Business Transformation - GameStop has evolved into a more profitable and smaller business with fewer stores [6] - The company has shifted its focus from hardware and software to trading cards and collectibles [6] - GameStop has significantly improved cost control measures [6] Financial Position - GameStop possesses a very strong balance sheet [6] - The company holds over $9 billion in cash and marketable securities [8] - GameStop made an investment of just over $500 million into Bitcoin [7] Investment Strategy - GameStop views its Bitcoin investment as a hedge against inflation and global money printing [7] - The company aims to deploy capital responsibly, seeking opportunities with limited downside and significant upside [8] - GameStop will be opportunistic in its investment approach [8]

Business Model & Revenue - Pop Mart's revenue is primarily driven by blind box packaging, with over 70% of revenue coming from mystery boxes in 2019 [4] - Exclusive products developed with artists accounted for over 85% of Pop Mart's revenue in 2024 [11] - The Monsters line, particularly Labubu, experienced a 726% revenue growth from the previous year [12] Market Expansion & Retail Strategy - Pop Mart has over 500 stores and 2,000 vending machines worldwide [4] - Sales outside of China more than tripled in 2024, now making up nearly 40% of the company's sales, up from 17% in 2023 [10] - The company plans to open more than 20 stores in the US by the end of 2025, nearly doubling its footprint in the country [10] Product & IP Development - Pop Mart develops exclusive products with artists, like the Molly character with Kenny Wong and the Labubu line with Kasing Lung [11][12] - The company released the Peach Riot series with its first US-based artist, Libby Frame, which is now the company's top IP in average figurine blind box sales in North America [13][14] - Pop Mart aims to continue creating for the Western market and bring in more Western artists [14] Market Trends & Risks - Blind boxes have become a billion-dollar market in Asia, leading to regulations in some countries [16] - Singapore has proposed capping the value of mystery boxes to 100 Singaporean dollars (approximately US$77), and China banned the sale of blind boxes to kids under eight [16] - The company is working to diversify into plush toys and accessories to mitigate the risk of the blind box fad dying out [17][18]