开源证券股份有限公司黄泽鹏,姚慕宇近期对迪阿股份进行研究并发布了研究报告《公司信息更新报告： 2025H1经营端企稳恢复，渠道优化初见成效》，给予迪阿股份买入评级。 迪阿股份(301177) 事件：公司2025H1营收同比+1.0%、归母净利润同比+131.6% 渠道优化初见成效，发力布局高端黄金品牌，后续成长潜能可期 公司"品牌+渠道"双轮驱动，经营基本面逐步企稳：（1）公司坚持"精简规模、提质增效"策略，2025H1新 开/净开店8/-35家，截至报告期末门店总数338家，其中直营和联营单店收入、坪效均实现较高增长，主要 系关闭低效门店减少内部分流、客流向优质门店集中；（2）发力布局高端黄金品牌，中期报告披露投资 高端黄金品牌"宫廷（北京）珠宝"股权，后续进一步运营发展可期；（3）提升产品创新能力，当前消费 逻辑由"社交驱动"转向"保值需求与多场景适用性驱动"，对此公司以创新设计和专利技术研发核心产品， 继续夯实竞争优势。 风险提示：竞争加剧、渠道拓展不及预期、品牌力下滑等。 最新盈利预测明细如下： 公司发布半年报：2025H1实现营收7.86亿元（+1.0%，下同）、归母净利润0.76亿元（+131.6 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Diya Co., which has a current stock price of 29.34 yuan, reflecting a 3.13% increase, with a rolling PE ratio of 264.98, marking a new low in 19 days [1] - Diya Co. operates in the jewelry sector, which has an average industry PE ratio of 59.17 and a median of 40.27, placing Diya Co. at the 15th position in the industry ranking [1][2] - As of the first quarter of 2025, two institutions hold shares in Diya Co., with a total of 150.98 million shares valued at 0.45 million yuan [1] Group 2 - The main business of Diya Co. includes brand operation, customized sales, and research and design of jewelry, with key products being engagement rings, wedding bands, anniversary gifts, and wedding gold [1] - The latest financial results for the first quarter of 2025 show that Diya Co. achieved a revenue of 408 million yuan, a year-on-year decrease of 4.40%, and a net profit of 20.72 million yuan, down 29.66%, with a gross margin of 63.52% [1] - The PE ratios for Diya Co. are significantly higher than the industry averages, with a TTM PE of 264.98 and a static PE of 221.32, while the industry average PE is 59.17 [2]

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].

Group 1: Revenue and Pricing Insights - The average customer price for 2024 is approximately 0.9 million yuan, with online prices around 0.4 million yuan and offline prices about 1.1 million yuan, showing a slight decline compared to 2023 [1] - The revenue share for engagement rings is about 77%, while wedding bands account for approximately 20%, with other jewelry sales making up the remainder [1] Group 2: Customer Demographics - As of March 2025, users under 24 years old represent 17.1% of the total user base, contributing 12.4% to sales; users aged 25-34 make up 64.8% of users and 63% of sales; users over 35 account for 18.1% of users and 24.6% of sales [2] - The 25-34 age group remains the primary revenue source, while the sales contribution from users over 35 is increasing, indicating a shift in growth sources [2] Group 3: Stock Incentive Plan - The stock incentive plan announced on July 11, 2025, involves granting up to 901,900 shares, representing 0.23% of the total share capital, to 27 key personnel [3] - The plan aims to align the interests of shareholders, the company, and core team members, enhancing motivation and retaining talent during a structural adjustment in the jewelry industry [3][4] Group 4: Business Development and Strategy - The company is in a critical exploration phase for its gold business in 2024, focusing on market research and consumer insights, particularly in wedding consumption [5] - The strategy emphasizes creating products that balance traditional ceremonial significance with modern aesthetics, targeting the wedding market while extending to lifelong wear [5]

