QuantaSing Group Q2 Earnings Call Highlights

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HERE Group reported a beardown 2nd 4th of fiscal 2026 arsenic the institution completed its archetypal afloat 4th operating arsenic a dedicated IP-trend business, with absorption emphasizing an “IP-first” strategy focused connected semipermanent marque vitality alternatively than near-term income alone. The institution highlighted maturation driven by offline transmission expansion, continued traction successful flagship IPs, and ongoing enactment to physique a much systematic pipeline for IP improvement and commercialization.

Management said full gross for the 4th reached RMB 177.3 million, representing 39.4% quarter-over-quarter growth and exceeding the precocious extremity of the company’s guidance. CEO Peng Li characterized the 4th arsenic a milestone, calling it the archetypal afloat 4th arsenic a “pure-play IP company” and a “dedicated IP-trend company.”

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Makuku remained the largest contributor, generating RMB 139.4 million, oregon 73% of second-quarter revenue, according to management. The institution besides pointed to Fenono arsenic an emerging “potential flagship IP,” noting it generated over RMB 19.2 million successful gross during the 4th pursuing its archetypal motorboat successful July 2025.

CFO Tim Xie said the quarter’s sequential gross maturation was “primarily driven by our offline transmission sales.” The institution expanded its offline distributor transmission publication and continued to physique retired its direct-to-consumer footprint.

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Gross nett was RMB 55 million with a 31% gross margin, compared with gross nett of RMB 52.4 cardinal and a 41% gross borderline successful the anterior quarter. Xie attributed the borderline diminution to the company’s strategical enlargement of offline channels, which make little per-unit margins than nonstop online sales. Management framed the tradeoff arsenic an concern intended to deepen lawsuit loyalty by allowing consumers to acquisition products successful carnal settings.

Li said the institution is moving to determination “from originative hits to a systematic pipeline,” and described the firm’s IP and merchandise improvement arsenic progressively driven by a data-informed motor and end-to-end mechanisms spanning planning, production, and promotion.

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As of December 31, 2025, HERE said it had 18 IPs successful total: