Here Group Ltd 6-K, filed Sep 17, 2025

Here Group Ltd (HERE)

6-K 2025-09-17 For: 2025-09-17

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Here Group Ltd filed this 6-K on September 17, 2025.

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	QUANTASING GROUP LIMITED

Date: September 17, 2025	By:	/s/ Peng Li
	Name:	Peng Li
	Title:	Chairman and Chief Executive Officer

Exhibit No.		Description

Exhibit 99.1		QuantaSing Announces Unaudited Financial Results for the Fourth Quarter of Fiscal Year 2025 and Full Fiscal Year 2025

International:		1-412-902-4272
United States Toll Free:		1-888-346-8982
Mainland China Toll Free:		4001-201203
Hong Kong Toll Free:		800-905945
Conference ID:		QuantaSing Group Limited

International:		1-412-317-0088
United States Toll Free:		1-877-344-7529
Replay Access Code:		9431238

	As of
	June 30, 2024		June 30, 2025		June 30, 2025
	RMB		RMB		US$

ASSETS
Current assets:
Cash and cash equivalents		779,931		830,159		115,886
Restricted cash		160		21,065		2,941
Short-term investments		246,195		189,697		26,481
Accounts receivable, net		16,676		45,893		6,406
Amounts due from related parties		4,488		1,577		220
Inventory, net		6,345		21,461		2,996
Prepayments and other current assets		275,549		202,899		28,322
Total current assets		1,329,344		1,312,751		183,252

Non-current assets:
Property and equipment, net		6,569		11,292		1,576
Long-term investments		9,010		59,066		8,245
Intangible assets, net		-		65,938		9,205
Operating lease right-of-use assets		58,889		19,898		2,778
Deferred tax assets		847		-		-
Goodwill		-		187,598		26,188
Other non-current assets		21,360		4,976		695
Total non-current assets		96,675		348,768		48,687
TOTAL ASSETS		1,426,019		1,661,519		231,939

LIABILITIES
Current liabilities:
Short-term borrowings		-		11,100		1,550
Accounts payables		62,066		48,694		6,797
Accrued expenses and other current liabilities		190,508		151,806		21,191
Amounts due to related parties		-		3,321		464
Income tax payable		20,399		31,440		4,389
Contract liabilities, current portion		385,227		238,090		33,236
Advance from customers		162,257		113,134		15,793
Operating lease liabilities, current portion		49,099		16,428		2,293
Total current liabilities		869,556		614,013		85,713

Non-current liabilities:
Contract liabilities, non-current portion		11,365		35,485		4,954
Operating lease liabilities, non-current portion		16,989		7,016		979
Deferred tax liabilities		11,625		72,042		10,057
Total non-current liabilities		39,979		114,543		15,990
TOTAL LIABILITIES		909,535		728,556		101,703

	●	Net income for the fourth quarter of FY 2025 was RMB108.0 million (US$15.1 million), compared with RMB41.1 million in the third quarter of FY 2025, and RMB196.6 million in the fourth quarter of FY 2024.

	1	Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
	2	“IP” refers to the design of a single or a series of characters and the underlying intellectual property rights.

	For the Three Months Ended June 30,									For the Years Ended June 30,
	2024			2025			2025			2024			2025			2025
	RMB			RMB			US$			RMB			RMB			US$

Revenues		1,000,083			617,835			86,246			3,795,331			2,725,592			380,478
Cost of revenues		(141,252	)		(150,217	)		(20,969	)		(550,310	)		(503,733	)		(70,318	)

Gross Profit		858,831			467,618			65,277			3,245,021			2,221,859			310,160

Operating expenses:
Sales and marketing expenses		(580,093	)		(294,055	)		(41,048	)		(2,586,977	)		(1,611,261	)		(224,923	)
Research and development expenses		(21,213	)		(21,200	)		(2,959	)		(144,868	)		(98,525	)		(13,754	)
General and administrative expenses		(11,554	)		(28,978	)		(4,045	)		(125,765	)		(115,172	)		(16,077	)
Impairment loss on long-lived assets		(2,652	)		-			-			(2,652	)		-			-
Impairment loss on goodwill		(7,389	)		-			-			(7,389	)		-			-
Total operating expenses		(622,901	)		(344,233	)		(48,052	)		(2,867,651	)		(1,824,958	)		(254,754	)

Income from operations		235,930			123,385			17,225			377,370			396,901			55,406

Other income:
Interest income		2,151			959			134			10,520			4,999			698
Remeasurement gain of previously held equity interests in connection with step acquisitions		-			-			-			-			8,109			1,132
Others, net		6,802			28,060			3,917			28,965			59,478			8,303

