HERE

MKT CAP:$401M

Here Group Limited

Market Cap

$401M

Consumer Cyclical·Leisure·🇨🇳 China·NASDAQ

Consumer Cyc.·Leisure·🇨🇳·NASDAQ

Stock Price

$3.63-$1.48 (-28.96%)

Apr 22, 2026

Company Details

Here Group Limited designs and sells pop toys in China. It offers collectible pop toys, such as plush toys and figures under HERE brand. The company was formerly known as QuantaSing Group Limited and change its name to Here Group Limited in...

CEO

Peng Li

IPO Date

Jan 25, 2023

Website

www.heregroup.com

Key Metrics TTM

Revenue

$218M

-44.1% YoY

Net Income

$47M

EPS (Diluted)

$0.10

Free Cash Flow

$44M

Revenue / Share

$4.01

Gross Margin

43.3%

Operating Margin

6.0%

Net Margin

21.7%

FCF Margin

20.4%

P/S

1.8x

P/E

8.5x

Earnings Reports

Q2 2025

Dec 30, 2025

$26M-75.9%EPS -$0.07

Q1 2025

Sep 30, 2025

$19M-84.3%EPS $0.02

Q4 2024

Jun 30, 2025

$90M-38.2%EPS $0.04

Q3 2024

Mar 31, 2025

$83M+333.9%EPS $0.11

Q2 2024

Dec 31, 2024

$106M+435.7%EPS $0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$16M	$84M	$226.0K
Q4 21	$92M	$76M	-$5M
Q1 22	$96M	$12M	-$14M
Q2 22	$16M	$14M	-$7M
Q3 22	$118M	$15M	-$3M
Q4 22	$17M	$104M	$990.0K
Q1 23	$18M	$15M	$891.8K
Q2 23	$20M	$122M	$2M
Q3 23	$19M	$117M	-$104.2K
Q4 23	$146M	$125M	$34M
Q1 24	$118M	$99M	$15M
Q2 24	$106M	$88M	$20M
Q3 24	$83M	$69M	$5M
Q4 24	$90M	$9M	$18M
Q1 25	$19M	$8M	-$4M
Q2 25	$26M	$8M	-$6M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q4 21	1.7x	—
Q1 22	1.7x	—
Q2 22	1.8x	—
Q3 22	1.2x	—
Q4 22	1.6x	—
Q1 23	2.3x	—
Q2 23	2.3x	94.1x
Q3 23	5.3x	79.1x
Q4 23	1.9x	12.0x
Q1 24	1.3x	9.1x
Q2 24	1.0x	6.6x
Q3 24	0.9x	6.0x
Q4 24	1.0x	10.1x
Q1 25	1.3x	5.6x
Q2 25	1.4x	6.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$12M	$12M
Q1 22	$32M	$32M

Capital Expenditures

Quarter	CapEx
Q1 21	$205.4K
Q1 22	$65.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-11.4%	-0.6%
Q2 22	-12.1%	+112.6%
Q3 22	+641.8%	+674.0%
Q4 22	-81.2%	-83.2%
Q1 23	-81.8%	-84.9%
Q2 23	+22.7%	-21.6%
Q3 23	-83.7%	-84.1%
Q4 23	+747.6%	+587.1%
Q1 24	+575.7%	+522.1%
Q2 24	+435.7%	+384.3%
Q3 24	+333.9%	+306.5%
Q4 24	-38.2%	-35.3%
Q1 25	-84.3%	-77.9%
Q2 25	-75.9%	-63.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$0	0.0%
Q1 22	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$7M	$5M	$72M
Q4 21	$3M	$9M	$78M
Q1 22	$8M	$6M	$85M
Q2 22	$1M	$7M	$91M
Q3 22	$7M	$7M	$92M
Q4 22	$1M	$6M	$84M
Q1 23	$6M	$6M	$91M
Q2 23	$829.1K	$5M	$96M
Q3 23	$6M	$5M	$107M
Q4 23	$3M	$2M	$85M
Q1 24	$4M	$4M	$75M
Q2 24	$4M	$4M	$59M
Q3 24	$3M	$4M	$58M
Q4 24	$3M	$4M	$43M
Q1 25	$2M	$6M	$4M
Q2 25	$1M	$5M	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 21	$0	$0	$0
Q4 21	$39M	$19M	$58M
Q1 22	$9M	$125.5K	$9M
Q2 22	$61M	$2M	$63M
Q3 22	$10M	$8M	$18M
Q4 22	$112M	$24M	$136M
Q1 23	$101M	$27M	$129M
Q2 23	$126M	$4M	$130M
Q3 23	$142M	$26M	$168M
Q4 23	$114M	$36M	$150M
Q1 24	$150M	$24M	$174M
Q2 24	$160M	$17M	$177M
Q3 24	$144M	$22M	$166M
Q4 24	$121M	$31M	$152M
Q1 25	$107M	$8M	$115M
Q2 25	$25M	$82M	$107M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	55M	0.0%	—
Q4 21	55M	0.0%	—
Q1 22	55M	0.0%	0.0%
Q2 22	55M	0.0%	0.0%
Q3 22	55M	+0.2%	+0.2%
Q4 22	55M	0.0%	+0.2%
Q1 23	58M	+5.7%	+5.9%
Q2 23	56M	-4.4%	+1.3%
Q3 23	57M	+2.1%	+3.2%
Q4 23	56M	-2.3%	+0.8%
Q1 24	54M	-3.3%	-7.8%
Q2 24	55M	+2.5%	-1.2%
Q3 24	55M	-0.1%	-3.3%
Q4 24	56M	+2.3%	+1.2%
Q1 25	55M	-3.1%	+1.5%
Q2 25	54M	-0.4%	-1.4%

Shares Outstanding