以下文章来源于显微故事 ，作者显微故事编辑部 显微故事 . 大时代下，每一个小人物都值得被看到。 他们因信息差而来，如今也在夹缝中，奋力寻找长期生存的答案。 文 ｜ 常宁宁 编辑 ｜ 卓然 来源｜ 显微故事（ID：xianweigushi） 封面来源 ｜ IC Photo 在广东四会的翡翠市场、深圳水贝的珠宝城、义乌的小商品批发市场乃至全国的大型批发市场里，都活跃着一群特殊的身影。 他们不是买家，却能替买家敲定价格；不是商家，却和商家一样懂行业门道。他们是陪逛买手，一个伴随"源头采购热"兴起的新型职业。 这个职业的诞生，源于日益扩大的市场信息差。随着直播电商的红火，"到源头捡漏"成为越来越多消费者和创业者的选择，但专业市场里的货品优劣、价 格水分，让外行望而却步。 陪逛买手便应运而生，他们大多扎根产地，熟知行情，不少人原本就是行业从业者，因行业变革或个人需求转型成为"中介买手"。 他们通过网络招揽客户，靠着自己掌握的信息差赚取佣金，成为连接源头市场与外行买家的桥梁。 但这份靠信息差谋生的工作，也藏着难以化解的困惑。作为陪逛买手，他们理应坚定地站在客户这边，为客户规避风险、争取利益；可作为从产业中成长 起来的一 ...

在广东四会的翡翠市场、深圳水贝的珠宝城、义乌的小商品批发市场乃至全国的大型批发市场里，都活跃着一群特殊的身影。 他们不是买家，却能替买家敲定价格；不是商家，却和商家一样懂行业门道。他们是陪逛买手，一个伴随"源头采购热"兴起的新型职业。 这个职业的诞生，源于日益扩大的市场信息差。随着直播电商的红火，"到源头捡漏"成为越来越多消费者和创业者的选择，但专业市场里的货品优劣、价 格水分，让外行望而却步。 陪逛买手便应运而生，他们大多扎根产地，熟知行情，不少人原本就是行业从业者，因行业变革或个人需求转型成为"中介买手"。 他们通过网络招揽客户，靠着自己掌握的信息差赚取佣金，成为连接源头市场与外行买家的桥梁。 但这份靠信息差谋生的工作，也藏着难以化解的困惑。 作为陪逛买手，他们理应坚定地站在客户这边，为客户规避风险、争取利益；可作为从产业中成长起来的一份子，他们又与批发市场的商家有着千丝万缕 的联系。这种双重角色的拉扯，让他们在客户与商家之间进退两难，藏着不为人知的痛苦与迷茫。 因此他们成了源头市场里特殊的"中间人"——既依赖市场信息差生存，又被信息差带来的矛盾裹挟；既想做好客户的"避坑指南"，又难脱与商家的利益牵 绊。 ...

Core Insights - The price of lab-grown diamonds has significantly decreased, with the price of a 1-carat lab-grown diamond dropping from 8,000 yuan to 3,500 yuan, which is less than one-tenth of the price of a comparable natural diamond [1] - Retail prices of lab-grown diamonds have fallen over 50% from their peak in recent years, and by 2025, lab-grown diamonds are expected to account for over 40% of the global diamond jewelry market, an increase of more than eight times since 2019 [1] - Consumers who purchased diamonds a decade ago are facing substantial losses, with one individual who bought a 1-carat diamond ring for 100,000 yuan now receiving a maximum offer of only 30,000 yuan for resale, and another individual who spent 18,000 yuan now only able to sell for 180 yuan, reflecting a 99% depreciation [1][2] Industry Trends - The trend indicates a growing market share for lab-grown diamonds, projected to exceed 40% by 2025, highlighting a shift in consumer preferences and market dynamics [1] - The drastic decline in resale values for diamonds purchased in the past suggests a potential risk for current and future investors in the diamond market, particularly in the lab-grown segment [1][2]

