Financial Performance - Q2 2025毛利率为32.1%[7] - 渠道和产品销售组合变化对毛利率产生-0.6%的影响[7] - 产品利润率提高使毛利率增加3.5%[7] - 版权最低保证缺口导致毛利率下降-2.4%[7] - 关税导致毛利率下降-4.6%[7] - 库存准备金调整导致毛利率下降-5.8%[7] Sales & Top Properties - 前十大IP占比净销售额的33%[5] - 前十大IP占比未知[4] Global Expansion & Brand Engagement - Funko于2025年7月在东南亚开设了第一家授权商店，位于菲律宾[9] - Funko在2025年圣地亚哥动漫展（SDCC）上占据了最大的实体展位，通过四个沉浸式区域与各个年龄段和圈子的收藏家互动[13] - SDCC 2025上，每日都有售罄情况发生，表明产品受欢迎和品牌亲和力[13]

Company Overview - Funko's net sales in 2023 reached $1.1 billion[7] - In 2023, the United States accounted for 69% of Funko's sales, while international sales contributed 31%[7] - Core Collectibles represented 73% of 2023 sales, Loungefly accounted for 20%, and other brands made up the remaining 7%[8] - Wholesale channels accounted for 79% of 2023 sales, while direct-to-consumer (DTC) channels contributed 21%[9] Strategic Initiatives - The company aims to reduce SKU counts by approximately 30% to focus on core product lines[42, 48] - Funko implemented more than $150 million of annualized cost savings in 2023 compared to peak Q4 2022 levels[45] - Workforce reductions of approximately 25% were implemented from year-end 2022 levels[45] Financial Performance & Targets - In 2017, the Adjusted EBITDA margin was 17.4%, while in 2023, it was 7.0%[38] - The company expects equity-based compensation of approximately $15 million, depreciation and amortization of approximately $64 million, and interest expense of approximately $18 million for the full year 2024[69]