公告日期：2026-04-28

Letter to Shareholders

Back to the Essence, Toward a Boundless Horizon

Dear Shareholders,

In 2025, China's jewelry industry stood at an unprecedented turning point. The industry shifted from "scale
expansion" to "value creation." Leading brands proactively scaled back their store networks, and market
signals were complex and difficult to interpret. Yet the real transformation came from consumers. Jewelry
purchases are no longer a one-dimensional choice between "value preservation" and "self-expression," but
a coexistence of rational and emotional considerations. As the tide recedes, only brands with a clear value
proposition and the ability to resonate with users can move forward steadily.

This is both the worst of times and the best of times. For DR, divergence is not a crisis but a touchstone for
our original mission. The noisier the market, the more precious that mission becomes; the stronger the
currents, the clearer the direction.

2005–2025: From Personal Love to Broader Love

The year 2025 was especially meaningful—it marked twenty years since we first met. From meeting on a
university campus in 2005, to believing in "the sole true love in one life" after graduation, to standing side
by side today to safeguard DR, time has spoken quietly yet witnessed everything.

In fact, the external environment over the past year proved far more challenging than we anticipated.
China-U.S. tariffs once rose to 125%, gold prices increased by more than 70% over the year, platinum
prices doubled within six months, and consumption across the gold jewelry industry contracted by more
than 30%. Yet in this very year, the Company achieved its first positive growth since 2022. More
importantly, we accompanied more than 170,000 couples in expressing their love, planned over 15,000
proposal ceremonies worldwide, and generated more than 6.4 billion brand impressions during the year. In
May of the same year, the DR Global True Love Mansion officially brok……
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