QuantaSing Announces Unaudited Financial Results for the Fourth Quarter of Fiscal Year 2025 and Full Fiscal Year 2025
QuantaSing (NASDAQ: QSG) reported its Q4 and FY 2025 financial results, highlighting a strategic transformation from traffic-driven to product-driven growth. Q4 FY2025 revenues reached RMB617.8 million (US$86.2 million), up 8.3% QoQ but down 38.2% YoY. The company's newly acquired pop toy business contributed RMB65.8 million in revenue, representing 10.6% of total revenue.
Q4 net income was RMB108.0 million (US$15.1 million), while FY2025 revenues totaled RMB2,725.6 million (US$380.5 million). The company's strategic pivot led to significantly reduced marketing expenses, improving to 47.6% of revenue from 69.2% in the previous quarter. Following the Letsvan acquisition, QuantaSing now manages 15 IPs in its pop toy business portfolio.
QuantaSing (NASDAQ: QSG) ha riportato i risultati finanziari del Q4 e dell'FY 2025, evidenziando una trasformazione strategica da crescita guidata dal traffico a crescita guidata dal prodotto. Le entrate del Q4 FY2025 hanno raggiunto RMB617,8 milioni (US$86,2 milioni), in aumento dell'8,3% rispetto al trimestre precedente ma in calo del 38,2% rispetto all'anno precedente. Il business di giocattoli pop recentemente acquisito ha contribuito per RMB65,8 milioni, pari al 10,6% del totale. Il reddito netto del Q4 è stato RMB108,0 milioni (US$15,1 milioni), mentre le entrate dell'FY2025 ammontano a RMB2.725,6 milioni (US$380,5 milioni). La svolta strategica ha comportato una notevole riduzione delle spese di marketing, migliorate al 47,6% delle entrate dal 69,2% nel trimestre precedente. A seguito dell'acquisizione Letsvan, QuantaSing gestisce ora 15 IP nel portafoglio di giocattoli pop.
QuantaSing (NASDAQ: QSG) presentó sus resultados financieros del cuarto trimestre y del año fiscal 2025, destacando una transformación estratégica de crecimiento impulsado por el tráfico a crecimiento impulsado por el producto. Los ingresos del 4T FY2025 alcanzaron RMB617.8 millones (US$86.2 millones), un 8.3% más que el trimestre anterior, pero un 38.2% menos que el año previo. El negocio de juguetes pop recientemente adquirido aportó RMB65.8 millones, representando el 10.6% del total. El ingreso neto del 4T fue RMB108.0 millones (US$15.1 millones), mientras que los ingresos del FY2025 totalizaron RMB2,725.6 millones (US$380.5 millones). El giro estratégico llevó a una reducción significativa de los gastos de marketing, mejorando al 47.6% de los ingresos desde el 69.2% del trimestre anterior. Tras la adquisición de Letsvan, QuantaSing gestiona ahora 15 IP en su cartera de juguetes pop.
QuantaSing (NASDAQ: QSG)은 2025년 4분기 및 FY 연간 실적을 발표하며 트래픽 주도형 성장에서 제품 주도형 성장으로의 전략적 전환을 강조했습니다. 4분기 FY2025 매출은 RMB617.8백만(미화 8,620만 달러)로 전 분기 대비 8.3% 증가했으나 전년 대비 38.2% 감소했습니다. 최근 인수한 팝토이 사업은 매출 RMB65.8백만을 기여하며 전체 매출의 10.6%를 차지했습니다. 4분기 순이익은 RMB108.0백만(미화 1,510만 달러)였고 FY2025 매출은 총 RMB2,725.6백만(미화 3억 8,050만 달러)였습니다. 전략적 변화로 마케팅 비용이 크게 감소해 매출의 47.6%로 개선되었으며 이전 분기의 69.2%에서 감소했습니다. Letsvan 인수 이후 QuantaSing은 팝토이 사업 포트폴리오에서 지금 15개의 IP를 관리합니다.
QuantaSing (NASDAQ: QSG) a publié ses résultats financiers du 4e trimestre et de l'exercice 2025, mettant en évidence une transformation stratégique visant une croissance axée sur le produit plutôt que sur le trafic. Les revenus du 4T FY2025 ont atteint RMB617,8 millions (US$86,2 millions), en hausse de 8,3% QoQ mais en baisse de 38,2% YoY. L'activité de jouets pop nouvellement acquise a contribué RMB65,8 millions de revenus, soit 10,6% du total. Le bénéfice net du 4T était RMB108,0 millions (US$15,1 millions), tandis que les revenus de FY2025 se sont élevés à RMB2 725,6 millions (US$380,5 millions). Cette pivot stratégique a entraîné une réduction significative des dépenses marketing, passant à 47,6% des revenus contre 69,2% au trimestre précédent. Suite à l'acquisition Letsvan, QuantaSing gère désormais 15 IP dans son portefeuille de jouets pop.
