Here Group Ltd

HERE

Market cap $180M

Here Group remains a Buy at current depressed multiples, despite market impatience over margin compression and slower near-term growth. Gross margin slipped ~1,000 bps and HERE's Q3 FY26 guidance implies a 15% revenue drop, raising concerns about growth quality and operational leverage. Wakuku drives ~73% of sales; its brand-building, content pipeline, and the Enlight Media joint venture are critical forward catalysts.

I rate Here Group Limited as a 'Hold,' after evaluating its 2Q FY2026 numbers. The firm posted a solid 39% QoQ revenue growth in the recent quarter, as its key "Wakuku" IP performed well. But the company's gross margin fell 10 ppts QoQ to 31%, and further physical retail expansion may be a drag on profitability.

Here Group Limited (HERE) Q2 2026 Earnings Call Transcript

BEIJING, March 04, 2026 (GLOBE NEWSWIRE) -- Here Group Limited (NASDAQ: HERE) (“Here” or the “Company”), an IP-based pop toy company dedicated to creating beloved collectibles and trend-defining experiences, today announced that it plans to release its unaudited financial results for the quarter ended December 31, 2025, before the U.S. market opens on Thursday, March 12, 2026.

The former adult education company has transformed to a pop toy maker, reporting its revenue from that business rose sharply in its latest quarter

Here Group remains a long-term 'Buy' after restructuring, offering pop-toy exposure at low multiples and a clean balance sheet. Asset sales and restructuring removed $54.6M in liabilities, leaving HERE with $110.7M net cash and a 4.3x asset-to-liability ratio. Q1 FY26 revenue surged 93% QoQ to $17.9M, with gross margin at 41.2% and WAKUKU driving 71% of sales.

Here Group Limited (HERE) Q1 2026 Earnings Call Transcript

BEIJING, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Here Group Limited (NASDAQ: HERE) (“Here” or the “Company”), a pop toy company dedicated to creating beloved collectibles and trend-defining experiences, today announced its unaudited financial results for the first quarter of the fiscal year ending June 30, 2026 (the “first quarter of FY 2026”, which refers to the quarter from July 1, 2025 to September 30, 2025).

BEIJING, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Here Group Limited (NASDAQ: HERE) (“Here” or the “Company”), a pop toy company dedicated to creating beloved collectibles and trend-defining experiences, today announced that it plans to release its unaudited financial results for the quarter ended September 30, 2025, before the U.S. market opens on Tuesday, December 2, 2025.

BEIJING, Nov. 11, 2025 (GLOBE NEWSWIRE) -- QuantaSing Group Limited (NASDAQ: QSG) ("QuantaSing" or the "Company"), a pop toy company dedicated to creating beloved collectibles and trend-defining experiences, today announced that effective at the opening of trading on Tuesday, November 11, 2025, the Company's ordinary shares will begin trading on the Nasdaq Global Market under the new name, "Here Group Limited," and new ticker symbol, "HERE."