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].
迪阿股份净利三连降2年关店356家 2年分红4亿分红率超3倍实控人狂揽九成