QuantaSing (NASDAQ: QSG) hat seine Finanzergebnisse für das 4. Quartal und das Geschäftsjahr 2025 bekannt gegeben und eine strategische Transformation von wachstumsorientierter auf produktorientierte Entwicklung hervorgehoben. Die Umsätze im 4Q FY2025 beliefen sich auf RMB617,8 Millionen (US$86,2 Millionen), ein Anstieg von 8,3% QoQ, aber ein Rückgang von 38,2% YoY. Das kürzlich erworbene Pop-Spielzeug-Geschäft trug RMB65,8 Millionen zum Umsatz bei und machte 10,6% des Gesamtumsatzes aus. Der Nettogewinn im 4Q betrug RMB108,0 Millionen (US$15,1 Millionen), während der Umsatz für FY2025 sich auf RMB2.725,6 Millionen (US$380,5 Millionen) belief. Die strategische Wende führte zu deutlich reduzierten Marketingausgaben, die 47,6% des Umsatzes betrugen, gegenüber 69,2% im Vorquartal. Nach der Letsvan-Übernahme verwaltet QuantaSing nun 15 IPs im Pop-Spielzeug-Portfolio.
QuantaSing (NASDAQ: QSG) أبلغت عن نتائجها المالية للربع الرابع وللسنة المالية 2025، مبرزة تحولا إستراتيجيا من النمو المدفوع بالمرور إلى النمو المدفوع بالمنتج. وصلت إيرادات الربع الرابع FY2025 إلى RMB617.8 مليون (US$86.2 مليون)، بارتفاع قدره 8.3% على أساس ربعي لكن بانخفاض 38.2% على أساس سنوي. ساهمت أعمال الألعاب المحببة التي تم الاستحواذ عليها حديثا بمبلغ RMB65.8 مليون من الإيرادات، وهو ما يمثل 10.6% من الإجمالي. كان الدخل الصافي للربع الرابع RMB108.0 مليون (US$15.1 مليون)، بينما بلغت إيرادات FY2025 الإجمالية RMB2,725.6 مليون (US$380.5 مليون). أدت الاستراتيجية إلى تقليل كبير في مصروفات التسويق، لتصل إلى 47.6% من الإيرادات من 69.2% في الربع السابق. عقب استحواذ Letsvan، تدير QuantaSing الآن 15 IP في محفظة ألعاب البوب الخاصة بها.
QuantaSing (NASDAQ: QSG) 披露了其第四季度及2025财年财务业绩，强调从以流量驱动向以产品驱动的增长转型。2025财年第四季度收入为人民币6.178亿元（美国美元8620万美元），环比增长8.3%，同比下降38.2%。新收购的玩具公仔业务贡献了人民币6,58,0万元收入，占总收入的10.6%。第四季度净利润为人民币1.08亿元（美金1510万美元），2025财年的总收入为人民币27.256亿元（美金3.805亿美元）。公司的战略转型使营销支出显著下降，营收占比从上一季度的69.2%降至47.6%。在Letsvan收购之后，QuantaSing现已在其玩具公仔业务组合中管理15个IP。
- Strategic acquisition of Letsvan contributed RMB65.8 million in new pop toy business revenue
- Sales and marketing expenses improved significantly to 47.6% of revenue from 69.2%
- Q4 FY2025 net income increased to RMB108.0 million from RMB41.1 million in Q3
- Consumer business revenue grew 51.7% YoY to RMB50.5 million in Q4 FY2025
- Successfully expanded IP portfolio to 15 IPs in pop toy business
- Q4 FY2025 total revenue declined 38.2% YoY to RMB617.8 million
- FY2025 revenue decreased 28.2% YoY to RMB2,725.6 million
- Individual online learning services revenue dropped 49.6% YoY to RMB456.9 million in Q4
- Enterprise services revenue declined 36.9% YoY in Q4 FY2025
- FY2025 net income decreased to RMB356.6 million from RMB385.5 million in FY2024
Insights
QuantaSing reported mixed results with revenue decline but maintained profitability amid strategic pivot from online learning to pop toy business.
QuantaSing's Q4 FY2025 results show the company is in the midst of a significant strategic transformation from a traffic-driven online learning business to a product-driven model with heavy investment in the pop toy market. Revenue for Q4 reached
The company recorded Q4 net income of
Their newly acquired pop toy business (Letsvan) contributed
For the full fiscal year 2025, QuantaSing reported revenue of
A key positive indicator is the company's improved operational efficiency. Sales and marketing expenses decreased dramatically by
The traditional online learning services segment continues to decline as expected, with individual online learning services revenue falling to
With 15 IPs in their pop toy portfolio (11 proprietary, 4 licensed), QuantaSing is diversifying their revenue streams while reducing marketing costs. This transition appears to be proceeding in a controlled manner with maintained profitability, though it will take several quarters to fully evaluate the success of this strategic pivot.
