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]

证券代码：301177 证券简称：迪阿股份 公告编号：2025-023 迪阿股份有限公司 关于使用部分自有资金进行现金管理的进展公告 根据上述决议，公司及子公司近期已使用部分自有资金进行现金管理，具体 情况如下： 序 号 购买 主体 签约 金融机构 产品名称 产品 类型 购买 金额 （万 元） 截至公告 披露日 资金余额 （万元） 起息日 到期日 预期 年化 收益率 1 迪阿股份 华创证券 有限责任 公司深圳 香梅路证 券营业部 厦门信托-盈得 利 2 号集合资金 信托计划第Ⅰ类 固定 收益类 5,000.00 5,000.00 2025/3/6 2025/9/9 2.50% 一、本次使用部分自有资金进行现金管理的基本情况 | | | | | | 购买 | 截至公告 | | | 预期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | 购买 | 签约 | 产品名称 | 产品 | 金额 | 披露日 | 起息日 | 到期日 | 年化 | | 号 | 主体 | 金融机构 | | 类型 | （万 元） | 资金余额 （万元） | ...

Core Viewpoint - In 2024, the gold and jewelry industry is experiencing a shift in consumer sentiment and declining revenue and profits, yet Di'A Co. (301177) has managed to improve its operational status through channel optimization, enhanced operational efficiency, and a diversified product line [1] Financial Performance - Di'A Co. reported a 10% quarter-on-quarter growth in Q1 2025, indicating significant profitability improvement despite ongoing weak consumer demand in the gold and jewelry sector [1] - The company has maintained profitability and has consistently paid dividends for four consecutive years since its listing in 2021 [1] Shareholder Structure - As of the end of Q1 2025, the National Social Security Fund has become the fifth largest shareholder of the company, holding 1.7% of shares [2] - Institutional ownership has surpassed 20%, reaching 22.35%, with the Hong Kong Stock Connect becoming the largest shareholder at 12.69%, an increase of over 7 percentage points from the end of 2024 [2][3] Digital Transformation and Revenue Growth - The company has established a "offline stores + online platform" DTC operational model, resulting in online revenue of 242 million yuan in 2024, a year-on-year increase of 6.57%, accounting for 16.34% of total revenue [4] - The self-built sales platform (company website) saw a significant revenue increase of 82.29%, contributing 25.41% to online revenue [4] Innovation and Product Development - Di'A Co. has integrated innovation and craftsmanship into product design, holding over 200 national patents and launching 150 new products in 2024 [5] - The company has collaborated with renowned designers to create high-end jewelry collections, winning prestigious design awards [5] Product Strategy - The company focuses on "wedding ring culture," offering 44 representative products across five major wedding cultures, aiming to establish itself as a global expert in wedding rings [6] - The product strategy includes a digital approach to reshape the purchasing journey, enhancing the retail experience [6] Global Expansion and Brand Strategy - 2025 is a pivotal year for Di'A Co. to expand internationally, enhancing brand reputation and product innovation while deepening online and offline channel integration [7] - The brand strategy emphasizes a multi-dimensional approach to build a robust brand system, focusing on emotional attributes and customer engagement through social media [7] Retail Strategy - The company aims to strategically select quality shopping malls and explore opportunities in second and third-tier cities, creating a profitable single-store model [8] - The retail strategy includes leveraging multiple platforms for customer engagement and enhancing service experiences during key holiday periods [8]

Core Viewpoint - The company adheres to the brand philosophy of "One Life, One True Love" while extending its brand concept into the gold category, adjusting store layouts and closing 172 stores in 2024, with a net closure of 155 stores, leading to improved single-store efficiency and operational profitability by the beginning of 2025 [1] Financial Performance - In 2024, the company achieved operating revenue of 1.482 billion yuan, a year-on-year decrease of 32.01%, with Q4 revenue at 371 million yuan, down 15.39% year-on-year [2] - The net profit attributable to shareholders for 2024 was 53 million yuan, a decline of 23.10%, while the non-recurring net profit was -126 million yuan, an increase of 4.91% [2] - In Q1 2025, the company reported operating revenue of 408 million yuan, a decrease of 4.40% year-on-year, and a net profit attributable to shareholders of 21 million yuan, down 29.66% year-on-year [3] Store Adjustment and Market Trends - The company is nearing the end of its store adjustment phase, with 172 stores closed and 17 new stores opened in 2024, leading to improved store efficiency [4] - Despite a 20.5% year-on-year decline in marriage registrations in 2024, the trend of upgrading consumption quality continues, although demand for diamond products remains low due to price declines and reduced marriage rates [4] Online Growth and International Expansion - The company's online revenue grew by 6.57% in 2024, with self-built sales platforms generating 61.5 million yuan, a significant increase of 82.29% year-on-year [5] - By the end of 2024, the company had over 30 million followers on domestic social media platforms and 850,000 followers on overseas platforms like TikTok, indicating potential for international expansion [5] Investment Outlook - With store optimization nearing completion and improving store efficiency, the company is expected to achieve net profits of 130 million, 193 million, and 259 million yuan from 2025 to 2027, corresponding to PE ratios of 79, 53, and 40 times [5]

Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

Core Viewpoint - D.A. Co., Ltd. has experienced a continuous decline in both revenue and net profit since its listing in 2021, with significant reductions in store numbers and a growing reliance on investment income to support profits [2][7]. Financial Performance - In 2024, the company's revenue dropped to 1.482 billion yuan from 4.623 billion yuan in 2021, while net profit fell to 53.03 million yuan from 1.302 billion yuan in 2021. The non-recurring net profit turned negative, dropping to -126 million yuan from 1.249 billion yuan in 2021 [2]. - The company closed 155 stores in 2024, reflecting a strategic response to ongoing market challenges [2]. Product Performance - Revenue from engagement rings in 2024 was 1.136 billion yuan, a decrease of 33.15%, accounting for 76.62% of total revenue. Revenue from wedding bands was 296 million yuan, down 34.12%, making up 19.97% of total revenue [3]. - The decline in revenue is attributed to weak consumer demand since 2023 and a shift in consumer spending towards gold, which has a stronger safe-haven appeal [3][4]. Market Trends - The market for diamond jewelry is facing challenges due to the rise of lab-grown diamonds, which are cheaper and more appealing to younger consumers. The sales of lab-grown diamonds in China are expected to grow at a compound annual growth rate of around 30% [4]. - The traditional wedding market is shrinking, with fewer marriages and changing consumer attitudes towards diamonds, leading to a decline in their perceived value [4]. Strategic Adjustments - The company is adjusting its store strategy, opening 17 new stores while closing 172, resulting in a net decrease of 155 stores. This move is seen as a cost-control measure but may impact market share and brand image [6][7]. - Investment income has become a significant part of the company's profit, accounting for over 200% of total profit in recent years, indicating a shift away from core business reliance [7].

Investment Rating - The investment rating for the company has been adjusted from "Buy" to "Hold" [6][3] Core Views - The company's revenue for 2024 is projected to be 1.48 billion, a year-on-year decline of 32.0%, with a net profit attributable to the parent company of 50 million, down 23.1% year-on-year [1][3] - The decline in performance is attributed to weak demand and a shift in consumer spending towards gold products, impacting the demand for diamond-set products [1][3] - The company plans to distribute a cash dividend of 5 yuan per 10 shares for 2024, resulting in a dividend payout ratio of 377% [1] Revenue Breakdown - Online self-operated revenue for 2024 is 240 million, an increase of 6.6% year-on-year, while offline direct sales revenue is 1.115 billion, down 37.0% [2] - In Q1 2025, online self-operated revenue reached 80 million, a significant increase of 80.75% year-on-year, while offline direct sales revenue was 290 million, down 16.7% [2] Channel Strategy - The company has closed 155 stores in 2024, with a net closure of 21 stores in Q1 2025, resulting in a total of 352 stores at the end of Q1 2025 [3] - The overall gross margin for 2024 is 65.5%, a decrease of 3.3 percentage points year-on-year, primarily due to the lower margin of gold products [3] Financial Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 100 million, 120 million, and 150 million respectively, with corresponding P/E ratios of 100, 85, and 69 [3][5] - The company’s total revenue is expected to decline by 32.01% in 2024, followed by a slight decrease of 4.21% in 2025, before recovering in subsequent years [5][11]

迪阿股份有限公司 证券代码：301177 证券简称：迪阿股份 投资者关系活动记录表 编号：2025-001 关于经营区域方面，中国市场作为我们的核心区域，经过 2023-2024 年的持续深耕，已经确立了绝对领先地位。未来我们将进一步强化头部效 应，提升品牌影响力。全球化也是我们的重要战略方向，从巴黎、美国等 市场的初步尝试来看，"一生只送一人"的真爱理念具备跨文化接受度， 这验证了"真爱无国界"的品牌普适性。作为全球珠宝行业中唯一专注于 "真爱"表达的品牌，DR 具备独特的差异化优势。我们将持续推进品牌全 球化进程，致力于成为真正意义上的全球真爱表达标杆品牌。 2、25 年一季度扣非净利润已经转正，但同时也还在继续收缩门店，目前 公司判断门店是否关停有什么样的标准，在 1-2 年维度看，预计门店规模、 收入会达到什么样的稳态，届时的利润预期是什么？ 答：公司通常会综合考虑一个城市的体量（主要是人口数量和 GDP）， 同时考虑各门店所覆盖的商圈、落位以及业绩等来判断是否关停门店。从 效果来看，公司通过 2024 年实施的战略性渠道优化，存量门店运营质量 已实现结构性提升。 关于收入和利润，在当前市场环境下确实 ...