Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company's revenue and profit are under pressure due to a decline in diamond consumption and proactive channel adjustments initiated in Q2 2023. The company closed 160 stores in 2023 and 37 stores in Q1 2024, leading to a short-term decrease in sales [9][10]. - The company reported a revenue of 2.18 billion yuan in 2023, a year-on-year decrease of 40.78%, and a net profit attributable to the parent company of 69 million yuan, down 90.54% year-on-year [9][10]. - For 2024, the company expects a gradual recovery in revenue and profit, with projected net profits of 49 million yuan, 82 million yuan, and 120 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year changes of -28.5%, +66.8%, and +45.5% [2][34]. Financial Summary - The company's total revenue is projected to decline from 2.18 billion yuan in 2023 to 1.61 billion yuan in 2024, with a year-on-year decrease of 26.2% [34]. - The gross profit margin is expected to decrease from 68.8% in 2023 to 65.9% in 2024 [34]. - The earnings per share (EPS) are projected to be 0.12 yuan in 2024, 0.21 yuan in 2025, and 0.30 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 191, 114, and 79 respectively [2][34].

Revenue Performance - In 2023, the revenue from online self-operated sales was CNY 22,708.81 million, a decrease of 42.45% compared to CNY 39,459.33 million in 2022[14]. - The revenue from offline direct sales was CNY 176,941.40 million, down 40.63% from CNY 298,037.34 million in the previous year[14]. - The overall revenue for the company in 2023 was CNY 218,027.77 million, a decline of 40.78% from CNY 368,157.45 million in 2022[14]. - The single-store revenue for direct-operated stores decreased by 47.24% to CNY 3.0298 million, while the single-store gross profit fell by 48.43% to CNY 2.0997 million[17]. - The single-store revenue for joint-operated stores was CNY 3.4088 million, down 39.31%, with a gross profit of CNY 2.3195 million, a decrease of 39.57%[17]. - The sales volume of jewelry in 2023 was 360,990 pieces, a decrease of 30.26% from 517,656 pieces in 2022[30]. Procurement and Inventory - In 2023, the total procurement amount was CNY 51,752.18 million, a decrease of 59.79% compared to CNY 128,699.52 million in 2022[22]. - Diamond procurement amounted to CNY 25,214.39 million, accounting for 48.72% of total procurement, down from 39.55% in 2022[22]. - The company reported a significant decline in commissioned processing, with a procurement amount of CNY 20,022.91 million, down 74.26% from CNY 77,796.66 million in 2022[22]. - The inventory balance at the end of the reporting period was CNY 53,717.68 million, with a provision for inventory impairment of CNY 1,023.78 million[25]. - The company’s raw material inventory at the end of the period was CNY 12,650.75 million, a decrease of 6.06% from CNY 13,467.14 million at the beginning of the year[32]. Financial Performance - The company’s operating cash inflow decreased by 41.59% to ¥2,363,975,825.01 compared to ¥4,047,355,144.09 in the previous year[57]. - The net cash flow from operating activities dropped significantly by 95.48% to ¥36,965,507.81 from ¥818,011,112.24[57]. - Total investment cash inflow increased by 58.44% to ¥8,574,936,260.32, while investment cash outflow decreased by 16.49% to ¥8,121,047,907.58[57]. - The net cash flow from investment activities turned positive at ¥453,888,352.74, a significant improvement from a negative ¥4,313,046,089.09 in the previous year[57]. - The company reported a significant decrease in cash and cash equivalents, with a net decrease of ¥294,661,419.66, compared to a much larger decrease of ¥4,219,885,422.83 in the previous year[57]. Strategic Initiatives - The company plans to enhance its core competitiveness and brand influence to capture greater market share during the industry's adjustment phase[4]. - The company is focusing on digital transformation and consumer-centric strategies to adapt to changing market dynamics and consumer preferences[9]. - The company is focusing on optimizing its channel strategy and enhancing brand image through flagship store upgrades in high-potential commercial areas[36]. - The company aims to build a sustainable talent pool to support its long-term development and has made significant organizational upgrades in response to business growth[39]. - The company plans to optimize its channel structure and focus on key commercial projects in first and second-tier cities, while gradually returning to a single-store model in lower-tier cities[93]. Market Trends and Consumer Behavior - The overall gold consumption in China reached 1,089.69 tons in 2023, an increase of 8.78% compared to the previous year[7]. - The jewelry industry concentration in China increased from 19.1% in 2016 to nearly 35.6% in 2023, indicating a trend towards market consolidation among leading brands[6]. - The average price of natural diamonds in 2023 saw significant declines, with prices dropping by 25.9%, 20.6%, and 11.3% across various segments, reflecting weak market demand[4]. - The company has a large and active fan base of over 30 million on domestic social media platforms, enhancing brand recognition among younger consumers[27]. - The company reported a significant increase in the influence of recommendations and collaborations on consumer purchasing behavior, with a 25% year-on-year growth in 2023[163]. Future Outlook and Plans - The company provided a positive outlook for the future, projecting a revenue growth of 15% for the next fiscal year[122]. - The company is expanding its market presence, targeting a 10% increase in market share by entering three new regions by the end of 2024[122]. - The company plans to increase investment in product design and technology R&D, aiming to launch new products that meet market demand and enhance product quality and diversification[113]. - The company aims to enhance brand building while adhering to its core brand philosophy to address industry cycle adjustments[195]. - The company plans to enhance brand power by deepening emotional connections with users and innovating product communication strategies[92]. Governance and Compliance - The company emphasizes its commitment to corporate governance and transparency, ensuring compliance with regulatory standards[128][130]. - The company has revised its governance structure and internal management systems to comply with relevant laws and regulations[145]. - The board of directors consists of 9 members, including 3 independent directors, and has held 4 meetings during the reporting period[147]. - The supervisory board has 3 members and has also held 4 meetings, ensuring strict supervision of the company's operations and financial status[148]. - The company is committed to timely and accurate information disclosure to ensure all shareholders have equal access to information[148]. Challenges and Risks - The company faces risks from external economic conditions affecting consumer behavior, particularly in the diamond embedded jewelry market, which has seen slow recovery[95]. - The company is facing challenges in store operations management under a fully self-operated sales model due to insufficient consumer demand and external uncertainties[138]. - The company recognizes risks related to market fluctuations and brand influence, implementing measures to strengthen brand building and product innovation[118]. - The company has implemented measures to optimize internal processes and reduce fixed rental costs to improve operational efficiency[138]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $100 million earmarked for potential mergers and acquisitions[122].