BEIJING, Sept. 17, 2025 (GLOBE NEWSWIRE) -- QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider, today announced its fourth quarter and full year unaudited financial results for the fiscal year ended June 30, 2025 (the “fourth quarter of FY 2025”, which refers to the quarter from April 1, 2025 to June 30, 2025, and “FY 2025”, which refers to the year from July 1, 2024 to June 30, 2025).
Highlights for the Fourth Quarter of FY 2025
- Revenues for the fourth quarter of FY 2025 were RMB617.8 million (US
$86.2 million ), representing an increase of8.3% from the third quarter of the fiscal year ended June 30, 2025 (the “third quarter of FY 2025”) and a decrease of38.2% from the fourth quarter of the fiscal year ended June 30, 2024 (the “fourth quarter of FY 2024”). Following its acquisition of Shenzhen Yiqi Culture Co., Ltd. (“Letsvan”) at the end of March 2025, the Company recognized revenue from the pop toy business for the first time in the fourth quarter of FY 2025. - Net income for the fourth quarter of FY 2025 was RMB108.0 million (US
$15.1 million ), compared with RMB41.1 million in the third quarter of FY 2025, and RMB196.6 million in the fourth quarter of FY 2024. - Adjusted net income1 for the fourth quarter of FY 2025 was RMB111.2 million (US
$15.5 million ), compared with RMB37.8 million in the third quarter of FY 2025, and RMB193.6 million in the fourth quarter of FY 2024.
Highlights for Pop Toy Business for the Fourth Quarter of FY 2025
- Revenues from the pop toy business were RMB65.8 million (US
$9.2 million ) for the fourth quarter of FY 2025, which includes RMB43.0 million (US$6.0 million ) from the flagship IP2 WAKUKU. - The Company has a total of 15 IPs for the pop toy business as of June 30, 2025, including 11 proprietary IPs, 2 exclusive licensed IPs and 2 non-exclusive licensed IPs.
Highlights for FY 2025
- Revenues for FY 2025 were RMB2,725.6 million (US
$380.5 million ), compared to RMB3,795.3 million in the fiscal year ended June 30, 2024 (“FY 2024”, which refers to the year from July 1, 2023 to June 30, 2024). - Net income for FY 2025 was RMB356.6 million (US
$49.8 million ), compared with RMB385.5 million in FY 2024. - Adjusted net income1 for FY 2025 was RMB369.0 million (US
$51.5 million ), compared with RMB423.3 million in FY 2024.
“Our fourth quarter results demonstrate meaningful progress in our strategic transformation, with the pop toy business contributing RMB65.8 million in revenue following the successful integration of Letsvan," said Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing." As we continue to strategically pivot from traffic-driven to product-driven growth, our traditional online learning services declined as expected and the addition of our pop toy business validates our product-driven approach and positions us well in a high-growth pop toy market. We are accelerating the development of our IP matrix and executing our omni-channel strategy to extend brand reach and consumer engagement. As we continue to scale our IP portfolio and expand internationally, we remain focused on building sustainable businesses where brand strength and operational excellence drive long-term shareholder value.”
Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “We are pleased to report solid financial performance this quarter. The results reflect the impact of our strategic transformation from a traffic-driven to a product-driven business model, with sales and marketing expenses improving to
Financial Results for the Fourth Quarter of FY 2025
Revenues
Revenues were RMB617.8 million (US
- Performance of established businesses: Revenues from established businesses (business operations established prior to the acquisition of Letsvan) were RMB552.0 million (US
$77.0 million ) in the fourth quarter of FY 2025, compared to RMB1,000.1 million in the fourth quarter of FY 2024.- Revenues from individual online learning services were RMB456.9 million (US
$63.8 million ) in the fourth quarter of FY 2025, compared to RMB906.7 million in the fourth quarter of FY 2024. This change was primarily due to a decline of RMB262.7 million (US$36.7 million ) in revenues from skills upgrading courses, a decline of RMB176.5 million (US$24.6 million ) in revenues from financial literacy courses and a decline of RMB10.6 million (US$1.5 million ) in revenues from recreation and leisure courses. - Revenues from enterprise services were RMB35.7 million (US
$5.0 million ) in the fourth quarter of FY 2025, compared to RMB56.6 million in the fourth quarter of FY 2024, representing a year-over-year change of36.9% . The decline was primarily due to a deliberate reduction in marketing services provided to a customer. - Revenues from consumer business were RMB50.5 million (US
$7.1 million ) in the fourth quarter of FY 2025, compared to RMB33.3 million in the fourth quarter of FY 2024, primarily driven by the increase in revenue from wellness products sales. - Revenues from others were RMB8.9 million (US
$1.1 million ) in the fourth quarter of FY 2025, compared to RMB3.5 million in the fourth quarter of FY 2024.
