Core Viewpoint - The stock price of Dia Shares (301177.SZ) has declined, closing at 33.09 yuan with a drop of 1.52% as of February 10 [1] Group 1: Company Overview - Dia Shares was listed on the Shenzhen Stock Exchange's ChiNext board on December 15, 2021, issuing 40.01 million new shares at a price of 116.88 yuan per share [1] - On its first trading day, Dia Shares reached a peak price of 180 yuan, but has since experienced a downward trend, currently in a state of loss [1] Group 2: Financial Details - The total amount raised from the initial public offering (IPO) was 4.676 billion yuan, with a net amount of 4.444 billion yuan after deducting issuance costs, exceeding the originally planned net fundraising amount by 3.16 billion yuan [1] - The initial prospectus indicated that Dia Shares originally intended to raise 1.284 billion yuan for projects including channel network construction, information system development, diamond jewelry R&D, and working capital supplementation [1] - The total issuance costs for the IPO amounted to 233 million yuan, with underwriting and sponsorship fees accounting for 217 million yuan [1]

迪阿股份有限公司 特此公告。 关于公司 2026 年 1 月新增自营门店情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 要求，迪阿股份有限公司（以下简称"公司"）现将 2026 年 1 月新增自营门店 情况公告如下： | 序号 | | 门店名称 | 所在地区 | 开设时间 | 经营 形式 | 面积 （m 2） | 投资金额 （万元） | 主要商品 类别 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | DR | 喀什环疆新 | 新疆维吾 | 2026/1/16 | 直营 | 111.83 | 155.49 | 镶嵌饰品 | | | | 世界店 | 尔自治区 | | | | | | | 2 | DR | 襄阳武商 | 湖北省 | 2026/1/25 | 联营 | 71 | 120.60 | 镶嵌饰品 | | | | MALL 店 | | | | | | | | 3 | DR | 青岛凯德新 | 山东省 ...

Core Viewpoint - The stock price of Dia Shares (301177.SZ) has declined, closing at 32.46 yuan, representing a drop of 2.99%, and is currently in a state of loss [1] Group 1: Company Overview - Dia Shares was listed on the Shenzhen Stock Exchange's ChiNext board on December 15, 2021, issuing 40.01 million new shares at a price of 116.88 yuan per share [1] - The stock reached a peak price of 180 yuan on its first trading day but has since experienced a downward trend [1] Group 2: Financial Performance - The total amount raised from the initial public offering (IPO) was 4.676 billion yuan, with a net amount of 4.444 billion yuan after deducting issuance costs, exceeding the originally planned net fundraising amount by 3.16 billion yuan [1] - The initial prospectus indicated that Dia Shares originally intended to raise 1.284 billion yuan for various projects, including channel network construction, information system development, diamond jewelry R&D, and working capital supplementation [1] Group 3: Issuance Costs - The total issuance costs for the IPO amounted to 233 million yuan, with underwriting and sponsorship fees accounting for 217 million yuan [1]

Market Overview - The jewelry sector experienced a slight decline of 0.03% on February 4, with China Gold leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Notable gainers included: - Caizhi Co., Ltd. (605599) with a closing price of 25.23, up 5.43% and a trading volume of 305,900 shares, totaling 773 million yuan [1] - Shenhua A (000017) closed at 7.53, up 1.62% with a trading volume of 178,300 shares, totaling 134 million yuan [1] - Major decliners included: - China Gold (600916) closed at 12.17, down 6.31% with a trading volume of 2,423,000 shares [2] - Xinghua Jewelry (002731) closed at 11.05, down 0.90% with a trading volume of 307,700 shares [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 465 million yuan from institutional investors, while retail investors contributed a net inflow of 464 million yuan [2] - The main capital flow for selected stocks showed: - Zhou Dazheng (002867) had a net inflow of 15.87 million yuan from institutional investors, while retail investors had a net outflow of 608,600 yuan [3] - Diya Co., Ltd. (301177) experienced a net inflow of 7.01 million yuan from institutional investors, with a net outflow of 68,700 yuan from retail investors [3]

