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QSG

QuantaSing Group Ltd

QSG

QuantaSing Group Ltd • NASDAQ
$5.41 ▲ 5.25% (+0.27)
Market Cap $294.20 M
52w High $15.64
52w Low $1.60
Dividend Yield 0.20%
P/E 5.95
Volume 243.63K
Outstanding Shares 54.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $570.706M ▼ $441.115M ▼ $41.145M ▼ 7.209% ▼ $0.75 ▼ $33.035M ▼
Q2-2025 $726.647M ▼ $465.9M ▼ $126.756M ▲ 17.444% ▲ $2.34 ▲ $138.235M ▲
Q1-2025 $810.404M ▼ $573.71M ▼ $80.688M ▼ 9.957% ▼ $1.47 ▼ $102.246M ▼
Q4-2024 $1B ▲ $622.901M ▼ $196.607M ▲ 19.659% ▲ $3.66 ▲ $254.491M ▲
Q3-2024 $945.57M $804.85M $14.63M 1.547% $0.27 $-5.128M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.134B ▼ $1.723B ▲ $918.612M ▲ $710.755M ▲
Q2-2025 $1.212B ▲ $1.487B ▼ $823.022M ▼ $663.79M ▲
Q1-2025 $1.193B ▲ $1.517B ▲ $914.132M ▲ $602.722M ▲
Q4-2024 $1.026B ▼ $1.426B ▼ $909.535M ▼ $516.484M ▲
Q3-2024 $1.15B $1.488B $1.119B $368.256M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2023 $-58.356M ▲ $68.159M ▲ $-29.537M ▼ $-12.801M ▼ $60.331M ▼ $67.019M ▲
Q1-2023 $-97.278M ▼ $28.464M ▼ $153.311M ▲ $0 ▲ $183.901M ▲ $28.399M ▼
Q4-2022 $-58.356M $68.159M $-29.537M $-12.801M $60.331M $67.019M
Q3-2022 $-58.356M ▲ $68.159M ▲ $-29.537M ▼ $-12.801M ▲ $60.331M ▲ $67.019M ▲
Q2-2022 $-79.009M $19.856M $-6.682M $-18.451M $-1.005M $10.95M

Five-Year Company Overview

Income Statement

Income Statement QuantaSing’s income statement shows a company that has grown quickly and cleaned up its profitability. Revenue has risen strongly over the past few years, while gross profit has kept pace, suggesting the core business remains high-margin and relatively efficient to deliver. After several years of operating and net losses, the company recently moved into solid profitability, with much healthier operating and net margins. That shift reflects tighter cost control and a move toward higher-value products rather than just chasing user traffic. One trade-off is that growth in the legacy education business is slowing as the company prioritizes quality of revenue and new product lines over pure scale.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully. Total assets have grown several-fold, driven mostly by a large cash position, while debt remains quite modest. Importantly, shareholders’ equity has swung from negative to clearly positive, reflecting both improved earnings and capital raised since the IPO. This gives the company a more stable financial footing. The main watchpoints are execution risk around how this cash is deployed into new ventures and the challenge of maintaining capital discipline during the strategic pivot from education to consumer products and pop toys.

Cash Flow

Cash Flow Cash generation is a key bright spot. Operating cash flow has been consistently positive for several years and has grown over time, which is not always the case for young, fast-growing platforms. Capital spending has stayed very low, so free cash flow is also positive and relatively stable. This pattern supports the idea of an asset-light, scalable model. The question going forward is whether new consumer and IP-heavy initiatives can preserve this cash profile or will require meaningfully higher investment in inventory, marketing, and store build-out.

Competitive Edge

Competitive Edge Competitively, QuantaSing (now transitioning to Here Group) stands on two pillars: a leading position in China’s online adult learning market and an emerging presence in pop toys and lifestyle consumer goods. In education, it benefits from strong brand recognition, a very large user base, and a tech-enabled, scalable model focused increasingly on senior learners and leisure education. In the new pop toy and e-commerce businesses, it brings traffic, content, and IP capabilities, but faces fierce competition from established consumer brands, toy makers, and live-commerce players. The pivot gives diversification and growth options, but it also dilutes the clear identity of a pure-play education leader and exposes the company to new types of competition and execution risk.

Innovation and R&D

Innovation and R&D Innovation is central to the story. On the education side, the company uses artificial intelligence, data analytics, and a dual-instructor teaching model to personalize learning and keep users engaged at scale. On the consumer side, it is building an IP-driven pop toy ecosystem through its Letsvan acquisition, including character creation, branding, and multi-channel distribution, plus live e-commerce that ties content directly to product sales. The shift from traffic-driven tactics to a more product- and IP-driven growth model is strategically interesting but unproven at large scale. The departure of the CTO adds some uncertainty around the pace and direction of future AI and tech development, even though the company continues to talk up technology as a key enabler.

Summary

Overall, QuantaSing has evolved from a fast-growing but loss-making online educator into a more profitable, cash-generative platform that is now reinventing itself as a broader lifestyle and pop toy group. Financial quality has clearly improved: better margins, stronger equity, and solid cash flow. At the same time, business risk has arguably increased as the company moves beyond its core education strength into more crowded consumer markets where brand, design, and retail execution matter greatly. The next phase will likely be defined less by sheer user growth and more by how effectively the company turns its technology, IP portfolio, and cash resources into sustainable, differentiated consumer franchises.

NEWS

November 10, 2025 · 5:00 PM UTC

QuantaSing Group Limited to Begin Trading Under New Name "Here Group Limited" and New Ticker Symbol "HERE" Effective November 11, 2025

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October 31, 2025 · 8:30 AM UTC

QuantaSing Group Limited Filed Fiscal Year 2025 Annual Report on Form 20-F

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September 30, 2025 · 5:00 PM UTC

QuantaSing Announces Business Restructuring, Name Change to Here Group Limited and Extraordinary General Meeting

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September 17, 2025 · 5:00 AM UTC

QuantaSing Announces Unaudited Financial Results for the Fourth Quarter of Fiscal Year 2025 and Full Fiscal Year 2025

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September 11, 2025 · 5:00 AM UTC

QuantaSing to Report Fourth Fiscal Quarter and Full Fiscal Year 2025 Financial Results on September 17, 2025

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