2022年培育钻石行业深度分析报告

《2022年培育钻石行业深度分析报告》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

2022
ᑖ᪆

1ᑁ1.
☩......................................61.1.
Ḅ!"#ᑮ%&'(....................61.2.ᩗ*+᪀-.ᐳ04Cᑖ1᪗3.................................81.3.HPHT4CVD5ᩩ789:;<ᢈ>?⌶AB.................102.
CDEFᐹᜓIJᓄLM............................142.1.ᐰᳫ
DEᓺQRFST..............................142.2.⚜V2025
ᙠXYZ[᳛]ᑮ16%..............................162.3.
Cᭆ_............................................182.4.`abcYDHPHTdefEFᚘh...........................202.4.1.iᓭklm
e.............................202.4.2.nᜓYDo☢⚔r+..........................................212.4.3.XYDeskE....................................232.4.4.ᢈ>YD!tuᚠ᪀w᪶yLM...............................252.5.`abcYDCVDdzᙢA|}..............................262.5.1.nᜓYDe~᜜S......................................262.5.2.XYDeᑖᦣᢈ>ᜧ...........................272.6.Ea!YDk⁚....................................292.6.1.ᓺᡭDᚘhᐰᳫᡭ.........................292.6.2.ᐸᡭDEF}s1kEᙠQ.............322.7.aYD
%&~QFS...........................333.
◤DQFS....................................343.1.QFDᐰᳫ80%
%&........................343.1.1.QF%&ᓰ¢s......................................343.1.2.QF
Z[᳛£7%....................................................353.2.QF¤¥D'¦§ᖪᐳ©ª«a◤...................373.2.1.DeBeers¬ᜮᐭ¯°ᡭ±..........................373.2.2.DiamondFoundry'M²³´§ᦑ¶...............383.2.3.QF
¤¥Dsឋ¸¢᪀w᪶yLM.................403.3.EFD
(ᜐº»¼▤¾.............................423.3.1.Z[᳛(¿À1%...................................................................423.3.2.§8Á¯ÂᓣFᑁÄÅÆÇ.............................433.4.
ÈÉᨵË]100ÌQᐗ.............................443.4.1.QF
Z[᳛Î+2pct..............................................453.4.2.QF
Z[᳛Î+3pct..............................................454.᪶yÏÐ.......................................................464.1.ᡃF`aÒÓXᖪ&nᜓbÕᖪ................................464.2.²......................................................484.3.Eᐷ×Ø......................................................494.4.ÙiÚ......................................................514.5.F+Û!......................................................535.ᢗÝÞßà◅Ââ............................................545.1.ᢗÝÞß......................................................54

25.2.◅Ââ......................................................55ã⊤ã1.C......................................................6ã2.
ãâ....................................................7ã3.ᜩᯠãâ....................................................7ã4.
çèᔊê...............................................8ã5.4cᑖ1Jë................................................9ã6.IGI
ì.................................................10ã7.GIA
ì................................................10ã8.HPHTdnᜓ——o☢⚔r+....................................10ã9.CVDdnᜓ....................................................10ã10.HPHTd
ᑴᜓïê....................................11ã11.CVDd
ᑴᜓïê......................................12ã12.2020ᐰᳫ
b◤ãâ....................................14ã13.2020ᐰᳫ
ãð......................................15ã14.2021E
ᐰᳫ
ãð.................................16ã15
eñ᪀òóôõ2020
.............................................17ã16.ᐰᳫ
eᑖÁ.........................................17ã17.
CᭆöDEFᐰ⁚÷4..........................20ã18.iᓭ
klES⌕Xù..........................21ã19.S⌕ᔆᖪr+e2021
...........................................................21ã20.ûC᫡........................................................22ã21.⚔┴..........................................................22ã22.!þÿ........................................................23
23...........................................................23
24.⌕ᔆᦪ2021
...........................................................24
25.⌕ᔆᵨᦪ
2021
...................................24
26.ᔜCVDᜓᦪ2021E
..............................................28
27.ᔜCVD!.........................28
28."#$%&'2021.12
...........................................30
29.()$%&'2021.12
...........................................30
30.ᜩᯠ"#$%&'2021.12
...........................................31
31.ᜩᯠ()$%&'2021.12
...........................................31
32.ᓺ-#)$./0᳛2ᓣ'6%&'2021.12
............32
33.4ᓭᨔ7ᒹ├.ᐷ................................33
34.;<=>?@AB......................................33
35.CDEᓰGHḄ80%....................................................33
36.C/0᳛J7%2021E
...........................................33
37.KLᔜ(MNᓰO
2018—2020
..........................................35
38.CPQ“STU”MNᓰO2ᓣ..............................35
39.CDE/0᳛2ᓣ'7%...............................................36
40.BEWX⃩Zᦈᐭ]^_`......................................37

