLINE 福来恩 Largest Pet-focused Online Community In terms of registered users Nationwide Supply Chain Capability Warehouses & Fument Centers Strong warehousing and logistics capability 5 warehouses + 3 fulfillment centers Most of 1P model taking inventory bAii波奇宠物#122. Disruptive Business Model Empowering the Entire Pet Value Chain Online channel: no specialized pet destination Pet parents' pain points Too many SKUs to choose from Concerns on product function High price markups & varying quality Solutions Comprehensive and relevant selection of product Pet profiles High-quality pet products at competitive prices Note: (1) As of Jun 201, 2020 Pet parents Traditionally Over 15,000 pet stores and pet hospitals Offline channel: scattered and inefficient Pet store & hospital pain points Lack of trained professionals 05 Pet stores & hospitals FOO Poor operating efficiency Imprecise products selection and weak bargaining power Solutions Professional training chain Proprietary software solution Data insights into customer preferences and market trends Brands Traditionally Brand Pain Points Lack of professional market access Hard to differentiate product features Insufficient feedback from end consumers Solutions Go-to distribution partner Valuable data insights Attractive, high-quality. and targeted user traffic bAii波奇宠物#133. Largest Pet-focused Online Community with Extensive Content 字记 Average Monthly Total Interactions: -333.8 million Registered users Registered users: ~ 23 million KOL accounts: - 860+ | 小红书 Weixin/WeChat Groups: Over 500m J 5.89 Average Monthly Active User: - 3.5 million Contents Product Reviews/Q&As/Short Videos Our eine content screening and monitoring procedures consist of automated screening performed by an automated filtering system as wat as a set of manual e procedures conducted by our editors 相伴读。 Note: (1) In the three months ended Jun 30, 2020 (2) As of Dec 31, 2018 (3) In the nine months ended Dec 31, 2019 (4) As of June 30, 2020-om social media platforma Transactions A multitude of monetization opportunities bAli波奇宠物#144. Growing Data Matrix Enabling C2B Capabilities Big Data Shapes the Strategy and Optimizes the Supply Chain and Marketing. Female BIG DATA 1990 to 2000 5,000-9,999 Yoken Married cat litter freeze-dry food Yoken Yoken Female Yoken Pedigree Pedigree cat litter First generation Female Yoken Pedigree BIG DATA Yoken cat litter Yoken Pedigree 1990 to 2000 Royal Canin Female Pedigree Yoken Female 1990 to 2000 Yoken Royal Canin BIG DATA cat litter Yoken cat litter BIG DATA Data-driven Customer-to- Manufacturer Capabilities User Profiling Find relevant patterns in user and transactional behaviors Identify user preferences, new trends, unmet demands, and emerging brands Our Optimization Will Enables us to offer an extensive and diversified selection of SKUs Administer the entire supply chain Optimize inventory turnovers and order delivery Emerging Brands Effective sales and marketing strategies Increase exposure and visibility while achieving attractive economics • Enhances our value propositions to both our users, customers and brand partners#155. Private Label: Data-fed "Customer-to-Manufacturer" Model Pet Parents Offline Pet Stores Analyze behavior, big data Identify unique needs Evaluating the feasibility and profitability of developing the products that satisfy such needs Engaging manufacturing partners to bring the products to market + Partnership with Upstream Manufacturers Equity investment with significant influence in Shuangan in 2017 (11 On Jun 23, 2120 from 23 in 1 For the falar n March 31, Strong market insights Robust production capability Yoken yoken D-Eat 48" Mocare MOCARE 11.9% of Total SKU JUBAO 聚宝源: 锦跃 -2,1301 367.0mn² Private Label SKUs GMV from Private Label 24% of Total GMV b:Ali波奇宠物#166. Experienced Management Team Hao (Louis) Liang Founder, Director, Chairman, CEO Tencent Mi 13 years of experience in management and strategy and deep understanding of internet. pet and media industries Guilin Electronic Technology University Ying (Christina) Zhang Co-CFO kid CVCAPITAL. 