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FY 2026 Q4 Results Presentation © 2026 Here Group Limited
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© 2026 Here Group Limited Information in this presentation and the accompanying oral presentation (the “Presentation”), including, among others, any statements regarding Here’s market position, users and consumers and other metrics, is based on data and analyses from various sources as of the date of the Presentation, unless otherwise indicated. Information in the Presentation contains “forward-looking statements” within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Here’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Here may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. These forward-looking statements are based on Here’s current expectations and involve risks and uncertainties. Here’s actual results and the timing of events could differ materially from those anticipated in such forward- looking statements as a result of these risks and uncertainties, which include, without limitation, Here’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase the spending and revenues generated from customers; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; trends and competition in the pop-toy market; changes in its revenues and certain cost or expense items; the expected growth of the pop-toy market; PRC governmental policies and regulations relating to Here’s business and industry, general economic and political conditions in China and globally; assumptions underlying or related to any of the foregoing; and other risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the SEC. Our SEC filings are available on the SEC’s website at www.sec.gov. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements, which speak only as of the date hereof. If the Presentation is reviewed after the date hereof, even if made available by us, on our website or otherwise, it may not contain current or accurate information. We disclaim any obligation to update or revise any forward-looking statement based on new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement, and Here undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. In addition to U.S. GAAP financials, the Presentation includes certain non-GAAP financial measures, including, among others, adjusted net loss from continuing operations and basic and diluted adjusted net loss from continuing operations per ordinary share. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures used by Here may differ from the non-GAAP financial measures used by other companies. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP financial measures and should be read only in conjunction with Here’s consolidated financial statements prepared in accordance with U.S. GAAP. Please see the related documents in public that accompany the Presentation for an explanation of management’s use of these measures and a reconciliation of the most directly comparable U.S. GAAP financial measures. The Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any such offering of securities will only be made by means of a registration statement (including a prospectus) filed with the SEC, after such registration statement becomes effective. Unless otherwise indicated, all references in the Presentation to “Here,” “we,” “our,” “us,” the Company,” or similar terms refer to Here Group Limited, together as a group with its subsidiaries, and, in the context of describing the substantive operations and financial information relating to such operations of Here Group Limited and its subsidiaries and the affiliated entities as a whole, refer to Here Group Limited and its subsidiaries and the affiliated entities. Exchange Rate Information This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. DISCLAIMER
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HERE AT A GLANCE
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© 2026 Here Group Limited HERE’S MISSION AND VISION 1 Spark Joy, Shape Trends From our products to our content, we want every moment on HERE to bring a sense of joy and warmth to our users. To Be the Global Icon of Trend Culture Born in China, Made for the World. MISSION VISION
