olivLaw · US equity research
QuantaSing Group Limited HERE
Retail-Hobby, Toy & Game Shops · SIC 5945 · Vertical: Miscellaneous retail (SIC 594x)
QuantaSing Group Limited, which trades as HERE, completed a restructuring in September 2025 that left its legacy online learning business behind and turned it into a pop toy company operated mainly through Shenzhen Letsvan. For investors this means the company's historical financials no longer directly reflect current activity, and future performance depends on a new business model that is still in its early stage. Pop toy revenue was only 65.8 million RMB in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, QuantaSing Group Limited (HERE) stock was 1.51 USD (+5.59% on the day), with market capitalisation 72.2 m USD, P/E 5.0 on diluted EPS of 0.30 USD over the last 12 months, dividend yield 15.10%, beta 1.35, 52-week range 1.38–6.85 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.0
- weak (30–45)
- Bollinger (20, 2)
- 1.35 – 1.72
- in the lower half of the band · %B 0.43 · band width 23.5%
- SMA 50 / 200
- 1.69 / 2.78
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.7% | −1.1% | −11.6 pp | — |
| 3 months | −20.5% | −0.5% | −20.1 pp | — |
| 6 months | −53.8% | +4.4% | −58.2 pp | — |
| Year to date | −70.5% | +12.3% | −82.8 pp | — |
| 1 year | −78.4% | +13.5% | −91.9 pp | −13.5% |
| 3 years | −39.6% | +76.4% | −116.0 pp | +29.1% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 5.3, median 18.4, max 31.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 424.9 m | 522.3 m | 380.5 m | 88.0 m |
| Revenue YoY | unavailable | unavailable | unavailable | +22.9% | −27.1% | −76.9% |
| Net income | unavailable | unavailable | -15.0 m | 53.1 m | 50.1 m | 9.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −5.6% | −81.3% |
| Diluted EPS | unavailable | unavailable | -0.17 | 0.31 | 0.30 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −3.2% | unavailable |
| net % | unavailable | unavailable | -3.5% | 10.2% | 13.2% | 10.6% |
| Free cash flow | unavailable | unavailable | 31.7 m | 38.4 m | 25.2 m | -24.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 63.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 92.7 m USD
- Total assets
- 167.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.01x
- ROE
- 8.6%
- ROA
- 4.7%
- FCF margin
- -27.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 424.9 m | 522.3 m | 380.5 m | 88.0 m | SEC (XBRL)· 30 Oct 2026verified |
| Cost of revenue | 54.0 m | 75.7 m | 70.3 m | 58.9 m | SEC (XBRL)· 30 Oct 2026verified |
| Gross profit | 371.0 m | 446.5 m | 310.2 m | 29.1 m | SEC (XBRL)· 30 Oct 2026verified |
| Research & development | 30.3 m | 19.9 m | 13.8 m | 6.5 m | SEC (XBRL)· 30 Oct 2026verified |
| Operating income | -15.7 m | 51.9 m | 55.4 m | -43.4 m | SEC (XBRL)· 30 Oct 2026verified |
| Pre-tax income | -12.0 m | 57.4 m | 65.5 m | -39.3 m | SEC (XBRL)· 30 Oct 2026verified |
| Income tax | 3.0 m | 4.3 m | 15.8 m | -1.7 m | SEC (XBRL)· 30 Oct 2026verified |
| Net income | -15.0 m | 53.1 m | 50.1 m | 9.4 m | SEC (XBRL)· 30 Oct 2026verified |
| Diluted EPS | -0.17 | 0.31 | 0.30 | — | SEC (XBRL)· 31 Oct 2025verified |
| Weighted average diluted shares | 103.9 m | 165.0 m | 161.3 m | 161.4 m | SEC (XBRL)· 30 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 105.2 m | 108.9 m | 115.9 m | 63.5 m | SEC (XBRL)· 30 Oct 2026verified |
| Receivables | 1.7 m | 2.3 m | 6.4 m | 2.5 m | SEC (XBRL)· 30 Oct 2026verified |
| Inventories | — | 873.0 k | 3.0 m | 19.9 m | SEC (XBRL)· 30 Oct 2026verified |
| Current assets | 152.9 m | 182.9 m | 183.3 m | 134.4 m | SEC (XBRL)· 30 Oct 2026verified |
| Property, plant & equipment, net | 1.0 m | 904.0 k | 1.6 m | 3.3 m | SEC (XBRL)· 30 Oct 2026verified |
| Goodwill | — | — | 26.2 m | 9.4 m | SEC (XBRL)· 30 Oct 2026verified |
| Intangibles (excl. goodwill) | — | — | 9.2 m | 9.0 m | SEC (XBRL)· 30 Oct 2026verified |
| Total assets | 168.7 m | 196.2 m | 231.9 m | 167.5 m | SEC (XBRL)· 30 Oct 2026verified |
| Accounts payable | 8.6 m | 8.5 m | 6.8 m | 7.9 m | SEC (XBRL)· 30 Oct 2026verified |
