Core Viewpoint - QuantaSing Group Limited will change its name to Here Group Limited and its ticker symbol to HERE, effective November 11, 2025, with no action required from current shareholders [1]. Company Name and Ticker Change - The ordinary shares of the Company will begin trading under the new name and ticker symbol on the Nasdaq Global Market [1]. - Historical trading data may temporarily be found under the old name and ticker symbol until the transition is fully reflected on third-party platforms [2]. New Digital Presence - The Company will launch new websites on November 11, 2025, including an official website and an investor relations website [3]. - All company email addresses will transition to the new domain format of name@heregroup.com, with automatic redirection from the old domain for a period [3]. Company Overview - The Company, through its HERE奇梦岛 brand, focuses on creating collectible pop toys that inspire joy and connect with global culture [5]. - It emphasizes innovative design and storytelling to deliver immersive experiences for collectors [5].

Group 1 - The company has changed its name from "QuantaSing Group Limited" to "Here Group Limited" as part of a strategic pivot to focus solely on pop toys [1][2] - The new name "Here" reflects the company's mission to create immersive cultural experiences that connect fans and collectors through play and collectability [1] - The company's shares will begin trading under the new ticker symbol "HERE" on or around November 10, 2025 [2] Group 2 - The company, through its HERE奇梦岛 brand, specializes in creating collectible pop toys that inspire joy and global culture [3] - The company emphasizes innovative design and storytelling to deliver immersive experiences that resonate with collectors worldwide [3] - The company aims to build vibrant cultural ecosystems where fans can shape and share their dreams [3]

Core Viewpoint - QuantaSing Group Limited has filed its annual report on Form 20-F for the fiscal year ending June 30, 2025, with the SEC, highlighting its commitment to transparency and regulatory compliance [1]. Company Overview - QuantaSing, through its Here (奇梦岛) brand, focuses on creating collectible pop toys that resonate with global culture, emphasizing innovative design and storytelling [3]. - The company aims to build vibrant cultural ecosystems where fans can engage in co-creation and share their dreams, guided by values such as joy, integrity, and wonder [3]. Financial Reporting - The annual report includes audited consolidated financial statements and is available for shareholders and ADS holders upon request, demonstrating the company's commitment to providing detailed financial information [2].