证券代码：301177 证券简称：迪阿股份 公告编号：2024-013 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。 迪阿股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开第二届董 事会第九次会议和第二届监事会第九次会议，审议通过了《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》，本议案尚需提交公司 2023 年年度股东 大会审议，现将相关事项公告如下： 一、申请综合授信额度及预计担保额度情况概述 1、申请综合授信额度情况 根据公司 2024 年经营计划安排及子公司未来经营需求，公司及控股子公司 拟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）有限公司可共用授信额度不超过人民币 30,000.00 万元且由公 司为其提供连带责任保证担保。上述授信额度期限为自股东大会审议通过之日起 十二个月内；银行授信内容包括但不限于银行贷款、银行承兑汇票、保函、信用 证、远期结售汇、黄金租赁等信贷业务。综合授信额度不等于公司及 ...

| About this report | 01 | | --- | --- | | Message from the Management | 02 | | Our 2023 | 03 | | ESG Strategy and Management | Of | | --- | --- | | ESG Strategy and Model | 05 | | ESG Management System | 07 | | ESG Materiality Analysis | 08 | | Product Innovation and Service Enhancement | | --- | | Leading Development with Innovation | | Advocating Ultimate Service | | Creating High-Quality Products | | e Growth and Community Welfare | 34 | | --- | --- | | Employee Growth | 35 | | ng to Community Welfare | ...

证券代码：301177 证券简称：迪阿股份 公告编号：2024-012 关于调整公司独立董事薪酬方案的公告 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。 迪阿股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日在公司会议 室召开第二届董事会第九次会议，审议通过了《关于调整公司独立董事薪酬方 案的议案》，三名独立董事对该议案回避表决。本议案尚需提交 2023 年年度股 东大会审议，现将有关情况公告如下： 一、独立董事薪酬调整方案 根据《上市公司独立董事管理办法》及《公司章程》等相关规定，为有效 调动公司独立董事的工作积极性，保障独立董事投入更多时间和精力参与公司 治理，进一步促进独立董事勤勉尽责，参照公司所处地区经济发展状况、同行 业上市公司独立董事薪酬水平及公司实际情况，公司拟对独立董事薪酬方案进 行调整，具体如下： 1、独立董事薪酬由每人税前人民币 10 万元/年调整至每人税前人民币 15 万元/年； 2、独立董事薪酬按季度发放； 3、上述薪酬为税前金额，涉及个人所得税由公司统一代扣代缴。 二、本方案适用期 自 2023 年年度股东大会审议通 ...

证券代码：301177 证券简称：迪阿股份 公告编号：2024-016 迪阿股份有限公司 关于修订《公司章程》并办理工商变更登记的公告 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。 迪阿股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开了第二届 董事会第九次会议，审议通过了《关于修订<公司章程>并办理工商变更登记的议 案》，上述议案尚需提交公司股东大会审议，现将有关情况公告如下： 一、关于修订《迪阿股份有限公司章程》的情况 根据《上市公司监管指引第 3 号——上市公司现金分红（2023 年修订）》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等法律、法规、规范性文件的有关规定，结合公司的实际情况，现拟对《公司章 程》中部分条款进行修订并办理工商变更登记。 | 修订前 | 修订后 | | --- | --- | | 第一百五十三条 | 第一百五十三条 | | …… | …… | | 公司弥补亏损和提取公积金后所余税后利 | 公司弥补亏损和提取公积金后所余税后利 | | 润，按照股东持有的股份比例分配。 | 润 ...