| Short-term debt | — | — | 1.6 m | — | SEC (XBRL)· 31 Oct 2025verified |
| Current liabilities | 130.3 m | 119.7 m | 85.7 m | 22.4 m | SEC (XBRL)· 30 Oct 2026verified |
| Total liabilities | 137.6 m | 125.2 m | 101.7 m | 42.3 m | SEC (XBRL)· 30 Oct 2026verified |
| Equity | 31.1 m | 71.1 m | 124.5 m | 92.7 m | SEC (XBRL)· 30 Oct 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 32.5 m | 38.9 m | 25.7 m | -20.6 m | SEC (XBRL)· 30 Oct 2026verified |
| Capex | 794.0 k | 501.0 k | 432.0 k | 3.4 m | SEC (XBRL)· 30 Oct 2026verified |
| Free cash flow | 31.7 m ≈ | 38.4 m ≈ | 25.2 m ≈ | -24.0 m ≈ | SEC (XBRL)· 30 Oct 2026derived |
| Investing cash flow | 28.0 k | -18.3 m | -896.0 k | -9.3 m | SEC (XBRL)· 30 Oct 2026verified |
| Financing cash flow | 34.2 m | -17.9 m | -14.7 m | -31.3 m | SEC (XBRL)· 30 Oct 2026verified |
| Dividends paid | — | — | 10.9 m | — | SEC (XBRL)· 31 Oct 2025verified |
| Share repurchases | 20.0 k | 20.0 k | 20.0 k | — | SEC (XBRL)· 31 Oct 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 72.2 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.32 – 3.05 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.32 – 3.05 (Mid 2.78)6 companies used · median multiple 14.2x · quartiles 11.9x – 15.6xASO, BBW, BNED, DKS, ELA, SIG
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.6% | 100 (vs peers) | 13% |
| FCF conversion · Quality | -255.8% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -40.8% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 6.0x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 7.7x | 100 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -33.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 15.1% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Here Group Limited (HERE). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 88.0 m USD in 2026; YoY growth -76.9%; net margin 10.6%; ROE 9.1%.
The estimated value range is 2.32–3.05 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.78 USD, the price of 1.51 USD leaves a potential of 83.8% (value / price − 1) and a margin of safety of 45.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.6%
- Current ratio: 6.0x
- P/E (TTM): 7.7x
- Shareholder yield (distributions): 15.1%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -255.8%
- Revenue CAGR 3Y: -40.8%
- FCF yield: -33.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Miscellaneous retail (SIC 594x) · same industry group (3-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SIGSignet Jewelers Limited | 4.9 bn | 14.8 | 19.9% | 5.2% | +1.6% | +28% / +56% |
| ASOAcademy Sports and Outdoors, Inc. | 4.2 bn | 11.3 | 18.6% | 6.4% | +2.0% | +40% / +33% |
| BNEDBarnes & Noble Education, Inc. | 457.9 m | 20.6 | 8.3% | 1.3% | +6.5% | +41% / −88% |
| BBWBuild-A-Bear Workshop Inc | 388.6 m | 7.8 | 32.8% | 10.0% | +6.7% | −41% / +29% |
| ELAEnvela Corporation | 303.8 m | 13.6 | 32.4% | 7.6% | +33.6% | +1% / +167% |
| HEREHere Group Limited | 72.2 m | 7.7 | 9.1% | 10.6% | −76.9% | −78% / −40% |
| PEWGrabAGun Digital Holdings Inc. | 59.9 m | — | -13.7% | -7.0% | +3.6% | −42% / unavailable |
| SPWHSportsman’s Warehouse Holdings, Inc. | 45.4 m | — | -25.8% | -3.9% | +1.0% | −48% / −76% |
| DKSDICK'S Sporting Goods, Inc. | — | 15.9 | 18.5% | 4.0% | +28.1% | −29% / +13% |
1- and 3-year price returns: for HERE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.81 Total return -47% · Per year -47% | 1.43 Total return -5% · Per year -5% | 2.17 Total return 44% · Per year 44% |
| 3 years | 0.64 Total return -58% · Per year -25% | 1.29 Total return -14% · Per year -5% | 2.17 Total return 44% · Per year 13% |
| 5 years | 0.51 Total return -66% · Per year -20% | 1.17 Total return -23% · Per year -5% | 2.17 Total return 44% · Per year 8% |
- Exit P/E± 0.32
- Net margin± 0.23
- Annual revenue growth± 0.20
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Oct 2025; since then the company filed 20-F (30 Oct 2026), 6-K (22 Sept 2026), 6-K (05 Jun 2026), 6-K (12 Mar 2026), 6-K (02 Dec 2025), 6-K (10 Nov 2025).