Core Viewpoint - The resignation of Hu Xiaoming from Diya Co., Ltd. will not affect the company's operations, but the company is facing declining financial performance and challenges in its investment projects [1][2][3]. Group 1: Company Leadership Changes - Hu Xiaoming has resigned from his positions as director and member of the Strategic and Sustainable Development Committee due to personal reasons, effective immediately upon delivery of his resignation to the board [1]. - Hu Xiaoming held no direct shares in the company but had an indirect stake of 360,000 shares, representing 0.09% of the total share capital [1]. Group 2: Financial Performance - Diya Co., Ltd. reported a revenue of 14.82 billion CNY for 2024, a decrease of 32.01% year-on-year, and a net profit attributable to shareholders of 53.03 million CNY, down 23.01%, marking the lowest level since its listing [2]. - The company's gross profit margin has significantly declined, reaching 65.49% by the end of 2024 [2]. - In Q1 2025, the company achieved a revenue of 4.08 billion CNY, a year-on-year decline of 4.40%, with a net profit of 20.72 million CNY, down 29.66% [2]. Group 3: Investment Projects and Market Performance - The company’s three major investment projects have not met expectations, with the "Channel Network Construction Project" generating only 116 million CNY in cumulative benefits, falling short due to market demand and sales performance [3]. - Diya Co., Ltd. has faced challenges in its recruitment efforts, with reports of high salaries leading to scrutiny, although the company claims most positions were outdated and recruitment has been halted [3]. - Since its listing, the company's stock has dropped over 70%, closing at 29.01 CNY per share, with a total market capitalization of 11.604 billion CNY [3].

Core Insights - The diamond market is experiencing a significant downturn, contrasting with the rising prices of gold jewelry, as diamond prices continue to decline globally despite a brief increase in early 2023 [1][4][10] - De Beers Group announced the closure of its lab-grown diamond brand Lightbox and is considering divesting its diamond business due to declining performance across key financial metrics [4][6] - Consumer preferences are shifting towards lab-grown diamonds, which are significantly cheaper and meet the demand for personalized products, undermining the traditional value narrative of natural diamonds [7][8][10] Market Trends - Global natural diamond prices have shown a year-on-year decline, with specific price indices reflecting decreases of up to 20% for larger carat sizes [3][6] - The lab-grown diamond market is growing rapidly, accounting for 20% of the global diamond jewelry sales, with prices being approximately one-twentieth of natural diamonds [8][10] - Traditional jewelry brands are adjusting their strategies, with some like Chow Tai Fook optimizing their store formats while others like DR are shifting focus away from the traditional "love binding" narrative [9][10] Consumer Behavior - There is a noticeable decline in the foot traffic and sales of diamond jewelry, with consumers becoming more pragmatic and value-conscious in their purchasing decisions [5][6] - The younger generation is increasingly favoring lab-grown diamonds for their affordability and aesthetic appeal, leading to a reevaluation of the emotional value traditionally associated with natural diamonds [7][8] - The wedding market, a core driver of diamond sales, is also under pressure due to declining marriage rates, further impacting diamond consumption [6][10] Industry Challenges - The diamond industry is facing a dual challenge from both the rise of lab-grown diamonds and changing consumer attitudes towards luxury and value [10] - Continuous price wars in the lab-grown diamond sector are affecting profit margins, with significant price reductions observed in recent years [10] - The need for a redefined value proposition in the diamond market is becoming increasingly urgent as consumer preferences evolve [10]

深圳商报·读创客户端记者 程茹欣 靠"一生只送一人"标语贩卖真爱的DR钻戒遭遇业绩"滑铁卢"。 4月25日晚间，DR钻戒母公司迪阿股份（深市代码：301177）发布2024年年报。数据显示，该公司报告期内实现营收14.82亿元，同比减少32.01%；归属于 上市公司股东的净利润5302.95万元，同比减少23.01%，创下上市以来最低水平。此外，扣除非经常性损益后，迪阿股份2024年净利润亏损1.26亿元，同比 增亏。 | | 2024 年 | 2023 年 | 本年比上 | | --- | --- | --- | --- | | 营业收入(元) | 1.482.423.153.98 | 2, 180, 277, 744. 00 | | | 归属于上市公司股东 的净利润(元) | 53, 029, 532. 69 | 68, 957, 568. 40 | | | 归属于上市公司股东 的扣除非经常性损益 | -126, 403, 879, 88 | -120, 482, 993. 14 | | | 的净利润(元) | | | | | 经营活动产生的现金 | 316. 155. 839. 08 | 36, 965 ...