QuantaSing is a China-based collectible pop toy company, in the middle of a pivot away from its legacy online education and consumer goods businesses. The core business — now its only business following a September 2025 divestiture of legacy operations — is designing, marketing, and selling collectible designer figures and plush toys under its "HERE奇梦岛" brand, operated through its majority-owned subsidiary Shenzhen Letsvan. Its two flagship proprietary IPs are WAKUKU, a bold hunter character targeting fashion-forward consumers, and ZIYULI, a Chinese princess character targeting urban female fans. The company also licenses third-party IPs to expand its portfolio. Products are sold primarily as blind boxes — where buyers don't know which variant they'll receive, driving repeat purchases and collectibility — as well as plush figures, at price points ranging from RMB 69.8 to RMB 1,099 per unit. QuantaSing sells through DTC channels including Tmall, Douyin, and RedNote flagship stores, a proprietary mini-program, and pop-up stores, as well as through distributor partners covering over 10,000 retail stores in China and more than 20 countries internationally. Manufacturing is fully outsourced to third-party factories in Guangdong and Guangxi. IP development and fan community building are central to the business model, with Douyin content accumulating over 550M views.