<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/12100130/image-1-22.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/12100130/image-1-22.png"/></p>
<p><em>这家前成人教育公司已转型为流行玩具制造商，报告称其该业务在最新季度的收入大幅上升</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>Here Group 在截至 9 月的最新报告季度中，其收入几乎翻了一番，因其新近收购的流行玩具业务迅速增长</li>
<li>该公司的股票目前以仅 2.5 的市销率交易，使用的是今年的预计销售额，远低于流行玩具现象 Pop Mart 的 10.3。</li>
</ul>
<p>小心了，Labubu。Wakuku 正在向你的业务发起挑战。</p>
<p>这正是 <strong>Here Group Ltd.</strong> (NASDAQ: HERE) 所面临的挑战，这是一家从前成人教育公司 QuantaSing 的废墟中重生的公司。这个警告可能有些为时已晚，因为 Here Group 的流行玩具业务，稍后我们将详细描述，仅占全球现象 <strong>Pop Mart</strong> (9992.HK) 的一个小部分，后者是 Labubu 特许经营的拥有者。</p>
<p>Here Group 今年通过收购深圳市易奇文化有限公司（也称为 Letsvan）进入流行玩具业务，该公司是 Wakuku 特许经营的拥有者，后者在一年前推出。该公司迅速投入这一新业务，开展了一系列激进的促销活动，并计划开设线下商店网络。</p>
<p>它在 9 月宣布计划出售其旧的成人教育业务，而其 最新季度报告，上周发布，是首个仅包含其流行玩具业务的报告。为了配合其重大转型，该公司还放弃了旧的 QuantaSing 名称和股票代码，并于 11 月 11 日开始以新的 Here Group 名称交易。</p>
<p>这一转型看起来相对明智，因为教育在中国已成为一个越来越棘手的领域，面临潜在的监管打击。该公司专注于成人教育，使其不太容易受到这种监管变化的影响，与四年前遭受重大打击的更敏感的基础教育领域不同，后者导致整个课外辅导行业的消亡。</p>
<p>流行玩具的敏感性较低，尽管它们也相当善变。热门玩具往往迅速崛起又迅速衰落，这似乎正在发生在 Labubu 身上，后者在今夏引发了全球热潮。这意味着该领域的公司必须不断寻找和推广新的角色，通常称为知识产权（IP），以保持其销售活力。</p>
<p>与其他流行玩具制造商不同，Here Group 几乎完全押注于自创和独家授权的知识产权，这是一种冒险。相比之下，像 <strong>Bloks</strong> (0325.HK)、<strong>Miniso</strong> (MNSO.US; 9896.HK) 的 Top Toy，甚至 Pop Mart，都依赖于独家开发的知识产权和来自第三方（如迪士尼 (DIS.US) 和日本的三丽鸥 (8136.T)，Hello Kitty 特许经营的拥有者）的非独家授权的热门角色。</p>
<p>在上周作为纯流行玩具公司的首次财报电话会议上，Here Group 的官员透露，截至 9 月的季度中，其 1.27 亿人民币（1800 万美元）的收入几乎全部来自其三项专有知识产权，71% 来自 Wakuku 特许经营，16% 来自另一项较老的知识产权 Ziyuli。</p>
<p>使用独占拥有的知识产权具有更高利润率的巨大优势，因为所有者不必支付昂贵的授权费用并分享产品销售收入。但这也将推广知识产权的重大责任放在所有者身上，与像 Hello Kitty 这样的授权角色相比，后者已经享有高人气，因此在营销上的支出要少得多。</p>
<h4><strong>快速收入增长</strong></h4>
<p>接下来，我们将深入分析 Here Group 的财务状况，揭示其流行玩具业务在公司积极营销产品的情况下显示出强劲的初步增长。截止 9 月的三个月中，该公司的收入为 1.27 亿人民币，是其上一季度（截至 6 月）从该业务获得的 6580 万人民币的近两倍。</p>
<p>该公司表示，预计当前季度（截至 12 月）的收入将继续增长，达到 1.5 亿至 1.6 亿人民币，这意味着同比增长率约为 22%。但这种放缓可能是由于季节性因素，该公司表示预计在截至明年 9 月的当前财年中收入将达到 7.5 亿至 8 亿人民币。这意味着在当前财年的下半年收入约为 5 亿人民币，几乎是其上半年预计收入的两倍（约 2.8 亿人民币）。</p>
<p>自从宣布进入流行玩具市场以来，Here Group 的股票似乎与 Pop Mart 的走势大致同步。该股最初大幅上涨，从年初的起点上涨了六倍，直到 6 月中旬达到峰值。自那时以来，股价已下跌超过 60%，但仍是年初水平的两倍多。同样，Pop Mart 的股票在今年上涨了三倍多，直到 8 月中旬达到峰值，但自那时以来已下跌超过 40%。不过，目前的水平仍是年初水平的两倍多。</p>
<p>从估值的角度来看，如果 Here Group 能够兑现其承诺的增长，其股票显然仍然具有很大的上行潜力。该股目前以约 2.5 的市销率交易，基于其作为流行玩具公司的第一年年收入预测。这仅为 Pop Mart 的 10.3 的四分之一，也不到 Bloks 的 6.11 的一半。</p>
<p>Here Group 的董事长兼创始人李鹏在财报电话会议上详细介绍了公司为推广其产品所做的许多工作。这些包括在上海推出的主题街，以及与国有的北京电视台和广播电台运营商的合作，后者表示这可能成为未来在中国开展合作的模板。会议还详细介绍了在北京和重庆开设的首批线下门店，并表示明年将会有更多这样的门店开业。尽管其业务目前主要局限于中国，但公司也指出通过在其他 20 个市场建立运营，已为未来的全球扩张奠定了基础。</p>