Core Viewpoint - The company, Diya Co., is a leading brand in China's diamond ring industry, actively expanding its gold product line and optimizing channel layout amid overall pressure in the diamond market. The results are gradually showing positive effects [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.156 billion yuan, a year-on-year increase of 4.0%. The net profit attributable to the parent company was 103 million yuan, a significant increase of 408.0%. The net profit after deducting non-recurring items was 5.12 million yuan, marking a turnaround from losses [1]. - The comprehensive gross margin for the company was 66.4%, up 0.8 percentage points year-on-year. The core business gross margin, excluding the impact of raw material disposal, was 68.0%, an increase of 2.3 percentage points, benefiting from an optimized product sales structure [2]. Channel Optimization - The company continued to optimize its channel layout, closing 32 stores during the period (opening 16 and closing 48), with a slowdown in the rate of store closures compared to the same period last year, which saw 127 closures. As of Q3 2025, the company operated 341 stores, with significant improvements in store efficiency and a 31% year-on-year increase in single-store revenue [3]. Product Innovation and Market Expansion - The company focuses on two emotional expression scenarios: "proposal" centered around diamond rings and "wedding" emphasizing traditional gold products. New product launches include the "One Life One World" gold ring series and the "DR Golden Crown" wedding series [4]. - The company is actively expanding into overseas markets, establishing an independent site in the U.S. and achieving significant results on TikTok. By the first half of 2025, the DR brand had a total exposure of 689 million times in overseas markets, with 38.74 million natural searches and over 960,000 followers on overseas social platforms [4]. Profit Forecast and Valuation - Due to the ongoing channel adjustment phase, the company has lowered its net profit forecasts for 2025 and 2026 by 52% and 44% to 136 million yuan and 203 million yuan, respectively. A net profit forecast of 251 million yuan for 2027 has been introduced. The estimated net asset per share for 2025-2027 is projected to be 16.14, 16.64, and 17.27 yuan, respectively [5]. - Given the company's current brand transformation phase and significant cash reserves, a PB valuation method is adopted. The target price for 2026 is set at 28.3 yuan, based on a PB of 1.7 times, maintaining a "hold" rating [5].

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].

Core Insights - The article highlights the transformation of Zhecheng County in Henan Province from a poverty-stricken area to a hub for diamond production, particularly synthetic diamonds, making diamond rings accessible to ordinary people [1][3]. Industry Overview - Zhecheng County produces 90% of China's diamond powder and nearly half of the country's synthetic diamonds, with a total production of approximately 4.5 billion carats of diamond single crystals and 11 billion carats of diamond powder as of September 2023 [4]. - The county has established a complete industrial chain involving raw materials, industrial-grade diamond single crystals, and diamond equipment, with over 200 enterprises in the synthetic superhard materials sector [3][4]. Technological Advancements - The production of synthetic diamonds in Zhecheng utilizes advanced technology, with a process that takes 7 to 15 days under high temperature and pressure to create high-purity diamond raw materials [3]. - Companies in Zhecheng are focusing on digitalization, green technology, and high-end manufacturing to enhance their competitive edge in the diamond industry [8][10]. Market Dynamics - The price of synthetic diamonds in Zhecheng is significantly lower than that of natural diamonds, being only 1/5 to 1/10 of the price, which has led to increased accessibility for consumers [2][3]. - The local diamond industry is expanding into new markets, including semiconductor materials and other functional applications, to adapt to changing market demands [9][10]. Future Prospects - Zhecheng aims to enhance its reputation as "Diamond Capital" by increasing innovation, protecting intellectual property, and improving consumer trust through regulatory measures against counterfeit products [11]. - The county is also upgrading its diamond trading center to include smart trading systems and immersive experience exhibitions, further promoting its diamond industry [11].