12 years of experience in financial management, audit, investment and financing business Fudan University Yingzhi (Lisa) Tang Co-founder, Director, Co-CEO, CFO Tencent Mi 12 years of experience in internet, pet, media industries, expertise in financial investment and M&A Tongji University Lijun Zhou Assistant Vice President b.Aii 14 years of experience in manufacturing and supply chain management and operations Jiamusi University Di (Jackie) Chen Co-founder, Director, Senior Vice President 12 years of experience in manufacturing supply chain management and operations as well as pet industries • Nanjing Agricultural University Chao Guo Senior Vice President • 14 years of experience in pet healthcare industry Bachelor's degree in biotechnology from Jiangsu Ocean University bAli波奇宠物#17b.Ail 水 b.Aii 【波奇网 | shop.boqi.com 波奇全面关爱宠物生活! 3. INDUSTRY#18Chinese Pet Market Overview Chinese Pets Market is Growing Fast Chinese Pets Industry Market Size by Revenue (Unit: RMB bn) 94 2014A-2024E CAGR: 20.3% 142 172 2014A 2015A 2016A 2017A 2018A 2019 2020 2021 2022 2023 2024E Source: Frost & Sullivan report. China Pets Market Size Fragmented Pet Market in all aspects: Top 5 brands only accounted 18.9% of the market share in Chinese pet goods market¹ 4.50 112.5 thousand individual-operated pet stores and pet hospitals Most Pet Parents in China are First Generation Pet Owners Percentage of First Generation Pet Owners - 80% Percentage of First Generation Pet Owners in China - 40% Percentage of First Generation Pet Owners in U.S. Education on Chinese pet parents is very important due to much higher percentage of first generation pet owners in China than in the US Consumption habits of Chinese first generation pet parents are still evolving, which offers much room for further growth bili波奇宠物#19There is Large Upside in the Pet Industry Driven by Higher Penetration % of Pet-owning Households in China vs. U.S. in 2019 and 2024E 22.8% 68.9% Note RMB/B0= 6.96 Source Front & Sullivan report 72.9% Penetration Rate in 2019 Expected Penetration Rate in 2024 Number of Pets is Growing fast in China Number of Pets in China (Unit: mn) Milion 300 100 190 2014A 302 2019A 411 8.1% 2019A-2024E CAGR 2023E tt D:Ali波奇宠物#20b.Ail 水 b.Aii 【波奇网 | shop.boqi.com 波奇全面关爱宠物生活! 4. GROWTH STRATEGIES#21Boqii Strategy Roadmap • Expand product portfolios Private labels addressing unmet user needs Achieve higher margin Optimize Product Mix eff Grow Content Offerings to Benefit CAC Personalized content • Drive User engagement • Better manage product sourcing Membership Programs Driving engagement Encouraging repeat purchase • Expand offline network • Consolidate physical store Offline Franchise OME M&A and Strategic Opportunities - Pursue M&A and strategic transactions - Deepen strategic partnerships b:Ali波奇宠物#22b.Ail 水 GAiig • 波奇网 shop.boqi.com 波奇全面关爱宠物生活! 5. OPERATING METRICS & FINANCIAL SUMMARY#23User Base Growth Metrics Total GMV (RMB mn) 795 Active Buyer (000¹) 17 CAGR: 25.1% 3.758 1,086 FY18 1,415 FY19 1,558 FY20 355 YOY Growth: 1.274 Average Order Value (RMB) FY17 CAGR: 28.8% 212 FY18 150 Average Spending Per Active Buyer (RMB) 269 FY19 310 FY20 FY18 FY19 1020 FY18 FY19 FY20 FY17 Note: FY means "For the fiscal year ended March 31", "10" moans "For three months ended June 30", "GMV" refers to gross merchandise volume, which is the total value of confirmed 1020 1020 281 430 b:All波奇宠物#24Stable Track Record in Strategic Transformational Period Revenue From Branded Products vs. Private Label Products (RMB min) Revenue (RMB mn) 804 798 770 767 FY20 YOY Growth: 25,9% 189 188 FY19 1020 Online marketing and information services Product Sales 238 Note: FY means "For the fiscal year ended March 31 238 1021 FY19 FY20 FY19 FY20 1020 Branded Products Private Label Products Revenue From Boqil Owned Platform vs. 3rd Party E-commerce Platforms (Tmall/JD/PDD) (RMB mn) Bogi Mall 1020 23.1 1021 3 Party E-commerce Platform 84.6 1021 37 7 bAli波奇宠物#25Improved Cost Control Operating Expenses & Breakdown (RMB mn) Revenue FY19 (157) (50.9%) FY20 (116) (128) Funliment Expenses General & Administrative Expenses 1020 1021 (35) Sales & Marketing Expenses Operating Expenses as % of Revenue Sales & Marketing Expenses as % of Revenue FY19 FY20 