证券代码：301177 证券简称：迪阿股份 公告编号：2025-052 迪阿股份有限公司 关于公司及子公司向银行申请综合授信并提供担保的进展公告 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。 一、担保情况概述 迪阿股份有限公司（以下简称"公司"）分别于 2025 年 4 月 24 日、2025 年 5 月 28 日召开第二届董事会第十三次会议、第二届监事会第十三次会议和 2024 年年度股东会，审议通过《关于公司及子公司向银行申请综合授信并提供 担保的议案》，同意公司及控股子公司向银行申请总额不超过人民币 500,000.00 万元的授信额度，其中全资子公司好多钻石（深圳）有限公司和好多钻石智造（深 圳）有限公司授信额度各不超过人民币 30,000.00 万元且由公司为其提供连带责 任 保 证 担 保 。 具 体 内 容 详 见 公 司 2025 年 4 月 26 日 披 露 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的《关于公司及子公司向银行申请综合授信并提供担保的 公告》（公告编号：2025-014）。 二、担保进展情况 2025 年 ...

Core Viewpoint - The gold and jewelry industry is experiencing a dichotomy in performance in the first half of 2025, with upstream gold mining companies benefiting from rising gold prices, while downstream consumption is under pressure due to the same price increases [1]. Group 1: Performance of Selected Companies - Among the 12 selected jewelry companies, only 6 reported increases in both revenue and net profit, while 1 company saw revenue growth without profit increase, and 5 companies experienced declines in both metrics [1]. - The companies that achieved growth in both revenue and net profit include Caibai Co., Mankalon, Chaohongji, Cuihua Jewelry, Ruibeka, and Dia Co. [1]. - Laisen Tongling reported revenue of 870 million yuan, a 37% increase year-on-year, but its net profit fell by 263.52% to 61 million yuan [1]. Group 2: Declining Performance - Five companies reported declines in both revenue and net profit: China Gold, Feiyada, Laofengxiang, Mingpai Jewelry, and Xinhua Jin [2]. - China Gold's revenue decreased by 11.54% to 31.098 billion yuan, and net profit fell by 46.35% to 319 million yuan [3][4]. - Feiyada's revenue was 1.784 billion yuan, down 14.08%, with net profit dropping by 43.97% to 82.45 million yuan [3]. - Laofengxiang's revenue fell to 6.603 billion yuan, a decrease of 16.52%, and net profit declined by 13.07% to 1.22 billion yuan [3]. - Xinhua Jin's revenue dropped by 24.92% to 669 million yuan, with net profit down 39.45% to 12.87 million yuan [3].

Core Viewpoint - The jewelry accessories industry is facing significant challenges in profitability, with many companies reporting low sales gross and net profit margins, particularly in the gold accessories segment [1][4]. Group 1: Financial Performance Overview - As of the first half of 2025, the jewelry accessories industry shows a generally poor profitability outlook, with many companies having sales gross margins below 20% [1]. - Among the analyzed companies, Di'A shares, Rebecca, and Feiyada have the highest sales gross margins at 63.42%, 36.93%, and 34.99% respectively [2]. - Conversely, companies like China Gold, Caibai, Mingpai Jewelry, and Laofengxiang have sales gross margins below 10%, with China Gold at a notably low 4.4% [2]. Group 2: Net Profit Margin Analysis - The overall low gross margin levels correspond to similarly low net profit margins within the industry, with only Di'A shares exceeding 10% at 10.16% [4]. - Mingpai Jewelry reported a negative net profit margin due to performance losses, while the lowest net profit margins were recorded by Rebecca, China Gold, and Mingpai Jewelry at 1.59%, 1.04%, and -4.05% respectively [4]. Group 3: Trends in Profitability - A dynamic analysis reveals that only a few companies, including Cuihua Jewelry, Xinhua Jin, and Laishen Tongling, have seen simultaneous increases in both gross and net profit margins [6]. - Companies like Feiyada, Caibai, and Mingpai Jewelry have experienced declines in both sales gross and net profit margins, with Feiyada's gross margin dropping by 1.81 percentage points and net margin by 2.47 percentage points [6][7]. - Caibai's sales gross margin has consistently decreased over three reporting periods, from 11.49% in H1 2023 to 7.15% in H1 2025, indicating a troubling trend [7].