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© 2026 Here Group Limited HERE’S JOURNEY – FROM TRAFFIC TO IP REDEFINING A NEW ERA OF POP TOY MARKET VALUE HERE has established a strong presence in the pop toy industry, known for its integration of internet-native user operations, extensive consumer product commercialization experience, and deep pop toy expertise. 01 Developing Scalable Growth Capabilities Explored consumer business opportunities Executed strategic initiatives under a unique “Test-and-Scale” Methodology 02 Value Leap to Industrialization Extended resources and expertise beyond existing business Refined and expanded IP monetization models 03 Converge and Elevate Launched pop toy investment for full transformation Reconstructed operations to focus on high-growth business Milestone 01/2023: Completed Nasdaq listing as an adult online learning services provider 12/2024: Multiple funding rounds for the pop toy business 11/2025: Rebranded to HERE奇梦岛 （Nasdaq：HERE） Test-and-Scale Methodology 2 Our journey creates our competitive moat 2026: Consistently focus on IP development and operation, strengthening brand and product power to deliver great products and experiences to our users
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© 2026 Here Group Limited HERE IS REDEFINING THE FUTURE OF IP-BASED POP TOYS THROUGH PRODUCT INNOVATION, BRAND BUILDING, AND STRATEGIC SALES Note 1: As of June 30, 2026 Note 2: FY26 refers to the year from July 1, 2025 to June 30, 2026 3 22 IPs1 Including 13 proprietary IPs and 9 exclusive licensed IPs FY262 Q4 Revenue RMB 127.7 Million Replicating our proven business model and operational execution in high-growth businesses 全平台粉丝总数：229,000 各账号粉丝分布： @奇梦岛潮玩旗舰店：15.5w @奇梦岛与华同行潮玩专卖店：7.4w Revenue 65.8 127.1 177.3 164.7 0 20 40 60 80 100 120 140 160 180 200 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 Unit: RMB million 全平台粉丝总数：229,000 各账号粉丝分布： @奇梦岛潮玩旗舰店：15.5w @奇梦岛与华同行潮玩专卖店：7.4w 42,959 89,727 129,414 102,404 47,746 17,591 20,763 9,504 14,300 12,83712,887 19,229 33,293 27,258 5,231 3,770 19,110 14,747 39,809 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 FY26 Q4 WAKUKU ZIYULI SIINONO OTHERS Revenue by IP Unit: RMB thousand
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INDUSTRY OVERVIEW
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© 2026 Here Group Limited CAPITALIZING ON A MULTI-BILLION-DOLLAR MARKET SECURING A CENTRAL POSITION IN THE HIGH-GROWTH ERA OF POP TOYS Unit: Billion RMB The global pop toy market is experiencing a CAGR of 18.6% (2024-2030E) and is projected to surpass RMB 753.7 billion by 2030E 4Source: Frost & Sullivan Report 136.6 148.2 176.9 181.4 211.8 270.5 361.8 450.2 530.0 608.8 682.7 753.7 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E Market Size of Global Pop Toy Industry, by Retail Sales 2019-2024 CAGR≈14.6% 2024-2030E CAGR≈18.6% The core market is vast and continuously accelerating, creating significant opportunities for scalable growth
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© 2026 Here Group Limited The Chinese market is expanding even faster—projected to reach RMB 213.3 billion by 2030, with a 24% CAGR (2024- 2030E), making it one of the few consumer categories maintaining double-digit growth Source: Frost & Sullivan Report 5 Unit: Billion RMB 2019-2024 CAGR≈23.2% 2024-2030E CAGR≈24% Market Size of China's Pop Toy Industry, by Retail Sales 20.7 24.9 34.5 35.2 43.0 58.7 82.5 107.6 132.5 158.9 185.7 213.3 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E CAPITALIZING ON A MULTI-BILLION-DOLLAR MARKET SECURING A CENTRAL POSITION IN THE HIGH-GROWTH ERA OF POP TOYS The core market is vast and continuously accelerating, creating significant opportunities for scalable growth
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BUSINESS OVERVIEW
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© 2026 Here Group Limited REDEFINING THE POP TOY IP INDUSTRY THROUGH PRODUCT INNOVATION, BRAND BUILDING, AND STRATEGIC SALES Brand Product IP StrategySales 6 BRAND BUILDING STRATEGIC SALESPRODUCT INNOVATION
