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 - DR Shanghai Daimaru Red Gold Store is a new flagship store that enhances the brand's presence in a high-traffic luxury retail area, aligning with the company's strategy to focus on high-potential locations and improve retail performance [1][7] - The store's design and experience are centered around the theme of love, creating an immersive environment that enhances customer engagement and emotional connection with the brand [4][5] - The strategic adjustments made by the company have resulted in significant sales growth, with prototype stores achieving a 77.6% year-on-year increase in same-store sales [7][8] Company Strategy - DR has implemented a channel upgrade strategy focusing on reducing the number of underperforming stores while enhancing the quality and efficiency of remaining locations [7] - The company prioritizes high-end shopping districts in first- and new-first-tier cities for new store openings, while closing less effective locations [7] - The introduction of the Red Gold Store model is part of a broader initiative to create flagship stores that serve as benchmarks for the brand [7] Retail Experience - The Red Gold Store features a romantic design and thematic areas that cater to wedding and engagement jewelry, enhancing the shopping experience for couples [2][4] - The store's immersive experience includes unique service elements that emphasize emotional value, such as personalized customer interactions and themed decor [4][5] - The focus on creating a "true love experience" is a key differentiator for DR, positioning the brand as more than just a jewelry retailer [6] Market Trends - The jewelry industry is witnessing a shift towards experiential retail, where physical stores are becoming cultural and emotional spaces rather than mere transaction points [8] - High-end brands are increasingly focusing on cultural value and differentiation to attract affluent consumers, aligning with DR's strategy of emphasizing its unique brand philosophy [8] - The overall market for high-end jewelry remains strong, with DR's commitment to its "true love" concept providing a competitive edge in a challenging retail environment [8]