QuantaSing Group Business Summary

Here Group Limited (formerly QuantaSing Group Ltd) has completed a radical strategic pivot from a leading Chinese adult EdTech provider to a pure-play pop toy and collectibles enterprise. Following a comprehensive 2025 restructuring that divested its legacy online learning and wellness segments, the company now generates revenue primarily through the design, manufacturing, and multi-channel sale of IP-driven collectible toys, blind boxes, and plush products under its flagship "HERE" brand. Operating through its subsidiary Shenzhen Yiqi Culture (Letsvan), the business model leverages a portfolio of proprietary and licensed IPs—including WAKUKU, SIINONO, and ZIYULI—to target the high-growth "kidult" demographic. In the competitive landscape, Here Group positions itself as a rising challenger to industry leader Pop Mart, as well as established players like 52Toys and Miniso’s TOP TOY, by utilizing its massive legacy user base of over 145 million registered members to drive cross-sector product adoption. The leadership team is anchored by Founder, Chairman, and CEO Peng Li, a veteran entrepreneur with a high-caliber pedigree including senior roles at Baidu and UCWeb. The executive suite includes Chief Financial Officer Dong (Tim) Xie, who spearheaded the firm’s 2023 NASDAQ IPO and subsequent 2025 pivot, and Senior Vice President Xihao Liu. Following the acquisition of Letsvan, Chief Product Officer Huiyu Zhan joined the board in August 2025, bringing deep expertise in IP incubation and cultural product design. The board is further strengthened by independent director Shunyan Zhu, a partner at Alibaba Partnership and former CEO of Alibaba Health, alongside notable institutional backing from DCM Ventures, K2 Partners, and Notable Capital Management. This leadership mix combines deep-rooted Chinese internet commercialization experience with specialized product innovation to navigate the transition into the global collectibles market.