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© 2026 Here Group Limited Building a triple-engine flywheel that turns fleeting trends into lasting brand assets Brand Product IP StrategySales 7 IP Strategy Core Original proprietary IP creation Scale Strategic partnerships of licensed IP Break- through Cross-industry co-branding Proprietary IP Profile TRIPLE-ENGINE IP STRATEGY PROPRIETARY + LICENSED + CO-BRANDED: FROM CHINA TO THE WORLD ZIYULI WAKUKU FUNII FIILA DD.G AWHY MEMIMO PIDOL RAMY A business model combining high growth with high barriers, creating a cultural asset portfolio that transcends economic cycles and generates long-term compound returns KILIKILI DUDUDI HAMILI
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© 2026 Here Group Limited Proprietary IP: From precise targeting to market resonance - Building a solid foundation for long-term value 8 Brand Product Sales IP Strategy STAGE ONE Precise Targeting • Granular audience analysis • Clearly defined target segments • Pinpointing market entry points STAGE TWO Creative Development • In-house designer team • Multi-city design centers • Crafting culturally resonant characters STAGE THREE Market Testing • Iterative validation of market response • User data-driven refinement • Ensuring hit product potential > > A replicable, data-driven, and industrialized process for consistently producing hit IPs TRIPLE-ENGINE IP STRATEGY PROPRIETARY AND LICENSED IP AS DUAL ENGINES OF GROWTH
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© 2026 Here Group Limited Licensed IP: Four-Dimensional Aesthetic Framework & Four Key Partnership Criteria 9 Exclusive Licensed IP Profile Four-Dimensional Identification Framework Brand Product Sales IP Strategy 01 Distinctive Design Style Unique visual identity and artistic expression 02 Substantive Commercial Investment Robust financial backing and market commitment 03 Multi-Dimensional Product System Diverse product categories and touchpoints 04 In-Depth IP Content Operation Rich storytelling and content ecosystem Identifying value through a rigorous four-dimensional aesthetic framework and ensuring commercial success via four key partnership criteria TRIPLE-ENGINE IP STRATEGY PROPRIETARY AND LICENSED IP AS DUAL ENGINES OF GROWTH YEAOHUA VIVIMANIIMPOPO PIXSIINONO CLOMIIFLUFFY LILI LUCSTARRY NAAYE MIX ANGEL
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© 2026 Here Group Limited Co-branded Access: Lightweight Investment, Focused Contribution, and Global Reach 10 Co-Branded IP Profile Brand Product Sales IP Strategy 01 Complementary Resources: 1+1>2 Combine the unique strengths of both parties in design, marketing, and sales to create hybrid IPs that neither could achieve independently, maximizing synergistic value 02 Dual-Brand Endorsement Leverage the brand influence and regional resources of both parties through a co-branded approach to accelerate market expansion from China to global markets 03 Complementary Capabilities We specialize in design, production, and sales, while our partner provides marketing expertise and celebrity resources. Each party leverages its core competencies to co-develop and deliver the IP Combining complementary resources, dual-brand endorsement and shared capabilities to unlock synergies and support disciplined global expansion TRIPLE-ENGINE IP STRATEGY CO-BRANDED IP: LEVERAGING SYNERGY VIVISTAR XIAO AO HELLOMIMI
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© 2026 Here Group Limited LIGHT CONTENT STRATEGY THE NEXT FRONTIER FOR IP ENGAGEMENT 11 New ways for consumers to discover and connect with our IPs THE NEXT FRONTIERWHY Short-form storytelling that deepens emotional connections Accessible narrative experiences Lower investment than traditional animation, higher emotional return LIGHT CONTENT STRATEGY WHAT Short videos – Bite-sized narratives for digital platforms Digital collectibles – Ownable digital assets with story elements Social-first storytelling – Narratives designed for social media consumption PARTNERSHIPS & EXECUTION HOW Collaborate with leading media companies Focus on flagship characters first Create richer fan experiences and more entry points for consumers to discover and connect with our brands Brand Product Sales IP Strategy
