[年报]迪阿股份(301177):2022年年度报告（英文版）
原标题:迪阿股份:2022年年度报告（英文版） DRCorporationLimited April2023 MessagetoShareholders TotherespectableshareholdersofDRCO: Insistingonthecorporatevalueofcustomerorientationsincefoundation,DRCorporationLimited(DRCO) hasreapedsomeachievementsthrough continuousproductinnovationand serviceimprovement. By the end of 2022, we totally served over 1.5 million couples,whichisanachievement.Butweallunderstandthatbehindsuccessliescountlesschallengesandobstacles. In thestuttering year of 2022, much fiercer market competitiveness and changing industriallandscapeposednewchallengestoDRCO.Althoughofperformancedeclineforthefirsttimejustafterourinitiallisting,webelievegrowthspaceandopportunitiesarebredfromweaknessandchanges. Nowadays,DRCOhasusheredinanewdevelopmentstage,presentingafreshnewstart.Asthetraffic-driveneracomestoanend,we’llpursuesustainabilityanddevotetoproductsandservices that deliver compounding effects over time during this favorable window period ofresources integration. Consequently with deep root in the market and stronger corecompetitiveness,DRCOwillcreatesignificantvaluestoourshareholdersandcustomers.Originalaspiration Withenhancingjoyandbeautyoftrueloveasouraspiration,weconstantlystrivetodiscover,witnessandspreadloveandromance. Insteadofsomebusinesslogicormodel,DRCOrootsinadreamforeverlastingandhappyemotionalrelationship.It’sthisdreamthatdrivesustobeacenturybrandandwitnessofmoretruelove. Abrandrepresentsconsumers’trustandtheirawarenessandappraisalofacompany’sproducts,servicesandculturalvalues. Establishedbasedonconsumers’recognitionandconfidence,DRCObenefitsthemfromourlong-termdevelopment.Areallyclassicbrandmustbetime-provenandbecomedurablethroughimpact of trends. Upholding people orientation, our aspirationandvision aim to pleaseandconnectcustomers,andaccompanytheirgrowthandaffection. Jewelryisgenerallypreferredasthebestcarrierforexpressingandtestifyinglove.Especiallyasthesayinggoes,“ADiamondisForever”. Focusonlong-termvalues Duetoagriculturecivilization,thepeacefulfamily&nationalspiritsandinheritanceofChineseculture, Chinese people traditionally prefer to precious gold and low-key jade. Nowadays,diamondsthatareintroducedfromthewestwithdeepconnotationoftruelovehavegainedhighpopularityamongtheyouth. DRCOenjoyssustainablebrandvaluesbydominatingthemostmemorablemomentsforpeopleandrepresentingthesolelovecherishedbyeachfemale. Althoughofvariouschallenges,webelieveourpersistencytowardtherightdirectionisboundtocreate long-term values for our shareholders. Moreover, our brand power stems from theexpressionoflovewithpure,strongandunshakablepromise,reflectingthemostlastingandWealwayscenterourdecisionsaroundcustomers,andidentifymarketrecognitionofourbrandin line with key indicators like word of mouth and customer growth. We’ve been investingconsiderable resources to expand our customer base, raise brand image and bolstertechnologies,soastobuildsustainablecompetitivenessinthemarket.Ourpursuitoflong-termbrandvaluesanddecision-makingmaydifferfromothercompanies.Therefore,we’dliketosharekeyideasonourstrategieswithshareholderstoguaranteethesamegoal: ? Wespare no efforts to meet customer demands and improve their online & offlineexperiences; ? Poweredbybrandbuilding,wepaygreaterattentiontoofflineoperatingefficiencyandproductdesignandprocessing; ? Wecontinuetomakedecisionsbasedonlong-termdevelopment,whichsometimesmayaffectshort-termresults; ? Wewillendeavortoreducecostandincreaseefficiencyaswerecognizetheimportanceofcostcontrolinthehighlycompetitiveindustry; ? We will further attract and retain excellent talents who are essential to build up avigorousteamwithcommongoalsandachievesuccess; ? WeattachgreatimportancetoESGandinsistonsustainabilitystrategyforourlong-termdevelopmentwhileadvocatingourcorevaluestohelpmaintainstablemarriageandcontributetosocialharmony. PowerfulcoordinationlikeDiamonds