证券代码：301177 证券简称：迪阿股份 公告编号：2024-011 迪阿股份有限公司 关于募集资金投资项目延期的公告 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。 迪阿股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日在公司会议室 召开第二届董事会第九次会议和第二届监事会第九次会议，审议通过了《关于募 集资金投资项目延期的议案》，同意公司在募集资金投资项目实施主体、实施方 式、募集资金投资用途及投资规模不发生变更的情况下，对募投项目"信息化系 统建设项目"预计达到可使用状态的日期由 2024 年 12 月 31 日延期至 2026 年 12 月 31 日。根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》等法律法规的规定，公司本次募投项目延期事项在董事会审批 权限范围内，无需提交股东大会审议。现将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意迪阿股份有限公司首次公开发行股票 注册的批复》证监许可[2021]3043 号同意注册，并经深圳证券交易所同意，公 司首次公开发行人民币普通 ...

迪阿股份有限公司 2023年度 营业收入扣除情况专项说明 关于迪阿股份有限公司 2023年度营业收入扣除情况专项说明 安永华明（2024）专字第70031863_H03号 迪阿股份有限公司 迪阿股份有限公司董事会： 我们接受委托，审计了迪阿股份有限公司的财务报表，包括2023年12月31日的合 并及公司的资产负债表、2023年度合并及公司的利润表、股东权益变动表和现金流量 表以及相关财务报表附注，并于2024年4月25日出具了编号为安永华明（2024）审字 第70031863_H01号的无保留意见审计报告。 根据《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 的规 定，迪阿股份有限公司编制了后附的2023年度营业收入扣除情况表（以下简称"情况 表"）。如实编制和对外披露情况表并确保其真实性、合法性、完整性是迪阿股份有 限公司管理层的责任。 基于我们对迪阿股份有限公司财务报表整体发表审计意见而实施的审计工作，我 们未发现后附情况表所载相关信息与我们审计迪阿股份有限公司2023年度财务报表时 所审核的会计资料及2023年度财务报表中所披露的相关内容存在重大不一致。 安永华明会计师事务所（特殊普通合 ...

迪阿股份有限公司 已审财务报表 2023年度 迪阿股份有限公司 目录 | | 页 次 | | --- | --- | | 审计报告 | 1-7 | | 已审财务报表 | | | 合并资产负债表 | 8-9 | | 合并利润表 | 10-11 | | 合并股东权益变动表 | 12-13 | | 合并现金流量表 | 14-15 | | 公司资产负债表 | 16-17 | | 公司利润表 | 18 | | 公司股东权益变动表 | 19-20 | | 公司现金流量表 | 21-22 | | 财务报表附注 | 23-109 | | 补充资料 | | | 1．非经常性损益明细表 | 1 | | 2．净资产收益率和每股收益 | 2 | 审计报告 安永华明（2024）审字第70031863_H01号 迪阿股份有限公司 迪阿股份有限公司全体股东： 一、审计意见 我们审计了迪阿股份有限公司（以下简称"迪阿股份"）的财务报表，包括2023年12月31 日的合并及公司资产负债表，2023年度的合并及公司利润表、股东权益变动表和现金流量表以 及相关财务报表附注。 我们认为，后附的迪阿股份有限公司的财务报表在所有重大方面按照企业会计准则 ...

迪阿股份有限公司 2023 年度董事会工作报告 2023 年度，迪阿股份有限公司（以下简称"公司"）董事会按照《公司法》 《证券法》《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——创业板上市公司规范运作》《公司章程》《董事会议事 规则》等有关法律、法规和规范性文件的规定，本着对公司和全体股东负责的原 则，切实履行股东大会赋予董事会的职责，严格贯彻执行股东大会各项决议，勤 勉尽责地开展各项工作，积极维护公司及股东的利益，提升公司治理水平。在经 营管理上，董事会积极开展各项工作，努力推动公司各项业务发展，认真执行战 略计划，保持公司经营的稳健运行。现将董事会 2023 年度工作重点和主要工作 情况报告如下： 一、2023 年度公司经营情况 报告期内，我国珠宝行业总体虽稳步增长，但内部结构性分化加剧，市场竞 争激烈，钻石镶嵌饰品作为可选消费品需求不足，加之黄金避险需求的显著提升， 对钻石市场也造成了一定的影响。据中国珠宝玉石首饰行业协会统计，2023 年 我国钻石产品市场规模同比下降约 27%，公司在全自营销售模式且以钻石镶嵌饰 品为主的情况下，实现营业收入 218,027. ...