<p>Here Group 表示，其玩具业务的毛利率在最新季度提高至 41.2%，相比于前一个季度的 34.7% 有所改善，尽管这两个数字仍显著低于 Pop Mart 在 2024 年的 66.8%。投资者可能会密切关注这一数字是否会随着 Here Group 的流行玩具业务的增长而改善。他们还将关注公司能否迅速恢复盈利。公司报告最新季度的调整后运营净亏损为 1710 万元，较上一个季度的 1930 万元亏损有所改善。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

HERE

<p>Here Group，前身为一家成人教育公司，已转型为流行玩具制造商，在最新季度报告中显示出显著的收入增长。该公司在纳斯达克交易，代码为 NASDAQ:HERE，收购了深圳市易奇文化有限公司以进入流行玩具市场。它计划出售其成人教育业务，专注于自主知识产权以获得更高的利润率。上个季度的收入几乎翻倍，达到 1.27 亿元，预计将继续增长。该股票最初大幅上涨，但随后已下跌超过 60%</p>

<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/12100130/image-1-22.png" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/12100130/image-1-22.png"/></p>
<p><em>The former adult education company has transformed to a pop toy maker, reporting its revenue from that business rose sharply in its latest quarter</em></p>
<div class="lb-trans"><p><em>这家前成人教育公司已转型为流行玩具制造商，报告称其该业务在最新季度的收入大幅上升</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Here Group's revenue nearly doubled sequentially in its latest reporting quarter through September, as it ramps up its recently acquired pop toy business</li>
<li>The company's stock currently trades at a P/S ratio of just 2.5 using projected sales for this year, less than a quarter of the 10.3 for collectible toy sensation Pop Mart</li>
</ul>
<div class="lb-trans"><ul>
<li>Here Group 在截至 9 月的最新报告季度中，其收入几乎翻了一番，因其新近收购的流行玩具业务迅速增长</li>
<li>该公司的股票目前以仅 2.5 的市销率交易，使用的是今年的预计销售额，远低于流行玩具现象 Pop Mart 的 10.3。</li>
</ul>
</div><p>Watch out, Labubu. Wakuku is coming for your business.</p>
<div class="lb-trans"><p>小心了，Labubu。Wakuku 正在向你的业务发起挑战。</p>
</div><p>That's the challenge coming from <strong>Here Group Ltd.</strong> (NASDAQ: HERE), a recently reborn company rising from the ashes of former adult educator QuantaSing. The warning could be a bit premature, since Here Group's pop toy business, which we'll describe in more detail shortly, is a tiny fraction of that for global sensation <strong>Pop Mart</strong> (9992.HK), owner of the Labubu franchise.</p>
<div class="lb-trans"><p>这正是 <strong>Here Group Ltd.</strong> (NASDAQ: HERE) 所面临的挑战，这是一家从前成人教育公司 QuantaSing 的废墟中重生的公司。这个警告可能有些为时已晚，因为 Here Group 的流行玩具业务，稍后我们将详细描述，仅占全球现象 <strong>Pop Mart</strong> (9992.HK) 的一个小部分，后者是 Labubu 特许经营的拥有者。</p>
</div><p>Here Group only entered the pop toy business this year through its acquisition of Shenzhen Yiqi Culture Ltd., also called Letsvan, owner of the Wakuku franchise launched a year ago. The company has wasted little time diving into this newer business with a campaign of aggressive promotions and plans to open a network of offline stores.</p>
<div class="lb-trans"><p>Here Group 今年通过收购深圳市易奇文化有限公司（也称为 Letsvan）进入流行玩具业务，该公司是 Wakuku 特许经营的拥有者，后者在一年前推出。该公司迅速投入这一新业务，开展了一系列激进的促销活动，并计划开设线下商店网络。</p>
