Here Group Limited (HERE)
NASDAQ:HERE
Want to see HERE full AI Analyst Report?
Top Page
Here Group
(NASDAQ:HERE)
Select Model
Select Model
Rating:52Neutral
Price Target:
$2.00
▼(-62.89% Downside)
Action:Reiterated
Date:06/09/26
The score is held back mainly by sharp 2025 financial deterioration and very weak technical trend/momentum. Offsetting factors include an extremely low stated P/E and a mixed earnings update where margin/IP traction is positive but guidance was lowered and losses widened.
Positive Factors
Margin Improvement
A sustained uplift in gross margin (+350 bps QoQ) reflects improved product mix and cost control at the unit level. Higher gross profitability provides durable operating leverage, supporting cash generation and the ability to reinvest in IP and channels even if top-line growth is uneven.
Negative Factors
Severe 2025 Revenue & Cashflow Drop
A ~90% YoY revenue and cashflow collapse in 2025 represents a structural hit to earnings quality and liquidity. Such a dramatic decline reduces runway for product development, limits capital allocation flexibility and raises refinancing risk even if leverage metrics appear moderate on paper.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Improvement
A sustained uplift in gross margin (+350 bps QoQ) reflects improved product mix and cost control at the unit level. Higher gross profitability provides durable operating leverage, supporting cash generation and the ability to reinvest in IP and channels even if top-line growth is uneven.
Read all positive factors
Here Group Key Performance Indicators (KPIs)
Here Group (HERE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$114.21M
Dividend YieldN/A
Average Volume (3M)145.44K
Price to Earnings (P/E)32.0
Beta (1Y)1.12
Revenue Growth-64.71%
EPS Growth-87.99%
CountryUS
Employees714
SectorConsumer Defensive
Sector Strength42
IndustryLeisure
Share Statistics
EPS (TTM)-1.94
Shares Outstanding37,764,930
10 Day Avg. Volume193,758
30 Day Avg. Volume145,443
Financial Highlights & Ratios
PEG Ratio-1.54
Price to Book (P/B)3.41
Price to Sales (P/S)1.01
P/FCF Ratio99.26
Enterprise Value/Market Cap13.10
Enterprise Value/Revenue2.27
Enterprise Value/Gross Profit2.56
Enterprise Value/Ebitda-17.38
Forecast
1Y Price Target
$2.50Price Target Upside-53.62% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.81
Revenue Forecast (FY)$767.00M
Here Group Business Overview & Revenue Model
Company Description
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 Novemb...
How the Company Makes Money
HERE generates revenue through licensing its location data and digital mapping services to businesses, governments, and organizations. It monetizes its products via subscriptions, service fees, and direct partnerships with companies in the automot...
Here Group Earnings Call Summary
Earnings Call Date:Jun 05, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Sep 11, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: operational and product execution highlights include a revenue beat versus guidance, meaningful margin improvement (gross margin +350 bps), rapid growth and traction of new IPs (SIINONO +73.1% QoQ), strong new product launch metrics, and offline channel expansion (7 D2C stores, ~15 roboshops). Offsetting these positives are near-term revenue decline QoQ (~-7.1%), widening net and adjusted losses, rising operating expense ratios, a downgraded FY guide and softening industry demand. Management stressed a long-term, IP-first strategy and disciplined capital allocation while acknowledging short-term market headwinds. Overall, positives around IP momentum and margin discipline are balanced by financial pressures and guided near-term weakness.Positive Updates
Revenue Beat and Quarterly Results
Total revenue of RMB 164.7 million (~RMB 165 million) in Q3, which exceeded the high end of the company's guidance for the quarter. While this was down from the prior quarter (RMB 177.3 million), management highlighted the beat versus expectations despite a softer demand environment.
Negative Updates
Quarterly Revenue Decline
Quarterly revenue declined from RMB 177.3 million in the prior quarter to RMB 164.7 million, a decrease of ~7.1% quarter-over-quarter, driven by product launch cadence and the Chinese New Year holidays that reduced effective working days and constrained supply chain/delivery.
Read all updates
Q3-2026 Updates
Positive
Negative
Revenue Beat and Quarterly Results
Total revenue of RMB 164.7 million (~RMB 165 million) in Q3, which exceeded the high end of the company's guidance for the quarter. While this was down from the prior quarter (RMB 177.3 million), management highlighted the beat versus expectations despite a softer demand environment.
