What happened with HERE today?
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Here Group Limited turns original characters such as WAKUKU and ZIYULI, alongside licensed characters, into HERE-branded plush toys and figures. It develops designs in-house and uses specialized partner factories to make the products. Most pop-toy revenue comes from offline distributors, which buy products for resale, and online stores, where consumers buy directly from the company.
The company entered the pop-toy business by acquiring a controlling stake in Shenzhen Letsvan in 2025. It has since shifted away from its former main business of adult online courses, ending those services, financial-intermediary referral services and its senior-focused consumer business by September 2025.
Sales depend on keeping its characters popular and introducing products that match changing consumer tastes. The business also relies on factories delivering suitable products and on licensors allowing it to use their characters. License terms limit where and how some products can be sold; unsold licensed products may become unsellable after a license expires. Its business is concentrated in China, where blind-box guidelines and product-safety and consumer-protection rules can constrain launches and marketing.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Here Group’s future results hinge on demand for its WAKUKU and ZIYULI pop-toy IPs, wider distribution and manufacturing costs—not the education businesses among the candidates.
Here Group Limited earningsThis company
Here Group has shifted to pop toys, and this report will show whether sales from its IPs can begin to cover the costs of making and selling them.
Read pop-toy revenue alongside the segment’s operating result. Rising sales with a narrower operating loss or a profit would show that more products are finding buyers while production and selling costs are coming under control. Weak sales with a wider or continuing loss would show that demand, product margins or execution still do not support this new business.
