<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>這家前成人教育公司已轉型為流行玩具製造商，報告稱其該業務在最新季度的收入大幅上升</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>Here Group 在截至 9 月的最新報告季度中，其收入幾乎翻了一番，因其新近收購的流行玩具業務迅速增長</li>
<li>該公司的股票目前以僅 2.5 的市銷率交易，使用的是今年的預計銷售額，遠低於流行玩具現象 Pop Mart 的 10.3。</li>
</ul>
<p>小心了，Labubu。Wakuku 正在向你的業務發起挑戰。</p>
<p>這正是 <strong>Here Group Ltd.</strong> (NASDAQ: HERE) 所面臨的挑戰，這是一家從前成人教育公司 QuantaSing 的廢墟中重生的公司。這個警告可能有些為時已晚，因為 Here Group 的流行玩具業務，稍後我們將詳細描述，僅佔全球現象 <strong>Pop Mart</strong> (9992.HK) 的一個小部分，後者是 Labubu 特許經營的擁有者。</p>
<p>Here Group 今年通過收購深圳市易奇文化有限公司（也稱為 Letsvan）進入流行玩具業務，該公司是 Wakuku 特許經營的擁有者，後者在一年前推出。該公司迅速投入這一新業務，開展了一系列激進的促銷活動，並計劃開設線下商店網絡。</p>
<p>它在 9 月宣佈計劃出售其舊的成人教育業務，而其 最新季度報告，上週發佈，是首個僅包含其流行玩具業務的報告。為了配合其重大轉型，該公司還放棄了舊的 QuantaSing 名稱和股票代碼，並於 11 月 11 日開始以新的 Here Group 名稱交易。</p>
<p>這一轉型看起來相對明智，因為教育在中國已成為一個越來越棘手的領域，面臨潛在的監管打擊。該公司專注於成人教育，使其不太容易受到這種監管變化的影響，與四年前遭受重大打擊的更敏感的基礎教育領域不同，後者導致整個課外輔導行業的消亡。</p>
<p>流行玩具的敏感性較低，儘管它們也相當善變。熱門玩具往往迅速崛起又迅速衰落，這似乎正在發生在 Labubu 身上，後者在今夏引發了全球熱潮。這意味着該領域的公司必須不斷尋找和推廣新的角色，通常稱為知識產權（IP），以保持其銷售活力。</p>
<p>與其他流行玩具製造商不同，Here Group 幾乎完全押注於自創和獨家授權的知識產權，這是一種冒險。相比之下，像 <strong>Bloks</strong> (0325.HK)、<strong>Miniso</strong> (MNSO.US; 9896.HK) 的 Top Toy，甚至 Pop Mart，都依賴於獨家開發的知識產權和來自第三方（如迪士尼 (DIS.US) 和日本的三麗鷗 (8136.T)，Hello Kitty 特許經營的擁有者）的非獨家授權的熱門角色。</p>
<p>在上週作為純流行玩具公司的首次財報電話會議上，Here Group 的官員透露，截至 9 月的季度中，其 1.27 億人民幣（1800 萬美元）的收入幾乎全部來自其三項專有知識產權，71% 來自 Wakuku 特許經營，16% 來自另一項較老的知識產權 Ziyuli。</p>
<p>使用獨佔擁有的知識產權具有更高利潤率的巨大優勢，因為所有者不必支付昂貴的授權費用並分享產品銷售收入。但這也將推廣知識產權的重大責任放在所有者身上，與像 Hello Kitty 這樣的授權角色相比，後者已經享有高人氣，因此在營銷上的支出要少得多。</p>
<h4><strong>快速收入增長</strong></h4>
<p>接下來，我們將深入分析 Here Group 的財務狀況，揭示其流行玩具業務在公司積極營銷產品的情況下顯示出強勁的初步增長。截止 9 月的三個月中，該公司的收入為 1.27 億人民幣，是其上一季度（截至 6 月）從該業務獲得的 6580 萬人民幣的近兩倍。</p>
<p>該公司表示，預計當前季度（截至 12 月）的收入將繼續增長，達到 1.5 億至 1.6 億人民幣，這意味着同比增長率約為 22%。但這種放緩可能是由於季節性因素，該公司表示預計在截至明年 9 月的當前財年中收入將達到 7.5 億至 8 億人民幣。這意味着在當前財年的下半年收入約為 5 億人民幣，幾乎是其上半年預計收入的兩倍（約 2.8 億人民幣）。</p>
<p>自從宣佈進入流行玩具市場以來，Here Group 的股票似乎與 Pop Mart 的走勢大致同步。該股最初大幅上漲，從年初的起點上漲了六倍，直到 6 月中旬達到峯值。自那時以來，股價已下跌超過 60%，但仍是年初水平的兩倍多。同樣，Pop Mart 的股票在今年上漲了三倍多，直到 8 月中旬達到峯值，但自那時以來已下跌超過 40%。不過，目前的水平仍是年初水平的兩倍多。</p>
