本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 要求，迪阿股份有限公司（以下简称"公司"）现将 2025 年 10 月新增自营门店情 况公告如下： | 序号 | | 门店名称 | 所在地区 | 开设时间 | 经营 | 面积 | 投资金额 | 主要商品 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 形式 | （m2） | （万元） | 类别 | | 1 | DR | 广州天河城 | 广东省 | 2025/10/1 | 直营 | 50 | 162.75 | 镶嵌饰品 | | | | 店 | | | | | | | 注：上述投资金额主要包括门店装修、首次铺货、固定资产及道具。 证券代码：301177 证券简称：迪阿股份 公告编号：2025-062 迪阿股份有限公司 关于公司 2025 年 10 月新增自营门店情况的公告 2025 年 11 月 7 日 以上新增自营门店经营数据为公司初步统计数据，最终数据 ...

Core Insights - The article highlights the increasing enthusiasm of listed companies in China towards private equity investments, with a total subscription amount of 748 million yuan for private securities products as of November 5, 2025 [1] Group 1: Subscription Trends - Nine listed companies, including Yongji Co., Diah Co., and Chuangxin New Materials, have announced subscriptions to private equity products, involving 11 transactions [1] - The total subscription amount reached 748 million yuan, indicating a strong interest from listed companies in private investments [1] Group 2: Preference for Large Private Equity Firms - Large private equity firms with over 10 billion yuan in assets have become popular among listed companies, with four firms—Yinye Investment, Century Frontier, Yuanfeng Fund, and Liangpai Investment—receiving a combined subscription amount of 220 million yuan, accounting for 29.41% of the total [1] - Diah Co. has shown confidence in leading quantitative and mixed private equity firms by subscribing 60 million yuan to Yinye Investment and 50 million yuan to Century Frontier [1] Group 3: Diverse Investment Strategies - The subscription strategies exhibit a diversified approach, with quantitative strategies emerging as a significant choice; over 50% of the 11 subscriptions were to products from quantitative and subjective + quantitative mixed private equity firms [1] - Yaxing Anchor Chain subscribed twice to quantitative products from Yanbo Chengfeng, totaling 243 million yuan; other companies like Taiji Co., Keli Sensor, and Diah Co. also invested in quantitative products from various firms [1] Group 4: Variation in Subscription Amounts - There is a notable disparity in the subscription amounts among listed companies, with some like Yaxing Anchor Chain, Yongji Co., and Chuangxin New Materials investing over 100 million yuan, while others like Rongtai Health made a smaller attempt with 5 million yuan [2]

Core Insights - The stock of Diya Co. experienced a slight decline of 0.29% on November 6, with a trading volume of 33.34 million yuan [1] - The company reported a significant increase in net profit for the first nine months of 2025, with a year-on-year growth of 407.97% [2] Financing and Trading Data - On November 6, Diya Co. had a financing buy-in amount of 2.92 million yuan and a net financing buy of 1.05 million yuan, with a total financing and margin balance of 57.04 million yuan [1] - The financing balance accounted for 0.46% of the circulating market value, indicating a high level compared to the past year [1] - The company had no shares repaid in the securities lending market on November 6, with a total of 1,300 shares available for lending [1] Business Performance - For the period from January to September 2025, Diya Co. achieved a revenue of 1.156 billion yuan, reflecting a year-on-year increase of 4.03% [2] - The main revenue sources for the company include engagement rings (74.72%), wedding rings (21.21%), and other jewelry [1] Shareholder and Dividend Information - As of September 30, 2025, the number of shareholders increased by 5.02% to 12,000, while the average circulating shares per person decreased by 4.78% [2] - Diya Co. has distributed a total of 1.6 billion yuan in dividends since its A-share listing, with 800 million yuan distributed in the last three years [3]

Market Overview - The jewelry sector experienced a decline of 0.46% on November 6, with ST Xinhua Jin leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Chao Hong Ji (002345) closed at 12.05, with a slight increase of 0.33% and a trading volume of 117,600 shares, totaling 141 million yuan [1] - Zhou Dazheng (002867) closed at 13.19, up 0.15%, with a trading volume of 46,600 shares, amounting to 61.56 million yuan [1] - China Gold (600916) closed at 8.25, with a 0.12% increase and a trading volume of 136,700 shares, totaling 113 million yuan [1] - Lao Feng Xiang (600612) closed at 46.18, down 0.02%, with a trading volume of 13,600 shares, totaling 62.60 million yuan [1] - Mingpai Jewelry (002574) closed at 5.80, down 0.51%, with a trading volume of 64,100 shares, totaling 37.15 million yuan [1] Capital Flow Analysis - The jewelry sector saw a net outflow of 99.04 million yuan from institutional investors, while retail investors contributed a net inflow of 66.17 million yuan [2] - Zhou Dazheng (002867) had a net inflow of 3.59 million yuan from institutional investors, but a net outflow of 5.27 million yuan from retail investors [2] - China Gold (600916) experienced a net inflow of 3.35 million yuan from institutional investors, with a net outflow of 4.03 million yuan from retail investors [2] - The stock with the highest net outflow from institutional investors was Yingna Tongling (603900), with a net outflow of 6.90 million yuan [2]

