Here Group Limited

HERE

Leisure · Consumer Cyclical

Price

$1.89

+0.06 (+3.28%)

Market Cap

$205.0M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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 November 2025. Here Group Limited was founded in 2019 and is headquartered in Beijing, the People's Republic of China.

Winston Score History

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 55.1M (2021) → 55.1M (2025)

Score breakdown

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Quality

Gross Margin

10.5%

Thin — 10.5% gross margin

Operating Margin

20.0%

Healthy — 20.0% operating margin

ROCE

99.5%

Exceptional — 99.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

-44.1%

Shrinking sales (-44.1% YoY)

EPS YoY

-90.6%

Earnings shrinking (-90.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

14%

Weak — only 14% of profit becomes cash

FCF Margin

3.0%

Thin free cash flow (3.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

2.7x

Attractive valuation — P/E 2.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-21.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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