Monitor the earnings call for any guidance on Q1 FY2027 revenue trajectory and whether further goodwill impairment risk on the remaining RMB63.5M remaining balance. The 22.5% QoQ revenue decline and minimal share repurchase execution (US$0.7M of US$20M) suggests management is conserving cash amid losses.
Price Chart
Executive Summary
Here Group reported Q4 FY2026 revenue of RMB127.7M (US$18.8M), down 22.5% QoQ but up 94.1% YoY, with a net loss from continuing operations of RMB169.6M (US$25.0M) including a RMB124.1M goodwill impairment. Full-year FY2026 revenue was RMB596.8M (US$88.0M) with a net loss of RMB254.9M. The sequential revenue decline, widening losses, and large goodwill impairment signal deteriorating operational momentum despite the YoY growth from the pop toy business ramp.
Key Facts
- Q4 FY2026 revenue of RMB127.7M (US$18.8M), down 22.5% QoQ from RMB164.7M in Q3 FY2026
- Q4 FY2026 net loss from continuing operations of RMB169.6M (US$25.0M), vs RMB34.1M in Q3 FY2026 and RMB21.8M in Q4 FY2025
- RMB124.1M (US$18.3M) impairment loss on goodwill from Letsvan acquisition, reducing goodwill balance now RMB63.5M as of June 30, 2026
- Full-year FY2026 revenue of RMB596.8M (US$88.0M) vs RMB65.8M in FY2025; not directly comparable due to discontinued operations presentation
- FY2026 net loss from continuing operations of RMB254.9M (US$37.6M) vs RMB21.8M in FY2025
- Adjusted net loss from continuing operations (non-GAAP) widened to RMB93.9M (US$13.8M) for FY2026 vs RMB19.3M in FY2025
- Board member and Senior Vice President Ms. Liu Xihao resigned for personal reasons, effective September 22, 2026, no disagreement with company
- US$20M share repurchase program approved June 5, 2026; only US$0.7M of repurchases completed as of September 16, 2026
Financial Impact
Q4 revenue decline of 22.5% QoQ and net loss expanding 5x QoQ to RMB169.6M; goodwill impairment of RMB124.1M (US$18.3M) indicates the Letsvan acquisition is underperforming
Risk Factors
- Further goodwill impairment risk on remaining RMB63.5M goodwill if macroeconomic headwinds persist
- Sequential revenue decline and widening losses suggest the pop toy business may not be gaining sustainable traction
- Minimal share repurchase execution (US$0.7M of US$20M) may signal limited confidence in near-term outlook
- Board/management departure (Ms. Liu Xihao) could indicate internal challenges
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-101914 |
| Document: ea0306074-6k_here.htm | 0001213900-26-101914 |
| Document: 0001213900-26-101914-index-headers.html | 0001213900-26-101914 |
| Document: 0001213900-26-101914-index.html | 0001213900-26-101914 |
| Document: 0001213900-26-101914.txt | 0001213900-26-101914 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 5w ago | 6-K | $1.65 $1.53 | ▲ +7.27% | ▲ +6.71% | $1.41 (+14.48%) |
Sep 22, 2026 5w ago | Press Release | $1.65 $1.53 | ▲ +7.27% | ▲ +6.71% | $1.41 (+14.48%) |
Sep 18, 2026 5w ago | Press Release | $1.84 $1.62 | ▼ −11.96% | ▼ −12.16% | $1.41 (−23.32%) |
Jun 11, 2026 19w ago | Institutional Cluster | $2.22 $1.88 | ▲ +15.32% | ▲ +17.09% | $1.41 (+36.44%) |
Jun 5, 2026 20w ago | Press Release | $1.78 $1.90 | ▼ −6.74% | ▼ −4.88% | $1.41 (+20.73%) |
Mar 12, 2026 32w ago | Press Release | $3.74 $3.10 | ▼ −17.00% | ▼ −18.98% | $1.41 (−62.22%) |
Mar 4, 2026 33w ago | Press Release | $4.35 $3.51 | ▼ −19.31% | ▼ −14.89% | $1.41 (−67.56%) |
US Market Status
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