Here Group Ltd (NASDAQ: HERE)

QuantaSing Group Limited operates as a global developer and seller of collectible pop toys. The company conducts its pop toy business through its wholly owned subsidiary Shenzhen Letsvan. It creates original intellectual property characters such as WAKUKU and ZIYULI and also secures licensing agreements for additional brands. The firm designs and manufactures a range of products including plush toys figure toys and blind box items. Its headquarters are located in Beijing China and it maintains a presence in Shenzhen for product development and sourcing.

The company generates revenue from the sale of its pop toy products through multiple channels. Direct to consumer sales occur via online platforms such as Tmall Douyin and RedNote through its own mini program and through pop up stores in major cities. It also sells through a distributor network that places its products in over 10,000 retail stores across China and in partnership with retailers in more than 20 countries across North America Europe Southeast Asia and the Middle East. Product price points vary with plush toys ranging from RMB69.8 to RMB1,099 and figure toys offering a premium tactile experience. In addition the firm reports that its gross merchandise value exceeded RMB18 million as of August 2025 representing a nine times increase compared to April 2025 levels. After the termination of its variable interest entity arrangements in September 2025 the company ceased operations in online learning enterprise services and consumer electronic commerce and now focuses exclusively on the pop toy business.

QuantaSing Group Limited holds a distinct position in the fragmented global pop toy market. Its competitive advantage stems from a robust intellectual property portfolio that includes eleven proprietary characters four exclusive licensed brands and two non exclusive licensed brands. The firm maintains an in house design team that controls the full creation process from concept to final product enabling rapid iteration and consistent quality. Its supply chain works with specialized manufacturers in Guangdong and Guangxi allowing agile response and rapid production ramp up as evidenced by output increasing more than twenty times since the start of 2025 to exceed one million units of mainstream plush products. The company employs rigorous quality control procedures including routine audits and final inspections to maintain product standards. These factors create barriers to entry and help the firm sustain its market presence amid numerous competitors.

The company serves a diverse base of collectors and fans worldwide. Its products attract various age groups with characters like WAKUKU appealing to fashion forward individuals and ZIYULI resonating with urban female fans. The firm has cultivated an online community of over 250,000 followers on major social platforms and its content has generated more than 550 million views on Douyin and 140 million views on RedNote. Internationally it reaches buyers through TikTok Shop Shopee and an independent North American e commerce site. While specific customer names are not disclosed the base consists of individual consumers who purchase through both online and offline retail channels.