Read all positive updates
Company Guidance
Management guided Q4 pop-toy revenue of RMB 130–140 million and revised full-year FY2026 revenue to RMB 600–610 million after reporting Q3 revenue of RMB 164.7 million (above the prior guidance high end) with gross profit RMB 56.9 million and gross margin 34.5% (up 350 bps QoQ from 31%; Q3 revenue was down from RMB 177.3 million the prior quarter). They reported total operating expenses of RMB 100.8 million (sales & marketing RMB 57.7M, 35% of revenue; R&D RMB 9.5M, 5.7%; G&A RMB 33.6M, 13.8%), a net loss of RMB 34.1 million (adjusted net loss RMB 22.9M), and basic/diluted net loss per share RMB 0.21 (adjusted RMB 0.14). Strategic metrics tied to the guidance include a 20‑IP portfolio (12 proprietary, 8 licensed), WAKUKU contributing RMB 102M (62.2% of revenue) while SIINONO grew 73.1% QoQ to 20.2% of revenue; recent WAKUKU new-series omnichannel sales exceeded RMB 20M with 28,000 peak concurrent viewers and ~100M total exposure, 7 D2C stores open, ~15 roboshops deployed, cumulative social followers approaching 800,000, and a planned new-product cadence of roughly 3–6 months.Here Group Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
46
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 659.37M | 2.73B | 3.80B | 3.08B | 2.87B | 1.76B |
| Gross Profit | 584.30M | 2.22B | 3.25B | 2.69B | 2.46B | 1.58B |
| EBITDA | -86.11M | 478.04M | 392.43M | -83.25M | -204.48M | -307.58M |
| Net Income | -97.28M | 358.73M | 385.53M | -108.54M | -233.43M | -316.04M |
Balance Sheet | ||||||
| Total Assets | 643.95M | 1.66B | 1.43B | 1.22B | 603.47M | 330.23M |
| Cash, Cash Equivalents and Short-Term Investments | 64.36M | 1.04B | 1.03B | 930.58M | 399.06M | 54.73M |
| Total Debt | 19.23M | 34.54M | 66.09M | 93.93M | 22.90M | 9.07M |
| Total Liabilities | 823.70M | 728.56M | 909.53M | 997.60M | 1.39B | 609.73M |
| Stockholders Equity | -173.97M | 809.00M | 516.48M | 223.70M | -125.19M | -279.51M |
Cash Flow | ||||||
| Free Cash Flow | 230.35M | 27.82M | 279.08M | 229.87M | 268.08M | 43.80M |
| Operating Cash Flow | 230.82M | 28.25M | 282.72M | 235.62M | 272.64M | 79.42M |
| Investing Cash Flow | 1.07B | -4.65M | -132.78M | 201.00K | -108.58M | -62.35M |
| Financing Cash Flow | -6.19M | -13.65M | -130.19M | 247.70M | 71.63M | -21.09M |
Here Group Technical Analysis
Negative
5.39
Price Trends
2.77
Negative
3.37
Negative
4.94
Negative
Market Momentum
-0.17
Negative
41.55
Neutral
55.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HERE, the sentiment is Negative. The current price of 5.39 is above the 20-day moving average (MA) of 2.08, above the 50-day MA of 2.77, and above the 200-day MA of 4.94, indicating a bearish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 41.55 is Neutral, neither overbought nor oversold. The STOCH value of 55.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HERE.
Here Group Risk Analysis
Here Group disclosed 103 risk factors in its most recent earnings report. Here Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Here Group Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $71.30M | 1.05 | 11.71% | 3.93% | -12.43% | -1.57% | |
68 Neutral | $950.01M | 26.57 | 14.02% | ― | 3.84% | 87.34% | |
66 Neutral | $1.49B | 65.55 | 11.72% | ― | 19.92% | 84.00% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
55 Neutral | $117.56M | ― | -62.94% | ― | -43.54% | 90.44% | |
52 Neutral | $114.21M | 32.04 | 50.23% | ― | -64.71% | -87.99% |
* Consumer Defensive Sector Average
HERE
Here Group
2.07
-6.75
-76.53%
APEI
American Public Education
52.13
22.31
74.82%
LINC
Lincoln Edu
47.85
24.85
108.04%
CHGG
Chegg
1.06
-0.20
-15.87%
IH
iHuman
1.40
-0.79
-36.07%
Here Group Corporate Events
Here Group Cuts FY 2026 Revenue Outlook and Launches New $20 Million Buyback
Jun 5, 2026
Here Group Limited reported unaudited results for the third quarter of fiscal 2026, covering January 1 to March 31, 2026, with revenue of RMB164.7 million, down from the prior quarter, and a net loss widening to RMB34.1 million, while adjusted net...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.