3
41.BEWXᑭ᳛2ᓣ'49%.............................................................37
42.DeBeerscd........................................37
43.DiamondFoundryᔠfgh...................................38
44.DiamondFoundryijkl
ᱏ...............................39
45.noDiamondFoundryLightboxḄpq-]^2ᓣ...40
46.1rᜩᯠdstu᡽ᜧ'75%.............................40
47.HPHTxyz...............................................41
48.CVDxyz................................................41
49.DiamondFoundryVRAI
{|}.............................44
50.LightMark~ᜧS<}......................................44
51.ᐝ“520⁚”...........................................44
52.WXᦪ!...........................................48
53.WXᜧῚᓰO........................................48
54.⃩ᦈ᪀ᡂᐗ!..................................49
55.ᑭ᪀ᡂᐗ!..................................49
56.ᑭ...........................................49
57.WXᑭᢝ........................................49
58.WX᪗900U᫡....................................50
59.WXᙠᐙ¡ᐗ!....................................50
60..ᐷ¢£⃩ᦈ᪀ᡂ¡ᐗ!....................................50
61..ᐷ¢£ᑭ᪀ᡂ¡ᐗ!....................................50
62..ᐷ¢£ᑭ...........................................51
63.WXᑭ¤ᓣ.............................................51
64.WXr¥¦DᔠB¥§....................................52
65.WXr¨©DᔠB¨ªᢈ....................................52
66.¬4§⃩ᦈ᪀ᡂ¡ᐗ!....................................52
67.¬4§ᑭ᪀ᡂ¡ᐗ!....................................52
68.¬4§ᑭ...........................................53
69.WXᑭ᳛¤®...............................................53
70.¯?⃩ᦈ᪀ᡂ¡ᐗ!....................................54
71.¯?ᑭ᪀ᡂ¡ᐗ!....................................54
72.¯?ᑭ...........................................54
73.WXᑭ᳛&ᑭ᳛...........................................54⊤1.ஹᜩᯠஹ³᫃ஹ┯¶O...........................7⊤2.HPHT&CVDxO..................................13⊤3.·¸¹º2021-2025
...................................................18⊤4.»☢⚔¾ᔆ¶O........................................22⊤5.¿ÀUÁ»☢⚔ឋ¶O....................................23⊤6.⌕"ᔆᖪ¶O......................................25⊤7.ÄÅÆU¾`ᜓ....................................26⊤8.MPCVDᜓᔆᖪ¶O..........................................27⊤9.ᔜCVD¾ÇȶO................................29⊤10.ᡃCVD"ᔆᖪ¶O...............................29

4⊤11.ᑁ⌕no.........................................34⊤12.DiamondFoundry2)"»ᜧ®.....................39⊤13.&ᜩᯠds¶Oᐗ!...........................42⊤14.DEÌ͹ºÎC/0᳛Ï+2pct¡Cᐗ!.........45⊤15.DEÌ͹ºÎC/0᳛Ï+3pct¡Cᐗ!.........46⊤16."¾᪶ÑWX....................................47⊤17.¯?ÀÒÓÔHPHTxrCVDxÕᩩᢈ×ØÙ............53

