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]

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]

华夏时报记者齐萌深圳报道 4月26日，迪阿股份（301177）(301177.SZ)发布2024年年度报告。报告期内，公司营收净利双双下滑。 实际上，自2021年上市以来，迪阿股份的业绩便呈现出连年下滑的态势。公司营收自2021年的46.23亿 元下滑至2024年的14.82亿元，归母净利润自2021年的13.02亿元下滑至2024年的5302.95万元，扣非净利 润更是自2021年的12.49亿元下滑至-1.26亿元。 在业绩持续下滑的背景下，迪阿股份在2024年净减少了155家门店。同时，投资收益正逐渐成为支撑公 司利润的"半壁江山"。 对此，有不具姓名的业内专家对《华夏时报》记者表示："公司主业持续亏损，或依赖投资来掩盖经营 困境。" 主业失守 分产品来看，2024年公司求婚钻戒实现营收11.36亿元，同比减少33.15%，占总营收比重为76.62%；求 婚对戒实现营收2.96亿元，同比减少34.12%，占总营收比重为19.97%。 对于营收的下滑，迪阿股份方面指出："主要系消费需求自2023年以来持续疲软，叠加黄金避险属性强 化对非黄金品类的消费分流，导致以钻石镶嵌类为核心的产品需求周期持续低位运行， ...

迪阿股份（301177） 证券研究报告 业绩暂承压，24 年超额分红、现金充足保持发展期待 公司发布 2024 年报及 2025 年一季报： 2024 年营收 14.8 亿元、同比下滑 32.0%，归母净利润 0.5 亿元、同比下滑 23.1%，扣非归母净利润为亏损 1.3 亿元（2023 年为亏损 1.2 亿元）。2024 年业绩下滑主要系需求持续疲软叠加黄金避险属性强化对非黄金品类的消 费分流，导致以钻石镶嵌为核心的产品需求周期持续低位，2024 年公司订 单数量同比下滑 20.0%，平均客单价同比下滑 13.7%。 24Q4 营收 3.7 亿元、同比下滑 15.4%，归母净利润 0.3 亿元、同比扭亏， 扣非归母净利润为亏损 0.48 亿元（23Q4 为亏损 0.53 亿元）。 25Q1 营收 4.1 亿元、同比下滑 4.4%，归母净利润 0.2 亿元、同比下滑 29.7%， 扣非净利润 0.06 亿元、同比扭亏（24Q1 为亏损 0.06 亿元）。 2024 年利润分配案：每 10 股派发现金红利 5 元（含税），分红率 377%。 分业务：线上渠道稳健增长，线下渠道承压 公司报告 | 年报点评报告 ...