Boqii Holding Limited (BQ) is a China-based pet retail platform offering compliant core activities such as e-commerce sales of pet food, supplies, and veterinary products. However, severe financial ratio failures, including a debt-to-market-cap ratio of 4085.19% and liquidity ratio of 3481.02%, render it non-compliant under major Shariah standards despite negligible non-permissible income (0.02%). The company is excluded from all key Shariah indices due to these metrics. A minimal purification rate of 0.02% applies to interest income. Overall, BQ presents business permissibility but critical financial risks, suitable only for monitoring with potential debt restructuring.