<p>從估值的角度來看，如果 Here Group 能夠兑現其承諾的增長，其股票顯然仍然具有很大的上行潛力。該股目前以約 2.5 的市銷率交易，基於其作為流行玩具公司的第一年年收入預測。這僅為 Pop Mart 的 10.3 的四分之一，也不到 Bloks 的 6.11 的一半。</p>
<p>Here Group 的董事長兼創始人李鵬在財報電話會議上詳細介紹了公司為推廣其產品所做的許多工作。這些包括在上海推出的主題街，以及與國有的北京電視台和廣播電台運營商的合作，後者表示這可能成為未來在中國開展合作的模板。會議還詳細介紹了在北京和重慶開設的首批線下門店，並表示明年將會有更多這樣的門店開業。儘管其業務目前主要侷限於中國，但公司也指出通過在其他 20 個市場建立運營，已為未來的全球擴張奠定了基礎。</p>
<p>Here Group 表示，其玩具業務的毛利率在最新季度提高至 41.2%，相比於前一個季度的 34.7% 有所改善，儘管這兩個數字仍顯著低於 Pop Mart 在 2024 年的 66.8%。投資者可能會密切關注這一數字是否會隨着 Here Group 的流行玩具業務的增長而改善。他們還將關注公司能否迅速恢復盈利。公司報告最新季度的調整後運營淨虧損為 1710 萬元，較上一個季度的 1930 萬元虧損有所改善。</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

HERE

<p>Here Group，前身為一家成人教育公司，已轉型為流行玩具製造商，在最新季度報告中顯示出顯著的收入增長。該公司在納斯達克交易，代碼為 NASDAQ:HERE，收購了深圳市易奇文化有限公司以進入流行玩具市場。它計劃出售其成人教育業務，專注於自主知識產權以獲得更高的利潤率。上個季度的收入幾乎翻倍，達到 1.27 億元，預計將繼續增長。該股票最初大幅上漲，但隨後已下跌超過 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>這家前成人教育公司已轉型為流行玩具製造商，報告稱其該業務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>關鍵要點：</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 月的最新報告季度中，其收入幾乎翻了一番，因其新近收購的流行玩具業務迅速增長</li>
<li>該公司的股票目前以僅 2.5 的市銷率交易，使用的是今年的預計銷售額，遠低於流行玩具現象 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 正在向你的業務發起挑戰。</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>這正是 <strong>Here Group Ltd.</strong> (NASDAQ: HERE) 所面臨的挑戰，這是一家從前成人教育公司 QuantaSing 的廢墟中重生的公司。這個警告可能有些為時已晚，因為 Here Group 的流行玩具業務，稍後我們將詳細描述，僅佔全球現象 <strong>Pop Mart</strong> (9992.HK) 的一個小部分，後者是 Labubu 特許經營的擁有者。</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 今年通過收購深圳市易奇文化有限公司（也稱為 Letsvan）進入流行玩具業務，該公司是 Wakuku 特許經營的擁有者，後者在一年前推出。該公司迅速投入這一新業務，開展了一系列激進的促銷活動，並計劃開設線下商店網絡。</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 月宣佈計劃出售其舊的成人教育業務，而其 最新季度報告，上週發佈，是首個僅包含其流行玩具業務的報告。為了配合其重大轉型，該公司還放棄了舊的 QuantaSing 名稱和股票代碼，並於 11 月 11 日開始以新的 Here Group 名稱交易。</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>這一轉型看起來相對明智，因為教育在中國已成為一個越來越棘手的領域，面臨潛在的監管打擊。該公司專注於成人教育，使其不太容易受到這種監管變化的影響，與四年前遭受重大打擊的更敏感的基礎教育領域不同，後者導致整個課外輔導行業的消亡。</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>流行玩具的敏感性較低，儘管它們也相當善變。熱門玩具往往迅速崛起又迅速衰落，這似乎正在發生在 Labubu 身上，後者在今夏引發了全球熱潮。這意味着該領域的公司必須不斷尋找和推廣新的角色，通常稱為知識產權（IP），以保持其銷售活力。