51.Ú§ÛÜÝZ☩ß1.1.Ḅᑮឋyᵨ஺àá¯>?âᡂḄnÛãàKL~ᨬåæḄஹᡂçᨬèᓫḄêÛëàᵫíᐗîïᡂḄஹᐹᨵòóô᪀Ḅᜩᯠᨔõ஺÷ᯠL.Ḅᜩᯠàᵫᙢ⊤ùyJ100úûüᜐíᓫþÿᡂḄ4.5-6.0Gpaஹ1100—1500࠷஺ᩭ᛻!⌼#ᦋ%ᢈ'()*஺*+,ᢚ.ஹ/⁐ᦣḄ234ᙠᝊ7829ᓰ;<=>ᙢ@Aᐹᜓ/,ஹ/ᮣEஹ/Fᐝஹ/H᳛ஹ/JKL᳛M/ᵯOPQRJஹᐝஹᵯஹSMᓄឋVWXYZ[\ᵨ^_ᩞᩞஹabc᣾ஹefghஹijVkஹlmᵯOஹnLoR⚞q஺!⌼YZ[\ᵨ^hr9s()*+*lm⚞qḄtᐶ⌱wx⌕ᵨ^ᑴ+ᔜ|*⛲3~ᐸAlm3஺!1•"#9ᡭgh*✌⛲hrᢇᜩᯠ*ஹO|ᙥஹᓭo82lm/hrᑴ3ᑁ*r()*ᓭᦪ;ᩭkZ*᧕9ஹIGIஹDeBeers,¡ᑶẆ¤ᡠ$ᜩᯠ'()஺()*ᙠᱥᳮឋ¨©ᨔo«᪀ஹᢚ.᳛ஹ⁐ᦣ᳛ஹஹ®R¯ஹᓄᡂᑖ©±C¯²³ᜩᯠ*´ᐰ¶@஺³>¶·\Ḅ┯©¹º»ᓄ┯¯ஹ¼᫃©±ᓄấ¯ஹ¿⁐À2ஹÁஹÂᨔR³*ᙠᱥᳮឋ¨ஹᓄᡂᑖ²ÃÄÅᜧÇÈ*஺

6ᦪ;ᩭk()*Ê¡ᑶẆ¤ᡠ<ᦪ;ᩭk()*Ê¡ᑶẆ¤ᡠ⊤1.ஹᜩᯠஹ,᫃ஹ┯/0ᜩᯠ,᫃ᓄ«᪀CCZrOSiC2ᨔo«᪀¹ºo¹ºo¹ºo̺oᢚ.᳛2.422.422.202.65⁐ᦣ᳛0.0440.0440.0660.10410108.259.25®3.523.525.703.21ᦪ;ᩭkᧇᐹ¡ᑶẆ¤ᡠᢈ23ẚ56789:ᓰ<=ᙢ?஺ÍᯠÎ9ÏÐÑÒÓÔ9^ᓭÕஹÖ×ØRᙢ஺20ÙÚᩭc᣾*bஹÛ®ghRÜr·◤Þᜧß஺àᢈ'áâ▲ᑴhrᔠᡂÐåÇ

7671289:;<$ẚ=>?@1,-.AB஺2018
:ᓭஹEFGHᐜJ$ẚ3-6,-67ᢈ#Kᢇᓄ89NᕡḼᡃᙠ1289⚞QRᑮ⚞ᐜTU஺ᦪWᩭYZ12[ஹ\]^᧕:`abcᑶẆfᡠ1.2.ᩗAB᪀DEᐳG4cᑖ6᪗J$ᜩᯠᙳLᵨ4Cᑖ6᪗J஺20h40
iMẆf▾kGIAlm“4C”᪗op▭ᑖstu,wx⁐kColourzஹ{|kClarityzஹᑗ?
Cut
p,-~
Carat
|c஺>x⁐ᑖ@5sᒹColorlessk⁐ᒹDEF⁐zஹNearColorlessk⁐ᒹGHIJ⁐zஹFaintkE⁐ᒹKLM⁐zஹVeryLightkᒹN-R⁐zஹLightkᒹS-Z⁐z⁐ᐸk᜜z>{|ᑖ@6sᒹFlawlesskFL,᨟\InternallyFlawlessIF,ᑁ᨟zஹVeryVerySlightlyIncludedVVS,᩽ᴟ,ᒹVVS1-WS2XVerySlightlyIncludedVS,ᴟᒹVS1~VS2
ஹSlightlyIncludedSI,ᴟSI1~SI2
ஹIncludedI,ᒹ¡I3
>ᑗ?ᑖ@5sᒹkExcellentzஹ¢᯿Verygoodzஹ∎Goodzஹ¥(Fair)ஹ¨(Poor)஺

