Target Q2 2025 Results Net Sales -0.9% Comparable Sales -1.9% Stores -3.2% Comparable Sales +4.3% Digital Comparable Sales Progress in stores Stores comp sales were up more than 2 percentage points from Q1. growth in same-day delivery. >25% Same-day services grew 3% and ship-to-guest grew >7%. GAAP and Adjusted EPS* $2.05 We're encouraged by our progress in Q2, but we won't be satisfied until Target returns to growth. Topline improvements Traffic and sales trends improved meaningfully from Q1 2025. We saw i ...

Core Insights - GameStop Corporation has seen significant involvement from CEO Ryan Cohen, who has increased his stake in the company to 13% and became chairman in June 2021 and CEO in September 2023 [1][3] - Cohen expressed a lack of respect for short sellers, viewing their actions as un-American, but remains focused on running the business rather than on short selling activities [3][4] - The company has shifted its focus from hardware to collectibles, which has contributed to profitability, with GameStop generating profits every quarter [5] Stake and Leadership - Ryan Cohen disclosed a 9% stake in GameStop in August 2020, later increasing it to 13% [1] - Cohen became chairman in June 2021 and was appointed CEO in September 2023 [1] Short Selling Dynamics - Approximately 18.9% of GameStop's float is currently shorted, although the number of short sellers has declined [3] - Cohen believes that short sellers may ultimately need to cover their positions, which could be beneficial for the company [3] Business Strategy and Profitability - GameStop has fewer stores now but is more profitable, with a focus on collectibles like trading cards [5] - Cohen indicated that the retail business is now profitable, leading to a strategic shift away from hardware [5] Financial Considerations - Cohen mentioned that there are tax implications regarding dividends, suggesting it may be better to reinvest in the company for future opportunities [6] - GameStop's stock was up 0.6% to $23.36, with a year-to-date decline of 23.8% in 2025, but has increased over 2,250% in the last five years [6]

Investment Rating - The report maintains a positive view on the long-term structural story of the Chinese equity market, suggesting potential for fund inflows over the next 6-12 months [17][21]. Core Insights - Market volatility is expected to rise in the near term due to several upcoming global trade and tariff events, which could impact market risk appetite [3][9]. - The upcoming 2Q results season may reignite concerns over earnings, although the expectation is for results to be in line with previous quarters [10][11]. - Investor sentiment may be dampened by the expiration of lockup periods for high-momentum stocks, prompting preemptive reductions in exposure [12]. - The likelihood of major stimulus measures being introduced at the July Politburo meeting is low, with expectations shifting towards September or October for potential policy adjustments [14][15]. Summary by Sections Market Conditions - The report highlights critical dates in July and August that could lead to increased market volatility, including the expiration of tariff pauses and ongoing trade negotiations [3][4][9]. - The report notes that while the Chinese market has shown signs of recovery, uncertainties surrounding trade negotiations and earnings results could lead to temporary profit-taking [11][22]. Earnings Outlook - The report anticipates that the 2Q earnings results will align with expectations, following a trend of normalization in earnings delivery since late 2024 [10][11]. - Concerns over earnings may be exacerbated by the timing of results coinciding with tariff negotiations, potentially leading to skepticism in the second half of 2025 [11]. Investment Strategy - The report suggests a balanced investment approach, advocating for exposure to high-quality tech and Internet companies while maintaining some dividend yield plays [21][22]. - The removal of Pop Mart from the focus list and the addition of PICC P&C is recommended due to its attractive yield and resilience during market volatility [13]. Long-term Outlook - Structural improvements in the Chinese equity market remain intact, with MSCI China trading at a fair valuation compared to other major indices [17][19]. - The report emphasizes the potential for global capital to gradually return to China's market as investors seek diversification amid a slower macro outlook [17][21].