</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>與其他流行玩具製造商不同，Here Group 幾乎完全押注於自創和獨家授權的知識產權，這是一種冒險。相比之下，像 <strong>Bloks</strong> (0325.HK)、<strong>Miniso</strong> (MNSO.US; 9896.HK) 的 Top Toy，甚至 Pop Mart，都依賴於獨家開發的知識產權和來自第三方（如迪士尼 (DIS.US) 和日本的三麗鷗 (8136.T)，Hello Kitty 特許經營的擁有者）的非獨家授權的熱門角色。</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>在上週作為純流行玩具公司的首次財報電話會議上，Here Group 的官員透露，截至 9 月的季度中，其 1.27 億人民幣（1800 萬美元）的收入幾乎全部來自其三項專有知識產權，71% 來自 Wakuku 特許經營，16% 來自另一項較老的知識產權 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>使用獨佔擁有的知識產權具有更高利潤率的巨大優勢，因為所有者不必支付昂貴的授權費用並分享產品銷售收入。但這也將推廣知識產權的重大責任放在所有者身上，與像 Hello Kitty 這樣的授權角色相比，後者已經享有高人氣，因此在營銷上的支出要少得多。</p>
</div><h4><strong>Rapid revenue growth</strong></h4>
<div class="lb-trans"><h4><strong>快速收入增長</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>接下來，我們將深入分析 Here Group 的財務狀況，揭示其流行玩具業務在公司積極營銷產品的情況下顯示出強勁的初步增長。截止 9 月的三個月中，該公司的收入為 1.27 億人民幣，是其上一季度（截至 6 月）從該業務獲得的 6580 萬人民幣的近兩倍。</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>該公司表示，預計當前季度（截至 12 月）的收入將繼續增長，達到 1.5 億至 1.6 億人民幣，這意味着同比增長率約為 22%。但這種放緩可能是由於季節性因素，該公司表示預計在截至明年 9 月的當前財年中收入將達到 7.5 億至 8 億人民幣。這意味着在當前財年的下半年收入約為 5 億人民幣，幾乎是其上半年預計收入的兩倍（約 2.8 億人民幣）。</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>自從宣佈進入流行玩具市場以來，Here Group 的股票似乎與 Pop Mart 的走勢大致同步。該股最初大幅上漲，從年初的起點上漲了六倍，直到 6 月中旬達到峯值。自那時以來，股價已下跌超過 60%，但仍是年初水平的兩倍多。同樣，Pop Mart 的股票在今年上漲了三倍多，直到 8 月中旬達到峯值，但自那時以來已下跌超過 40%。不過，目前的水平仍是年初水平的兩倍多。</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>從估值的角度來看，如果 Here Group 能夠兑現其承諾的增長，其股票顯然仍然具有很大的上行潛力。該股目前以約 2.5 的市銷率交易，基於其作為流行玩具公司的第一年年收入預測。這僅為 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 的董事長兼創始人李鵬在財報電話會議上詳細介紹了公司為推廣其產品所做的許多工作。這些包括在上海推出的主題街，以及與國有的北京電視台和廣播電台運營商的合作，後者表示這可能成為未來在中國開展合作的模板。會議還詳細介紹了在北京和重慶開設的首批線下門店，並表示明年將會有更多這樣的門店開業。儘管其業務目前主要侷限於中國，但公司也指出通過在其他 20 個市場建立運營，已為未來的全球擴張奠定了基礎。</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，其玩具業務的毛利率在最新季度提高至 41.2%，相比於前一個季度的 34.7% 有所改善，儘管這兩個數字仍顯著低於 Pop Mart 在 2024 年的 66.8%。投資者可能會密切關注這一數字是否會隨着 Here Group 的流行玩具業務的增長而改善。他們還將關注公司能否迅速恢復盈利。公司報告最新季度的調整後運營淨虧損為 1710 萬元，較上一個季度的 1930 萬元虧損有所改善。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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