</div><p>It announced plans to sell its older adult education business in September, and its latest quarterly report, released last week, is the first to include only its pop toy business. In keeping with its big shift, the company also ditched its older QuantaSing name and ticker symbol and began trading under the new Here Group name on Nov. 11.</p>
<div class="lb-trans"><p>它在 9 月宣布计划出售其旧的成人教育业务，而其 最新季度报告，上周发布，是首个仅包含其流行玩具业务的报告。为了配合其重大转型，该公司还放弃了旧的 QuantaSing 名称和股票代码，并于 11 月 11 日开始以新的 Here Group 名称交易。</p>
</div><p>The shift looks relatively prudent, since education has become an increasingly problematic area in China due to the potential for regulatory crackdowns. The company's focus on adult education made it less prone to such regulatory changes, unlike the more sensitive primary education area that was subject of a major crackdown four years ago, wiping out an entire industry of after-school tutoring companies.</p>
<div class="lb-trans"><p>这一转型看起来相对明智，因为教育在中国已成为一个越来越棘手的领域，面临潜在的监管打击。该公司专注于成人教育，使其不太容易受到这种监管变化的影响，与四年前遭受重大打击的更敏感的基础教育领域不同，后者导致整个课外辅导行业的消亡。</p>
</div><p>Pop toys are less sensitive, though they're also quite fickle. Hit toys often fall as quickly as they rise, which appears to be happening now to Labubu, which sparked a worldwide craze this summer. That means companies in the space must be constantly finding and popularizing new characters, often called intellectual property (IP), to keep their sales alive.</p>
<div class="lb-trans"><p>流行玩具的敏感性较低，尽管它们也相当善变。热门玩具往往迅速崛起又迅速衰落，这似乎正在发生在 Labubu 身上，后者在今夏引发了全球热潮。这意味着该领域的公司必须不断寻找和推广新的角色，通常称为知识产权（IP），以保持其销售活力。</p>
</div><p>Unlike other pop toy makers, Here Group is taking a gamble by betting almost exclusively on self-developed and exclusively licensed IPs. By comparison, rivals like <strong>Bloks</strong> (0325.HK), <strong>Miniso's</strong> (MNSO.US; 9896.HK) Top Toy, and even Pop Mart, rely on a mix of exclusively developed IPs and non-exclusive licensing of popular characters from third parties like Disney (DIS.US) and Japan's Sanrio (8136.T), owner of the Hello Kitty franchise.</p>
<div class="lb-trans"><p>与其他流行玩具制造商不同，Here Group 几乎完全押注于自创和独家授权的知识产权，这是一种冒险。相比之下，像 <strong>Bloks</strong> (0325.HK)、<strong>Miniso</strong> (MNSO.US; 9896.HK) 的 Top Toy，甚至 Pop Mart，都依赖于独家开发的知识产权和来自第三方（如迪士尼 (DIS.US) 和日本的三丽鸥 (8136.T)，Hello Kitty 特许经营的拥有者）的非独家授权的热门角色。</p>
</div><p>On its first earnings call as a pure pop toy company last week, Here Group officials disclosed that nearly all of its 127 million yuan ($18 million) in revenue for the quarter through September – or 97% to be exact – came from three of its proprietary IPs, led by 71% from the Wakuku franchise, followed by 16% from another older IP called Ziyuli.</p>
<div class="lb-trans"><p>在上周作为纯流行玩具公司的首次财报电话会议上，Here Group 的官员透露，截至 9 月的季度中，其 1.27 亿人民币（1800 万美元）的收入几乎全部来自其三项专有知识产权，71% 来自 Wakuku 特许经营，16% 来自另一项较老的知识产权 Ziyuli。</p>