Financial Performance - For the fiscal year ended June 30, 2025, total revenues reached RMB 2,725.6 million, with external revenues contributing RMB 2,646.5 million[41]. - The net income for the fiscal year ended June 30, 2025, was RMB 356.6 million, reflecting a significant increase compared to the previous fiscal year[41]. - In the fiscal year ended June 30, 2024, total revenues were RMB 3,795.3 million, with external revenues of RMB 3,786.6 million[41]. - The company recorded a net loss of RMB 108.7 million for the fiscal year ended June 30, 2023, but expects net income of RMB 385.5 million and RMB 356.6 million (US$49.8 million) for the fiscal years ending June 30, 2024 and 2025, respectively[94]. - The income tax expenses for the fiscal year ended June 30, 2025, totaled RMB 112.9 million[41]. Cash Flow and Dividends - The total amount of cash dividends paid by the company as of the date of the report was $10.9 million, with no other distributions made to shareholders[36]. - A special cash dividend of $0.067 per ordinary share, or $0.201 per ADS, was declared in October 2024, totaling $10.9 million paid to shareholders[36]. - The company’s ability to pay dividends is dependent on the retained earnings of its WFOEs, which are subject to PRC laws and regulations[37]. - The board of directors has complete discretion over dividend distribution, which is subject to Cayman Islands law requirements[224]. - Future dividends will depend on operational results, cash flow, capital requirements, and financial condition[224]. Regulatory Environment - The company may face risks related to regulatory approvals and the evolving legal landscape in China, which could impact its operations and financial condition[32]. - The CSRC Filing Rules, effective March 31, 2023, require filing for any post-listing follow-on offerings, which may impact future capital raising activities[35]. - The company operates under a VIE structure, which may limit investors' ability to hold equity interests in the Chinese operating companies[28]. - The company has not obtained the Audio-Visual License required for offering certain online courses, which may expose it to regulatory risks[99]. - The PRC regulatory framework for data security and personal information protection is rapidly evolving, which may pose compliance challenges for the company[109]. Business Model and Strategy - The company shifted its business model from traffic-driven online learning services to a product-driven pop toy business, with financial literacy learning services accounting for 60.8%, 34.4%, and 32.3% of total revenues for the fiscal years ending June 30, 2023, 2024, and 2025, respectively[57]. - The company plans to introduce new services and products to diversify revenue streams, which may require significant capital expenditures and management resources[62]. - The company is exploring opportunities to expand its pop toy offerings into overseas markets, facing challenges related to local market adaptation and compliance[61]. - The company has undertaken strategic collaborations with IP licensors to develop products, which are crucial for business expansion; failure to maintain these collaborations may adversely affect operations[92]. - The company recorded revenue of RMB 65.8 million (US$9.2 million) from the pop toy business for the fiscal year ending June 30, 2025, following the acquisition of Shenzhen Letsvan[57]. Risks and Challenges - The company may face risks associated with expanding and managing its sales and distribution network, which could affect sales performance and operational results[78]. - The company faces risks related to potential disputes with IP licensors, which could disrupt operations and adversely impact financial results[92]. - The company has limited experience in generating revenue from new business initiatives, which may adversely affect its competitive position in the market[59]. - The company is exposed to inventory management risks, including potential obsolescence and impairment, which could materially impact financial condition[88]. - The company may face challenges in protecting its intellectual property rights, which are crucial for competitive advantage and could lead to costly litigation[81]. Internal Controls and Compliance - The company has identified a material weakness in its internal control over financial reporting as of June 30, 2025, which could lead to material misstatements in future consolidated financial statements[114]. - The company has begun to improve its internal control over financial reporting to address the identified material weakness, but cannot guarantee full remediation[117]. - The company is monitoring changes in relevant laws and regulations to ensure compliance, as non-compliance could lead to fines and operational suspensions[103]. - The company has implemented comprehensive cybersecurity and data protection policies to safeguard personal information rights and ensure secure data storage and transmission[110]. - The company has not incurred any material actions, investigations, or litigations relating to cybersecurity and personal information protection as of the date of the annual report[110]. Shareholder Structure and Governance - The dual-class voting structure allows holders of Class B shares to control corporate matters, potentially limiting the influence of Class A shareholders[202]. - The company is classified as a "controlled company," allowing it to rely on exemptions from certain corporate governance requirements[210]. - The company's corporate governance practices differ significantly from Nasdaq standards, potentially affording less protection to shareholders[207]. - The memorandum and articles of association contain anti-takeover provisions that could limit opportunities for shareholders to sell their shares at a premium[211]. - As of October 21, 2025, Mr. Peng Li beneficially owned 30.6% of the total issued and outstanding share capital and 81.5% of the aggregate voting power[204]. Market Conditions and Economic Factors - Economic conditions in China are sensitive to global economic conditions, and a severe downturn could adversely impact the company's results[159]. - The ongoing geopolitical tensions, particularly between the U.S. and China, may negatively impact the company's business and financial condition[170]. - Fluctuations in the Renminbi against the U.S. dollar could materially affect the company's revenues and financial position, with significant appreciation or depreciation impacting earnings[195]. - The company has not engaged in hedging transactions to mitigate foreign currency exchange risk, which may expose it to greater losses[196]. - Labor costs and inflation in China may adversely affect the company's business and financial results, with potential penalties for non-compliance with labor laws[126].