Market Overview - The jewelry sector increased by 2.75% on February 3, with Cai Bai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Cai Bai Co., Ltd. (605599) closed at 23.93, up 10.02% with a trading volume of 125,100 shares and a transaction value of 292 million [1] - ST XinHuaJin (600735) closed at 6.33, up 4.98% with a trading volume of 195,800 shares and a transaction value of 122 million [1] - Chao Hong Ji (002345) closed at 12.70, up 4.44% with a trading volume of 214,600 shares and a transaction value of 268 million [1] - Man Ka Long (300945) closed at 19.33, up 4.26% with a trading volume of 349,200 shares and a transaction value of 665 million [1] - Other notable stocks include Shen Zhonghua A (000017) at 7.41, up 4.07%, and Mingpai Jewelry (002574) at 6.47, up 3.69% [1] Capital Flow - The jewelry sector experienced a net outflow of 555 million from institutional investors, while retail investors saw a net inflow of 392 million [2] - The net inflow from speculative funds was 162 million [2] Individual Stock Capital Flow - Cai Bai Co., Ltd. had a net inflow of 65.33 million from institutional investors, but a net outflow of 46.25 million from retail investors [3] - Zhou Da Sheng (002867) had a net inflow of 13.05 million from institutional investors, with a net outflow of 7.68 million from retail investors [3] - Lao Feng Xiang (600612) saw a net inflow of 12.57 million from institutional investors, while retail investors had a net outflow of 17.84 million [3] - Other stocks like ST XinHuaJin and Di A Co., Ltd. also showed varied capital flows with both inflows and outflows from different investor types [3]

Summary of Diya Co. Conference Call Company Overview - Diya Co. achieved synchronized revenue and profit growth in 2025 through global exploration and product development, particularly in gold products, adding over 20 new stores while optimizing and closing over 50 stores, stabilizing the total number of stores between 340 and 350 [2][3] Key Points and Arguments Financial Performance - The company expects same-store sales data for Q4 2025 to be similar to Q3, but may face pressure due to high base effects from the overseas market during the holiday season at the end of 2024 [2][5] - The company plans to add 20 to 30 new stores in 2026 while maintaining the total store count between 340 and 350, aiming for better locations to enhance overall performance [2][7] - The single-store efficiency of the Red Star stores increased by over 30% year-on-year, while the Black Gold stores are still in the testing phase [2][8] Product Development and Strategy - Diya Co. is focusing on the high-end wedding gold market in 2026, having invested significantly in new product development, with a target gross margin of around 40% [4][10][12] - The company plans to increase the proportion of gold-inlaid diamond products in the new high-end jewelry store opening in Hangzhou, which has received positive feedback on social media [2][9] - New product launches include wedding rings and gold products, with a focus on differentiated, high-quality offerings [3][10] Market Expansion - The U.S. market generated approximately $47 million in revenue last year, nearly doubling year-on-year, with plans to continue focusing on this market while exploring Southeast Asia and addressing supply chain and tariff issues [4][16][17] - The company has resolved supply chain issues in the U.S. and has seen improvements in tariff situations, allowing for better operational efficiency [17] Pricing and Sales Strategy - Diya Co. is leaning towards a fixed pricing model, although the pricing strategy is still under development [11] - The company aims for a same-store sales growth target of 20% in 2026, with a net profit target of 100 million yuan [27] Industry Trends and Challenges - The diamond-inlaid industry has seen a decline in prices, but the company does not expect significant further drops and aims to distance itself from being overly associated with diamonds [22] - Despite a decline in marriage rates, the wedding market remains large and stable, prompting the company to focus on increasing market share and store efficiency [25] Competitive Landscape - The embedded jewelry industry has undergone significant adjustments, with many competitors exiting the market, leading to signs of marginal recovery [28] - Diya Co. plans to achieve healthier profit margins through product transformation and improved same-store performance [28] Additional Important Information - The company is considering implementing a stock incentive plan similar to Tencent's, with details pending confirmation [21] - The overall gross margin for this year is uncertain due to fluctuating raw material prices, particularly for platinum and K gold [19]

Core Viewpoint - The company emphasizes its strategic focus on the gold category and integrates its brand philosophy of "One True Love for a Lifetime" into product innovation and design [2] Product Development - The company has developed a diverse gold product matrix to meet consumer needs across various emotional scenarios [2] - The product lines include the Tian Sheng Yi Dui series, DR Qian Jin Guan series, gift series, DRETERNALRING series, ROSEHEART series, LOVEDIARY series, and DRHEART series [2]