In brief
QuantaSing Group Limited, which trades as HERE, completed a restructuring in September 2025 that left its legacy online learning business behind and turned it into a pop toy company operated mainly through Shenzhen Letsvan. For investors this means the company's historical financials no longer directly reflect current activity, and future performance depends on a new business model that is still in its early stage. Pop toy revenue was only 65.8 million RMB in fiscal 2025 1.
SWOT
Strengths
- The company has an in-house design team and a portfolio of its own characters, giving it control over the product development cycle 1.
- The restructuring allowed the company to focus on pop toys, a segment with growth potential worldwide 1.
- Partnerships with recognised IP holders can speed up launches and raise brand visibility 1.
Weaknesses
- The company has limited experience running the new pop toy business, and the model differs greatly from the old one 1.
- The historical financials are no longer comparable with the present, which makes future performance hard to assess 1.
- Marketing and acquisition costs have risen and remain high relative to revenue 1.
Opportunities
- If the popularity of proprietary characters grows, the company could extend its product line and enter new overseas markets 1.
- Full acquisition of Shenzhen Letsvan could simplify the structure and give more control over profit 1.
- Sales through online channels and physical events could build a more loyal fan base if the marketing strategy works 1.
Threats
- Regulatory changes in China could affect the business, since authorities can intervene in companies with a similar structure 1.
- Pop toy popularity is volatile, and if interest falls, revenue could drop quickly 1.
- Dual-class voting shareholders can influence major decisions, and large share sales could weigh on the ADS price 1.
Risks
- Business model in transitionhigh
The company's history does not indicate future performance, and the new pop toy model is at an early stage, with uncertainty over whether it can match the success of the legacy business 1.
- Incomplete restructuringmedium
Some closing conditions, approvals and payments for the restructuring are not yet finalised, which could lead to disputes or unexpected costs 1.
- Regulatory risk in Chinahigh
Chinese authorities have broad powers to intervene and can change rules with little advance notice, which could affect operations 1.
- Dependence on IPsmedium
Success depends on a few key characters and on the ability to create new IPs, and a decline in their popularity could hurt sales 1.
- Shareholder dilutionmedium
Acquiring the remaining shares of Shenzhen Letsvan through new share issuance could dilute existing shareholders and affect control 1.
Investment thesis
What would need to be true (bull case)
- If the company's own characters stay popular and sales channels expand, the pop toy segment could become a serious growth engine with recurring IP revenue 1.
- Full control of Shenzhen Letsvan could simplify operations and increase the share of profit that goes to shareholders 1.
- Collaborations with global licensors could bring new products and access to fan communities that already exist 1.
What would break the thesis
- Pop toy revenue is still small, and high marketing commitments could keep losses in place for a long time 1.
- The restructuring removed part of the business, and it remains to be seen whether the new model can compensate for the lost revenue 1.
- If Chinese regulation tightens or interest in pop toys declines, results could fall well short of expectations 1.
What to watch
- Completion of the purchase of the remaining Shenzhen Letsvan shares and issuance of the Class A sharesnext annual report
- Development of pop toy revenue compared with the prior quarterQ1 2027
- Level of sales and marketing expense as a share of revenuenext annual report
- Any changes to Chinese regulation that could affect operations2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Oct 2025; since then the company filed 20-F (30 Oct 2026), 6-K (22 Sept 2026), 6-K (05 Jun 2026), 6-K (12 Mar 2026), 6-K (02 Dec 2025), 6-K (10 Nov 2025).