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© 2026 Here Group Limited SUPPLY CHAIN THE BACK-END FOUNDATION – AN AGILE, SCALABLE GROWTH ENGINE A competitive advantage that enhances product agility, scalable capacity, and an integrated supply chain 12 Core Capabilities Supply Chain Ecosystem Product Agility • Deep collaboration with suppliers • Enabling custom solutions and rapid iteration • Multi-SKU parallel development Brand Product IP StrategySales Scalable Production • Systematic supplier screening and management enable swift capacity expansion • Monthly capacity: ~50x vs. early 2025 Quality Control • End-to-end quality control + regular supplier training • Yield rate: above industry standard Supplier Network • Leveraging Guangdong & Guangxi manufacturing clusters: molds, PVC, plush, peripherals Speed & Collaboration • Best-seller reorder cycle: 5-7 weeks • Third-party production: specialized expertise, low fixed costs Vendor Award • Rigorous vendor evaluation (quality, capacity, cost, tech, reputation) • High-quality delivery assurance for scale-up Built a flexible supply chain that aligns with front-end brand momentum, providing a solid foundation for scalable growth
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© 2026 Here Group Limited DIVERSE PRODUCT FROM CONTENT RESONANCE TO OMNI-SCENARIO COLLECTION 13 Brand Product IP StrategySales 2024 2025 ZIYULI The Esoteric Fable ZIYULI The Esoteric Fable PIDOL Dear For You PIDOL Play With PIDOL All-Stars Series FUNII Dream In The Clouds WAKUKU Back To Childhood KILIKILI Y2K Online WAKUKU Fuzzy Trendy Fun Party ZIYULI Fairy Dream Series FUNII Wandering In Wonderland RAMY Pajama Party FIILA Colorful Mood 2023 PVC FigurinesPlush Toys XXL Doll/ PVC Bean/ Merchandise RAMY Spicy Girls Block SIINONO Want To Tell You A Secret ZIYULI My Own Wedding WAKUKU x 2025 CHINA OPEN MEMIMO Strange Dreams WAKUKU Pandada 800% Art Toy WAKUKU Playing with Cats and Dogs Series Figures 2026 WAKUKU The handicraft world FIILA Global Study Wander ZIYULI Cloudland Dreams SIINONO Mood On KILIKILI Dreamy Source Code AWHY Little Theater SIINONO Drip-drop 400% HAMILI
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© 2026 Here Group Limited BRAND BUILDING COLLABORATIVE CONTENT CREATION - FROM AUDIENCE REACH TO EMOTIONAL RESONANCE 500+ Exposures with celebrities & sports stars 14 Product IP StrategySales Brand As of September 22, 2026 203.5M+ XIAOHONGSHU #WAKUKU & #wakuku views 1.3B+ Douyin #WAKUKU views WAKUKU SIINONO ZIYULI 65.8M+ XIAOHONGSHU #ZIYULI views 64.0M+ Douyin #ZIYULI views 40.7M+ XIAOHONGSHU #SIINONO views 520.0M+ Douyin #SIINONO views 全平台粉丝总数：229,000 各账号粉丝分布： @奇梦岛潮玩旗舰店：15.5w @奇梦岛与华同行潮玩专卖店：7.4w Expanding IP influence beyond toys into mainstream lifestyle, breaking through category boundaries Follower count as of September 22, 2026, represents the aggregate total across all official social media platforms (XIAOHONGS HU, WeChat, Weibo, and Douyin), without deduplication. DOUYIN XIAOHONGSHU WECHAT WEIBO 800K+ Followers Across Major Domestic Social Media Platforms Social Media Followers
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© 2026 Here Group Limited BRAND BUILDING FROM NICHE COMMUNITY ENGAGEMENT TO BROADER AUDIENCE 15 Product IP StrategySales Brand Expanding Cultural Footprint: These experiences position the brand at the intersection of art, fashion, entertainment, and community. Through exhibitions, pop-up installations, and curated gatherings, we cultivate environments where IP transcends mere commodification, becoming an integral and dynamic element of contemporary culture. Deepening Emotional Resonance: Physical events provide unique experiences that digital formats cannot replicate—tactile, shared, and memorable encounters. Fans don't just see the IP; they step inside its world. They engage with it physically and emotionally, alongside others who share their enthusiasm. This engagement transforms casual consumers into dedicated advocates and converts ephemeral moments into enduring memories. Breaking Category Boundaries: Engaging in unexpected spaces demonstrates that our IP transcends categories. It exists beyond the shelf or screen, serving as a lens for fashion, home decor, street culture, and more. This approach facilitates cross-border collaborations and creates new revenue streams while strengthening brand equity. Fueling the Ecosystem: Each event is a powerful content engine. High- quality visuals, candid moments, and user- generated content are channeled back into digital platforms, amplifying reach and reinforcing the brand's cultural relevance. Offline activities stimulate online discussions, creating a virtuous cycle of awareness, engagement, and desire.