</div><p>The use of exclusively owned IPs carries a big advantage of higher margins, since owners don't have to pay expensive licensing fees and share revenue from product sales. But it also puts the big responsibility of popularizing IPs on the owners, unlike licensed characters like Hello Kitty that already enjoy high popularity and thus require far less spending on marketing.</p>
<div class="lb-trans"><p>使用独占拥有的知识产权具有更高利润率的巨大优势，因为所有者不必支付昂贵的授权费用并分享产品销售收入。但这也将推广知识产权的重大责任放在所有者身上，与像 Hello Kitty 这样的授权角色相比，后者已经享有高人气，因此在营销上的支出要少得多。</p>
</div><h4><strong>Rapid revenue growth</strong></h4>
<div class="lb-trans"><h4><strong>快速收入增长</strong></h4>
</div><p>Next, we'll take a deeper dive into Here Group's financials that reveal its pop toy business is showing some strong initial growth as the company aggressively markets its products. The 127 million yuan in revenue for the three months through September, the first quarter of Here Group's fiscal year, is nearly double the 65.8 million yuan it earned from that business in the previous quarter through June.</p>
<div class="lb-trans"><p>接下来，我们将深入分析 Here Group 的财务状况，揭示其流行玩具业务在公司积极营销产品的情况下显示出强劲的初步增长。截止 9 月的三个月中，该公司的收入为 1.27 亿人民币，是其上一季度（截至 6 月）从该业务获得的 6580 万人民币的近两倍。</p>
</div><p>The company said it expects revenue to keep growing to between 150 million yuan and 160 million yuan in the current quarter through December, implying continued growth but at a slower quarter-on-year rate of about 22%. But that slowdown is probably due to seasonal factors, and the company said it expects to earn revenue of 750 million yuan to 800 million yuan for its current fiscal year that runs through next September. That implies revenue of about 500 million yuan in the second half of its current fiscal year, which would be nearly double the roughly 280 million yuan it expects to earn in the first half.</p>
<div class="lb-trans"><p>该公司表示，预计当前季度（截至 12 月）的收入将继续增长，达到 1.5 亿至 1.6 亿人民币，这意味着同比增长率约为 22%。但这种放缓可能是由于季节性因素，该公司表示预计在截至明年 9 月的当前财年中收入将达到 7.5 亿至 8 亿人民币。这意味着在当前财年的下半年收入约为 5 亿人民币，几乎是其上半年预计收入的两倍（约 2.8 亿人民币）。</p>
</div><p>Here Group's stock seems to be moving roughly in sync with Pop Mart's since announcing its move into pop toys early this year. The shares initially exploded, rising as much as sixfold from where they started the year to a peak in mid-June. They've fallen more than 60% since then, though they're still more than double where they started the year. Similarly, Pop Mart's shares more than tripled this year to a peak in mid-August, but have fallen more than 40% since then. Still, at current levels they are more than double where they started the year.</p>