Likemanyothertopenterprises,weworktorecruitandretainthetalentswiththesenseofresponsibilityandownership,whomwedependontoadvanceintherightdirectioninsteadofjust data analysis. Excellent employees and are crucial to address difficulties in businessoperation,forgeagreatbrandandbuilduparemarkableorganization.Wecallforpowerfulcoordination and thinking collision among excellent talents to inject inexhaustible power tocorporatedevelopment. Thefirstcurve&thesecondcurveofDRCOgrowth Forthepastdecadeandbeyond,wehavebeencommittedtoforgingDRbrandintoworldwideNo.1 brand of engagement rings, which is definitely the first curve of our development. Bycommunicatingthetrue-loveculture,DRproducts,nomatterofoneringoraseries,willbedeemedascustomers’soleandprimechoiceforproposalandexpressionofloveinthelifetime.UndoubtedlybrandandculturalconfidencewillcreatehugeopportunitiesforChinesebrands,whileincreasinglydifferentiatedandsegmentedconsumerdemandsarepushingvariousnewconsumptionslikeDTC(Direct-to-Consumer). Our second curve highlights expression of love, multi-brand and global footprints. Thecorrespondingstrategyiscreatedintwoaspects:furtherdevelopmentofourstrengthbyfullyleveragingourresources,andmeaningfuleffortsinboostingcustomerhappiness,creatingawonderfulscenario,etc. Fourprioritiesfor2023 annualemployeemeeting. Brand-driveninnovation: inordertoadvocatetrueloveandwitnessmovelove,DRCOhasmade comprehensive plans and preparation around our brand, including evolution of brandcontentsandcommunication,highbrand-awarenessproductsandimplementationofimpressiveactivities.Alloftheseeffortswillgraduallytakeeffects. Love-orientedservicesystem:DRCOproductsaredesignedtogothroughfromtheonce-in-a-lifepromisetolifetimehappiness,whichrequiresaconsideratebusinessandservicesystemtointerconnect our customers. Since the latter half of 2022, we have embarked on theinfrastructureconstructionofanomnichanneloperatingandmarketingsystem,andwillpropelintegratedonline&offlinebusinessthroughoutthecustomerslifecycle.Talent cultivation and reform of management mechanism: attracting more talents arevaluabletoourdevelopmentgoalsandoneofmajorreasonsbehindourlisting.In2023,DRCOwillstartatorganizationalupgrading,forwhichmoreandmoretalentswiththesameideologyareneededtorealizeourstrategies. Result-drivendeliverywithhigherstandardsandefficiency:greateffortsshouldbemadetocreate a high-performance culture, leading to lots of benefits such as better products andservicesforcustomers. Proactivedevelopmentforabrightfuture Eachofournewgoalsanddecisionsismadeinpracticalandfeasiblemannerandwealwayscanfindoutnewinsightsintothecompany,brandsandcustomersbydeeplycommunicatingwithregionalmanagersandsaleschampions. Therecipeforsuccessissimple,butrequiresdeliberateplanningandactions.Lastbutnotleast,weonbehalfoftheBoardofDirectors,sincerelyappreciateeveryshareholderforyourunderstandingandexpectationsthathopefullycometrue. Mr.ZhangGuotaoandMrs.LuYiwen,foundersofDRCO April26,2023 PartI.ImportantNotes,ContentsandTerminology TheBoardofDirectors,theSupervisoryCommitteeandtheDirectors,SupervisorsandseniormanagementofDRCOwarrantthattheinformationofthisannualreportistrue,accurateandcompletewithoutanyfalsestatements,misleadingstatementsormaterialomissions,andtheyshallassumeindividualandjointlegalresponsibility. BothZhangGuotao,thelegalrepresentativeofDRCOandHuangShuirong,theheadofthefinancial department in charge of the corporate accounting confirm the financial statementscontainedintheannualreportaretrue,accurateandcomplete. Alldirectorshaveattendedtheboardmeetingatwhichthisreportwasdeliberated.Anyforward-lookingstatementsinthisreportthataddressfutureplansandobjectivesdonotconstitutematerialcommitmentsbyDRCOtoinvestorsandinvestorsandrelatedpartiesshouldbeawareoftherisksinvolvedandshouldunderstandthedifferencesbetweenplans,projectionsandcommitments. DRCO