# HERE earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/HERE) · [Earnings tab](https://www.lopjlb.com/stock/HERE?tab=earnings) Updated: 2026-09-11T06:28:17 Quarters analyzed: 8 ## Latest CallCard · Q3 Revenue beat guidance at RMB 165 million, IP portfolio expanded with new stores and roboshops, but softer demand and supply constraints led to lowered FY revenue outlook. **Guidance:** lowered — Revised FY2026 revenue guidance to RMB 600‑610 million, down from prior range, reflecting near‑term market realities. **Tone:** mgmt 0.6 · Q&A pressure 0.3 · divergence 0.4 CEO highlighted revenue exceeding guidance and rapid IP/store expansion, conveying optimism. ### Demand visibility Demand remains challenged but emotional‑spending persists. Quarterly revenue guidance lowered; Q4 revenue expected RMB 130‑140 million; seasonal demand and supply constraints limit visibility. ### Margins / costs Gross margin improved despite softer demand. Gross margin rose to 34.5% from 31%, reflecting early benefits of strategic cost‑structure refinements. ### Capital allocation Capital deployed under a clear ROI framework focused on IP and offline reach. Investments in new IPs, D2C stores, roboshops and content initiatives are evaluated against IP momentum, offline network data and membership system performance. ### Milestones - **XIAO AO co‑branded IP launch** [delivered]: New co‑branded IP launched with strong market attention and pre‑launch buzz. - **WAKUKU Vinyl Plush Doll series** [delivered]: Launched March 28; omnichannel sales exceeded RMB 20 million, 28,000 concurrent online viewers. - **SIINONO Mood On Series launch** [delivered]: Offline launch May 30 and online launch June 2, gaining strong consumer response. - **D2C store network expansion** [on_track]: 7 stores now open, including new locations in Shenzhen (April 25) and Xi’an (May 1). - **Roboshops rollout** [on_track]: Approximately 15 unmanned roboshops deployed across 3 cities as of June 4. - **Pop‑up store in South Korea** [new]: Planned as initial overseas market test; timing not yet confirmed. - **U.S. trade show participation** [new]: Planned attendance to gauge market response; execution pending. - **Beijing Airport flagship store** [at_risk]: Proposed store to enhance brand visibility; still in scouting phase. ### Fears / risks - **Demand softness**: Broader pop‑toy market faces a softer demand environment, challenging revenue growth. - **Supply‑chain constraints**: Holiday‑related reductions in working days limited production and logistics capacity. - **Competitive pressure**: More players entering the market and a shift toward full‑chain IP capabilities increase competition. - **Licensed IP churn risk**: Licensed IPs have short terms; non‑renewal could cause a material revenue hit. - **Execution risk for new launches**: Product launch cadence was impacted by seasonal holidays and supply constraints. - **International expansion risk**: Planned pop‑up store in South Korea and U.S. trade show may face execution uncertainties. - **Financial loss pressure**: Net loss widened to CNY 34.1 million, indicating ongoing profitability challenges. - **Capital allocation discipline**: Need to maintain ROI discipline as investments in stores, IP and technology increase. ### Key quotes > “We achieved about RMB 165 million in revenue this quarter. This exceeded the high end of our guidance.” — Peng Li > “Gross margin increased to 34.5% this quarter from 31% in the previous quarter.” > “As of today, we have opened 7 D2C brand stores. Each store serves as a space for brand user interaction.” > “How do you keep both the strength and the momentum of the popular IPs?” > “We prefer to go deep with our core IPs, not broad.” — Tina Tang ## Quarter one-liners - **2026 Q3:** Revenue beat guidance at RMB 165 million, IP portfolio expanded with new stores and roboshops, but softer demand and supply constraints led to lowered FY revenue outlook. - **2026 Q2:** Here delivered 35% QoQ revenue growth to RMB177.3m, highlighted offline store expansion and IP milestones, but noted margin dip to 31% as offline channels weigh on profitability. - **2026 Q1:** Here Group posted Q1 FY26 revenue of RMB127.1m, up 93% QoQ, gross margin 41.2%, with WAKUKU driving 71% of sales and DTC store roll‑out accelerating, while noting overseas growth is early stage and domestic focus remains. - **2025 Q4:** QuantaSing reports RMB 617.8m revenue, 10.6% from Pop Toy, announces divestiture of non‑Pop Toy assets and focuses capital on Pop Toy growth, while guidance targets RMB 100‑110m Q1 FY26 Pop Toy revenue. - **2025 Q3:** Q3 revenue fell 39.6% YoY to RMB 570.7M as QuantaSing pivots to product‑driven Pop Toy growth, completes Letsvan consolidation and signals optimistic but vague guidance for Q4. - **2025 Q2:** QuantaSing Q2 FY25 revenue down 26% YoY to RMB 726.6M, net income RMB 126.8M (17.4% margin), cash RMB 1.2B; shifting from traffic-driven to high-quality growth, expanding silver economy wellness products and offline services. - **2025 Q1:** — - **2024 Q4:** QuantaSing posted RMB 1,000.1 million revenue and a record adjusted net income while pivoting to the silver economy, reporting strong wellness product growth and a robust cash position, but has halted specific guidance. ## Guidance path 2024 Q4:withdrawn → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:maintained → 2026 Q1:maintained → 2026 Q2:maintained → 2026 Q3:lowered --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/HERE`