Group 1: Research Basic Information - The research object is Di'ao Co., Ltd., belonging to the jewelry industry. The reception time was on October 30, 2025. The listed company's reception staff included Huang Shuirong, the deputy general manager of the board of directors, the financial controller, and the secretary of the board of directors, and Bin Bei, the IR supervisor [16] Group 2: Detailed Research Institutions - The research institutions included securities companies such as CITIC Securities, CITIC Construction Investment Securities, Huatai Securities, and many others, as well as futures brokerage companies, fund management companies, investment companies, asset management companies, private funds, and individual investors [17][18][19] Group 3: Main Content Management Performance Explanation - In the first three quarters of 2025, the company's operating income and net profit both increased year - on - year, with a steady and positive overall business trend. From January to September 2025, the company achieved an operating income of 1.156 billion yuan, a 4.03% increase from the same period last year; the net profit attributable to shareholders of the listed company was 102.5382 million yuan, a 407.97% year - on - year increase; the single - store income reached 2.6456 million yuan, a 30.77% year - on - year increase; the online self - operated business achieved an operating income of 226 million yuan, a 45.79% year - on - year increase [25] - The significant increase in net profit was mainly due to the company's optimization of the brand, improvement of the synergy between online and offline channels, and continuous optimization of resource allocation to reduce operating costs. As of the end of the reporting period, the company had 341 stores in operation, a net optimization of 60 stores compared with the same period last year. Despite the year - on - year decrease in the number of stores, the company still achieved a 4.03% year - on - year increase in income. The optimization of the store structure led to a significant decrease in sales expenses, with the combined rent, decoration, and labor costs decreasing by 91.6702 million yuan year - on - year [25] Q&A Session Category Planning and Gold Product Progress - In category planning, the company focuses on the "proposal" and "wedding" scenarios around the core brand value of "expression of love." The proposal scenario centers on diamond rings, while the wedding scenario focuses on traditional "three - gold" categories. For gold products, the company adheres to the "one - person - only - in - a - lifetime" purchase rule, with the wedding scenario as the core entry point. In 2025 Q3, the company launched two innovative gold products: the "Forever and Always" series of gold wedding rings and the globally launched "DR Princess Crown" wedding five - gold set [25][26][27] Thoughts on Offline Channel Construction - In the past two years, the company optimized operations in aspects such as channel layout, product experience, and store operation capabilities. The channel strategy aims to create terminal scenarios that enhance brand emotional resonance. In the first three quarters of 2025, the company closed 48 low - efficiency stores and opened 16 new ones, with a net decrease of 32 stores. The single - store income increased by 30.77% year - on - year. In the future, the company will improve the channel structure, focusing on enhancing brand potential in core domestic cities and expanding in high - potential commercial complexes in third - and fourth - tier cities [27][28] Online and Offline Product Strategies and Customer Profiles - The company uses a unified product inventory structure for online and offline channels to ensure brand image and product value consistency. Each channel promotes suitable product series according to its characteristics. Online channels cover a wider range, reaching more young and lower - tier market users, while offline channels focus on customers who value experience and service [29] Strategies to Improve Repurchase Rate - The company's current user base exceeds 2 million, but the repurchase rate is still low, mainly due to the early - stage concentrated product structure. To improve this, the company is learning from other industries, adjusting its organizational structure, and expanding its product matrix to become a partner accompanying users throughout their emotional journey [29][30] Overseas Business Development and Future Plans - The company will focus on diamond rings and wedding rings in the US market, replicating the domestic "Internet promotion + offline experience" model. It also aims to expand new categories and scenarios. In the international layout, it will enter the high - potential US market first and gradually expand to Southeast Asia, Europe, etc. Additionally, it is looking for multi - brand development opportunities through mergers and acquisitions [30][31][32]
迪阿股份分析师会议-20251031