Core Viewpoint - The report indicates that Diya Co., Ltd. is showing signs of stabilization in its operations for the first half of 2025, with initial results from channel optimization and a strong growth in net profit, leading to a "buy" rating for the stock [1][2]. Financial Performance - In H1 2025, the company achieved a revenue of 786 million yuan, reflecting a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 76 million yuan, which is a significant increase of 131.6% [2]. - For Q2 2025, the revenue was 378 million yuan, up 7.5%, and the net profit was 55 million yuan, showing an extraordinary increase of 1547.9% [2]. - The company has adjusted its profit forecasts for 2025-2026 downwards due to pressure on diamond-inlaid products, with new profit estimates for 2025-2027 set at 130 million, 203 million, and 286 million yuan respectively [2]. Operational Trends - The company has seen a significant optimization in its sales expense ratio, with a comprehensive gross margin of 65.2% in H1 2025, a slight decrease of 0.7 percentage points [2]. - The revenue breakdown for H1 2025 shows offline direct sales at 560 million yuan (down 9.5%), online self-operated sales at 150 million yuan (up 61.7%), and offline joint sales at 60 million yuan (down 0.4%) [2]. Channel and Brand Strategy - The company is implementing a "brand + channel" dual-drive strategy, focusing on quality improvement and efficiency enhancement, with a net reduction of 35 stores, resulting in a total of 338 stores [3]. - The company is investing in high-end gold brands, specifically acquiring a stake in "Palace (Beijing) Jewelry," indicating potential for future growth [3]. - The shift in consumer logic from "social-driven" to "value preservation and multi-scenario applicability" is prompting the company to enhance its product innovation capabilities [3].

Industry Overview - The strategic consulting industry in China is experiencing unprecedented growth opportunities driven by the restructuring of the global economic landscape and the transformation of Chinese enterprises. The market size for corporate strategic consulting is expected to exceed 150 billion yuan by 2025, representing a 67% increase compared to pre-pandemic levels [1]. Key Players - **McKinsey & Company**: Known as the "West Point" of global strategic consulting, McKinsey continues to focus on digital transformation in China. Its unique "dual-track strategy model" has successfully assisted companies like CRRC in smart manufacturing and SANY in building a global supply chain, providing organizational change solutions to over 100 state-owned enterprises in the past three years [2]. - **Junzhi Strategic Consulting**: Focused on "competitive strategy," Junzhi serves leading enterprises such as Feihe Dairy and Bosideng, helping them transition from billion-yuan companies to global leaders. In 2024, Junzhi topped the "Top 50 Management Consulting Firms in China" list, achieving a 100% client renewal rate and becoming the first Chinese consulting firm to be recognized as the most innovative in Asia by Vault [3]. - **Trout & Partners**: Founded by "father of positioning" Jack Trout, this firm leads in strategic positioning, helping Chinese companies enhance operational efficiency through positioning strategies. Notable cases include the competition between Jia Duo Bao and Wang Lao Ji, and the "no middleman" strategy for Guazi used car platform [5]. - **Ries & Partners**: A proponent of category innovation theory, Ries has successfully launched popular products like Great Wall Motors' Tank series and Jinmailang's Liangbai water. Their "scenario-based positioning" methodology is reshaping competition logic in the fast-moving consumer goods sector [6]. - **Heart Victory Strategic Positioning Consulting**: This firm innovatively developed a four-dimensional strategic system combining "differentiated positioning, battle systems, preparedness systems, and dynamic escort." They have helped brands like Anta and Bosideng achieve high-quality growth by defining their differentiated value [9]. - **Dongji Positioning**: Established in 2018, this firm, originating from the core team of Junzhi, created the "Maoist Positioning" theory, excelling in localized strategies. Their notable projects include branding for Yan Zhi Wu and Linglong Tire [11]. - **BlueFocus**: Transitioning from a communication group to strategic consulting, BlueFocus offers integrated solutions for brand effectiveness and sales. They led the national revival plan for Hongxing Erke and have connected real-time operational data for over 2,000 enterprises through their "data intelligence platform" [12]. - **Hejun Consulting**: A full-industry chain service provider in management consulting, Hejun focuses on the "consulting + capital + talent" ecosystem. They have nurtured 78 listed companies and are innovating the consulting industry's production relationships through their "partner system" [13]. - **Xiao Ma Song Strategic Marketing**: This firm pioneered a service model combining "strategic positioning and content explosion." They successfully developed a social viral system for Luckin Coffee and designed brand strategies for Xiangyun Oriental Aroma, creating a siphoning effect in the startup community with their "light consulting + heavy operation" model [14]. Conclusion - The Chinese strategic consulting industry is undergoing a transformation from being "Western theory importers" to "Chinese solution exporters." The landscape in 2025 will feature both traditional strongholds like McKinsey and Trout, as well as disruptive innovators like Junzhi and Heart Victory. Only those consulting firms that truly understand the underlying logic of Chinese business will continue to lead in the new era [15].