The business
The company creates collectible pop toys, operated mainly in China through its subsidiary Shenzhen Letsvan, with much smaller overseas operations through several foreign subsidiaries 1. Until the VIE agreements were terminated in September 2025, it offered online adult learning courses, especially in financial literacy, skills upgrading and recreation, but these activities were transferred to a third-party buyer 1. Its intellectual property portfolio includes 11 proprietary IPs, among them WAKUKU and ZIYULI, plus four exclusive and two non-exclusive licensed IPs 1.
The company listed on a U.S. exchange in February 2023, offering 3,377,396 ADSs and raising about 38.6 million USD in net proceeds 1. Its structure is a Cayman Islands holding company with principal offices in Beijing, and it has no substantive operations of its own 1. The company occupies a new and not yet defined position, since most of its current activity only began in 2025 1.
Segments
Pop toys
The pop toy segment, operated through Shenzhen Letsvan, in which the company holds 76.3% of the equity as of the report date, is currently the main business, although its revenue was modest in fiscal 2025 1. The company expects this segment to dominate future results, but it has still been acquiring minority stakes, paying 383.5 million RMB in cash and issuing Class A shares 1.
Legacy online courses (divested)
Adult online courses accounted for most revenue until recently, with skills and recreation courses generating 1,353.1 million RMB in fiscal 2025 1. These activities were transferred in September 2025 and are no longer consolidated, so historical revenue is not comparable with future revenue 1.
Market context
The company operates in the collectible pop toy market, which sources describe as growing globally, but the documents analysed give no market size figures 1. The market is shaped by the prominence of pop culture, consumption habits and spending on cultural and entertainment products, factors that vary between countries 1.
The Chinese market and international markets work differently, and the company says it intends to expand abroad, including into Southeast Asia and the United States, without the documents showing significant overseas revenue yet 1. The legacy course business was closely tied to the Chinese economy and to demand for learning, a factor no longer central to the new model 1.
Trends
- Shift from online courses to physical productsmixed
The company has moved away from a traffic-driven model and courses toward consumer products, which could bring different margins and sales cycles, with growth potential if the products sell well 1. On the other hand, transition costs and limited experience in the new field could slow results 1.
- Popularity of proprietary IPsmixed
Future success depends on the popularity of the WAKUKU and ZIYULI characters and on the ability to launch new IPs, which could produce recurring revenue if fans remain loyal 1. If consumer interest falls quickly, the portfolio could lose value 1.
- High marketing spendingheadwind
Sales and marketing costs took up a very large share of revenue in prior years, and the company expects these costs to rise as it promotes the new segment 1. If revenue does not grow enough, this pressure could weigh on profitability 1.
- Regulation and corporate structure in Chinaheadwind
The restructuring removed VIE agreements that were considered potentially non-compliant with Chinese rules, but uncertainties remain over the interpretation of foreign investment law and restrictions 1. If authorities change the rules, operations could be affected 1.
Competitive position
The documents analysed do not explicitly name competitors in the pop toy market, but the company says the competitive landscape of this sector is new to it and that it must compete with established players 1. The claimed advantage is its in-house design team and its own IP creation process 1.
In e-commerce and online courses the company faced more experienced rivals, while in the new pop toy segment it is at an early stage, making a direct comparison difficult 1. Specific competitors are not named in the source, so the list below reflects general categories only 1.
- Established pop toy brands (not named in source)
The source does not name competitors; the company says the pop toy competitive landscape is new to it 1.
- E-commerce platforms
The company sells on domestic and international online platforms, where it competes with other sellers 1.
- Adult online course providers
The legacy course business competed with other online education platforms, but this segment has been divested 1.
- Outside IP holders and creators
The company works with outside IP holders, which shows it also competes for licensing rights 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Annual report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)05 Jun 2026
- Current report (foreign issuer)12 Mar 2026
- Current report (foreign issuer)02 Dec 2025
- Current report (foreign issuer)10 Nov 2025
- Current report (foreign issuer)06 Nov 2025
- Annual report (foreign issuer)31 Oct 2025
- Current report (foreign issuer)01 Oct 2025
- Current report (foreign issuer)17 Sept 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / QuantaSing Group Limited · 31 Oct 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.