HERENasdaqRetail-Hobby, Toy & Game ShopsUS GAAP · USD

Here Group Ltd

Here Group Ltd is a U.S.-listed company focused on collectible pop toys and character-based intellectual property through its HERE奇梦岛 brand. Its business combines IP creation, product design, storytelling, and fan engagement around collectible toys and related branded experiences.

Ask about the company
Revenue2,726m USD
−28.2 %y/y
Operating profit (EBIT)397m USD
+5.2 %y/y
EBIT margin14.6%
+4.6 ppy/y
Net income359m USD
−7.0 %y/y
Free cash flow181m USD
−35.2 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1,00001,0002,0003,0004,000m USD2021: 1,760 m USD2021: EBIT -331 m USD20212022: 2,868 m USD2022: EBIT -235 m USD20222023: 3,081 m USD2023: EBIT -114 m USD20232024: 3,795 m USD2024: EBIT 377 m USD20242025: 2,726 m USD2025: EBIT 397 m USD20252,726397
RevenueOperating profit (EBIT)
Ask Clarifo about Here Group Ltd

Business

Share of revenue
Collectible pop toys75 %

Designer toys and collectible figures sold to fans and collectors.

IP creation and licensing15 %

Original and licensed character IP used across products and experiences.

Offline experiences10 %

Pop-up, retail, and event-based experiences tied to the IP ecosystem.

Customers

The company sells primarily to collectors and fans of designer toys, character IP, and pop-culture merchandise. It also serves retail and channel partners that distribute collectible products, as well as consumers drawn to offline IP experiences that deepen engagement with the brand.

Toy collectors

Buy collectible pop toys for rarity, design, and character appeal.

Brand fans

Buy products and participate in experiences tied to the HERE奇梦岛 universe.

Retail and channel partners

Purchase inventory or carry the brand to reach broader consumer audiences.

Experience-driven consumers

Engage with offline activations and branded spaces to interact with the IP.

Strategy

The company’s strategy centers on building and monetizing character IP through product iteration, storytelling, and fan engagement. It is also emphasizing a broader channel mix, with greater use of offline experiences to strengthen brand connection and support the collectible ecosystem.

IP development and product iterationShort term

Fresh characters and designs are central to repeat demand in collectibles.

Channel diversificationMedium term

A broader channel mix reduces reliance on any one sales format and widens reach.

Offline experience buildingMedium term

Physical experiences can strengthen emotional connection and brand loyalty.

Geography

The company is presented as a global IP and collectible brand, with investor-relations contact points in Hong Kong and the United States and a stated focus on collectors worldwide. Reported figures are denominated in RMB and USD, suggesting a cross-border operating structure and international customer reach.

Risks

The business depends on the continued appeal of its IP, so demand can shift quickly if characters or product drops lose momentum. It also faces execution risk in balancing online and offline channels, while collecting and toy businesses are exposed to fashion cycles, competition, inventory mismatch, and foreign-exchange or cross-border operating complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →IP concentration risk1Inventory and demand volatility2Channel execution risk3Cross-border operating complexity4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. IP concentration riskImpact: HighLikelihood: High

    Revenue depends on a small set of character franchises and their ongoing appeal.

    Exposure: HERE奇梦岛 brand and related IPs

  2. Inventory and demand volatilityImpact: HighLikelihood: High

    Collectible products can be seasonal and trend-sensitive, creating sell-through risk.

    Exposure: Toy launches and limited editions

  3. Channel execution riskImpact: MediumLikelihood: Medium

    The company is shifting toward more offline engagement, which requires operational capability and partner execution.

    Exposure: Offline retail and experience channels

  4. Cross-border operating complexityImpact: MediumLikelihood: Medium

    The company operates with RMB reporting and international-facing activities, which can complicate controls and pricing.

    Exposure: Global sales and reporting structure

Ask Clarifo about Here Group Ltd

Accounting

Judgemental items
Revenue recognition

Sales may include product delivery and possible IP-related elements that require judgment on timing.

Impact: Affects reported revenue timing and quarter-to-quarter comparability

Inventory valuation

Collectibles can become obsolete quickly if demand shifts or a release underperforms.

Impact: Can create write-downs and margin volatility

Share-based compensation

Management disclosed adjusted metrics excluding share-based compensation.

Impact: Affects operating expense presentation and non-GAAP reconciliation

Discontinued operations

The company reported the disposal of its Established Business as discontinued operations.

Impact: Changes comparability of historical results and balance-sheet presentation

Similar listed companies

Publicly listed companies with a comparable business focus.

Pop Culture Group Co., Ltd

CPOP · Services-Amusement & Recreation Services

Bilibili Inc.

BILI · Services-Computer Processing & Data Preparation

Funko, Inc.

FNKO · Games, Toys & Children's Vehicles (No Dolls & Bicycles)

Tron Inc.

TRON · Finance Services

MINISO Group Holding Ltd

MNSO · Retail-Variety Stores

Playboy, Inc.

PLBY · Retail-Miscellaneous Retail

Last updated: 28/09/2026

Here Group Ltd (Nasdaq) – Retail-Hobby, Toy & Game Shops | Financial Analysis – Clarifo