Core Insights - In 2024, under the backdrop of a recovering global smart terminal market, Jemete's proprietary brand "Juese" achieved a sales revenue growth of 55.22% year-on-year, significantly contributing to the company's overall revenue growth of 12.59% [1] - Jemete is transitioning from an ODM/OEM manufacturer to a comprehensive enterprise with brand-building capabilities, leveraging a dual strategy of "manufacturing + branding" to create a second growth curve [1][3] Brand Performance - The "Juese" brand has established a clear path in the high-end consumer segment with a differentiated product strategy, achieving over 50% year-on-year revenue growth in the domestic market [2] - Since its domestic launch in 2020, "Juese" has frequently ranked at the top of mainstream e-commerce platforms in the high-end phone case category, showcasing its brand recognition [2] Financial Metrics - In 2024, the gross margin for the proprietary brand business reached 55.84%, an increase of 1.17 percentage points year-on-year, significantly higher than the company's overall gross margin [2] - The net profit attributable to shareholders of the listed company was 707.42 million yuan, representing a year-on-year increase of 107.72% [2] Operational Strategy - Jemete is enhancing its operational model through three main strategies: product differentiation, channel integration, and supply chain efficiency [4] - The company is expanding its online sales channels, including short videos and live e-commerce, to improve user traffic conversion and brand visibility [4] Future Outlook - Jemete plans to deepen its flexible manufacturing system to enhance market response speed and fulfillment efficiency, focusing on new material research and high-quality innovation technologies [4] - The company aims to create a deep linkage mechanism across brand value transmission, product innovation collaboration, and supply chain cost control, facilitating sustainable scale expansion in the global market [4]

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].