Core Insights - In the past 10 days (from October 22 to November 4), 747 companies were investigated by institutions, with securities companies conducting the most research at 710 firms, followed by fund companies at 635 firms [1] - Overseas institutions conducted research on 293 listed companies, with 11 companies receiving more than 15 investigations each [1] - Among the companies investigated by overseas institutions, Luxshare Precision had the largest net profit, followed by China General Nuclear Power, SF Holding, China National Nuclear Power, and Mindray Medical [1] - Eleven companies, including Boteng Co., Ltd., Chutian Technology, and SIRUI, reported a turnaround in performance [1] - Sixteen companies, such as Chuangjiang New Material and Sanyou Medical, saw their net profit increase by over 100% year-on-year [1] Company Performance - Chuangjiang New Material reported a net profit of 3.55 billion yuan, with a year-on-year increase of 2089.49% [3] - Sanyou Medical had a net profit of 0.62 billion yuan, reflecting a year-on-year increase of 623.19% [3] - Keli Yuan achieved a net profit of 1.32 billion yuan, with a year-on-year increase of 539.97% [3] - Diya Co., Ltd. reported a net profit of 1.03 billion yuan, with a year-on-year increase of 407.97% [3] - Duofluoride reported a net profit of 0.78 billion yuan, with a year-on-year increase of 407.74% [3] - Shenghong Technology had a net profit of 32.45 billion yuan, with a year-on-year increase of 324.38% [3] - New Yiqi reported a net profit of 63.27 million yuan, with a year-on-year increase of 284.38% [3] - Weicai Technology achieved a net profit of 2.02 billion yuan, with a year-on-year increase of 226.41% [3] - Chengdu Xian Dao reported a net profit of 0.93 billion yuan, with a year-on-year increase of 208.34% [3] - Narui Radar had a net profit of 0.73 billion yuan, with a year-on-year increase of 181.28% [3] - Runfeng Co., Ltd. reported a net profit of 8.90 million yuan, with a year-on-year increase of 160.49% [3] - Shanghai Jahwa reported a net profit of 4.05 billion yuan, with a year-on-year increase of 149.12% [3] - Dazhu CNC reported a net profit of 4.92 billion yuan, with a year-on-year increase of 142.19% [3] - Jizhi Co., Ltd. had a net profit of 0.32 billion yuan, with a year-on-year increase of 133.25% [3] - Tailin Micro reported a net profit of 1.40 billion yuan, with a year-on-year increase of 117.35% [3] - Yiyuan Communication had a net profit of 7.33 million yuan, with a year-on-year increase of 105.65% [3]

Core Viewpoint - The stock price of Diya Co., Ltd. (301177.SZ) has declined by 2.71%, closing at 31.63 yuan, indicating a significant drop since its IPO [1] Group 1: Company Overview - Diya Co., Ltd. was listed on the Shenzhen Stock Exchange's ChiNext board on December 15, 2021, with an initial public offering (IPO) of 40.01 million shares at a price of 116.88 yuan per share [1] - On its first trading day, the stock reached a peak price of 180 yuan but has since experienced a downward trend, currently trading below its IPO price [1] Group 2: Financial Highlights - The total funds raised from the IPO amounted to 4.676 billion yuan, with a net amount of 4.444 billion yuan after deducting issuance costs, exceeding the originally planned net fundraising amount by 3.16 billion yuan [1] - The initial plan was to raise 1.284 billion yuan, which was intended for projects including channel network construction, information system development, a diamond jewelry R&D design center, and working capital supplementation [1] - The total issuance costs for the IPO were 233 million yuan, with underwriting and sponsorship fees accounting for 217 million yuan [1]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][15]. Core Insights - The company reported a revenue of 1.156 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.03%. The net profit attributable to the parent company reached 103 million yuan, a significant increase of 407.97% year-on-year, marking a turnaround to profitability [2][4]. - The online self-operated business saw a substantial revenue growth of 45.79%, contributing to 19.56% of total revenue, while offline direct sales experienced a decline of 4.97% [8]. - The company has optimized its store operations, resulting in a significant increase in single-store revenue by 30.77% year-on-year, reaching 2.6456 million yuan [8]. - The gross profit margin remained stable at 66.40%, with improvements in the core business gross margins for both online and offline sales [8]. - The company is focusing on product innovation in wedding scenarios, launching new gold products that cater to consumer needs during significant life events [8]. - The target price for the company's stock is set at 39.48 yuan, with a current price of 32.51 yuan, reflecting a potential upside [4][5]. Financial Summary - For 2025, the company is projected to achieve a net profit of 150 million yuan, representing a year-on-year growth of 182.7%. The earnings per share (EPS) is expected to increase to 0.37 yuan [4][9]. - The total revenue forecast for 2025 is 1.563 billion yuan, with a growth rate of 5.4% compared to the previous year [4][9]. - The company has a total market capitalization of 13.013 billion yuan and a low debt-to-equity ratio of 8.4%, indicating a strong financial position [5][9].

