Company Overview - Ji'an Mankun Technology Co., Ltd. focuses on high-layer PCB products, with approximately 60% of its products being high-layer, and automotive electronics accounting for about 30% of its focus area [2][3]. Financial Performance - The gross margin for PCB products in 2024 was 10.44%, with the automotive electronics sector showing a higher gross margin [3][4]. - In 2024, the top five customers accounted for 35.92% of total sales, with no single customer exceeding 10% [6]. Investment and Expansion - The company is investing up to $70 million in Thailand to establish a new production base, with the project progressing through various stages, including registration and land agreements [3][6]. - The Thai factory is expected to commence production by 2027 [6]. Research and Development - Future R&D will focus on enhancing automotive electronic PCB capacity and developing core components for new energy vehicles, including battery, motor, and control systems [4][7]. - The company is advancing in the development of 16-layer server power products and automotive three-stage HDI intelligent driving domain control products, with prototypes currently in testing [4][5]. Production and Inventory Management - The company employs a "sales-driven production" model, maintaining a good inventory turnover rate of 7.59 times in 2024, which is favorable compared to industry peers [6][7]. - The production strategy includes monitoring material and finished goods aging to minimize obsolete inventory [6]. Cost Control and Efficiency - Cost reduction strategies include controlling procurement costs, optimizing production processes, and enhancing product yield to ensure quality and reduce internal failure costs [7]. - The company is committed to building a smart factory that integrates data management and automation to improve operational efficiency [7]. Strategic Vision - The company aims to enhance its international competitiveness and risk resilience through overseas expansion and strategic partnerships with leading global enterprises [7].

Group 1: Industry Outlook and Company Strategy - The jewelry consumption demand is expected to remain strong, focusing on the needs and preferences of younger consumers through product innovation and digital operations [1] - The company aims to position itself as "jewelry for every day," targeting the young and fashionable luxury jewelry market with a fast-fashion approach [2] - The company is enhancing its online and offline integration through a comprehensive e-commerce strategy, leveraging data-driven management [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 2.357 billion, a year-on-year increase of 22.55%, and a net profit of CNY 96.125 million, up 20.02% [2] - In Q1 2025, the company reported a revenue of CNY 714 million, a 42.87% increase year-on-year, with a net profit of CNY 43.0146 million, up 33.52% [2] - The online revenue share increased to 54.83% in 2024, with e-commerce channel revenue growing by 40.76% [4] Group 3: Market Expansion and Brand Strategy - The company’s revenue from outside Zhejiang province grew by 87.28%, with a strategy focused on opening flagship stores in key urban areas and franchising in other regions [6] - The company plans to continue collaborating with trendy IPs and cultural brands to enhance its brand image and appeal to younger consumers [5] - The company emphasizes the importance of maintaining brand consistency and operational efficiency during regional expansion [6] Group 4: Technological Integration and Supply Chain Efficiency - The company is implementing AI technology in product design and customer service, enhancing design innovation and service quality [3] - A unified business and data management platform is being developed to improve supply chain efficiency and operational management [3] - The company utilizes smart warehousing and dynamic inventory optimization to enhance turnover efficiency and reduce inventory costs [6] Group 5: Cash Flow and Financial Health - The company reported a 117.93% year-on-year increase in operating cash flow, attributed to revenue growth, cost control, and inventory management [8] - Future strategies will focus on maintaining healthy cash flow through continuous optimization of sales and operational processes [8]