is required to comply with the disclosure requirements for jewelry-related businessspecifiedintheSelf-disciplinarySupervisionGuidelinesNo.3forCompaniesListedonShenzhenStockExchange-IndustryInformationDisclosure. DRCOhasdisclosedindetailstherisksandcountermeasuresthatDRCOmayfaceinthe"11.Future Development Outlook" under the" III. Management Discussion and Analysis" of thisreport.Investorsarerecommendedtopayattentionto investmentrisks.AccordingtotheprofitdistributionplanapprovedbytheBoardofDirectors,acashdividendofRMB10.00 (including tax) for every 10 shares and zero bonus share (including tax) to allshareholders,aswellaszerosharetobetransferredtoallshareholdersfromcapitalreserveforevery10shares. TableofContents PartI.ImportantNotes,ContentsandTerminology......................................................................................5 PartII.CompanyProfileandKeyFinancialIndicators...............................................................................12 PartIII.Managementdiscussionandanalysis.............................................................................................17 PartIVCorporateGovernance...........................................................................................................................63 PartV.EnvironmentalProtectionandSocialResponsibility...................................................................88 PartVI.ImportantMatters...................................................................................................................................89 PartVII.ChangesinSharesandInformationofShareholders..............................................................138 PartVIII.InformationaboutPreferredShares.............................................................................................149 PartIX.InformationaboutBonds...................................................................................................................150 PartX.FinancialStatement..............................................................................................................................151 DocumentsAvailableforInspection I FinancialstatementssignedandsealedbyDRCO'slegalrepresentative,andtheheadofthefinancialdepartmentinchargeofthecorporateaccounting; II Originalcopyoftheauditors’reportsealedbytheaccountingfirm,andsignedandsealedbythecertifiedpublicaccountants; III AlloriginalcopiesofDRCO’sannouncementsanddocumentspubliclydisclosedonthewebsitesdesignatedbyChinaSecuritiesRegulatoryCommission(CSRC)inthereportingperiod; IV Originalcopyofthe2022annualreport,whichhasbeensignedbyDRCO’slegalrepresentative; V Otherdocumentsavailableforinspection. TheabovedocumentsareavailableforinspectionatDRCO’sInvestmentandSecuritiesAffairsDepartment. Terminology
I. BasicInformation
AccountingfirmengagedbyDRCO
□Applicable?NotApplicable V. KeyAccountingDataandFinancialIndicators WhetherDRCOneedstoretroactivelyadjustorrestatetheaccountingdataofthepreviousyears□Yes?No
□Yes?No ThelowerofDRCO'snetprofitbeforeorafterdeductionofnon-recurringprofitorlossisnegative.□Yes?No VI. KeyFinancialIndicatorsonQuarterlyBasis Unit:RMB
1.Thenegativenetprofitattributabletoshareholdersofparentcompaniesinthefourthquarterismainlyduetothefollowingreasons:①asignificantdeclineinrevenueduetoexternalenvironmentalinfluences;②it was a result of the fair value change of the financial assets because of some factors including adjustmentsoffinancialpoliciesandthechangesinthemarketexpectationsforeconomicdevelopment;③theprovisionforimpairmentlossinsomestoreswasalsoanimportantreason.2.Thenetprofitattributabletoshareholdersoftheparentcompanyafterdeductingnon-recurringgainsandlosseswasnegative.mainlyduetoasignificantdeclineinrevenueduetoexternalenvironmentalfactors;Ontheotherhand,mainlyduetotheprovisionforimpairmentlossesinsomestores.WhethertheabovefinancialindicatorsortheircombinedtotalaremateriallydifferentfromcorrespondingfinancialindicatorsdisclosedinDRCO’squarterlyandinterimreports□Yes?No