8AS1sS1s3Vn1MN/5VU1m三³VeryVeryVerySlightlyIncludedIncludedSlightlyIncludedSlightlyIncluded2VVS2CutEXCELLENTVERYGOODGOODFAIRPOORCarat0.50ct.0.75ct.1.0ct.2.0ct.5.0ct.ᦪWᩭYZGIA,abcᑶẆfᡠ▭·▾
IGI
¸2005
¹º12»¼pc½¾K¿2021
ᡂ@✌Á

96.IGINE!7.GIANE1.3.HPHT$CVDOᩩQRSTUVᢈ2W⌶YZOᩩᢈ2QRᐳY[\]ᓣ"_஺ÏÐÑ
ẆfÒÓᨵÑÕÖ×=.ᑴᜓ12ÚÛᖪÝᓄḄÞßà×(HPHT)pᓄ·áâãä×(CVD)åæᢈ#çè஺HPHT×pCVD×éᵨᐰëìḄᔠᡂíᳮpᔠᡂᢈ#89ÅḄ9ïæðp9ïᱯòóᔜëâì஺2020
ᐰᳫ12679700ö,-:HPHT×pCVD×ᑖ@320ஹ380ö,-஺ᦪWᩭYZ÷□ùúabcᑶẆfᡠᦪWᩭYZûüabcᑶẆfᡠᑁHPHTᔠᡂᢈ#⚞ᐜᐸᔠᡂíᳮýþÿᙠ
ஹᩩᓄᵨᨔ,ᔠᡂ!"ஹᓫ$%&஺HPHTᔠᡂ()*ᛞ,-./!"ஹᡂ01ஹ23!45/67ᔠᦔ9ᐹᨵ

10<=/ᱯ?@ᙠ1-5ct()ᔠᡂA☢ᐹᨵCD<=஺2020E/Fᑁ()HI%&J300KLM/ᓰᐰᳫ%&Ḅ43%,ᐸSHPHTT%&J280KLM/UVᚘXᐰᳫHPHTT%஺ᦪZᩭ\]^&_`aCbஹ()cᔆ/efgᑶẆjᡠCVDT()ᢈmᙠF᜜oᵨpE/ᐸᔠᡂqᳮ@stuvCH4wxyuzᔠᱥᙠ
ஹ1ᩩ|}ᑖឋtq/fᑴᩩឋtqᙠᡂᨔ஺CVDᔠᡂ()ᕈ,/⁐᧕ᑴஹ()ᕜஹᡂ0/623!/〉5ct*()ᔠᡂ஺

1111.CVD`ᑴᜓcd|ᨵCḄuI反反应应舱ᑖCᜧḄ὏种子qᦪZᩭ\]᧕Sஹ¡¢/efgᑶẆjᡠeYᢈ2QRfS⊡hijkY஺¤¥()HI¦§S/HPHTTxCVDTᔜᓰJ©ª/SFᑣ*HPHTT-.஺¬®ᜓ%°▲ᑴ/HPHTT²CVDT³ᩩᢈm´µᙳ·T"᡽%/᪶ᔆº»¼½ᑭ¿À▲ᑴᢈm᜜Á,¦§ÂÃÄ*ᙠÅÆÇᑁᦋ஺ÆÇᑁ/ÉᑁÊËÌ-/1)HPHTT⁐<=Í-CD,·◤Ïᦋ⁐/6ᔠᡂcÐS◤ÑÒ/3!4ᨵÓ=Ô2)CVDTHI3!Í/ᜧÕᑖ%ÖᙳᙠVS*/6⁐4ᨵÓ=/p-⋎⁐஺ᡃÙÌ-,ÚcÐᢈmᦋÛ,HPHTTxCVDT%Ö⌲ÝÞßᓄ஺FᑁHPHTTcдµᡂà/ᓰZ.⌕âãäå/®ᜓ¦oæ*Fᑁ-.஺CVDTᢈmᑣᙠpFoᵨ/ç᜜®ᜓ¦oᖪ-ᑖᦣ஺>ìí%⁐3%Ö]1)HPHTT/.⌕%ᔆºᙳí&%î(D-F⁐)/ñ3!°òᑮVS*Ô2)CVDTHI3!ᜧÕᑖìᙠVS*/Õᑖᔆºôíõöî/·◤Ïᦋ⁐஺>ìí%ᜧLM%Ö]÷øᵨ()1-2LMᨬú/ûo◤⌕3-6LMHI஺1)HPHTT/FᑁᜮÕᔆºᙳôýẚ3-6LMHIᢈm/ᜧLMᢈmᡂàÔ2)CVDT/HIûÍᜧ/ᐹᜓ©ÿ
஺

