Broker Name: UOB Kay Hian
Date of Report: Friday, 13 March 2026

Excerpt from UOB Kay Hian report

Report Summary

• HERE Group’s 2QFY26 revenue grew 39% quarter-on-quarter to Rmb177m, significantly beating estimates, mainly driven by the strong performance of its Wakuku IP. Despite a projected seasonal dip in 3QFY26, the company maintains full-year revenue guidance and expects future profitability as operational efficiencies improve.
• Gross margins declined due to expansion into offline channels, with sales and marketing expenses rising to support brand building and customer acquisition. The company is focused on expanding its IP portfolio, rolling out flagship offline stores, and accelerating global expansion, especially through partnerships and online channels abroad.

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