- Revenues from individual online learning services were RMB456.9 million (US
- Performance of pop toy business: Revenues from pop toy business were RMB65.8 million (US
$9.2 million ) in the fourth quarter of FY2025, primarily driven by the consolidation of results from Letsvan following the consummation of its acquisition at the end of March 2025. For more information on revenues from pop toy business by IPs, please refer to the “Unaudited Additional Information” in this press release.
Cost of revenues
Cost of revenues were RMB150.2 million (US
Sales and marketing expenses
Sales and marketing expenses decreased by
Research and development expenses
Research and development expenses were RMB21.2 million (US
General and administrative expenses
General and administrative expenses were RMB29.0 million (US
Others, net
Others, net were RMB28.1 million (US
Net income and adjusted net income
Net income was RMB108.0 million (US
Earnings per ordinary share and adjusted earnings per ordinary share3
Basic and diluted net income per ordinary share were RMB0.67 (US
Financial Results for FY 2025
Revenues
Revenues were RMB2,725.6 million (US
- Performance of established businesses: Revenues from established businesses were RMB2,659.8 million (US
$371.3 million ) in FY 2025, compared to RMB3,795.3 million in FY 2024.- Revenues from individual online learning services were RMB2,234.5 million (US
$311.9 million ) in FY 2025, compared with RMB3,364.3 million in FY 2024. This change was primarily due to a decrease of RMB622.2 million (US$86.8 million ) in revenues from skills upgrading courses, a decline of RMB426.0 million (US$59.5 million ) in revenues from financial literacy courses and a decline of RMB81.6 million (US$11.4 million ) in revenues from recreation and leisure courses. - Revenues from enterprise services were RMB187.3 million (US
$26.1 million ) in FY 2025, compared to RMB247.7 million in FY 2024. The change was primarily due to a shift in revenue from transactions with related party and other third parties, partially offset by increased revenue due to higher demand for marketing services from existing and new customers. - Revenues from consumer business increased by
22.6% year over year to RMB213.2 million (US$29.8 million ) in FY 2025, mainly driven by the increase in revenues from the Company's sales of wellness products, partially offset by the decline in baijiu revenue. - Revenues from other services were RMB24.8 million (US
$3.5 million ) in FY 2025, compared to RMB9.4 million in FY 2024.
- Revenues from individual online learning services were RMB2,234.5 million (US
- Performance of pop toy business: Revenues from pop toy business were RMB65.8 million (US
$9.2 million ) in FY2025, primarily driven by the consolidation of results from Letsvan following the consummation of its acquisition at the end of March 2025. For more information on revenues from pop toy business by IPs, please refer to the “Unaudited Additional Information” in this press release.
Cost of revenues
Cost of revenues decreased by
Sales and marketing expenses
Sales and marketing expenses decreased by
Research and development expenses
Research and development expenses were RMB98.5 million (US
General and administrative expenses
General and administrative expenses were RMB115.2 million (US
Remeasurement gain of previously held equity interests in connection with step acquisitions
Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US
Others, net
Others, net were RMB59.5 million (US
Net income and adjusted net income
Net income was RMB356.6 million (US
Earnings per ordinary share and adjusted earnings per ordinary share3
Basic and diluted net income per ordinary share were RMB2.22 (US
Balance Sheet
As of June 30, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,040.9 million (US
Both our established businesses and the pop toy business are cash self-sustaining and do not require significant additional capital support. Available cash reserves can therefore be directed toward strategically expanding the pop toy business to accelerate its development and market growth.
Financial Outlook for Pop Toy Business
Based on currently available information, the Company expects its revenues from pop toy business to be in the range of RMB100.0 million to RMB110.0 million for the first quarter of FY 2026 (which refers to the quarter from July 1, 2025 to September 30, 2025) and the range of RMB750.0 million to RMB800.0 million for FY 2026 (which refers to the year from July 1, 2025 to June 30, 2026). The forecasts reflect the Company’s current and preliminary views on the market of pop toy and its pop toy business operating conditions, which are subject to change.
Recent Developments
Further Investments in Letsvan
On July 31, 2025, the Company announced that it would undertake further steps to acquire all the remaining equity interests in Letsvan from the other investors with a combination of cash and stock consideration. The Transactions remain in progress as of the date of this earnings release.
The Company’s pop toy business is advancing its IP innovation by establishing design centers in various cities such as Beijing, Hangzhou and Shenzhen, creating a cross-regional innovation network that enables rapid iteration and efficient creative transformation. The Company is also expanding the influence of its IP through cross-industry collaborations with leading brands in sports, fashion, entertainment, and consumer sectors. Partnerships with the China Open, Universal Studios, Genki Forest, and Beijing Fashion Week highlight the strong cross-industry appeal of pop toys and reinforce the Company's ability to extend IP boundaries across diverse markets—from premium sports events and entertainment venues to consumer brands and high fashion platforms, demonstrating the versatility and broad market resonance of the Company's IP portfolio.
