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HERE on Nasdaq

Here Group Ltd

Here Group Ltd is a retail-hobby company in the Cayman Islands.1

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Last updated Oct 21, 2026.

Overview

91.4MRevenue, fiscal 20252
$50.1MNet income, fiscal 20252

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  • TickerHERE on Nasdaq1
  • IndustryRetail-Hobby, Toy & Game Shops1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business addressRm 3008, 30/F, Two Exchange Square, 8 Connaught Place, Central, Hong Kong3
  • Filer categoryNon-accelerated filer, Emerging growth company3

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Limited as its wholly-owned subsidiary in the BVI for the acquisition of Kelly’s Education, which was completed in September 2023.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CNY, the currency the company reports in.

Key numbers, fiscal 2025

339.4%Gross margin2
60.6%Operating margin2
54.8%Net margin2
-43.4%Revenue growth, 20252
44.3%Return on equity2
25.2M CNYFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Skills Upgrading Courses brought in 38% of the revenue Here Group Ltd broke down this way in fiscal 2025.

  1. Skills Upgrading Courses1.0B CNY238%down 37% from 2024
  2. Financial Literacy Courses Self Operated881.4M CNY233%down 33% from 2024
  3. Recreation And Leisure Courses313.4M CNY212%down 21% from 2024
  4. Consumer Business213.2M CNY28%up 23% from 2024
  5. Enterprise Services187.3M CNY27%down 24% from 2024
  6. Pop Toy Business65.8M CNY22%
Products and services by year
Products and services202320242025
Skills Upgrading Courses721.3M CNY1.7B CNY1.0B CNY
Financial Literacy Courses Self Operated1.9B CNY1.3B CNY881.4M CNY
Recreation And Leisure Courses139.0M CNY395.1M CNY313.4M CNY
Consumer Business4.8M CNY174.0M CNY213.2M CNY
Enterprise Services340.9M CNY247.7M CNY187.3M CNY
Pop Toy Business65.8M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue47¢70.3M CNY
  • Research and development9¢13.8M CNY
  • Income tax11¢15.8M CNY
  • Profit33¢50.1M CNY

Out of 91.4M CNY in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending2¢432.0K CNY
  • Dividends paid42¢10.9M CNY
  • Share buybacks0¢20.0K CNY
  • Kept or used elsewhere56¢14.3M CNY

