Market Performance - The consumer electronics sector rose by 1.49% on September 12, with Jiemite leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Top Gainers - Jiemite (300868) closed at 34.12, up 7.03% with a trading volume of 58,500 shares and a turnover of 195 million [1] - Yidelong (603380) closed at 47.86, up 6.38% with a trading volume of 68,200 shares and a turnover of 324 million [1] - Deep Technology (000021) closed at 22.04, up 6.11% with a trading volume of 1,062,200 shares and a turnover of 228.5 million [1] Top Losers - Chuan Yin (688036) closed at 86.32, down 7.53% with a trading volume of 151,000 shares and a turnover of 1.326 billion [3] - Yingli Co., Ltd. (300956) closed at 20.24, down 5.60% with a trading volume of 197,400 shares and a turnover of 40 million [3] - Mengsheng Electronics (838701) closed at 21.06, down 3.44% with a trading volume of 38,300 shares and a turnover of 8.1 million [3] Capital Flow - The consumer electronics sector experienced a net outflow of 5.203 billion from institutional investors, while retail investors saw a net inflow of 4.058 billion [3][4] - The sector's overall capital flow indicates a mixed sentiment among different investor types [4] ETF Information - The Consumer Electronics ETF (product code: 159732) tracks the Guozheng Consumer Electronics Theme Index and has seen a 5-day change of 1.38% [6] - The ETF's current price-to-earnings ratio is 44.38, with a recent net inflow of 170 million [6]

Core Insights - The company, Jiemite (300868), reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 291 million yuan, down 32.46% year-on-year, and a net loss of 9.90 million yuan, a decrease of 153.15% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 141 million yuan, reflecting a 35.69% year-on-year decline [1] - The gross profit margin improved to 28.43%, an increase of 25.08% year-on-year, while the net profit margin fell to -4.02%, a decrease of 202.17% [1] - The total of selling, administrative, and financial expenses reached 83.24 million yuan, accounting for 28.62% of total revenue, which is a 92.3% increase year-on-year [1] - Earnings per share dropped to -0.08 yuan, a decline of 153.3% year-on-year, and operating cash flow per share was -0.01 yuan, down 109.34% [1] Debt and Cash Flow - The company’s interest-bearing debt increased by 33.42% year-on-year, reaching 351 million yuan, while cash and cash equivalents rose by 118.81% to 247.1 million yuan [1] - The average operating cash flow over the past three years has been negative, indicating potential liquidity issues [3] Business Model and Market Position - The company’s return on invested capital (ROIC) was 0.47% last year, indicating weak capital returns, with a historical median ROIC of 9.85% since its IPO [3] - The business model relies heavily on research and marketing, necessitating a deeper analysis of the underlying drivers of these areas [3] - The company has experienced two years of losses since its IPO, suggesting a fragile business model [3]

Core Viewpoint - The company has achieved the conditions for the first unlock period of the 2024 restricted stock incentive plan, allowing 90 eligible participants to unlock a total of 628,720 shares, which represents 0.49% of the company's total share capital of 127,952,000 shares [1][12][20] Summary by Sections 1. Overview of the 2024 Restricted Stock Incentive Plan - The stock for the incentive plan is sourced from the company's repurchased A-shares in the secondary market [1] - A total of 95 individuals were initially designated as recipients, including directors, senior management, and key personnel, excluding independent directors and major shareholders [2][3] 2. Allocation of Restricted Stocks - The total number of restricted stocks granted under the plan is 1,999,903 shares, accounting for approximately 1.56% of the company's total share capital [3] - The first grant consists of 1,619,800 shares, representing about 80.99% of the total grant, while 380,103 shares are reserved [3][4] 3. Grant Price and Terms - The grant price for the restricted stocks is set at 9.50 yuan per share [4] - The plan's validity period lasts up to 60 months from the completion of the grant registration [4] 4. Unlocking Conditions and Performance Targets - The first unlock period allows for 40% of the stocks to be unlocked after 12 months, with subsequent unlocks of 30% after 24 and 36 months [5][8] - The performance targets for unlocking are based on revenue growth rates, with a minimum of 12% for 2024, 24% for 2025, and 36% for 2026, using 2023 revenue as the baseline [7][8][12] 5. Approval and Compliance - The plan has undergone necessary approvals from the supervisory board and legal reviews, confirming compliance with relevant regulations [9][19] - The company has confirmed that no disqualifying events occurred for the participants, allowing the unlocking of the stocks [19][20] 6. Adjustments and Final Numbers - Due to voluntary withdrawals and disqualifications, the final number of participants was adjusted to 90, with the total number of stocks granted reduced to 1,571,800 shares [15][16]

