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].
2024年迪阿股份净关店155家！钻石镶嵌市场疲软，依赖投资难掩经营困境