Core Insights - The natural diamond industry is undergoing a transformation driven by supply chain innovations, making diamonds more accessible and affordable for consumers [1][7] Group 1: Supply Chain Innovations - Traditionally, the journey of natural diamonds from mines to consumers involved multiple intermediaries, increasing costs and creating price opacity [3] - Many businesses are now focusing on supply chain reform, emphasizing transparency and accessibility to reshape the consumer experience [3] - Companies are establishing direct partnerships with reputable diamond mines to ensure that each diamond is sourced legally and sustainably [3] Group 2: Consumer Experience Enhancement - Businesses are leveraging digital technologies to create omnichannel sales platforms, allowing consumers to browse and select diamonds conveniently [5] - A transparent pricing system is being implemented, enabling consumers to understand the value of each diamond clearly [5] - Flexible payment options are introduced, making high-quality natural diamonds more attainable through installment plans [5] Group 3: Market Reception and Future Outlook - The supply chain innovations have significantly increased consumer trust, transforming diamond purchases into worthwhile investments rather than burdensome financial decisions [7] - The market has begun to recognize the benefits of these innovations, with more consumers enjoying the experience of purchasing diamonds [7] - As supply chain reforms continue, natural diamonds are expected to become more popular and integral to everyday life, promoting a new era of accessible diamond consumption [7]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.156 billion CNY, a year-on-year increase of 4.03% [3] - Net profit attributable to shareholders reached 102.54 million CNY, a significant increase of 407.97% compared to the previous year [3] - Single-store revenue was 2.6456 million CNY, reflecting a growth of 30.77% year-on-year [3] - Online self-operated business generated 226 million CNY in revenue, up 45.79% year-on-year [3] Operational Efficiency - The company optimized its brand and improved the efficiency of online and offline channel operations, leading to a significant reduction in operational costs [3] - The total number of stores decreased by 60, resulting in a total of 341 stores, yet revenue still grew by 4.03% [3] - Sales expenses decreased significantly, with rent, decoration, and labor costs combined reducing by 91.67 million CNY [3] Product Strategy - The company focuses on emotional expressions through its product offerings, particularly in the "proposal" and "wedding" categories [4] - New product launches include the "One Life One Love" series of gold rings and the "DR Golden Crown" wedding five metals, both designed to meet modern consumer needs [4] - The company aims to enhance its product line to improve customer repurchase rates, particularly targeting the 35+ age group, which contributes over 20% to revenue [9] Channel Development - The company closed 48 underperforming stores and opened 16 new ones, resulting in a net decrease of 32 stores [6] - Single-store operational efficiency improved, with revenue per store increasing by 30.77% [6] - Future plans include enhancing brand presence in core urban areas and expanding into lower-tier cities [6] Online vs. Offline Strategy - The overall gross margin for the company was 66.40%, showing improvement due to optimized product sales structure [7] - The company maintains a unified product structure across online and offline channels to ensure brand consistency [7] - Online channels reach a broader audience, particularly younger consumers, while offline channels focus on experiential service [7] International Expansion - The company plans to expand into the U.S. market, focusing on diamond and wedding ring categories, leveraging its successful domestic strategies [11] - Future international expansion will also target Southeast Asia and Europe, building a global market network [11] - The company is exploring multi-brand development opportunities, capitalizing on the current low valuations of global jewelry brands [11]

Core Insights - The diamond ring market is shifting from a focus on size to design and personalization as key decision factors for consumers [3][10][12] - The traditional perception of "bigger is better" is being challenged by a more mature consumer mindset and technological advancements in diamond production [5][10][12] - Celebrity endorsements of large diamonds continue to generate media buzz, but consumer preferences are increasingly leaning towards unique designs that reflect personal style [8][12] Market Trends - The diamond market has historically emphasized size, with social media amplifying this perception through celebrity showcases of large diamonds [5][8] - Recent examples include Georgina Rodríguez and Lauren Sanchez, who both showcased 30-carat rings valued between $2.5 million and $5 million, which sparked significant online discussions [5][8] - The rise of lab-grown diamonds has diminished the exclusivity of large diamonds, shifting the focus to the overall aesthetic appeal and design quality of rings [10][12] Design Considerations - The aesthetic value of diamond rings is now determined by three core dimensions: the quality of the gemstone setting, the balance between the stone and the band, and the harmony of design elements [14][17] - The compatibility of the gemstone with the setting is crucial for achieving a refined look, regardless of the diamond's size [14][15] - A well-balanced proportion between the gemstone and the band is essential for maintaining elegance, while cohesive design elements contribute to the overall sophistication of the ring [17]

Core Viewpoint - The article discusses the significant impact of a sudden flood in Wuqi County, Shaanxi, which resulted in substantial losses for a local gold and silver jewelry store, Old Fengxiang, with estimated damages exceeding ten million yuan due to the flooding [1][6][16]. Group 1: Incident Overview - On July 25, Wuqi County experienced a sudden flood, causing water to surge into streets and businesses, including the Old Fengxiang jewelry store [1][4]. - The store's owner reported that approximately 19 kilograms of gold and silver jewelry, originally totaling 20 kilograms, were lost in the flood, with the estimated loss amounting to over ten million yuan [1][6][16]. - The floodwaters reached over one meter inside the store, preventing the timely evacuation of valuable items [4][6]. Group 2: Community Response - Following the flood, local residents began searching for lost jewelry, with some using metal detectors to locate items [6][10]. - The store's employees managed to recover about one kilogram of jewelry from the mud, while some residents returned found items to the store [8][12]. - The store owner expressed willingness to reward residents who return lost jewelry, indicating a proactive approach to recovering assets [13]. Group 3: Official Actions - Local authorities, including the police and market supervision bureau, have intervened to manage the situation, urging residents to return any found jewelry and investigating the circumstances surrounding the incident [15][16]. - The government has initiated disaster recovery efforts, including clearing debris and assessing the overall impact of the flooding on local businesses [16].