Potential Business Restructuring
As previously announced, the Company is in an ongoing process of strategically pivoting to a product-driven growth and fully capitalizing on the high-growth pop toy market so as to deliver optimal value to its shareholders and other constituents. To implement this strategy, the management is in negotiation with third-party buyers with respect to a potential restructuring of the Company’s established businesses, including a potential disposal of such businesses. The Company will make timely announcements of any material progress in this regard. Any planned business restructuring is subject to requisite internal corporate approval procedures, and there is no guarantee that any such restructuring will be implemented as indicated in a timely fashion, or at all. Investors should not place undue reliance on this statement.
2024 Share Repurchase Program
On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US
2025 Share Repurchase Program
On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US
Conference Call Information
The Company's management team will hold a conference call at 7:00 A.M. Eastern Time on Wednesday, September 17, 2025 (7:00 P.M. Beijing Time on the same day) to discuss the financial results.
Listeners may access the call by dialing the following numbers:
| International: | 1-412-902-4272 | |
| United States Toll Free: | 1-888-346-8982 | |
| Mainland China Toll Free: | 4001-201203 | |
| Hong Kong Toll Free: | 800-905945 | |
| Conference ID: | QuantaSing Group Limited | |
The replay will be accessible through September 24, 2025 by dialing the following numbers:
| International: | 1-412-317-0088 | |
| United States Toll Free: | 1-877-344-7529 | |
| Replay Access Code: | 9431238 | |
A live and archived webcast of the conference call will be available at the Company's investor relations website at https://ir.quantasing.com.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses adjusted net income and basic and diluted adjusted net income per ordinary share as its non-GAAP financial measures. Adjusted net income represents net income excluding share-based compensation expense, impairment loss on long-lived assets and goodwill and remeasurement gain of previously held equity interests in connection with step acquisitions. Basic and diluted adjusted net income per ordinary share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per ordinary share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per ordinary share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.
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 RMB7.1636 to US
Safe Harbor Statements
This announcement 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 1955. 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 QuantaSing’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. Among other things, the Financial Outlook for Pop Toy Business in this announcement contains forward-looking statements. The Company 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. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies, including its strategic pivot to a product-driven growth; its future business development, especially the growth of its pop toy business, results of operations and financial condition; its ability to attract and retain new users and consumers and to increase the spending and revenues generated from users and consumers; its ability to maintain and enhance the recognition and reputation of its brands; its expectations regarding demand for and market acceptance of its services and products; expected growth, future trends and competition in the markets that it operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to its various business lines and industries, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
About QuantaSing Group Limited
QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users' wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline.
For more information, please visit: https://ir.quantasing.com.
Contact
Investor Relations
Leah Guo
QuantaSing Group Limited
Email: ir@quantasing.com
Tel: +86 (10) 6493-7857
Robin Yang, Partner
ICR, LLC
Email: QuantaSing.IR@icrinc.com
Phone: +1 (212) 537-0429
_______________________
1 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
2 “IP” refers to the design of a single or a series of characters and the underlying intellectual property rights.
3 Basic and diluted adjusted net income per ordinary share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per ordinary share to basic and diluted adjusted net income per ordinary share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) | |||||
| As of | |||||
| June 30, 2024 | June 30, 2025 | June 30, 2025 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 779,931 | 830,159 | 115,886 | ||
| Restricted cash | 160 | 21,065 | 2,941 | ||
| Short-term investments | 246,195 | 189,697 | 26,481 | ||