Out of 25.7M CNY of cash from operations.2

Financial statements

Revenue5291.4M CNY in 2025−78% since 2023
0200.0M CNY400.0M CNY600.0M CNY2023: 424.9M CNY424.9M CNY20232024: 161.5M CNY161.5M CNY2024−62%2025: 91.4M CNY91.4M CNY2025−43%
Gross profit562310.2M CNY in 2025−16% since 2023
0200.0M CNY400.0M CNY600.0M CNY2023: 371.0M CNY371.0M CNY20232024: 446.5M CNY446.5M CNY2024+20%2025: 310.2M CNY310.2M CNY2025−31%
Operating income56255.4M CNY in 2025
-20.0M CNY020.0M CNY40.0M CNY60.0M CNY2023: -15.7M CNY-15.7M CNY20232024: 51.9M CNY51.9M CNY20242025: 55.4M CNY55.4M CNY2025+7%
Net income56250.1M CNY in 2025
-20.0M CNY020.0M CNY40.0M CNY60.0M CNY2023: -15.0M CNY-15.0M CNY20232024: 53.0M CNY53.0M CNY20242025: 50.1M CNY50.1M CNY2025−6%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-06-302024-06-302023-06-30
Revenues (including revenue from related parties of 147,921, RMB34,107 and RMB1,583 for the years ended June 30, 2023, 2024 and 2025, respectively)2.7B CNY3.8B CNY3.1B CNY
Cost of revenues-503.7M CNY-550.3M CNY-391.5M CNY
Gross profit2.2B CNY3.2B CNY2.7B CNY
Sales and marketing expenses-1.6B CNY-2.6B CNY-2.4B CNY
Research and development expenses-98.5M CNY-144.9M CNY-219.8M CNY
General and administrative expenses-115.2M CNY-125.8M CNY-175.2M CNY
Impairment loss on long-lived assets-2.7M CNY
Impairment loss on goodwill-7.4M CNY
Total operating expenses-1.8B CNY-2.9B CNY-2.8B CNY
(Loss)/Income from operations396.9M CNY377.4M CNY-113.6M CNY
Interest income5.0M CNY10.5M CNY5.3M CNY
Remeasurement gain of previously held equity interests in connection with step acquisition8.1M CNY
Others, net59.5M CNY29.0M CNY21.3M CNY
(Loss)/Income before income tax expense469.5M CNY416.9M CNY-87.0M CNY
Income tax expense-112.9M CNY-31.3M CNY-21.7M CNY
Net (loss)/income356.6M CNY385.5M CNY-108.7M CNY
Net loss attributable to non-controlling interests2.2M CNY115.0K CNY
Net (loss)/income attributable to QuantaSing Group Limited358.7M CNY385.5M CNY-108.5M CNY
Accretion of the Companys preferred shares-22.4M CNY
Net (loss)/income attributable to ordinary shareholders of QuantaSing Group Limited358.7M CNY385.5M CNY-130.9M CNY
Basic (in Shares)161.3M shares165.0M shares103.9M shares
Diluted (in Shares)165.2M shares170.0M shares103.9M shares
Basic (in Dollars per share and Yuan Renminbi per share)2.22 CNY2.34 CNY-1.26 CNY
Diluted (in Dollars per share and Yuan Renminbi per share)2.17 CNY2.27 CNY-1.26 CNY
Foreign currency translation adjustments, net of nil tax-806.0K CNY-4.9M CNY20.3M CNY
Total other comprehensive income/(loss)-806.0K CNY-4.9M CNY20.3M CNY
Total comprehensive (loss)/income355.8M CNY380.7M CNY-88.3M CNY
Comprehensive loss attributable to non-controlling interests2.2M CNY115.0K CNY
Comprehensive (loss)/income attributable to QuantaSing Group Limited357.9M CNY380.7M CNY-88.2M CNY

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Corporate structure

Here Group Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Here Group Ltd

  • Here Group Ltd E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Here Group Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation25.6M CNY2 Jun 30, 202515.4M CNY2 Jun 30, 2024+66.6%
Accumulated depreciation14.3M CNY2 Jun 30, 20258.8M CNY2 Jun 30, 2024+62.7%
Property and equipment, net$1.6M2 Jun 30, 2025$904.0K6 Jun 30, 2024+74.3%
Operating-lease assets (leased space)$2.8M2 Jun 30, 2025$8.1M6 Jun 30, 2024−65.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$115.9M2 Jun 30, 2025$108.9M2 Jun 30, 2024+6.4%
Marketable securities, current$26.5M2 Jun 30, 2025$33.9M6 Jun 30, 2024−21.8%
Stakes in other companies (equity method)28.3M CNY2 Jun 30, 20253.0M CNY2 Jun 30, 2024+841.2%
Long-term investments$8.2M2 Jun 30, 2025$1.2M6 Jun 30, 2024+564.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$26.2M2 Jun 30, 2025
Intangible assets, net (excluding goodwill)$9.2M2 Jun 30, 2025
Finite-lived intangibles, gross$72.1M2 Jun 30, 2025$3.1M2 Jun 30, 2024+2210.9%
Accumulated amortization$3.5M2 Jun 30, 2025$468.0K2 Jun 30, 2024+649.8%
Finite-lived intangibles, net$65.9M2 Jun 30, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total$3.0M2 Jun 30, 2025$873.0K6 Jun 30, 2024+243.2%
Finished goods24.0M CNY2 Jun 30, 20254.4M CNY2 Jun 30, 2024+447.8%