12>ᦔᜓᢗᦈᙳᙠ2ᑁ1HPHT850ᓫ200!ᐗ#$150!ᐗᢗᦈ%1.33&2CVD'(ᜓᓫ300!ᐗ#$210!ᐗᢗᦈ%1.43஺I⊤2.HPHT&CVDAB/0CDjEF⚗H'I'HTHPᓄKLMNOPCVD
Q⌕Sᧇ0UVஹWXYZV[\L]PCH4ஹ^Lᔠᡂᢈbc#ᜓd☢⚔CVDNOᜓᔠᡂg᛻'I'g᛻'Iig᛻Q⌕#jWk0ᓫᨔஹAB/0Wk0mஹAB/0Snopqorpsq]ஹt☢]ᡈvὅḄyocz{|᪛~ppcz᪀ᔠᡂ#jᒹ]ᑁ⁐ஹWXᒹ]ᒹ]ឋᑖᨵPᙠWXZ⁐/ᢈbᡂ⁐ஹ⁐⋎⁐ஹV⁐Dᦋ⁐%/¡¢Q⌕ᔆ¤¥ᑮVS2§ᜧᑖ©ᙠVS2§Wk0ᓫᨔQ⌕%®¯¯ᐹ᪶²Q⌕%ᐝஹᵯஹµ¶ឋᩞᧇᵨ⚞¬ὑᩞ&AB/0ᵨ¹/0⛲j».ᵨ¹¯ᐹ¼/0⛲jᵨ½¾Q⌕ឋ¿ÀஹὊÂஹᢙῖ⇨-KឋᐝஹᵯஹஹµஹÆឋᢈbᡂÈᑁᵨÉÊËᙠᐰᳫÈ᜜ᢈbMÏᡂÈᑁÐᜐẆ>▤ᵨÇᐹᜓ4Ó
ÔᵨᡂÕD»⁐/ᢈbᡂ⁐ஹ⁐⋎⁐ஹV⁐Dᦋ⁐%/¡¢Q⌕ᔆ¤¥ᑮVS2§ᜧᑖ©ᙠVS2§ᐰᳫ#~420!Ö×/“500!Ö×/2021E
ÙÈ#AB/0a380!Ö×/260!Ö×/2021E
ÙᐷÛÜஹÝÞßஹàáâᨔஹ-DiamondFoundryäஹElementc#ᔆ¤./0ஹNewDiamondSixPäஹIIaTechnologiesPåTechnologyã/0jæçᐝPLightMark
LightboxDiamondFoundryFè650850i(CVD'(CVDé100-110200<100300P!ᐗ/êᜓ½¾#$6-812-134-515-20P!ᐗ/ᨴᢗᦈ1.251.331.851.43Pᦪ*ᩭ,-./012345ஹGIAஹ#78Ẇ:;<ᑶẆ>ᡠ

132.AB/0#7ìÙÈᐹᜓí]ᓄ
2.1.ᐰᳫ"n9ᓺMp:qrÙÈஹᓺஹäÈᑖï%AB/0c#ஹ®¯ஹðñòíᜧóô஺ᐰᳫMõᦪ.ḄAB/0öᔊø“ÙÈíᓺíäÈ”ḄûüýÇ஺2020ÙÈc#øᐰᳫ40%+AB/0ᐸÙ70-80%ᨬ
ᔣᓺᡭᐰᳫ90%Ḅᑣᐰᳫ80%Ḅᐸ30-40%஺!12.2020ᐰᳫs◤!u30-40%;c%&ᩭ#C'80%+'"!<10%<1%>10%ᓺᐸ$HPHTCVD......r.......!ᓺτ40%=30%<10%>20%:1•ᓰᦪ)ᩭ#*Bainஹ,ᐵᦪ)./0ᑶẆ3ᡠ

