涨疯了！黄金行情爆发中 一键布局买入避险资产>>> 黄金概念板块短线拉升，莱绅通灵（603900）涨停，曼卡龙（300945）、明牌珠宝（002574）、晓程科 技（300139）、株冶集团（600961）、迪阿股份（301177）等纷纷走高。 ...

Core Insights - The diamond market is experiencing a significant downturn, contrasting with the rising prices of gold jewelry, as diamond prices continue to decline globally despite a brief increase in early 2023 [1][4][10] - De Beers Group announced the closure of its lab-grown diamond brand Lightbox and is considering divesting its diamond business due to declining performance across key financial metrics [4][6] - Consumer preferences are shifting towards lab-grown diamonds, which are significantly cheaper and meet the demand for personalized products, undermining the traditional value narrative of natural diamonds [7][8][10] Market Trends - Global natural diamond prices have shown a year-on-year decline, with specific price indices reflecting decreases of up to 20% for larger carat sizes [3][6] - The lab-grown diamond market is growing rapidly, accounting for 20% of the global diamond jewelry sales, with prices being approximately one-twentieth of natural diamonds [8][10] - Traditional jewelry brands are adjusting their strategies, with some like Chow Tai Fook optimizing their store formats while others like DR are shifting focus away from the traditional "love binding" narrative [9][10] Consumer Behavior - There is a noticeable decline in the foot traffic and sales of diamond jewelry, with consumers becoming more pragmatic and value-conscious in their purchasing decisions [5][6] - The younger generation is increasingly favoring lab-grown diamonds for their affordability and aesthetic appeal, leading to a reevaluation of the emotional value traditionally associated with natural diamonds [7][8] - The wedding market, a core driver of diamond sales, is also under pressure due to declining marriage rates, further impacting diamond consumption [6][10] Industry Challenges - The diamond industry is facing a dual challenge from both the rise of lab-grown diamonds and changing consumer attitudes towards luxury and value [10] - Continuous price wars in the lab-grown diamond sector are affecting profit margins, with significant price reductions observed in recent years [10] - The need for a redefined value proposition in the diamond market is becoming increasingly urgent as consumer preferences evolve [10]

1 中信建投证券股份有限公司关于 迪阿股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：迪阿股份 | | --- | --- | | 保荐代表人姓名：方逸峰 | 联系电话：0755-25919086 | | 保荐代表人姓名：何俊杰 | 联系电话：0755-25919086 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | ...

中信建投证券股份有限公司 关于迪阿股份有限公司 2024 年度定期现场检查报告 | 保荐人名称：中信建投证券股份有限公司 上市公司简称：迪阿股份 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：方逸峰 联系电话：0755-25919086 | | | | | 保荐代表人姓名：何俊杰 联系电话：0755-25919086 | | | | | 现场检查人员姓名：方逸峰、林东悦 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 4 月、5 月 | | | | | 一、现场检查事项 现场检查意见 | | | | | （一）公司治理 | 是 | 否 | 不适用 | | 现场检查手段：查阅公司章程、公司治理的相关制度文件，查阅报告期内的股东 | | | | | 大会、董事会、监事会等会议资料等。 | | | | | 1.公司章程和公司治理制度是否完备、合规 | 是 | | | | 2.公司章程和三会规则是否得到有效执行 | 是 | | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议 | 是 | | | | 内容等要件 ...

中信建投证券股份有限公司 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 1、保荐机构名称：中信建投证券股份有限公司 关于迪阿股份有限公司 首次公开发行股票并在创业板上市之保荐总结报告书 2、注册地址：北京市朝阳区安立路 66 号 4 号楼 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"）作为 迪阿股份有限公司（以下简称"迪阿股份"、"发行人"或"公司"）首次公开 发行股票并在创业板上市持续督导工作的保荐机构，持续督导期限至 2024 年 12 月 31 日止，目前持续督导工作的期限届满。中信建投证券根据《证券发行上市 保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐 业务》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律 监管指引第 2 号——创 ...