Leadership

Who has led Here Group Ltd, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Dong Xie2026–now
  • Chief financial officerDong Xie Mar 26, 2026 to now7
Board members and other officers (9)

Former names

  • QuantaSing Group LtdSep 29, 2022 to Nov 10, 20253

Calendar

Coming up

  1. Dec 1, 2026Reports results for the quarter ending Sep/202614

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

90 filings to the SEC since October 2021: 3 annual reports, 10 insider forms, 18 large holders, 59 other. The latest 20:

  1. Sep 22, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Aug 11, 2026SCHEDULE 13G/A EDGAR
  3. Jun 17, 20263/A PRIMARY DOCUMENT EDGAR
  4. Jun 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Mar 27, 20263 PRIMARY DOCUMENT EDGAR
  6. Mar 27, 20263 PRIMARY DOCUMENT EDGAR
  7. Mar 27, 20263 PRIMARY DOCUMENT EDGAR
  8. Mar 26, 20263 PRIMARY DOCUMENT EDGAR
  9. Mar 26, 20263 PRIMARY DOCUMENT EDGAR
  10. Mar 26, 20263 PRIMARY DOCUMENT EDGAR
  11. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  12. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  13. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  14. Mar 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Dec 2, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Nov 10, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. Nov 10, 2025424B3 EDGAR
  18. Nov 6, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  19. Oct 31, 202520-F ANNUAL REPORT EDGAR
  20. Oct 1, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 90 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Notable Capital Management, L.l.c.770,650$1.5M2.9%No change
Oasis Management Co Ltd.93,753$182.8K0.0%No change
UBS Group AG56,985$111.1K0.0%−121,776
SmartHarvest Portfolios, LLC32,699$63.8K0.0%New
Citadel Advisors LLC23,363$45.6K0.0%−39,767
XTX Topco Ltd13,066$25.5K0.0%−13,765
Geode Capital Management, LLC12,461$24.3K0.0%−1,683
Two Sigma Securities, LLC12,214$23.8K0.0%New
Morgan Stanley2,837$5.5K0.0%−43,644
Integrated Wealth Concepts LLC1,800$3.5K0.0%New
Royal Bank Of Canada904$2.0K0.0%+663
Tower Research Capital LLC (TRC)1,000$1.9K0.0%+986
NewEdge Advisors, LLC746$1.5K0.0%No change
Rhumbline Advisers247$4810.0%No change
SG Americas Securities, LLC86,907$1690.0%−214
Hrt Financial LP22,374$430.0%New
Caitong International Asset Management Co., Ltd4$80.0%+3

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Here Group Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHere Group Ltd1
  • CIK0001932770
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsJune 301
  • Industry code (SIC)5945 Retail-Hobby, Toy & Game Shops1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressRm 3008, 30/F, Two Exchange Square, 8 Connaught Place, Central, Hong Kong, China1
  • Phone86 10 649378571
  • Shares outstanding114,114,919 Common Class A shares; 49,859,049 Common Class B shares as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers Zhong Tian LLP, China PCAOB ID 1424; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceSep 29, 20221
  • Filings92 in all: 6-K (25), 144 (9), 3 (9), SCHEDULE 13G/A (7), SC 13G (6), CORRESP (5), UPLOAD (4), 20-F (3)1
    All 26 form types

    F-1/A (3), DRSLTR (2), EFFECT (2), SC 13G/A (2), SCHEDULE 13D/A (2), 3/A (1), 424B3 (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), F-1 (1), F-6 (1), F-6/A (1), FWP (1), S-8 (1), SC 13D (1)

  • Latest filingsAnnual report (20-F) Oct 31, 2025

Securities registered for trading

ClassSymbolExchange
American depositary shares, each representing three Class A ordinary shares, par value US$0.0001 per shareQSGNasdaq
Class A ordinary shares, par value US$0.0001 per share

From the cover page of the 20-F filed Oct 31, 2025 (Section 12(b) of the Exchange Act).4

Sources

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