Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2023, indicating financial challenges and a deteriorating operational performance [1]. Financial Performance - The company achieved an operating revenue of 440.02 million yuan, a year-on-year decrease of 21.08% [1][2]. - The net profit attributable to shareholders was -25.12 million yuan, a decline of 349.10% compared to the same period last year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -49.30 million yuan, reflecting a decrease of 157.72% year-on-year [2]. - The net cash flow from operating activities was 10.52 million yuan, down 89.38% compared to the previous year [1][2]. Historical Context - The company was listed on the Shenzhen Stock Exchange's ChiNext board on August 24, 2020, with an initial public offering price of 41.26 yuan per share [3]. - The stock reached its highest point of 95.60 yuan on August 25, 2020, but is currently in a state of decline [4]. - The company raised a total of 132.03 million yuan through its IPO, with a net amount of 118.97 million yuan after deducting issuance costs [3].

Core Insights - The company, Jiemite (300868.SZ), reported a significant decline in its financial performance for the first half of 2025, with a revenue drop of 32.46% year-on-year [1][2] - The net profit attributable to shareholders was negative at -9.90 million yuan, marking a 153.15% decrease compared to the previous year [1][2] - The cash flow from operating activities also turned negative, amounting to -165.22 thousand yuan, a decline of 109.34% [1][2] Financial Performance Summary - **Revenue**: The company achieved a revenue of 290.88 million yuan, down from 430.71 million yuan in the same period last year, reflecting a decrease of 32.46% [2] - **Net Profit**: The net profit attributable to shareholders was -9.90 million yuan, compared to a profit of 18.63 million yuan in the previous year, indicating a decline of 153.15% [2] - **Net Profit Excluding Non-Recurring Items**: The net profit excluding non-recurring items was -26.12 million yuan, a significant drop from -1.82 million yuan year-on-year, representing a decrease of 1,336.81% [2] - **Operating Cash Flow**: The net cash flow from operating activities was -165.22 thousand yuan, down from 17.70 million yuan in the previous year, a decline of 109.34% [2] Historical Performance Overview - In 2021, the company reported a revenue of 714.99 million yuan, which decreased by 16.35% from 2020 [3] - The net profit attributable to shareholders in 2021 was 28.22 million yuan, down 73.47% from 2020 [3] - The net profit excluding non-recurring items was -5.70 million yuan in 2021, a decline of 106.35% from the previous year [3] - The total assets at the end of 2024 were 2.11 billion yuan, showing a slight increase of 0.46% from the end of 2023 [3] Company Background - Jiemite was listed on the Shenzhen Stock Exchange's ChiNext board on August 24, 2020, with an initial public offering price of 41.26 yuan per share [4] - The company raised a total of 1.32 billion yuan, with net proceeds of approximately 1.19 billion yuan after deducting issuance costs [4] - The funds raised were intended for expanding production capacity for mobile smart terminal accessories, building a technology research and development center, and upgrading branding and marketing networks [4]

Core Points - Jiemite (300868.SZ) closed at 27.09 yuan, experiencing a decline of 4.11%, and is currently in a state of breaking below its initial public offering price [1] - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 24, 2020, with an initial public offering of 32 million shares at a price of 41.26 yuan per share, raising a total of 1.32 billion yuan [1] - The net proceeds from the fundraising amounted to approximately 1.19 billion yuan after deducting issuance costs of 130.62 million yuan, with an oversubscription amounting to 766.72 million yuan [1] - On August 25, 2020, the stock reached its highest point since listing at 95.60 yuan [1] - The company intended to use the raised funds for expanding production capacity of mobile smart terminal accessories, building a technology research and development center, and upgrading brand construction and marketing networks, with a total fundraising target of 446 million yuan [1] - The sponsor for Jiemite's initial public offering was Dongxing Securities Co., Ltd., with total issuance costs amounting to 131 million yuan, of which Dongxing Securities received 112 million yuan for sponsorship and underwriting fees [1]