Market Overview - The jewelry sector experienced a decline of 2.38% on November 3, with Chao Hong Ji leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - ST XinHua Jin (600735) saw a significant increase of 5.05%, closing at 7.69 with a trading volume of 77,300 shares and a turnover of 59.41 million yuan [1] - Chao Hong Ji (002345) experienced the largest decline of 9.90%, closing at 12.20 with a trading volume of 393,900 shares and a turnover of 483 million yuan [2] - Other notable declines included Zhou Da Sheng (002867) down 4.26% and Lao Feng Xiang (600612) down 3.36% [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 219 million yuan from main funds, while retail investors contributed a net inflow of 155 million yuan [2] - The main funds showed a mixed response across different stocks, with Zhou Da Sheng receiving a net inflow of 10.57 million yuan, while ST XinHua Jin had a net inflow of 4.38 million yuan [3] Summary of Stock Flows - Zhou Da Sheng (002867) had a main fund net inflow of 10.57 million yuan, but a retail net outflow of 21.45 million yuan [3] - ST XinHua Jin (600735) had a main fund net inflow of 4.38 million yuan, while retail investors showed a net outflow [3] - The overall trend indicates a cautious sentiment among main funds, contrasting with retail investor activity [3]

Performance Review - The company's revenue for the first three quarters of 2025 reached 1.16 billion, a year-on-year increase of 4.0%, with net profit attributable to shareholders at 100 million, up 408% year-on-year [1] - In Q3 2025, revenue was 370 million, representing an 11.2% year-on-year growth, and net profit turned positive at 30 million compared to a loss of 10 million in Q3 2024 [1] - The increase in performance is attributed to strong gross margin and investment income, with single-store revenue growth of 30.8% year-on-year [1] Product Structure and Cost Control - The company's gross margin improved by 4.1 percentage points to 69.0% in Q3 2025, driven by product structure optimization [2] - Selling and administrative expense ratios decreased by 4.0 percentage points and 0.7 percentage points to 51.5% and 9.6%, respectively, due to operational efficiency improvements [2] - Operating cash flow showed a net outflow of 50 million in Q3 2025, primarily due to increased procurement and payments related to gold leasing [2] Development Trends - The company plans to continue enhancing and upgrading its channels, focusing on brand strength in core cities and expanding into high-potential commercial spaces in lower-tier cities [3] Profit Forecast and Valuation - The earnings per share (EPS) forecast for 2025 and 2026 has been raised by 27% and 38% to 0.35 and 0.44, respectively, with the current stock price corresponding to 8.4 and 7.9 times the 2025 and 2026 P/S ratios [4] - The target price is set at 40.78, implying a 25% upside potential based on 10.5 and 10.0 times the 2025 and 2026 P/S ratios [4]

Core Insights - The company, Diya Co., reported strong financial performance for the first three quarters of 2025, with revenue reaching 1.156 billion yuan, a year-on-year increase of 4.03%, and a net profit of 103 million yuan, reflecting a significant growth of 407.97% [1] - The brand DR has effectively utilized its core philosophy of "One Life, One True Love" to enhance brand recognition and operational efficiency through a systematic strategy that integrates brand communication, channel operations, and product innovation [1] Financial Performance - For the third quarter, the company's revenue was 370 million yuan, marking an 11.17% increase year-on-year [1] - The net profit for the third quarter was 26.537 million yuan, showing a remarkable growth of 310.14% compared to the previous year [1] - The single-store revenue reached 2.6456 million yuan, reflecting a year-on-year increase of 30.77% [4] Brand Strategy - DR has deepened brand emotional recognition through multi-dimensional communication, including immersive offline experiences and online content collaborations, significantly enhancing brand visibility [2] - A high-profile marriage proposal event during the Qixi Festival generated over 10 million exposures online, reinforcing the brand's commitment to its core message [2][3] - The brand's collaboration with popular short drama productions has further expanded its reach and emotional connection with consumers [2] Channel and Operations - DR has implemented systematic upgrades in channel operations, focusing on enhancing store experiences and optimizing resource allocation across different market tiers [4] - The brand has successfully launched new high-end store designs in key locations, improving customer service and conversion rates [4] - The company has strategically closed underperforming stores while enhancing operational efficiency in lower-tier cities [4] Product Innovation - DR has expanded its product matrix by introducing cross-border collaborations and new gold product lines, aligning with its brand philosophy [6] - The launch of limited-edition products, such as the collaboration with the IP LUCKY EMMA, has successfully attracted younger consumers [6] - The introduction of the "One Life, One Lifetime" series of gold rings and the "Thousand Gold Crown" wedding products reflects the brand's commitment to emotional resonance and craftsmanship [6] Future Outlook - With the increasing trend of emotional consumption, Diya Co. is well-positioned to leverage its unique brand positioning and refined operational capabilities for broader market growth [7]