| Accounts receivable, net | 16,676 | 45,893 | 6,406 | ||
| Amounts due from related parties | 4,488 | 1,577 | 220 | ||
| Inventory, net | 6,345 | 21,461 | 2,996 | ||
| Prepayments and other current assets | 275,549 | 202,899 | 28,322 | ||
| Total current assets | 1,329,344 | 1,312,751 | 183,252 | ||
| Non-current assets: | |||||
| Property and equipment, net | 6,569 | 11,292 | 1,576 | ||
| Long-term investments | 9,010 | 59,066 | 8,245 | ||
| Intangible assets, net | - | 65,938 | 9,205 | ||
| Operating lease right-of-use assets | 58,889 | 19,898 | 2,778 | ||
| Deferred tax assets | 847 | - | - | ||
| Goodwill | - | 187,598 | 26,188 | ||
| Other non-current assets | 21,360 | 4,976 | 695 | ||
| Total non-current assets | 96,675 | 348,768 | 48,687 | ||
| TOTAL ASSETS | 1,426,019 | 1,661,519 | 231,939 | ||
| LIABILITIES | |||||
| Current liabilities: | |||||
| Short-term borrowings | - | 11,100 | 1,550 | ||
| Accounts payables | 62,066 | 48,694 | 6,797 | ||
| Accrued expenses and other current liabilities | 190,508 | 151,806 | 21,191 | ||
| Amounts due to related parties | - | 3,321 | 464 | ||
| Income tax payable | 20,399 | 31,440 | 4,389 | ||
| Contract liabilities, current portion | 385,227 | 238,090 | 33,236 | ||
| Advance from customers | 162,257 | 113,134 | 15,793 | ||
| Operating lease liabilities, current portion | 49,099 | 16,428 | 2,293 | ||
| Total current liabilities | 869,556 | 614,013 | 85,713 | ||
| Non-current liabilities: | |||||
| Contract liabilities, non-current portion | 11,365 | 35,485 | 4,954 | ||
| Operating lease liabilities, non-current portion | 16,989 | 7,016 | 979 | ||
| Deferred tax liabilities | 11,625 | 72,042 | 10,057 | ||
| Total non-current liabilities | 39,979 | 114,543 | 15,990 | ||
| TOTAL LIABILITIES | 909,535 | 728,556 | 101,703 | ||
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - continued (Amounts in thousands, except for share and per share data) | ||||||||
| As of | ||||||||
| June 30, 2024 | June 30, 2025 | June 30, 2025 | ||||||
| RMB | RMB | US$ | ||||||
| MEZZANINE EQUITY | ||||||||
| Non-controlling interests with liquidation preferences | - | 40,999 | 5,723 | |||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Class A ordinary shares | 81 | 81 | 11 | |||||
| Class B ordinary shares | 34 | 34 | 5 | |||||
| Treasury stock | (109,257 | ) | (49,054 | ) | (6,848 | ) | ||
| Additional paid-in capital | 1,192,474 | 1,066,860 | 148,928 | |||||
| Accumulated other comprehensive income | 17,313 | 16,507 | 2,304 | |||||
| Accumulative deficit | (584,161 | ) | (225,431 | ) | (31,469 | ) | ||
| TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY | 516,484 | 808,997 | 112,931 | |||||
| Non-controlling interests | - | 82,967 | 11,582 | |||||
| TOTAL SHAREHOLDERS’ EQUITY | 516,484 | 891,964 | 124,513 | |||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 1,426,019 | 1,661,519 | 231,939 | |||||
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands, except for shares and per share data) | |||||||||||||||||
| For the Three Months Ended June 30, | For the Years Ended June 30, | ||||||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||
| Revenues | 1,000,083 | 617,835 | 86,246 | 3,795,331 | 2,725,592 | 380,478 | |||||||||||
| Cost of revenues | (141,252 | ) | (150,217 | ) | (20,969 | ) | (550,310 | ) | (503,733 | ) | (70,318 | ) | |||||
| Gross Profit | 858,831 | 467,618 | 65,277 | 3,245,021 | 2,221,859 | 310,160 | |||||||||||
| Operating expenses: | |||||||||||||||||
| Sales and marketing expenses | (580,093 | ) | (294,055 | ) | (41,048 | ) | (2,586,977 | ) | (1,611,261 | ) | (224,923 | ) | |||||
| Research and development expenses | (21,213 | ) | (21,200 | ) | (2,959 | ) | (144,868 | ) | (98,525 | ) | (13,754 | ) | |||||
| General and administrative expenses | (11,554 | ) | (28,978 | ) | (4,045 | ) | (125,765 | ) | (115,172 | ) | (16,077 | ) | |||||
| Impairment loss on long-lived assets | (2,652 | ) | - | - | (2,652 | ) | - | - | |||||||||
| Impairment loss on goodwill | (7,389 | ) | - | - | (7,389 | ) | - | - | |||||||||
| Total operating expenses | (622,901 | ) | (344,233 | ) | (48,052 | ) | (2,867,651 | ) | (1,824,958 | ) | (254,754 | ) | |||||
| Income from operations | 235,930 | 123,385 | 17,225 | 377,370 | 396,901 | 55,406 | |||||||||||
| Other income: | |||||||||||||||||
| Interest income | 2,151 | 959 | 134 | 10,520 | 4,999 | 698 | |||||||||||
| Remeasurement gain of previously held equity interests in connection with step acquisitions | - | - | - | - | 8,109 | 1,132 | |||||||||||
| Others, net | 6,802 | 28,060 | 3,917 | 28,965 | 59,478 | 8,303 | |||||||||||
| Income before income tax | 244,883 | 152,404 | 21,276 | 416,855 | 469,487 | 65,539 | |||||||||||
| Income tax expense | (48,276 | ) | (44,424 | ) | (6,201 | ) | (31,328 | ) | (112,919 | ) | (15,763 | ) | |||||
| Net income | 196,607 | 107,980 | 15,075 | 385,527 | 356,568 | 49,776 | |||||||||||
| Net loss attributable to noncontrolling interests | - | 2,161 | 302 | - | 2,162 | 302 | |||||||||||