Market Overview - The jewelry sector experienced a decline of 0.67% on September 4, with Di'A shares leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Mankalon (300945) saw a significant increase of 5.09%, closing at 23.12 with a trading volume of 534,800 shares [1] - Other notable gainers included Yingxi Tongling (603900) up 2.96% and Mingpai Jewelry (002574) up 1.89% [1] - Di'A shares (301177) led the decline with a drop of 5.61%, closing at 35.68 with a trading volume of 75,600 shares [2] Capital Flow Analysis - The jewelry sector experienced a net outflow of 204 million yuan from institutional investors, while retail investors saw a net inflow of 201 million yuan [2] - The data indicates that retail investors are more active in the sector despite the overall decline in stock prices [2] Detailed Capital Flow for Selected Stocks - Major stocks like Laishen Tongling (603900) and Ruibeka (600439) showed mixed capital flows, with Laishen Tongling experiencing a net inflow of 555,980 yuan from institutional investors [3] - Conversely, Ruibeka faced a net outflow of 378,160 yuan from institutional investors, indicating a lack of confidence [3] - The overall trend shows that while some stocks attracted retail interest, institutional investors were more cautious, leading to significant outflows in several cases [3]

Group 1: Macro Economic Insights - The recent appreciation of the RMB against the USD may be seen as a "catch-up" due to a weaker dollar environment, with the RMB appreciating by approximately 2.3% compared to a 10% depreciation of the dollar index in the first eight months of 2025 [5][6][7] - The domestic equity market's recovery and dovish signals from the Federal Reserve are key triggers for the recent rise in the RMB exchange rate, despite weaker manufacturing PMI data [6][8] - The RMB is expected to continue appreciating, but short-term fluctuations may occur due to uncertainties in global economic policies, particularly in Japan [8][9] Group 2: ETF Market Dynamics - Since June, non-broad-based ETFs have seen rapid growth, with net inflows reaching 227.9 billion RMB, indicating a shift in retail investor preferences towards ETFs [11][12] - Broad-based ETFs have experienced significant net redemptions, suggesting that while overall ETF inflows may appear modest, retail funds are actively entering the market through non-broad-based ETFs [12][13] - The current bull market is characterized by a shift from actively managed funds to ETFs, driven by factors such as product variety, cost efficiency, and ease of access [13][14] Group 3: Power Equipment and New Energy Sector - The photovoltaic industry is facing severe overcapacity, with nominal production capacity exceeding 1200 GW, leading to significant price declines across the supply chain [18][19] - Recent government initiatives aim to curb internal competition and stabilize the market, with signs of price recovery in the polysilicon segment [19][20] - Despite ongoing losses in the main supply chain, specialized companies are performing better than integrated firms, indicating a potential for recovery as supply-demand dynamics improve [20][21] Group 4: Chemical Industry Performance - The chemical raw materials and products manufacturing sector reported a revenue of 4.46359 trillion RMB in H1 2025, a year-on-year increase of 1.4%, but profits fell by 9% to 181.46 billion RMB [23][24] - The basic chemical industry achieved a revenue of 1.1707 trillion RMB in H1 2025, with a profit of 73.17 billion RMB, reflecting a 3.5% revenue increase year-on-year [24][25] - The petrochemical sector, excluding major state-owned enterprises, saw a revenue decline of 7.3% in H1 2025, indicating challenges in profitability [25][26] Group 5: Pharmaceutical Sector Developments - Sunshine Nuohuo (688621.SH) reported a revenue of 590 million RMB in H1 2025, a 4.87% increase, with a significant Q2 performance showing a 15.73% year-on-year growth [28][29] - The company is advancing its innovative drug pipeline, with multiple projects in clinical trials, indicating a strong growth trajectory [29][30] - Haofan Bio (301393.SZ) achieved a revenue of 270 million RMB in H1 2025, reflecting a 20.10% increase, driven by strong demand for GLP-1 drugs [32][33] Group 6: Food and Beverage Sector Insights - Shanxi Fenjiu (600809.SH) reported a revenue of 23.96 billion RMB in H1 2025, a 5.4% increase, but faced pressure on profit margins due to changing consumer preferences [40][41] - Wuliangye (000858.SZ) achieved a revenue of 52.77 billion RMB in H1 2025, a 4.2% increase, but is navigating challenges in maintaining price stability amid competitive pressures [45][46]

在钻石行业复苏信号渐显的2025年上半年，迪阿股份（301177.SZ）交出了一份亮眼的成绩单。 报告期内，公司实现营业收入7.86亿元，较去年同期小幅增长；归母净利润达7600万元，同比激增 131.61%，成为行业内率先企稳回升的标杆企业，其周期拐点已清晰显现。 从行业大环境来看，天然钻石市场正逐步回暖。据IDEX指数显示，今年以来天然钻石价格降幅持续收 窄，市场供需关系趋于稳定。 与此同时，1-7月通过钻交所海关报关的一般贸易项下成品钻进口总额同比增长43.5%，这一数据直观反 映出全球钻石消费需求的强劲回升，为迪阿股份的业绩增长提供了有利的外部环境。 作为定位全球珠宝品牌集团的企业，迪阿股份采用轻资产运营模式，财务状况稳健度在行业内尤为突 出。 报告期内，公司资产负债率仅为16.27%，远低于行业平均水平；账上现金及现金等价物、理财产品合 计达59.48亿元，是一年内到期有息负债的11.57倍，充足的现金流不仅为企业抗风险能力筑牢"安全 垫"，也为后续战略布局提供了坚实的资金支撑。 方正证券在最新研报中指出，随着行业复苏趋势确立，迪阿股份前期渠道调整已接近尾声，未来渠道端 将不再对业绩形成负向拖累，增 ...