证券代码：301177 证券简称：迪阿股份 公告编号：2025-024 迪阿股份有限公司 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 4 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 形式 | 面积 （m2） | 投资金额 （万元） | 主要商品 类别 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | | DR | 北京 | 北京市 | 2025/4/8 | 直营 | 19 | 88.30 | 镶嵌饰品 | | | | SKP | 店 | | | | | | | | 2 | DR | 佛山顺德 万象汇店 | | 广东省 | 2025/4/25 | 直营 | 65 | 81.11 | 镶嵌饰品 | 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。 以上新增自营门店经营数据为公司初步统计数据，最终数据以定期报告为准， 特此提醒投资者注意投资风险。 特此公告。 迪阿股份有 ...

Core Viewpoint - The profitability of Dia Shares (301177.SZ) has been continuously declining since its IPO, with revenue and net profit decreasing for three consecutive years from 2022 to 2024, indicating a significant downturn from its peak performance in 2021 [1][3][4]. Revenue and Profit Decline - In 2021, Dia Shares achieved a revenue of 46.23 billion yuan and a net profit of 13.02 billion yuan, marking a year-on-year growth of 87.57% and 131.09% respectively [3][4]. - From 2022 to 2024, the company's revenue decreased from 36.82 billion yuan to 14.82 billion yuan, with year-on-year declines of 20.36%, 40.78%, and 32.01% [4][5]. - The net profit for the same period fell from 7.29 billion yuan to 0.53 billion yuan, with declines of 43.98%, 90.54%, and 23.10% [4][5]. Store Closures - Dia Shares has been closing stores consistently, with 172 closures in 2024 and a total of 356 closures over the past two years, resulting in a net decrease of 315 stores [2][5]. - The total number of stores decreased from 688 in 2022 to 373 by the end of 2024, which is lower than the 461 stores at the end of 2021 [5]. Dividend Payments - Despite declining profitability, Dia Shares has maintained aggressive cash dividend payouts, distributing a total of 4 billion yuan in dividends over 2023 and 2024, with a payout ratio exceeding three times [2][8]. - The actual controllers, Zhang Guotao and Lu Yiwen, received approximately 3.6 billion yuan from these dividends, reflecting their significant ownership of about 90% of the company's shares [2][8]. Financial Strategy - The company has relied on investment income from the IPO proceeds of 46.76 billion yuan to maintain profitability, as its net profit excluding non-recurring gains has shown losses of 1.20 billion yuan and 1.26 billion yuan in 2023 and 2024 respectively [6][8].

积极布局黄金业务。公司顺应黄金需求上升趋势，增加对黄金品类业务的尝试，2024 年发布龙鳞凤羽 系列、金镶钻系列等产品，布局婚嫁黄金品类，融入婚嫁文化的经典元素和非遗黄金工艺，持续提升迪 阿的产品力。 收入降幅逐季收窄，费用率大幅回落。 公司近况 2025 年以来，国内珠宝首饰终端销售逐步好转，金银珠宝类社零实现同比转正。随着消费者金饰消费 热情逐步提升，迪阿股份也在积极推动产品和渠道优化，在产品中结合婚嫁文化的经典元素和非遗黄金 工艺。 评论 2025 年以来珠宝首饰销售逐步好转。受终端消费情绪波动，以及金价快速上行影响，2024 年限额以上 单位金银珠宝类商品零售额累计下滑3.1%，表现相对较弱。2025 年以来金价延续快速上涨趋势，截至4 月末，上海金交所黄金现货Au9999 收盘价较年初上涨27%。消费端，2025 年1-2 月、3月限额以上单位 金银珠宝类商品零售额分别同比增长5.4%、10.6%，表现好于社零大盘增长，自2024 年4-12 月持续同比 下滑后实现同比转正。 受终端天然钻石饰品需求疲软影响，4Q24 公司收入同降15%至3.7亿元，降幅环比收窄，其中线下直 营、联营和线上自营收入分 ...

