东方网记者程琦1月1日报道：黄金柜台开业15分钟取号128人；羊绒衫品牌预计销售额增长40%……2025年的最后一夜，上海的线下商圈从经典的岁末大促 到地标商场的焕新盛典，市民们用"买买买"的热情，为2026年注入了强劲的开年新动能。 "今天的金价是1363元一克，比之前1400多元的高点降了不少，很划算！"在第一八佰伴的周大福柜台，店长马晓卿的声音在鼎沸人声中显得格外有力。她告 诉记者，为了应对跨年夜的消费高峰，店里的员工从平时的9人增加到了30多人，备货金额更是翻了一番，随时准备从后方仓库调货。"今天已经开出了好几 张100万、70万的婚嫁五金大单了！" "您好，现在取号，前面还有110位顾客。"2025年12月31日晚，上海第一八佰伴二楼的黄金柜台前，这样的话语不断重复。这是这个沪上跨年消费的"老牌地 标"首次启用叫号系统，但依然抵挡不住市民涌动的热情。而在南京路步行街东首，零点的钟声敲响，漫天"雪花"中芭蕾舞者凌空起舞，宣告着新世界大丸 百货正式焕新为"新世界新丸中心"，单日销售额冲上3988万元，同样人潮涌动。 浦东"不夜城"：销售额同比提升8%，客流实现了两位数增长 火爆的不仅是黄金。在四楼的鄂尔 ...

Investment Rating - The investment rating for the company is maintained at "Hold" with a target price of RMB 28.30 [1][5]. Core Insights - The company, Diya Co., is a leading brand in China's diamond ring industry, actively expanding its gold product line and optimizing its channel layout, showing gradual improvement in performance [1]. - For the first three quarters of 2025, the company achieved revenue of RMB 1.156 billion, a year-on-year increase of 4.0%, and a net profit attributable to shareholders of RMB 103 million, a significant increase of 408.0% year-on-year [1][5]. - The company continues to optimize inefficient stores and has introduced new products, which have driven a rapid increase in same-store sales [1][3]. Revenue and Profitability - Online self-operated revenue for the first three quarters of 2025 reached RMB 230 million, a year-on-year increase of 45.8%, while offline direct sales revenue was RMB 820 million, a decrease of 5.0% due to net store closures [2]. - The overall gross margin for the company in the first three quarters was 66.4%, an increase of 0.8 percentage points year-on-year, with core business gross margin at 68.0%, up 2.3 percentage points [2]. Store Optimization and Efficiency - The company closed 32 stores during the first three quarters of 2025, with a net store closure rate slowing down compared to the previous year [3]. - The average revenue per store increased to RMB 2.65 million, a year-on-year growth of 31%, while sales and management expense ratios improved significantly [3]. Product Innovation and Market Expansion - The company focuses on two emotional expression scenarios: "Proposal" and "Wedding," with new product launches in the gold jewelry category [4]. - Diya Co. is actively expanding into overseas markets, achieving significant exposure on platforms like TikTok, with a total exposure of 689 million times by the first half of 2025 [4]. Earnings Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted downwards by 52% and 44% to RMB 136 million and RMB 203 million, respectively, with a new forecast for 2027 at RMB 251 million [5][12]. - The company is currently in a brand transformation phase, leading to significant earnings volatility, and a price-to-book (PB) valuation method is now applied, with a target price set at RMB 28.30 [5].