证券日报网讯迪阿股份9月3日在互动平台回答投资者提问时表示，截至2025年8月29日，公司股东户数 为11，427户。 （文章来源：证券日报） ...

Core Viewpoint - The report indicates that Diya Co., Ltd. is showing signs of stabilization in its operations for the first half of 2025, with initial results from channel optimization and a strong growth in net profit, leading to a "buy" rating for the stock [1][2]. Financial Performance - In H1 2025, the company achieved a revenue of 786 million yuan, reflecting a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 76 million yuan, which is a significant increase of 131.6% [2]. - For Q2 2025, the revenue was 378 million yuan, up 7.5%, and the net profit was 55 million yuan, showing an extraordinary increase of 1547.9% [2]. - The company has adjusted its profit forecasts for 2025-2026 downwards due to pressure on diamond-inlaid products, with new profit estimates for 2025-2027 set at 130 million, 203 million, and 286 million yuan respectively [2]. Operational Trends - The company has seen a significant optimization in its sales expense ratio, with a comprehensive gross margin of 65.2% in H1 2025, a slight decrease of 0.7 percentage points [2]. - The revenue breakdown for H1 2025 shows offline direct sales at 560 million yuan (down 9.5%), online self-operated sales at 150 million yuan (up 61.7%), and offline joint sales at 60 million yuan (down 0.4%) [2]. Channel and Brand Strategy - The company is implementing a "brand + channel" dual-drive strategy, focusing on quality improvement and efficiency enhancement, with a net reduction of 35 stores, resulting in a total of 338 stores [3]. - The company is investing in high-end gold brands, specifically acquiring a stake in "Palace (Beijing) Jewelry," indicating potential for future growth [3]. - The shift in consumer logic from "social-driven" to "value preservation and multi-scenario applicability" is prompting the company to enhance its product innovation capabilities [3].

Market Overview - The jewelry sector increased by 3.65% on September 1, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Mankalon (300945) closed at 20.07, up 7.21% with a trading volume of 352,600 shares [1] - Chao Hong Ji (002345) closed at 15.79, up 6.98% with a trading volume of 427,000 shares [1] - Diya Co. (301177) closed at 37.19, up 5.89% with a trading volume of 123,300 shares [1] - Other notable performers include Lai Si Tong Ling (603900) up 4.85% and Cai Zi Co. (6655509) up 4.59% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 227 million yuan from institutional investors, while retail investors experienced a net outflow of 120 million yuan [2] - Major stocks like China Gold (600916) had a net inflow of 110 million yuan from institutional investors, but a net outflow from retail investors of 66.43 million yuan [3] - Mankalon also experienced a net inflow of 50.22 million yuan from institutional investors, with retail investors showing a net outflow of 33.41 million yuan [3]

Group 1: Company Highlights - Mindray Medical has launched the world's first clinically implemented critical care large model, named Qiyuan Critical Care Model, and established a subsidiary for animal healthcare [1] - In the field of medical imaging, Mindray's "Ruiying Cloud++" has partnered with DeepSeek to officially release the "Ruiying·AI+" solution [1] - Zai Lab achieved a revenue of 376 million yuan in the first half of 2025, representing a year-on-year growth of 56%, driven by increased drug sales [1] - Zai Lab's recombinant human thrombin has been included in medical insurance, boosting sales, and the company is advancing multiple clinical trials for various tumors [1] - Zai Lab's NDA for Jikaxitini tablets for severe alopecia has been accepted, and several Phase III trials in the autoimmune field are under observation [1] - Dia Group reported a revenue of 786 million yuan in the first half of 2025, a year-on-year increase of 0.97%, with a net profit of 76 million yuan, up 131.61% [2] - The average sales of upgraded stores in the red gold theme have increased by approximately 36% year-on-year [2] - Dia Group plans to implement an equity incentive plan annually over four years and is expanding its presence in overseas markets, particularly in Paris and the U.S. [2] Group 2: Institutional Overview - Tongxin Investment, established in January 2014, is a distinctive sunshine private equity firm with a registered capital of 10 million yuan [3] - The firm is recognized for being one of the few sunshine private equity firms founded by top analysts from New Fortune and has a strong focus on consumer investment [3]