1020 Fulfillment Expenses as % of Revenue FY19 FY:20 1020 Nole: FYZ0 means "For the facal year ended March 31, 2019" - FY21 means "For the Isoil year ended March 31, 201 ¹ Advertising Expenses I I I I FY19 FY20 FY19 General & Administrative Expenses as % of Revenue 10:20 FY20 10:20 1021 bili波奇宠物#26Improving Inventory Management and Margin EBITDA & Margin¹ (RMB mn) FY19 (210) FY20 EBITDA Margin (18.6%) 1021 Inventory Turnover Days² (Days) 37 11 FY19 Note: FY20 mana “For tha ixal your unded March 31, 2013" - FY21 maana Tor the fixail your unded March 31, 2000-0" (2) Inventory Tumover Days per year = Ending Inventory/Cost of Product Sales - 360 Inventory Tumower Days per quarter Ending Inventory/Cost of Produd Sales " 40 1020 29 1021 bili波奇宠物#27Summary Financials - Income Statement Consolidated Statements of Operations (RMB Thousand) Total revenues Total cost of revenues Gross profit Operating expenses: Fulfillment expenses Sales and marketing expenses General and administrative expenses Other income, net Loss from operations Net loss Note: USD/RMB = 70651 21 For the Fiscal Year Ended March 31, FY 2019 RMB 113,775 28,924 -184,846 -26,163 For the Fiscal Year Ended March 31, FY 2020 RMB 770,237 109,020 -611,470 158,767 -115,887 -128,387 -18,172 -54,277 3,851 -201,130 -231,526 -32,770 -175,933 2,398 22,472 339 For the Three Months Ended June 30, FY 102020 RMB 188,951 43,826 -30,911 -16,349 47,900 26,744 -20,541 3:37 -5,001 -6,780 For the Three Months Ended June 30, FY 102021 RMB -195,168 43,270 -33,632 -16,868 -42,127 US$ -27,624 6,125 -4.760 -2,387 7 bAli波奇宠物#28b.Ail 水 bAiig 【波奇网 | shop.boqi.com 波奇全面关爱宠物生活! 6. APPENDIX#29Summary Financials - Balance Sheet Selected Consolidated Balance Sheet (RMB Thousand) Total current assets Cash and cash equivalents Restricted cash Accounts receivable, not Inventories, net Prepayments and other current assets Amounts due from related parties Total non-current assets Total assets Total current liabilities Total non-current liabilities Total liabilities Note: USD/RMB = 70651 As of March 31 FY 2019 RMB 172,601 23,839 3.378 25,968 69,371 46,007 4,038 62,908 235,509 294,481 58,283 352,764 US$ 3,676 9,819 6,512 572 33,334 41,681 49,931 As of March 31 RMB FY 2020 279,090 88,352 76,720 178.105 457,195 311,895 246,409 US$ 12.505 6,367 10,860 25,210 64,714 34,878 As of June 30 1Q FY2021 RMB 565,417 319,590 36,820 141,853 205,334 770,751 297,266 263,667 560,933 US$ 45,235 5,212 6:55 109,093 42,075 37.319 bili波奇宠物#30Summary Financials - Cash Flow Statement Selected Consolidated Cash Flow (RMB Thousand) Net cash flows used in operating activities Net cash flows used in investing activities Net cash flows generated from financing Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the Effects of foreign exchange rate changes on cash and cash equivalents Note USD/RMB = 70651 For the Fiscal Year Ended March 31, 20 FY2019 RMB -206,224 -29,189 -22,562 -3,193 199,313 28,211 -29,473 Cash and cash equivalents at the end of the period 27,217 50,207 US$ 7,106 918 For the Fiscal Year Ended March 31, FY2020 RMB -165,912 -75,056 -10,623 295,032 41.758 27,217 US$ 7,071 7,651 3,852 1,002 12,505 For the Three Months Ended June 10 FY2020 RMB 23,007 -38,769 -17,951 79.727 11,285 27,217 US$ 52,673 -5,487 3,852 7,455 For the Three Months Ended June 1Q FY2021 RMB -53,870 -38,193 324,763 232,700 32.938 88,352 US$ 319,590 12,505 bAi波奇宠物#31Chinese Pets Online Market and Pet-focused Online Community Growing Fast Chinese Pet Market is Growing Fast with Online Market Playing an Increasingly Crucial Role in Chinese Pet Industry Pet-focused Online Community is Becoming More and More Welcomed by Pet Parents Market Size of Pet Retail Goods Market in China by Revenue (Unit: RMB bn) 48.7 13.0 24 353 614 183 73.9 240.0 Source: Frost & Sullivan report 106.8 45.5 56.7 1362 167.6 195.5 07.7 272.4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ☐☐Offline Online Bring more community members User education Interaction User loyalty Penetration Rate of Pet-focused Online Communities (Unit: %) 12.6% 2014A 25.0% 2019A Online channel becomes more and more important in sales and user education 38.7% 2024E bAli波奇宠物