VII.AccountingDataDifferencesUnderDomesticandForeignAccountingStandards 1) DifferenceinnetprofitandnetassetsinthefinancialstatementsdisclosedsimultaneouslypursuanttotheInternationalAccountingStandardsandthePRCAccountingStandardsforBusinessEnterprises □Applicable ?NotApplicable ThereisnodifferenceinnetprofitandnetassetsinthefinancialstatementsdisclosedStandardsforBusinessEnterprisesduringthereportingperiod. 2) DifferenceinnetprofitandnetassetsinthefinancialstatementsdisclosedsimultaneouslypursuanttotheForeignAccountingStandardsandthePRCAccountingStandardsforBusinessEnterprises □Applicable ?NotApplicable ThereisnodifferenceinnetprofitandnetassetsinthefinancialstatementsdisclosedsimultaneouslypursuanttotheForeignAccountingStandardsandthePRCAccountingStandardsforBusinessEnterprisesduringthereportingperiod. VIII. Non-recurringProfit/LossItemsandAmounts ?Applicable□NotApplicable Unit:RMB
Applicable NotApplicable DRCOhasnootheritemsinlinewiththedefinitionofnon-recurringgains/losses.Explanationondefiningthenon-recurringitemsintheNo.1ExplanatoryAnnouncementforInformationitems ?Applicable□NotApplicable
I Industrialsituationduringthereportingperiod DRCOisrequiredtocomplywiththedisclosurerequirementsfor"jewelry-relatedbusiness"and"retailindustry"specifiedintheSelf-disciplinarySupervisionGuidelinesNo.3-IndustryInformationDisclosureofcompanieslistedontheShenzhenStockExchange. (I) Overviewofmacroeconomicenvironmentandmarketconditions In2022,manyfactorssuchasgeopolitical conflicts,global supplychaindisruptions,energycrises and tightening inflation posed significant downside risks to the global economy. Thedomesticeconomyalsofacedchallengesduetotheturbulentinternationalenvironmentandvariousuncertainties.In2022,China'sGDPgrewby3.0%year-on-year.Amongthethreemajorindustries, theservice industrywas themost seriously impacted. The percapita disposableincomeofresidentsnationwidewasRMB36,883,growingby2.9%afterdeductingpricefactors,whichisbasicallysynchronizedwitheconomicgrowth.PercapitaconsumptionexpenditurewasRMB 24,538, down 0.2% in real terms (compared with growth of 12.6% a year earlier),accountingfor66.5%ofdisposableincome(comparedwith68.6%ayearearlier).Despitetheslowdown in economic development and the impact on consumer confidence, the Chineseeconomycontinuedtoshowgreatresilience.UndertheChinesegovernment'sworkingguidelineof"strivingforprogresswhilemaintainingstability,"thenationaleconomywithstoodthepressureandcontinuedtodevelop,andvariousofflineeconomicactivities wereundertherecoveryattheendoftheyear.IntheWorldEconomicOutlookreportreleasedbytheInternationalMonetaryFund(IMF)inSingapore,theexpectedgrowthrateoftheglobaleconomyin2023wasraisedto2.9%from2.7%inOctober2022,andtheexpectedgrowthrateforChinain2023waslevelledupsignificantlyto5.2%.ThisclearlyshowsthattheadjustmentofChina'sdomesticpolicieshasgreatlyimprovedmarketsentimentforeconomicrecovery. In 2022, the General Office of the State Council successively issued the Opinions onAcceleratingtheDevelopmentofNewTypesofConsumptionwithNewBusinessFormsandModels and the Opinions on Further Unleashing Consumption Potential and Promoting theSustainable Recovery of Consumption to promote the orderly recovery and development ofconsumption.Thereportofthe20thNationalCongressoftheCommunistPartyofChinaalsoemphasizedeffortstoboostdomesticdemands,strengthenthefundamentalroleofconsumptionin economic development and promote high-quality development. In December, the CentralCommitteeoftheCommunistPartyofChinaandtheStateCouncilissuedtheDraftStrategicPlanforExpandingDomesticDemand(2022-2035),andtheNationalDevelopmentandReformCommission