Financial Performance - In 2024, the company achieved operating revenue of 1.48 billion yuan and a net profit of 53.03 million yuan, with a significant increase in net cash flow from operating activities by 755.27% to 316 million yuan [1] - For Q1 2025, the company reported approximately 400 million yuan in operating revenue, a nearly 10% increase compared to Q4 2024, and a net profit of 20.72 million yuan, with a non-recurring net profit growth of 202.4% year-on-year [1] Business Strategy and Operations - The company is transitioning from store expansion to high-end upgrades, utilizing a "line store + online platform" DTC (Direct to Consumer) model, with 373 self-operated stores by the end of 2024 [2] - The core brand DR focuses on optimizing efficiency by upgrading channel space and service experiences, closing underperforming stores while opening new ones in high-traffic areas [2] - As of April 2025, DR completed renovations of 42 stores, with same-store sales growth of 77.6% for five prototype stores [2] Digital Transformation - In 2024, the company reduced sales expenses by 33.62% to 810 million yuan, while online business revenue reached 240 million yuan, accounting for 16.34% of total revenue, with a year-on-year growth of 6.57% [3] - The company is investing in digital technologies, including AI solutions, to enhance operational efficiency and business model transformation, achieving significant breakthroughs in multimodal human-computer interaction [3][4] Market Trends and Consumer Behavior - The global jewelry market is projected to grow from 366.8 billion USD in 2024 to 482.2 billion USD by 2030, with the Asia-Pacific region holding nearly 46% of the market share [5] - Despite a decline in marriage registrations in China, there is a noticeable shift towards quality consumption, with younger consumers valuing personalized and emotional experiences in jewelry purchases [6] Brand Positioning and Recognition - The DR brand has successfully differentiated itself with a focus on emotional needs, achieving significant recognition on social media platforms, with over 30 million followers domestically and 850,000 internationally [7] - The brand's unique positioning was highlighted during a high-profile proposal at the Paris Olympics, further solidifying its international presence [7] Innovation and R&D - The company increased its R&D expenditure to 1.2% of revenue in 2024, launching over 150 new products and enhancing its influence in the high-end jewelry sector [8] - The DR brand has collaborated with renowned designers to create award-winning collections, aiming to establish itself as a global leader in wedding rings [8] Overall Strategy and Future Outlook - The company is navigating challenges such as international instability and changing consumer demands by promoting high-end transformation and leveraging digital technologies for efficiency [9] - The focus on building a global competitive advantage through differentiated positioning aims to elevate the brand's status on the world stage [9]

Group 1 - The article highlights China's impressive strategic depth in manufacturing, showcasing a 30% share of global manufacturing and a comprehensive industrial defense matrix that spans all industrial categories and integrates R&D to market value networks [1] - China's manufacturing sector has established a "gravity effect" that strengthens global reliance, where a 1% reduction in Chinese exports leads to a 0.8 basis point increase in global manufacturing cost index [1] - China controls global pricing for over 220 industrial products, leveraging a "technical advantage" built through an "engineer dividend" rather than mere scale [1] Group 2 - The "dual circulation" strategy initiated by China demonstrates remarkable strategic flexibility, expanding emerging markets through the Belt and Road Initiative while deepening domestic demand [2] - Chinese foreign trade enterprises face significant challenges, including cost pressures, market constraints, and regulatory hurdles due to rising labor costs in Southeast Asia and high tariffs [3] Group 3 - CATL's innovation in battery materials, particularly the NCM811 high-nickel material, has significantly increased energy density and revolutionized the electric vehicle industry [4] - CATL's proprietary technologies, such as the "crystal structure" packaging, have led to a 15% reduction in battery costs for Tesla's Model 3, accelerating the electrification timeline for global automakers [4][5] Group 4 - The acquisition of Outlast by Sanwen Home signifies a strategic move to integrate NASA-level temperature control technology into the home textiles market, enhancing the company's competitive edge [11][13] - Sanwen Home's strategic partnerships and technology integration have positioned it as a rule-maker in the global home textiles industry, moving from a manufacturing role to a leadership role in defining standards [17] Group 5 - Huawei's multi-center and distributed strategy in response to U.S. chip bans has allowed it to maintain a foothold in high-end markets, achieving an 18.7% market share in Europe [18] - The establishment of a global supply chain network, including factories in Southeast Asia and Europe, enables Huawei to circumvent trade barriers and maintain compliance with local regulations [18][19] Group 6 - DJI has captured 80% of the global consumer drone market by combining technology and cultural elements, establishing itself as a leader in setting industry standards [26] - DJI's innovations, such as the APAS 5.0 system, have not only enhanced product capabilities but also influenced regulatory frameworks in the drone industry [26][27] Group 7 - Sanwen Home's brand strategy involves a multi-layered approach, utilizing platforms like Amazon and TikTok to penetrate various market segments, from budget to luxury [30][32] - The company's focus on technology integration and cultural storytelling has allowed it to redefine the value perception of Chinese manufacturing in the global market [38][42]