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© 2026 Here Group Limited 16 IP 战 略Product IP StrategyBrandSales SALES: OFFLINE DIRECT SALES BUILDING BRAND SANCTUARIES & CULTURAL DESTINATIONS Flagship & Concept Stores Build long-term brand equity and user loyalty • Physical foundation of our self-operated brand system with unified IP expression • Core spaces for direct brand-user interaction • Expand into high-traffic and new scenarios like transportation hubs • Real-world hubs for fan community and shared identity • Produce high-quality visual content for digital amplification Beijing INGKA Centers Beijing Hopson Shenzhen UpperhillsChongqing Raffles Pop-up Stores Create buzz and cultural relevance through time-limited, story-driven experiences • Generate social media engagement through scarcity and shareable moments • Partner with city landmarks and key events to reach new audiences • Test new concepts and themes for future permanent stores • Reinforce a trend-forward, cutting-edge brand image Grandview Mall Guangzhou Pop-up PRISMA Xinjia Center Shanghai Pop-up Xi’an SAGA Shenzhen Uniwalk Qianhai HangZhou Tower Hang Zhou Pop-up
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© 2026 Here Group Limited 17 IP 战 略Product IP StrategyBrandSales SALES: AUTOMATED RETAIL EXPANSION SCALABLE, DATA-DRIVEN, AND ACCESSIBLE Roboshops Expand brand reach and user touchpoints through automated, small-format retail • 25 Roboshops launched across key cities in China • Lower per-unit operating cost compared to full-scale stores, enabling faster replication • Prioritize high-traffic locations including commercial districts, metro stations, and transportation hubs • Capture transaction-generated user preference data to inform product development and inventory decisions • Complement existing brand stores to create a broader, more accessible offline retail footprint • Reinforce a scalable, data-driven approach to automated retail expansion Roboshop CapitaMall Taiyanggong, Beijing Roboshop Raffles City, Beijing Roboshop Mixc, Qinghe, Beijing
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© 2026 Here Group Limited SALES: DTC ONLINE OMNICHANNEL NETWORK FOR FULL MARKET COVERAGE & DEEP PENETRATION 18 IP 战 略Product IP StrategyBrandSales Our online channels enhance brand discovery and global accessibility, complementing physical stores rather than competing with them. Online interactions support offline engagement, and vice versa. These channels showcase our complete product range and brand identity around the clock, serving as the digital gateway for our global fans while gathering direct consumer insights to inform product development and marketing strategies
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© 2026 Here Group Limited SALES: DISTRIBUTION NETWORK EXPANDING REACH THROUGH STRATEGIC PARTNERSHIPS 19 Leveraging KA partners and global distributors for efficient market penetration, with mature KA channels covering over 10,000 domestic stores and an international presence across more than 20 countries and regions IP 战 略Product IP StrategyBrandSales 10,000 + 20+ Countries and regions globally Retail stores in China Business Partner: TOP TOY, Shanghai Business Partner: QPOCKET, Kuala Lumpur Business Partner: KKV, Kuala Lumpur
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© 2026 Here Group Limited SALES: DTC ONLINE DOUYIN, XIAOHONGSHU & WECHAT MINI PROGRAM — EACH PLAYING A DISTINCT ROLE 20 IP 战 略Product IP StrategyBrandSales Our DTC strategy spans three complementary platforms — Douyin, Rednote, and WeChat Mini Program — each playing a distinct role across the customer journey, from content-driven discovery to social validation to long-term retention and repeat purchases. Douyin: Content-Driven Commerce Engine • Drives discovery through short-form video and live commerce • Facilitates immediate conversion and purchase decisions • Uses algorithmic distribution to acquire new audiences efficiently • Enables direct consumer interaction during livestream sessions Xiaohongshu: Brand Storytelling and Consumer Advocacy Platform • Builds brand awareness through content seeding and product education • Encourages user-generated content and authentic consumer advocacy • Strengthens IP mindshare and emotional affinity WeChat Mini Program: Core Owned Channel and Private Domain Engagement Hub • Supports customer retention and repeat-purchase opportunities • Connects offline stores with digital touchpoints through O2O integration • Offers gamified and exclusive member experiences • Serves as a central hub for cohesive user journey management
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HERE creates collectible pop toys that spark joy and inspire global culture through its HERE奇梦岛 brand. With innovative design and storytelling at its core, the Company delivers immersive experiences that connect deeply with collectors worldwide. Guided by joy, integrity, wonder, and co-creation, the Company is building vibrant cultural ecosystems where fans shape and share dreams. INVESTOR RELATIONS CONTACT ABOUT HERE Email: ir@heregroup.com Landline: + 852 29888279 Website: ir.heregroup.com