Income before income tax		244,883			152,404			21,276			416,855			469,487			65,539
Income tax expense		(48,276	)		(44,424	)		(6,201	)		(31,328	)		(112,919	)		(15,763	)

Net income		196,607			107,980			15,075			385,527			356,568			49,776
Net loss attributable to noncontrolling interests		-			2,161			302			-			2,162			302
Net income attributable to QuantaSing Group Limited		196,607			110,141			15,377			385,527			358,730			50,078

Other comprehensive income/(loss)
Foreign currency translation adjustments, net of nil tax		85			(1,984	)		(277	)		(4,869	)		(806	)		(113	)
Total other comprehensive income/(loss)		85			(1,984	)		(277	)		(4,869	)		(806	)		(113	)

Total comprehensive income		196,692			105,996			14,798			380,658			355,762			49,663
Net loss attributable to noncontrolling interests		-			2,161			302			-			2,162			302
Comprehensive income attributable to QuantaSing Group Limited		196,692			108,157			15,100			380,658			357,924			49,965

Net income per ordinary share
- Basic		1.22			0.67			0.09			2.34			2.22			0.31
- Diluted		1.18			0.65			0.09			2.27			2.17			0.30
Weighted average number of ordinary shares used in computing net income per ordinary share
- Basic		160,765,764			163,732,982			163,732,982			164,998,649			161,291,663			161,291,663
- Diluted		166,883,228			168,939,011			168,939,011			170,045,651			165,196,242			165,196,242
Share-based compensation expenses included in
Cost of revenues		(3,706	)		(905	)		(126	)		(13,651	)		(6,119	)		(854	)
Sales and marketing expenses		(5,776	)		141			20			2,902			(1,399	)		(195	)
Research and development expenses		8,724			15			2			(1,887	)		(2,459	)		(343	)
General and administrative expenses		13,840			(2,451	)		(342	)		(15,121	)		(10,524	)		(1,469	)

	For the Three Months Ended June 30,
	2025
	RMB		US$		%

Revenue from pop toy business
WAKUKU		42,959		5,997		65.3
ZIYULI		17,591		2,456		26.7
Others⁽¹⁾		5,231		730		8.0

		65,781		9,183		100.0

	For the Three Months Ended June 30, 2025
	Learning service and others and consumer business⁽¹⁾			Pop toy business⁽²⁾			Total			Total
	RMB			RMB			RMB			US$

Revenues
Learning service and others		501,534			-			501,534			70,011
Consumer business		50,520			-			50,520			7,052
Pop toy business		-			65,781			65,781			9,183
Total revenues		552,054			65,781			617,835			86,246

Cost of revenues
Learning service and others		(68,105	)		-			(68,105	)		(9,507	)
Consumer business		(39,142	)		-			(39,142	)		(5,464	)
Pop toy business		-			(42,970	)		(42,970	)		(5,998	)
Total cost of revenue		(107,247	)		(42,970	)		(150,217	)		(20,969	)

Gross Profit
Learning service and others		433,429			-			433,429			60,504
Consumer business		11,378			-			11,378			1,588
Pop toy business		-			22,811			22,811			3,185
Total gross profit		444,807			22,811			467,618			65,277

Operating expenses:
Sales and marketing expenses		(275,395	)		(18,660	)		(294,055	)		(41,048	)
Research and development expenses		(19,323	)		(1,877	)		(21,200	)		(2,959	)
General and administrative expenses		(21,486	)		(7,492	)		(28,978	)		(4,045	)
Total operating expenses		(316,204	)		(28,029	)		(344,233	)		(48,052	)

Income/(loss) from operations		128,603			(5,218	)		123,385			17,225

Other income:
Interest income/(expense)		978			(19	)		959			134
Others, net		27,269			791			28,060			3,917

Income/(loss) before income tax		156,850			(4,446	)		152,404			21,276
Income tax (expense)/benefit		(45,164	)		740			(44,424	)		(6,201	)

Net income/(loss)		111,686			(3,706	)		107,980			15,075

	As of
	June 30, 2024			June 30, 2025			June 30, 2025
	RMB			RMB			US$

MEZZANINE EQUITY
Non-controlling interests with liquidation preferences		-			40,999			5,723

SHAREHOLDERS’ EQUITY
Class A ordinary shares		81			81			11
Class B ordinary shares		34			34			5
Treasury stock		(109,257	)		(49,054	)		(6,848	)
Additional paid-in capital		1,192,474			1,066,860			148,928
Accumulated other comprehensive income		17,313			16,507			2,304
Accumulative deficit		(584,161	)		(225,431	)		(31,469	)
TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY		516,484			808,997			112,931
Non-controlling interests		-			82,967			11,582
TOTAL SHAREHOLDERS’ EQUITY		516,484			891,964			124,513
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY		1,426,019			1,661,519			231,939