Core Viewpoint - The integration of corporate social responsibility with business models is essential for companies to gain respect, which in turn can enhance brand influence and market competitiveness, ensuring long-term sustainability [1][3]. Group 1: National Economic Development - The "14th Five-Year Plan" emphasizes focusing on the real economy, promoting intelligent, green, and integrated development, and aims to build a strong manufacturing, quality, aerospace, transportation, and network nation [2]. - The development of the real economy is fundamental to national growth, and companies play a crucial role in advancing commercial civilization and social progress [2]. Group 2: Characteristics of Respected Enterprises - Respected companies are distinguished not only by their successful business operations but also by their social responsibility, corporate culture, and brand value [3]. - The ongoing global business environment changes and increasing public expectations highlight the importance of earning respect over short-term profits for long-term survival [2][3]. Group 3: Expert Recommendations - BYD has been highly recommended by experts for its rapid global expansion and local production strategies, positioning itself among the top four global car manufacturers [9]. - Other companies like Keda Xunfei, Fuyao Glass, Haier Group, JD.com, Weichai Power, New Oriental, and Cambricon have also received expert recognition for their contributions and innovations [9][10][11]. - Experts noted that Keda Xunfei is leading in AI integration across various sectors, while Haier is recognized for its global outreach and commitment to sustainable practices [10][11]. Group 4: Public Perception of Respected Enterprises - The public identifies five key internal qualities for companies to be considered respected: establishing correct values, building a robust management system, continuous innovation, shaping a positive corporate citizen image, and providing high-quality products and services [15][16]. - Companies like Beijing Rural Commercial Bank, JD.com, and McDonald's exemplify these qualities through their commitment to social responsibility and brand value enhancement [16][17]. Group 5: Additional Notable Companies - Other respected companies include Moutai Group, Yili Group, and Nestle China, recognized for their high product quality and low carbon emissions [13]. - Traditional companies like Tongrentang and Li Ning have also been highlighted for their commitment to quality and innovation, contributing to their respected status [18].

Market Performance - The three major U.S. stock indices collectively rose, with the Dow Jones up 0.6%, S&P 500 up 1%, and Nasdaq up 1.32% [1] - The Philadelphia Semiconductor Index surged over 3%, with notable gains from companies like Supermicro (up over 8%) and Kioxia (up over 6%) [2] Technology Sector Highlights - Apple officially launched its M5 chip, which utilizes a third-generation 3nm process, achieving over four times the peak performance in AI computing compared to the previous M4 chip [2] - The M5 chip is now integrated into the new 14-inch MacBook Pro, iPad Pro, and Apple Vision Pro, with pre-orders already open [2] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose over 2%, with significant increases from New Oriental and WeRide, both up over 7% [3] - Major Chinese tech stocks like Alibaba, JD.com, and Baidu also saw gains of over 2% [3] Commodity Market - Spot gold prices exceeded $4,210 per ounce, marking a new historical high with a year-to-date increase of over 60% [5] - Spot silver prices broke through $53 per ounce, also reaching a new historical high [5] Cryptocurrency Market - Bitcoin rose to $113,451.1, with a 24-hour increase of 1.35%, while Ethereum reached $4,202.2, up 5.18% in the same period [6]

Core Viewpoint - QuantaSing Group Limited is restructuring its business to focus on product-driven growth in the pop toy sector, which includes terminating its individual online learning services and rebranding to "Here Group Limited" with a new ticker symbol "HERE" pending shareholder approval [1][3][6]. Business Restructuring - The company has entered into a VIE termination agreement to end its contractual arrangements with Beijing Feierlai and Beijing Chuangyuqizhi, ceasing its individual online learning services in China and overseas [2]. - As part of the restructuring, QuantaSing will transfer its equity interests in Beijing Feierlai, Beijing Chuangyuqizhi, QS International, and Rare River to a third-party buyer for a total consideration of RMB162 million and US$2.5 million, with the buyer assuming net liabilities as of June 30, 2025 [2]. Rebranding to Here Group Limited - The company plans to change its name to "Here Group Limited" and its ticker symbol to "HERE," which has been approved by the board of directors and is subject to shareholder approval [3][6]. Extraordinary General Meeting - An extraordinary general meeting is scheduled for November 6, 2025, to seek shareholder approval for the name change and amendments to the company's articles of association [4][5]. Company Overview - QuantaSing, through its Here brand, focuses on creating collectible pop toys that engage collectors globally, emphasizing innovative design and storytelling [8].

