The collectible toy market's rising star Here Group Limited (HERE.US), dubbed "the first Nasdaq-listed collectible toy concept stock," has unveiled its latest sensation. The company recently previewed its new "Instant Boost" blind box series under the viral IP "WAKUKU," featuring dopamine-inspired color schemes and movable designs, set for online release on December 4.
Executive President and co-founder Shi Guangqiang revealed that the new WAKUKU series maintains its "unleashed" brand philosophy while achieving quality breakthroughs at the ¥100 price point through 16+2+1 configurations, articulated joints, and pearlescent finishes. As one of Here Group's flagship IPs, WAKUKU has surpassed 1 million units sold and once drove search volume up 6,200%.
This market enthusiasm has translated directly into financial results: Q1 FY2026 (July-September 2025) saw collectible toy revenue surge 93.3% quarter-over-quarter to ¥127 million, far exceeding the ¥100-110 million guidance range. The IP portfolio demonstrated strong performance—WAKUKU generated ¥89.73 million, ZIYULI contributed ¥20.76 million, and newcomer SIINONO added ¥12.89 million since its July launch.
Here Group projects Q2 FY2026 revenue between ¥150-160 million, signaling its transition from restructuring phase to acceleration mode. The company's ambitious ¥750-800 million annual revenue target would position it near China's top collectible toy retailers by scale—a remarkable feat for an emerging player.
The global collectible toy market has grown from $20.3 billion in 2020 to $41.8 billion in 2024 (20% CAGR), with China's market expanding at 35.1% CAGR to ¥76.3 billion. Secondary market data from Xianyu shows 330% year-over-year transaction growth in Q2 2025, with per-order spending averaging ¥218. Frost & Sullivan projects China's market will reach ¥213.3 billion by 2030.
Here Group's success stems from its original IP development strategy, avoiding derivative content in favor of direct emotional connections with young consumers. The company operates a dual-engine IP incubation system with 11 proprietary IPs (including WAKUKU and ZIYULI) and 6 licensed IPs as of September 30.
Its marketing prowess combines cross-industry collaborations (China Open Tennis, Beijing Fashion Week) with sophisticated social media operations. Online GMV on Douyin grew 9x from April-August 2025, while offline distribution now covers 10,000+ retail outlets. The company plans to open 3-5 flagship stores by year-end.
New IP SIINONO, themed around "embracing imperfection," sold 10,000 units in 10 minutes during its July debut, totaling 300,000 units to date. Industry experts note the upcoming WAKUKU mini series aligns perfectly with youth demand for affordable, portable "emotional value" items, potentially rivaling Labubu mini's popularity.
Internationally, Here Group has entered 20+ markets including North America and Southeast Asia through e-commerce. The company recently rebranded at the corporate level, signaling its evolution from product maker to cultural platform. Strategic partnerships with Beijing Media Network and Hong Kong Bauhinia Magazine aim to position collectibles as cultural ambassadors, including special edition "Golden Bauhinia" WAKUKU for Hong Kong.
Appearing at China's Golden Rooster Awards and other cultural events, Here Group is injecting its youthful aesthetic into mainstream entertainment. Analysts suggest the company's unique "product power + brand power + sales power" integration could drive a "Davis Double Play" of earnings growth and multiple expansion as it joins the industry's top tier.
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