issued the Implementation Plan of the "14th Five-Year Plan" for ExpandingDomestic Demand, which clearly states that "comprehensively promoting consumption andacceleratingtheupgradingofconsumptionquality"isanimportanttaskforexpandingdomesticdemand,andsetsouttherelevantrequirementsandtasks.ThismeansthatChina'sconsumermarkethasbidfarewelltotheeraofarbitrarygrowth,andthatconsumerdemandisconstantlyincreasing, requiring high-quality products and services to meet both material and spiritualconsumptionneeds. (II) Overviewofthedevelopmentofthejewelryindustry AccordingtotheNationalBureauofStatistics,thetotalretailsalesofconsumergoodsin2022amountedto43.97trillionyuan,down0.2%yearonyear.Amongthem,thetotalretailsalesofgold,silverandjewelryaboveacertainsizeamountedto301.4billionyuan,down1.1%year-on-year,,combinedwithlastyear’shighbase,itrefelectsthestrongresilienceofChina’sJewelryindustry.Accordingtothe"2022DevelopmentReportofChina'sJewelryIndustry"publishedbytheGems&JewelryTradeAssociationofChina(GAC),thetotalmarketvolumeofChina'sproductsmarketwas410billionyuan,down2.4%year-on-year,thejademarketwas147billionyuan,up14.8%year-on-year,andthediamondproductsmarketwas82billionyuan,down18%year-on-year. Albeitafullrecoveryin2021,thediamondjewelrymarketfaceddifficultiesin2022.Comparedwithothercategories,theconsumptionscenariosofdiamondproductsarerelativelylimitedwithrelatively higherunit price, leading to bigger challenges in thecontext of declining weddingactivitiesandincreasingonlinesalesofothercategories.TheRapaportDiamondPriceIndexshowsthepriceof0.3caratand0.5caratdiamondswhichusedtorisesteadilyinthepastyearsduetostrongdemandsintheChinesemarketfellby7.7%and10.8%respectivelythisyear.Thisalsoindicatestheweaknessofdomesticdemand. Generally speaking, China's jewelry industry repeatedly achieves breakthroughs anddemonstratestremendousvitalitythroughactivetransformationundermultiplechallenges.Withtherecoveryofofflineconsumption,manyconsumergoodsincludingjewelrythatmeetpeople'sdesireforabetterlifewillexperiencearevival. Inthepastthreeyears,allcategoriesofjewelryhave been continuously innovated and improved in several dimensions from culture totechnologies,achievingquantitativeaccumulationandqualitativetransformation,suchasmoreprecise brand culture building, more efficient supply chains, more customized and diverseproductdesign,andmorecomprehensiveend-customerexperience. At present, China is already the largest gold consumer and the second largest diamondconsumerintheworld,andwillusherinanewdevelopmentpatternasthemostpromisingjewelryconsumermarketintheworld. 1. Market fluctuations accelerate industry restructuring, and industryconcentrationcontinuouslyshiftstowardthetopcompanies Underthepressureofeconomicdownturn,thegrowinggapbetweenenterprisesintermsofperformance,marketshareandcompetitivenessinthejewelryindustryisbecomingevenmoreapparent,andmarketresourcesarecontinuouslyflowingintothetopenterprisesintheindustry.Thisisconduciveforjewelrybrandswithbrandappealandinfluencetointegrateupstreamanddownstreamresourcesmoreefficientlyandexpandmarketshare.Inthefuture,thedegreeofconcentrationintheindustrywillcontinuetoincrease.AccordingtoEuromonitor,from2016to2022,theconcentrationratioofChina'sjewelryindustryconstantlyinclinedtowardtheheadcompanies,withtheCR10jumpingfrom17.2%tonearly30%.Theheadcompaniesstillhavepotentialstofurtherincreasetheirmarketshareinarelativelyfragmentedcompetitivelandscapecomparedto56%and49%inHongKong,ChinaandJapanrespectively.Asitisdifficultforordinaryconsumerstodistinguishthequalityandvalueofdiamondjewelry,theyrelymoreonbrandtrustwhenselectingjewelry.Jewelrycompanieswithahighbrandreputationwillbepreferred.ConsideringstablegrowthofChineseeconomyinthefutureandthesteadyriseinresidents'incomeduetoeconomicgrowth,itisexpectedthattheChinesejewelryindustrywillachievestablegrowthunderthedualpromotionofindustryconcentrationandexpandedmarketshareoftheheadcompanies.AccordingtothestatisticsandforecastsofStatista,aninternationaldatainstitute,thecompoundannualgrowthrateofthemarketisexpectedtobe4.45%from2023to2026(accordingtothehistoricaldatapublishedbyGAC,thecompoundgrowthrateofmajorjewelrycategoriesfrom2013to2022was5.8%fordiamonds,3.3%forgoldand3.3%forjade).Inadditiontothedemandside,thesupplysidegraduallyshiftsfromthetraditionalstrategyfocusingonsalesandpricecompetitiontobrandbuildinganddeepinsightintoconsumers’behaviorsanddemands.Thesechangesinresponsetotheeraofpersonalizedconsumptionwillalsodriveexpansionofindustrialscale. 2. Themiddleclasscontinuestogrowandit’spossibleforhigherpenetrationAs diamond is a kind of consumer goods with strong optional attributes, the continuousimprovementinthedisposableincomeofresidentsandthesteadygrowthofthemiddleclasshavelaidthefoundationforacontinuousimprovementinthepenetrationrateofthedomesticdiamond and jewelry industry. According to De Beers and the World Bank, the per capitademandfordiamondjewelryin2021was$142intheUnitedStates,$40inJapanandonly$7inChina.Comparedwithdevelopedcountries,China'sconsumptionofdiamondjewelrystillhasmuchroomforimprovement.Ontheotherhand,accordingtotheabsoluteincomestandardoftheNationalBureauofStatistics,thereisamiddle-incomegroupofmorethan400millionpeopleinChina,whichisthelargestandmostpromisingmiddle-incomegroupintheworld.AccordingtoMGIdatafromthe"2023McKinseyChinaConsumerReport",thecompoundannualgrowthrate(CAGR) of the number of urban Chinese households with an annual income of more than160,000yuan($21,800)reached18%from2019to2021,from99millionto138million;itispredictedthatanother71millionhouseholdswillenterthisrangeby2025,showingthehugepotentialoftheChineseconsumermarket. From a product structure perspective, the current demand for jewelry in China has bothinvestment and consumption attributes, and the emotional and cultural appeal and designestheticsrequiredforjewelryarecontinuouslyincreasingasgenerationschange.In2020,theUnitedStatesaccountedfor48%ofglobaldiamondconsumption,whileChina,rankedsecond,accounted for only 13% of the global market and less than one-third of the United States,indicatingsignificantgrowthpotential.Intermsofconsumptionscenarios,theproliferationofdiamondjewelryforweddingsinChinaisexpectedtocontinuetoincrease.Accordingtothe"2018Diamond IndustryInsights Report" published by DeBeers, theproportion of Chinesenewlyweds who purchased diamond rings was only 47% in 2017. However, according toHUNLIJI's "2023 Wedding All-Category Consumption Trend Insights Report", diamond ringsaccountfor81.3%of thepreferredtypesof weddingjewelry, and67.3%ofcouplesoptforcustomizeddiamondrings.Withthecontinuousincreaseinthenumberofmiddle-incomeandhigh-income families, and the continued increase in per capita consumption and marketpenetration,thisisexpectedtofurtherdrivetherapidexpansionofthejewelryindustry.3. Attention on changes in consumer demands is essential to the industriallong-termdevelopment From a consumer perspective, Chinese consumers' purchasing desires gradually turns toemotional values and personal taste instead of functions or basic living demands. Theconsumptionbehaviorchangesfrombuyingmassproductstopersonalizedproductsandfromofferingstogoodsandservices,reflectingthecustomershigherinterestsinbetterqualityandpleasureandsatisfactionduringtheconsumptionjourney. Thediversificationofmaterialandspiritualconsumptionneedsandfocusonqualityfuelsthedevelopmentofjewelryconsumption.Onthesupplyside,jewelryretailersusedtocenteronpracticalvalue.However,asemotionalelementisincreasinglyimportanttotheconsumers,theyprefertobrandsthatmatchtheirvaluesandemotionalneeds.Therefore,emotionalbenefitsandpracticalbenefitsareequallycrucialforjewelrybrands.（未完）  |