在钻石行业复苏信号渐显的2025年上半年，迪阿股份（301177.SZ）交出了一份亮眼的成绩单。 报告期内，公司实现营业收入7.86亿元，较去年同期小幅增长；归母净利润达7600万元，同比激增 131.61%，成为行业内率先企稳回升的标杆企业，其周期拐点已清晰显现。 从行业大环境来看，天然钻石市场正逐步回暖。据IDEX指数显示，今年以来天然钻石价格降幅持续收 窄，市场供需关系趋于稳定。 与此同时，1-7月通过钻交所海关报关的一般贸易项下成品钻进口总额同比增长43.5%，这一数据直观反 映出全球钻石消费需求的强劲回升，为迪阿股份的业绩增长提供了有利的外部环境。 作为定位全球珠宝品牌集团的企业，迪阿股份采用轻资产运营模式，财务状况稳健度在行业内尤为突 出。 报告期内，公司资产负债率仅为16.27%，远低于行业平均水平；账上现金及现金等价物、理财产品合 计达59.48亿元，是一年内到期有息负债的11.57倍，充足的现金流不仅为企业抗风险能力筑牢"安全 垫"，也为后续战略布局提供了坚实的资金支撑。 方正证券在最新研报中指出，随着行业复苏趋势确立，迪阿股份前期渠道调整已接近尾声，未来渠道端 将不再对业绩形成负向拖累，增 ...

Core Insights - The company, Diya Co., has successfully reversed a three-year decline in revenue and net profit by focusing on its core value of "true love" and expanding its overseas market presence [1][2] - The company aims to become a global leader in true love culture by providing high-quality jewelry products and unique cultural experiences [1] Financial Performance - In the first half of 2025, the company achieved revenue of 786 million yuan, a year-on-year increase of 0.97%, and a net profit of 76 million yuan, up 131.61%, marking the highest growth rate in nearly four years [2] - The increase in performance is attributed to channel optimization and refined store operations, with single-store revenue reaching 1.79 million yuan, a growth of 26.89% [2] Online Business Growth - The company's online self-operated business revenue reached 146 million yuan, a year-on-year increase of nearly 62%, accounting for 18.57% of total revenue [4] - The self-built sales platform (company website) generated 47.38 million yuan, up 259.53%, while third-party platforms (Tmall, JD.com) achieved 98.59 million yuan, a growth of 27.86% [4][6] Profitability Metrics - The overall gross profit margin for the first half of 2025 was 65.19%, maintaining the top position in the jewelry industry [7] - The gross profit margin for the engagement ring series was 69.63%, while the wedding ring series saw an increase of 4.48 percentage points to 61.14% [7] Cost Management - The company has optimized its operations, resulting in a decrease in total expenses to 466 million yuan, the lowest level in three years, with a total expense ratio of 59.3% [9][12] - Sales expenses decreased to 366 million yuan, with a reduction of over 15% year-on-year, and the sales expense ratio dropped nearly 10 percentage points to 46.62% [11][12] Innovation and R&D - The company has invested over 81 million yuan in R&D from 2021 to the first half of 2025, focusing on brand identity and product innovation [13][14] - In the reporting period, the company obtained multiple design patents and launched 180 new products, including award-winning designs recognized in international competitions [14]

Core Viewpoint - The establishment of the DR Global Headquarters in Shenzhen marks a significant step in the company's global strategy, aiming to create a world-class fashion and creative industry hub in the Guangdong-Hong Kong-Macao Greater Bay Area [1][5]. Group 1: Company Vision and Strategy - The company aims to become a global leader in true love culture, with its high-end jewelry brand DR recognized as the world's number one brand for engagement rings [3]. - The DR Global Headquarters is designed to integrate various functions such as research, design, display, operation, and sales, positioning it as a global fashion source [1][5]. - The headquarters will serve as a platform to promote the company's commitment to love culture, emphasizing the importance of teaching future generations how to love [3][4]. Group 2: Architectural and Design Aspects - The headquarters features a unique architectural design that incorporates romantic aesthetics, developed by renowned international architectural firms [3][4]. - It includes various facilities aimed at enhancing the user experience, such as a romantic proposal hall and a love declaration screen, reinforcing the brand's commitment to love [4]. Group 3: Market Position and Growth - The location in Shenzhen Bay is strategic, as it is a core area of the Greater Bay Area, attracting major global companies and enhancing DR's international influence [5]. - The Greater Bay Area is recognized as a leading global economic zone, with an expected economic total of 14.5 trillion yuan by 2024, providing a robust market for DR's expansion [5]. - The company has accelerated its internationalization efforts, with overseas revenue increasing by 704.62% in 2024, and has established a presence in key international cities [6]. Group 4: Brand Recognition and Social Media Presence - DR has gained significant recognition in non-Asia-Pacific markets, with its brand philosophy widely discussed on major social media platforms [6]. - The company has over 30 million followers across global social media platforms, enhancing its brand visibility and market presence [6].