迪阿股份：2025年年度报告（英文版）

LettertoShareholders BacktotheEssence,TowardaBoundlessHorizon DearShareholders, In2025,China'sjewelryindustrystoodatanunprecedentedturningpoint.Theindustryshiftedfrom"scaleexpansion"to"valuecreation."Leadingbrandsproactivelyscaledbacktheirstorenetworks,andmarketsignalswerecomplexanddifficulttointerpret.Yettherealtransformationcamefromconsumers.Jewelrypurchasesarenolongeraone-dimensionalchoicebetween"valuepreservation"and"self-expression,"butacoexistenceofrationalandemotionalconsiderations.Asthetiderecedes,onlybrandswithaclearvaluepropositionandtheabilitytoresonatewithuserscanmoveforwardsteadily. Thisisboththeworstoftimesandthebestoftimes.ForDR,divergenceisnotacrisisbutatouchstoneforouroriginalmission.Thenoisierthemarket,themorepreciousthatmissionbecomes;thestrongerthecurrents,theclearerthedirection. 2005–2025:FromPersonalLovetoBroaderLove Theyear2025wasespeciallymeaningful—itmarkedtwentyyearssincewefirstmet.Frommeetingonauniversitycampusin2005,tobelievingin"thesoletrueloveinonelife"aftergraduation,tostandingsidebysidetodaytosafeguardDR,timehasspokenquietlyyetwitnessedeverything. Infact,theexternalenvironmentoverthepastyearprovedfarmorechallengingthanweanticipated.China-U.S.tariffsonceroseto125%,goldpricesincreasedbymorethan70%overtheyear,platinumpricesdoubledwithinsixmonths,andconsumptionacrossthegoldjewelryindustrycontractedbymorethan30%.Yet inthis veryyear,theCompany achievedits firstpositive growthsince2022.Moreimportantly,weaccompaniedmorethan170,000couplesinexpressingtheirlove,plannedover15,000proposalceremoniesworldwide,andgeneratedmorethan6.4billionbrandimpressionsduringtheyear.InMayofthesameyear,theDRGlobalTrueLoveMansionofficiallybrokeground.Inthreeyears,intheheartofShenzhen,agloballandmarkdedicatedtotruelovewillrise. 2026StrategicUpgrade:from"OneRing"to"LifetimeLove" Ourreflectionandexplorationin2025havemadeonepointincreasinglyclear:ifDRweremerelyajewelersellingdiamondrings,theworldwouldnotneedanotherone.Whattheworldlacksisacompanytrulycommittedtocreatingforloveandstandingfirmforlove.Thisunderstandingguidesourstrategicdirectionfor2026—brandupgrading,scenarioexpansion,productcategoryexpansion,andglobalization. BrandUpgrading:FromDiamondRingSpecialisttoaTrueLoveLifestyleBrand Lookingahead,wewillnolongerbesatisfiedwithbeingonlytheNo.1diamondringbrandforproposals.Instead,weaimtoupgradeintoanewluxurylifestylebrandgroundedinthevalueoftruelove,andstrivetobecome the world's No.1 high-end weddingjewelrybrand.Thisisnot merelyan expansion ofcommercialboundariesbutacallbacktoouroriginalmission.Afteracouplepurchasesanengagementring,theirlovestorycontinues.ThefutureDRwillaccompanyusersthroughweddings,anniversaries,andeverymeaningfulmomentthatdeservesaceremony. CategoryandScenarioExpansion:StrengthentheCoretoAchieveBreakthroughs Regardingtheboundariesofourbrand,wehavelongreflectedonhowtocreatedeeper,longer-termvalueforusers.Theanswerliesin"oneconsolidationandtwobreakthroughs.""Oneconsolidation"meanselevatingtheengagementringexperiencetothehigheststandard.Itisneverjustaboutdeliveringaring,butaboutelevatingeverymomentthattouchestheuser.Frompackagingdetailstothedeliveryceremony,everystepisdesignedtoembodythesolemnityandsenseofritualthatthiscommitmentdeserves."Twobreakthroughs"refertodeeperexpansionintoweddingbandsandhigh-endweddinggoldcollections.The"QianjinTiara"launchedin2025hasalreadydemonstratedourinnovationcapabilitiesinthegoldcategory.In2026,wewillcontinuetoiterate—movingbeyondjewelrytocreateemotionalcarriersworthyofbeingpasseddownthroughgenerations. Globalization:FromaChineseBrandtoaGlobalBrand In2025,ourU.S.onlinebusinessnotonlyvalidatedthepotentialofChineseculturetoreachglobalaudiences,butalsoconfirmedthat"thesoletrueloveinonelife"isnotsolelyanEasternromanticideal—itreflectsauniversalaspirationrooteddeeplyinhumanemotion.Atthesametime,we builtsolidadvantagesinnewmediacommunication,digitaloperations,andsupplychainefficiency.In2026,wewillestablishaglobalpricingpositionbasedonourintrinsicvalueand,withconfidence,welcomeevaluationintheworld'smostmaturemarkets. BrandCompounding:MakingTimeOurMoat Theessenceofbusinessissolvinguserneedsandcreatingvalue.Whensomeonewishestoexpressprofoundloveatadefiningmomentinlife,wehopeDRbecomesthebestchoice.Thisoriginalmissionhasneverchanged. Wefirmlybelievethattrueloverequiresthetestoftime,andtheassociationbetweenDRand"truelove"willstrengthenwithtime.EverycouplewhochoosesDRembodiesthepromiseof"OneLove,OneLifetime."Asmoreuserscontinuetocherishtheirchoiceaftertenortwentyyears,DRgraduallybecomesmorethanaring—itbecomesasocialconsensus:whenpeoplespeakoftruelove,theythinkofDR;whentheysee DR,they associate it with a steadfast promise that withstands the passage of time.Thisrecognitioncannotbebuiltquicklythroughadvertising.Itcanonlyaccumulatethroughrealstories.Thelongertimepasses,thedeeperthebeliefintruelovecarriedbyDRresonates,andthestrongerthefoundationofthisbrandassetbecomes.ThisisDR'stime-drivenbrandcompounding. Wehavealwaysbelievedthatregardlessofhowtimeschangeorte