Core Insights - The overall revenue of the company decreased by 32.46% year-on-year to 291 million yuan, with a net profit of -9.90 million yuan, down 153.15% due to client business changes and international policy impacts [2] - Despite the overall decline, the company's proprietary brand business, "Juese," achieved a revenue of 74.03 million yuan, growing by 27.08% year-on-year, and its contribution to total revenue increased from 13.52% to 25.45% [2] - The gross margin of the proprietary brand business improved significantly, increasing by 12.74 percentage points to 64.03%, which positively impacted the overall gross margin of the company [2] Business Strategy - The company is focusing on long-term, high-quality development by enhancing its ODM/OEM business through a major client strategy and expanding into new markets and clients [3] - The core strategy for the proprietary brand business includes enhancing brand influence and optimizing sales margins, aiming for a dual integration of domestic experience and overseas localization [3] - The company plans to continue focusing on mobile smart terminal protective accessories, leveraging its industry experience and core advantages in supply chain management and market responsiveness to ensure steady business growth [3]

Core Viewpoint - The company, Jiemite, announced the approval of multiple proposals during the 21st meeting of its fourth board of directors on the evening of August 28 [2] Group 1 - The board meeting included the review and approval of the proposal and its summary [2]

Group 1 - The core viewpoint of the article is that Jiemite (300868) reported a significant decline in both revenue and net profit for the first half of 2025, indicating financial challenges [1] Group 2 - In the first half of 2025, the company achieved an operating income of 291 million yuan, a year-on-year decrease of 32.46% [1] - The net profit for the same period was -9.90 million yuan, representing a year-on-year decline of 153.15% [1] - The basic earnings per share were -0.0792 yuan, and the weighted average return on equity (ROE) was -0.65% [1]

Group 1 - The company, Jiemite (300868.SZ), reported a revenue of 291 million yuan for the first half of 2025, representing a year-on-year decline of 32.46% [1] - The net profit attributable to shareholders of the listed company was -9.90 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -26.12 million yuan [1] - The basic earnings per share were -0.0792 yuan [1]

证券代码：300868 证券简称：杰美特 公告编号：2025-062 （二）计提减值损失的范围和总金额 经过对公司截至 2025 年 6 月 30 日合并报表范围内的资产如应收账款、其他 应收款、存货等进行减值测试后，2025 年半年度公司拟计提信用及资产减值损 失合计 6,147,690.37 元，其中信用减值损失-1,292,665.02 元,资产减值损失 7,440,355.39 元。具体明细如下表： | 项目 | 2025 年半年度计提减值损失金额（元） | | --- | --- | | 一、信用减值损失（损失以"-"号填列） | 1,292,665.02 | | 其中：其他应收款坏账准备 | 259,155.43 | | 应收账款坏账准备 | 1,033,509.59 | | 二、资产减值损失（损失以"-"号填列） | -7,440,355.39 | | 其中：存货跌价准备 | -7,440,355.39 | 深圳市杰美特科技股份有限公司 关于 2025 年半年度计提信用减值损失和资产减值损失的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

法定代表人：谌建平 主管会计工作负责人：何晓嫩 会计机构负责人：郭杰 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司 | 2025年期初占 | 2025 年上半年占 用累计发生金额 | 2025 年上半 年占用资金 | 2025 年上半年 偿还累计发生 | 2025 年上半 年期末占用 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 核算的会计科目 | 用资金余额 | （不含利息） | 的利息 | 金额 | 资金余额 | 原因 | | | | | | | | | （如有） | | | | | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | | | | ...

证券代码：300868 证券简称：杰美特 公告编号：2025-061 深圳市杰美特科技股份有限公司董事会 关于2025年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 （一）扣除发行费用后的实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意深圳市杰美特科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2020]1585 号）同意注册，并经深圳 证券交易所《关于深圳市杰美特科技股份有限公司人民币普通股股票在创业板 上市的通知》（深证上〔2020〕743 号）同意，深圳市杰美特科技股份有限公 司采用向社会公开方式发行人民币普通股（A 股）32,000,000股，发行价格为 每股41.26元，募集资金总额1,320,320,000.00元，扣除承销费、保荐费、审计 及验资和评估费、律师费、信息披露等发行费用130,616,905.66元后，实际募 集资金净额为人民币1,189,703,094.34元。上述资金到位情况业经大信会计师 事务所（特殊普通合伙）验证，并出具了"大信验字[2 ...