Market Overview - The jewelry sector experienced a decline of 5.09% on February 2, with Lai Shen Tong Ling leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Notable declines in individual stocks include: - Cai Zi Co., Ltd. (605599) closed at 21.75, up 1.07% with a trading volume of 209,800 shares and a turnover of 452 million yuan [1] - Rebecca (600439) closed at 2.76, down 2.13% with a trading volume of 221,800 shares and a turnover of 62.17 million yuan [1] - ST Xin Hua Jin (600735) closed at 6.03, down 2.27% with a trading volume of 140,400 shares and a turnover of 86.16 million yuan [1] - Zhou Dazheng (002867) closed at 12.40, down 2.67% with a trading volume of 224,600 shares and a turnover of 281 million yuan [1] - Fei Ya Da (000026) closed at 15.39, down 2.96% with a trading volume of 51,300 shares and a turnover of 79.98 million yuan [1] - Lao Feng Xiang (600612) closed at 44.15, down 3.88% with a trading volume of 60,900 shares and a turnover of 271 million yuan [1] - Chao Hong Ji (002345) closed at 12.16, down 4.93% with a trading volume of 317,900 shares and a turnover of 390 million yuan [1] - Jin Yi Culture (002721) closed at 3.41, down 5.01% with a trading volume of 1,125,300 shares and a turnover of 390 million yuan [1] - Ming Pai Jewelry (002574) closed at 6.24, down 5.02% with a trading volume of 270,300 shares and a turnover of 171 million yuan [1] - Man Ka Long (300945) closed at 18.54, down 5.17% with a trading volume of 349,900 shares and a turnover of 661 million yuan [1] Capital Flow Analysis - The jewelry sector saw a net outflow of 263 million yuan from institutional investors, while retail investors had a net inflow of 347 million yuan [2] - The capital flow for individual stocks indicates: - Jin Yi Culture (002721) had a net inflow of 8.35 million yuan from retail investors, while institutional investors had a net outflow of 2.16 million yuan [3] - ST Xin Hua Jin (600735) experienced a net outflow of 2.16 million yuan from institutional investors [3] - Chao Hong Ji (002345) had a net inflow of 31.44 million yuan from retail investors despite a net outflow from institutional and speculative investors [3] - Lao Feng Xiang (600612) had a net outflow of 2.71 million yuan from institutional investors [3] - Rebecca (600439) saw a significant net outflow of 11.30 million yuan from institutional investors [3]

Core Viewpoint - The stock price of Diya Co., Ltd. (301177.SZ) has declined significantly, closing at 32.30 yuan with a drop of 7.45%, currently in a state of underperformance [1] Group 1: Company Overview - Diya Co., Ltd. was listed on the Shenzhen Stock Exchange's ChiNext board on December 15, 2021, issuing 40.01 million new shares at a price of 116.88 yuan per share [1] - The company reached a peak stock price of 180 yuan on its first trading day, followed by a continuous decline in stock price [1] Group 2: Financial Details - The total amount raised from the initial public offering (IPO) was 4.676 billion yuan, with a net amount of 4.444 billion yuan after deducting issuance costs, exceeding the originally planned net fundraising amount by 3.16 billion yuan [1] - The initial prospectus indicated that Diya Co., Ltd. originally planned to raise 1.284 billion yuan for various projects, including channel network construction, information system development, diamond jewelry R&D, and working capital supplementation [1] - The total issuance costs for the IPO amounted to 233 million yuan, with underwriting and sponsorship fees accounting for 217 million yuan [1]

Core Viewpoint - The stock price of Dia Shares (301177.SZ) has dropped significantly, closing at 34.90 yuan, reflecting a decline of 12.29% and currently in a state of underperformance [1] Group 1: Company Overview - Dia Shares was listed on the Shenzhen Stock Exchange's ChiNext board on December 15, 2021, with an initial public offering (IPO) of 40.01 million shares at a price of 116.88 yuan per share [1] - The company achieved a total fundraising amount of 4.676 billion yuan from its IPO, with a net amount of 4.444 billion yuan after deducting issuance costs, which was 3.16 billion yuan more than the originally planned net fundraising of 1.284 billion yuan [1] Group 2: Financial Details - The IPO proceeds were intended for several projects, including channel network construction, information system development, a diamond jewelry R&D creative design center, and working capital supplementation [1] - The total issuance costs for the IPO amounted to 233 million yuan, with underwriting and sponsorship fees accounting for 217 million yuan [1] Group 3: Stock Performance - On the first day of trading, Dia Shares reached a peak price of 180 yuan, but has since experienced a downward trend in its stock price [1]