| Net income attributable to QuantaSing Group Limited | 196,607 | 110,141 | 15,377 | 385,527 | 358,730 | 50,078 | |||||||||||
| Other comprehensive income/(loss) | |||||||||||||||||
| Foreign currency translation adjustments, net of nil tax | 85 | (1,984 | ) | (277 | ) | (4,869 | ) | (806 | ) | (113 | ) | ||||||
| Total other comprehensive income/(loss) | 85 | (1,984 | ) | (277 | ) | (4,869 | ) | (806 | ) | (113 | ) | ||||||
| Total comprehensive income | 196,692 | 105,996 | 14,798 | 380,658 | 355,762 | 49,663 | |||||||||||
| Net loss attributable to noncontrolling interests | - | 2,161 | 302 | - | 2,162 | 302 | |||||||||||
| Comprehensive income attributable to QuantaSing Group Limited | 196,692 | 108,157 | 15,100 | 380,658 | 357,924 | 49,965 | |||||||||||
| Net income per ordinary share | |||||||||||||||||
| - Basic | 1.22 | 0.67 | 0.09 | 2.34 | 2.22 | 0.31 | |||||||||||
| - Diluted | 1.18 | 0.65 | 0.09 | 2.27 | 2.17 | 0.30 | |||||||||||
| Weighted average number of ordinary shares used in computing net income per ordinary share | |||||||||||||||||
| - Basic | 160,765,764 | 163,732,982 | 163,732,982 | 164,998,649 | 161,291,663 | 161,291,663 | |||||||||||
| - Diluted | 166,883,228 | 168,939,011 | 168,939,011 | 170,045,651 | 165,196,242 | 165,196,242 | |||||||||||
| Share-based compensation expenses included in | |||||||||||||||||
| Cost of revenues | (3,706 | ) | (905 | ) | (126 | ) | (13,651 | ) | (6,119 | ) | (854 | ) | |||||
| Sales and marketing expenses | (5,776 | ) | 141 | 20 | 2,902 | (1,399 | ) | (195 | ) | ||||||||
| Research and development expenses | 8,724 | 15 | 2 | (1,887 | ) | (2,459 | ) | (343 | ) | ||||||||
| General and administrative expenses | 13,840 | (2,451 | ) | (342 | ) | (15,121 | ) | (10,524 | ) | (1,469 | ) | ||||||
| QUANTASING GROUP LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except for shares and per share data) |
The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per ordinary share to basic and diluted adjusted net income per ordinary share for the periods indicated:
| For the Three Months Ended June 30, | For the Years Ended June 30, | |||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | |||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net income | 196,607 | 107,980 | 15,075 | 385,527 | 356,568 | 49,776 | ||||||||
| Add: Share-based compensation | (13,082 | ) | 3,200 | 446 | 27,757 | 20,501 | 2,861 | |||||||
| Add: Impairment loss on long-lived assets and goodwill | 10,041 | - | - | 10,041 | - | - | ||||||||
| Less: Remeasurement gain of previously held equity interests in connection with step acquisitions | - | - | - | - | (8,109 | ) | (1,132 | ) | ||||||
| | ||||||||||||||
| Adjusted net income | 193,566 | 111,180 | 15,521 | 423,325 | 368,960 | 51,505 | ||||||||
| Attributable to noncontrolling interests | - | 2,161 | 302 | - | 2,162 | 302 | ||||||||
| Adjusted net income attributable to QuantaSing Group Limited | 193,566 | 113,341 | 15,823 | 423,325 | 371,122 | 51,807 | ||||||||
| Weighted average number of ordinary shares used in computing net income per ordinary share | ||||||||||||||
| - Basic | 160,765,764 | 163,732,982 | 163,732,982 | 164,998,649 | 161,291,663 | 161,291,663 | ||||||||
| - Diluted | 166,883,228 | 168,939,011 | 168,939,011 | 170,045,651 | 165,196,242 | 165,196,242 | ||||||||
| Weighted average number of ordinary shares used in computing adjusted net income per ordinary share | ||||||||||||||
| - Basic | 160,765,764 | 163,732,982 | 163,732,982 | 164,998,649 | 161,291,663 | 161,291,663 | ||||||||
| - Diluted | 166,883,228 | 168,939,011 | 168,939,011 | 170,045,651 | 165,196,242 | 165,196,242 | ||||||||
| Net income per ordinary share | ||||||||||||||
| - Basic | 1.22 | 0.67 | 0.09 | 2.34 | 2.22 | 0.31 | ||||||||
| - Diluted | 1.18 | 0.65 | 0.09 | 2.27 | 2.17 | 0.30 | ||||||||
| Non-GAAP adjustments to net income per ordinary share | ||||||||||||||
| - Basic | (0.02 | ) | 0.02 | 0.01 | 0.23 | 0.08 | 0.01 | |||||||
| - Diluted | (0.02 | ) | 0.02 | 0.00 | 0.22 | 0.08 | 0.01 | |||||||
| Adjusted net income per ordinary share | ||||||||||||||
| - Basic | 1.20 | 0.69 | 0.10 | 2.57 | 2.30 | 0.32 | ||||||||
| - Diluted | 1.16 | 0.67 | 0.09 | 2.49 | 2.25 | 0.31 | ||||||||
| QUANTASING GROUP LIMITED UNAUDITED ADDITIONAL INFORMATION (Amounts in thousands, except for shares and per share data) |
The following table below sets forth a breakdown of revenue from pop toy business by IPs, both by absolute amount and as a percentage for the periods indicated:
| For the Three Months Ended June 30, | |||||
| 2025 | |||||
| RMB | US$ | % | |||
| Revenue from pop toy business | |||||
| WAKUKU | 42,959 | 5,997 | 65.3 | ||
| ZIYULI | 17,591 | 2,456 | 26.7 | ||
| Others(1) | 5,231 | 730 | 8.0 | ||
| 65,781 | 9,183 | 100.0 | |||
(1) “Others” refers to revenue generated from all other IPs, such as "FUNII", "FIILA" and "PIDOL", aggregated and presented as “Others”.