Group 1: Financial Performance - The company achieved a turnaround in 2024 with a net profit of ¥7,074,173.83, benefiting from cost reduction and efficiency measures [5] - The overall gross margin increased from 17.78% in 2023 to 22.93% in 2024, a rise of 5.15% [5] - The self-owned brand business generated revenue of ¥120,504,600, accounting for 15.82% of total revenue, with a year-on-year growth of 7.70% [7] Group 2: Business Strategy and Operations - The company focuses on two main business segments: ODM/OEM services and self-owned brand operations, with no major adjustments planned for the business model [5] - Cost control is implemented through precise management in sales, administration, and R&D, leading to a continuous reduction in management expenses as a percentage of revenue [3] - The ODM/OEM business achieved a gross margin of 16.74% in 2024, an increase of 6.26% from the previous year [7] Group 3: Market Position and Industry Context - In 2024, global smartphone shipments reached 1.24 billion units, a year-on-year increase of 6.4%, driving demand for related accessory products [3] - The company is positioned as a leading manufacturer of mobile intelligent terminal protective accessories, leveraging its advantages in R&D, innovation, and brand recognition [6] - The competitive landscape in the protective accessory segment is fragmented, making direct comparisons with other companies challenging [3] Group 4: Future Outlook - The company aims to become a global leader in the smart terminal industry, focusing on revenue growth and cost efficiency as core strategies [2] - Future growth will be driven by technological cooperation and product development tailored to key clients [3] - The management is committed to enhancing core competitiveness and achieving operational goals to boost shareholder confidence [5]

Core Viewpoint - The global consumer electronics industry is emerging from a downturn, leading to a significant performance turnaround for Jiemite (300868.SZ) in 2024, with a reported revenue of 762 million yuan, a year-on-year increase of 12.59%, and a net profit of 7.07 million yuan, marking a successful return to profitability [1][2]. Financial Performance - In 2024, the consumer electronics terminal product market showed signs of recovery, with global smartphone shipments increasing by 6.4%, halting a two-year decline [2]. - Jiemite's ODM/OEM business generated revenue of 641 million yuan, up 13.56%, while its own brand business reached 121 million yuan, a 7.70% increase [2]. - The proportion of ODM/OEM revenue rose to 84.18%, solidifying its role as the main revenue driver [2]. - The company achieved a net profit of 7.07 million yuan in 2024, a turnaround from losses in 2023, with a year-on-year profit increase of over 107.72% [2]. - Gross margins improved significantly, with ODM/OEM business gross margin rising by 6.27 percentage points and own brand gross margin increasing by 1.17 percentage points [2]. Operational Improvements - Jiemite enhanced its credit management mechanisms, resulting in a reduction of credit impairment losses by over 31 million yuan compared to 2023, which supported profit recovery [3]. - The company optimized its expense structure across sales, management, and R&D, leading to a decrease in expense ratios and improved management efficiency [3]. - Sales improvements included enhanced responsiveness to major clients and reduced customer acquisition costs through innovative marketing strategies [3]. Strategic Reforms - The turnaround is attributed not only to market recovery but also to proactive management reforms and business structure optimization [4]. - Jiemite focused on a core strategy of "increasing revenue, reducing costs, and improving efficiency," building a competitive operating system around products, customers, and organization [4]. - The company improved product design capabilities and targeted the mid-to-high-end smart terminal accessory market, enhancing brand influence [4]. - Jiemite deepened partnerships with global terminal manufacturers and e-commerce platforms, reinforcing its position as a value-oriented supplier [4]. Organizational Development - The company implemented a customer strategic management (CSM) organizational change and talent development mechanism, focusing on customer value creation as a core assessment criterion [5]. - A comprehensive business data management system was established to enhance project collaboration and inter-departmental responsiveness [5]. - Future investments will focus on "technical cost reduction," "cost sandboxes," and "flexible intelligent manufacturing" to build sustainable competitive advantages [5].