Core Viewpoint - Quantum Song (QSG) is diversifying its business by launching the WAKUKU brand in collaboration with Lehua Entertainment, targeting the young consumer market while continuing its focus on online investment education for the elderly [1][6]. Group 1: Business Strategy and Developments - Quantum Song has shifted its focus to younger consumers by introducing the WAKUKU brand, a trendy toy IP developed in partnership with Lehua Entertainment [1][6]. - The company acquired a 61% stake in Shenzhen Yiqi Culture Co., the parent company of WAKUKU, for 240 million yuan, and later announced a full acquisition [6][7]. - WAKUKU's branding and operations are fully managed by Lehua Entertainment, which holds a 51% stake in the joint venture established with Yiqi Culture [7][8]. Group 2: Market Performance and Financials - The toy market, particularly the trendy toy segment, has gained significant attention, with LABUBU's success boosting the market's profile [2][3]. - WAKUKU's plush blind box products are priced between 59-98 yuan, approximately two-thirds the price of LABUBU's products [5]. - In the second quarter of 2025, Quantum Song's toy business generated 65.78 million yuan in revenue, with WAKUKU contributing 43 million yuan in just three months [8]. - The company anticipates its toy business revenue to reach between 1 billion to 1.1 billion yuan in the first quarter of the 2026 fiscal year, and between 7.5 billion to 8 billion yuan for the entire fiscal year [8].

Group 1 - The article discusses the expertise of a research firm focused on the U.S. restaurant industry, covering various segments from quick-service to fine dining [1] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap companies [1] - The analyst has a strong academic background, holding an MBA in Controllership and Accounting Forensics, and has experience in finance and business management [1] Group 2 - The research has been featured on multiple platforms, indicating a broad reach and recognition in the industry [1] - The firm also covers related sectors such as consumer discretionary, food & beverage, and casinos & gaming, showcasing a diverse analytical approach [1] - The analyst's previous experience as a franchise partner for a regional ice cream shop adds practical insights into restaurant operations [1]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report emphasizes investment opportunities arising from the acceleration of China's consumer supply chain going overseas, particularly in the packaging sector, which is crucial for the consumer supply chain [4] - The report highlights the performance of key companies in the light industry and textile sectors, recommending a focus on companies with strong growth potential and market positioning [8] Summary by Relevant Sections Key Company Status - The report lists several companies with their respective stock prices and earnings per share (EPS) forecasts, indicating a "Buy" rating for companies like Baiya Co., Sun Paper, and Morning Light Co. [2] Market Trends - The light industry index decreased by 0.58% from September 15 to September 19, 2025, ranking 18th among 28 industries, while the textile and apparel index decreased by 0.26%, ranking 15th [12] - Specific sub-sectors within the light industry showed varied performance, with home goods increasing by 0.84% and packaging printing decreasing by 2.3% [12] Industry Data Tracking - The report tracks key industry data, noting that the sales volume of commercial housing in 30 major cities increased by 25.4% year-on-year during the week of September 14 to September 20, 2025 [32] - The furniture manufacturing sector saw a year-on-year increase of 22% in retail sales from January to August 2025 [65] Recommendations - The report suggests focusing on companies like Crystal International and Huayi Group, which are expected to improve their market share and profitability due to structural optimization and scale effects [8] - It also recommends attention to the home furnishing sector, particularly companies like Xilinmen and Gujia Home, which are positioned to benefit from ongoing demand for soft furnishings [8]