Core Viewpoint - The company is undergoing a strategic adjustment period in the jewelry industry, with a focus on optimizing product offerings and enhancing brand recognition to adapt to changing consumer preferences and market conditions [5][7]. Group 1: Company Performance and Financials - As of July 25, 2025, the company reported a decline in average customer price for 2024, estimated at approximately 9,000 yuan, with online sales averaging 4,000 yuan and offline sales averaging 11,000 yuan, reflecting a slight decrease compared to 2023 [2][4]. - The revenue structure for 2024 indicates that engagement rings will account for about 77% of total revenue, while wedding bands will represent approximately 20% [3]. Group 2: Customer Demographics - As of March 2025, the age distribution of customers shows that 64.8% are aged 25-34, contributing to 63% of sales, while the 35 and older demographic has increased its sales contribution to 24.6% [4]. Group 3: Strategic Initiatives - The company has launched a stock incentive plan aimed at enhancing team motivation and aligning the interests of shareholders, the company, and core team members, with a total of 901,900 shares to be granted, representing 0.23% of total shares [6]. - The performance metrics for the stock incentive plan include revenue growth rate and net profit attributable to shareholders after excluding non-recurring gains and losses, reflecting the company's operational performance and growth potential [6]. Group 4: Industry Outlook - The jewelry industry is entering a structural adjustment phase, with signs of gradual recovery supported by stable demand in the wedding market and ongoing upgrades in self-consumption [5]. - The company is focusing on the wedding consumption market, particularly in gold products, which are seen as essential in wedding ceremonies, and aims to balance traditional and modern aesthetic values in its product offerings [7].
泉果基金调研迪阿股份，上游钻石行业库存去化节奏有所加快