<div class="lb-trans"><p>自从宣布进入流行玩具市场以来，Here Group 的股票似乎与 Pop Mart 的走势大致同步。该股最初大幅上涨，从年初的起点上涨了六倍，直到 6 月中旬达到峰值。自那时以来，股价已下跌超过 60%，但仍是年初水平的两倍多。同样，Pop Mart 的股票在今年上涨了三倍多，直到 8 月中旬达到峰值，但自那时以来已下跌超过 40%。不过，目前的水平仍是年初水平的两倍多。</p>
</div><p>From a valuation perspective, Here Group's stock certainly appears to still have plenty of upside potential if it can deliver on its promised growth. The shares currently trade at a price-to-sales (P/S) ratio of about 2.5, based on the annual revenue projection for its first year as a pop toy company. That's just a quarter of the 10.3 for Pop Mart, and is also less than half the 6.11 for Bloks.</p>
<div class="lb-trans"><p>从估值的角度来看，如果 Here Group 能够兑现其承诺的增长，其股票显然仍然具有很大的上行潜力。该股目前以约 2.5 的市销率交易，基于其作为流行玩具公司的第一年年收入预测。这仅为 Pop Mart 的 10.3 的四分之一，也不到 Bloks 的 6.11 的一半。</p>
</div><p>Here Group Chairman and founder Li Peng detailed many of the things the company is doing to market its products on the earnings call. Those included its launch of a themed street in Shanghai, and a partnership with the state-run Beijing TV and radio station operator, which it said could become a template for future partnerships around China. It also detailed the opening of its first offline stores in Beijing and Chongqing, and indicated more such stores will be coming next year. Its business remains mostly confined to China right now, but it also pointed out it has laid the foundation for a future global expansion by establishing operations in 20 other markets.</p>
<div class="lb-trans"><p>Here Group 的董事长兼创始人李鹏在财报电话会议上详细介绍了公司为推广其产品所做的许多工作。这些包括在上海推出的主题街，以及与国有的北京电视台和广播电台运营商的合作，后者表示这可能成为未来在中国开展合作的模板。会议还详细介绍了在北京和重庆开设的首批线下门店，并表示明年将会有更多这样的门店开业。尽管其业务目前主要局限于中国，但公司也指出通过在其他 20 个市场建立运营，已为未来的全球扩张奠定了基础。</p>
</div><p>Here Group said the gross margin for its toy business improved to 41.2% in the latest quarter from 34.7% in the previous quarter, though both figures are still significantly behind Pop Mart's 66.8% for all of 2024. Investors will probably be watching closely to see if that figure improves as Here Group's pop toy business gains momentum. They'll also be watching to see if the company can quickly return to profitability. It reported an adjusted net loss from operations of 17.1 million yuan for the latest quarter, marking a slight improvement from a 19.3 million yuan loss in the previous period.</p>
<div class="lb-trans"><p>Here Group 表示，其玩具业务的毛利率在最新季度提高至 41.2%，相比于前一个季度的 34.7% 有所改善，尽管这两个数字仍显著低于 Pop Mart 在 2024 年的 66.8%。投资者可能会密切关注这一数字是否会随着 Here Group 的流行玩具业务的增长而改善。他们还将关注公司能否迅速恢复盈利。公司报告最新季度的调整后运营净亏损为 1710 万元，较上一个季度的 1930 万元亏损有所改善。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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Here 集团以 Wakuku 挑战 Labubu