Here Group Ltd
HERE · Retail-Hobby, Toy & Game Shops · EDGAR filings ↗
Grade
C64Newly pivoted pop-toy company with top-decile returns but a radical, unproven business transformation and China/VIE governance risk.
Strengths
- Strong profitability optics — ROA 22% (97th pct), ROE 44% (91st pct), gross margin 82% (90th pct), net margin 13% (75th pct)
- Clean balance sheet (current ratio 2.1) with positive FCF
Risks
- Revenue -27% (12th pct) amid a wholesale business-model shift from online learning to pop toys (Shenzhen Letsvan) with limited track record
- China VIE structure, CSRC/CAC filing and cash-transfer constraints, and post-VIE-termination uncertainty
Notable findings
- Strong balance sheetStrong balance sheet — $130M cash & investments
- Revenue declineRevenue -27.2% YoY
Key metrics
Gross margin
81.5%
Operating margin
14.6%
Net margin
13.2%
Return on equity
44.3%
Return on assets
21.6%
Revenue growth (QoQ)
-27.2%
Net-income growth
-5.7%
Current ratio
2.1×
Free cash flow
$25M
Tangible book value
$78M
Cash & investments
$130M
Stock comp / revenue
0.8%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-10-31 | 2025-06-30 | 0001213900-25-104390 ↗ |
| 20-F | 2024-08-29 | 2024-06-30 | 0001213900-24-073574 ↗ |
| 20-F | 2023-10-27 | 2023-06-30 | 0001013762-23-007052 ↗ |