(2) The revenue of the newly acquired pop toy business, Letsvan, was consolidated into the Group’s financial results beginning from April 1, 2025. As a result, there was no comparable prior period information for pop toy business.
QUANTASING GROUP LIMITED UNAUDITED SEGMENT INFORMATION (Amounts in thousands, except for shares and per share data) |
| For the Three Months Ended June 30, 2025 | |||||||||||
| Learning service and others and consumer business(1) | Pop toy business(2) | Total | Total | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Revenues | |||||||||||
| Learning service and others | 501,534 | - | 501,534 | 70,011 | |||||||
| Consumer business | 50,520 | - | 50,520 | 7,052 | |||||||
| Pop toy business | - | 65,781 | 65,781 | 9,183 | |||||||
| Total revenues | 552,054 | 65,781 | 617,835 | 86,246 | |||||||
| Cost of revenues | |||||||||||
| Learning service and others | (68,105 | ) | - | (68,105 | ) | (9,507 | ) | ||||
| Consumer business | (39,142 | ) | - | (39,142 | ) | (5,464 | ) | ||||
| Pop toy business | - | (42,970 | ) | (42,970 | ) | (5,998 | ) | ||||
| Total cost of revenue | (107,247 | ) | (42,970 | ) | (150,217 | ) | (20,969 | ) | |||
| Gross Profit | |||||||||||
| Learning service and others | 433,429 | - | 433,429 | 60,504 | |||||||
| Consumer business | 11,378 | - | 11,378 | 1,588 | |||||||
| Pop toy business | - | 22,811 | 22,811 | 3,185 | |||||||
| Total gross profit | 444,807 | 22,811 | 467,618 | 65,277 | |||||||
| Operating expenses: | |||||||||||
| Sales and marketing expenses | (275,395 | ) | (18,660 | ) | (294,055 | ) | (41,048 | ) | |||
| Research and development expenses | (19,323 | ) | (1,877 | ) | (21,200 | ) | (2,959 | ) | |||
| General and administrative expenses | (21,486 | ) | (7,492 | ) | (28,978 | ) | (4,045 | ) | |||
| Total operating expenses | (316,204 | ) | (28,029 | ) | (344,233 | ) | (48,052 | ) | |||
| Income/(loss) from operations | 128,603 | (5,218 | ) | 123,385 | 17,225 | ||||||
| Other income: | |||||||||||
| Interest income/(expense) | 978 | (19 | ) | 959 | 134 | ||||||
| Others, net | 27,269 | 791 | 28,060 | 3,917 | |||||||
| Income/(loss) before income tax | 156,850 | (4,446 | ) | 152,404 | 21,276 | ||||||
| Income tax (expense)/benefit | (45,164 | ) | 740 | (44,424 | ) | (6,201 | ) | ||||
| Net income/(loss) | 111,686 | (3,706 | ) | 107,980 | 15,075 | ||||||
(1) The “Learning service and others and consumer business” includes two segments: 1) Learning service and others; and 2) Consumer business. This represents all of the Company's established business operations prior to the acquisition of Letsvan.
(2) On March 31, 2025, the Company completed the acquisition of Letsvan which primarily operates the pop toy business. The Company identified “Pop toy business” as a new segment effective from the fourth quarter of FY 2025.
(3) The results of the newly acquired pop toy business, Letsvan, was consolidated into the Group’s financial results beginning from April 1, 2025. As a result, there was no comparable prior period information for segment report.
FAQ
What were QuantaSing's (QSG) Q4 2025 earnings results?
How much revenue did QuantaSing's pop toy business generate in Q4 2025?
What was QuantaSing's (QSG) full year 2025 revenue?
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How many IPs does QuantaSing have in its pop toy business portfolio?