1413.2020ᐰᳫ567J<=2Bᐗᡭ89:;<=/?@;1.5-2Bᐗi80%+0✏G@;2.5-3Bᐗ:;<=46Bᐗᡭ89@;?5.3BᐗJ<==1Bᐗ:;?Bᐗ@;ᓺ55%25%20%|✏G||ᐸ:I|ᑁ=1Bᐗ40%:;?4Bᐗ@;@;?-1BᐗJ<=~1Bᐗ-5Bᐗᑁ?NO᳛⛲M13-15Bᐗ-4%ᦪ)ᩭ#*GJEPCsᔜ,ᐵ./0ᑶẆ3ᡠ

1514.2021(E)ᐰᳫ567J<=4Bᐗᡭ89:;<=/?@;23Bᐗ✏G@;7Bᐗ:;?9Bᐗ@;?=1BᐗJ<=1-2Bᐗ-20Bᐗᑁ?NO᳛⛲M25-30Bᐗ------------►|*7%|ᦪ)ᩭ#*GJEPCsᔜ,ᐵ./0ᑶẆ3ᡠS*1.✏GUVW᧕YZ[ᙢᜧ^:;<=2ஹ_ᑖ,ᐵᦪ)ab☄2021d11ᨴfᦻᢥ᯿jᨴᙳlmᐸdᓄ஺2.2.⚜p2025dᙠ!NO᳛rᑮ16%ᓰ)ᐰᳫuvwx஺2020dᐰᳫ<=xy700z{|/dᐸஹᓺஹஹ}8ᚁxᑖyV300ஹ150ஹ100ஹ100

16z{|/dᓰᑖV43%ஹ21%ஹ14%ஹ14%஺ᢥ9ᩭᐰᳫHPHTCVDxᔜᓰvw஺HPHTV,᜜CVDV஺◤ᢝ᡽ᜧ⌕5᡽x஺)ᦪ)2021d9ᨴᡃx30z{|/ᨴdᓄxr360z{|,ὃ⇋CVD⚜pxᙠ400z{|/d¡¢ᓰ£¤uvwx஺15.x¥᪀§z{|2020¨400-300-200-100-ᐰᳫ!"#!■HPHTBCVDᦪ)ᩭ#*Bain,./0ᑶẆ3ᡠ16.ᐰᳫxᑖ©Totalgem-qualitylab-growndiamondroughproduction,2020E:~6-7millioncarats(Mcts)EuropeandMiddleEast:Russia:~0.2Mcts*0.5Mcts•WonderTechnologies•AOTC•NewDiamondTechnology,ZiemerTechnologiesChina:-3MctsGreenRocks•NingboCrysDiamIndustrialLusix•ShanghaiZhengShiUS:TMctsTechnology,DiamondFoundry•ZhengzhouSino-Crystal•Lightbox/ElementSixDiamond•WashingtonDiamonds•ZhonganDiamond•HenanHuangheWhiriwindSingapore:*1Mcts,HaTechnologiesTrosikDiamondElementsHPHTALTRNotes:CVDischemicalvapordepositiontechnology;HPHTishigh-pressure,high-temperaturetechnology;thelistofplayersisnotexhaustiveandindudesonlykeyLGDplayersSources:Companydata;publicationanalysis;expertinterviews;Bain&Companyᦪ)ᩭ#*Bain,./0ᑶẆ3ᡠ

17ªᜓ!x▲ᑴ®5᡽!x¯°஺1¨HPHTªᜓ±☢⚔´⌕ᵫᡃ¶·ªᜓᖪxᔠpy1500º/dὃ⇋»¼ᣚ}◤⚜pᵨ¿Ḅ´dÀ900º2¨CVD!CVDªᜓ◤ÁᝅÃÄÅƪᜓÇᵨ⌕ᵫÈᔆᖪʶᓺJªᜓËឋxÍÎ⚜pஹᓺஹÏrᙢÐ2022-2025dCVDªᜓᦪ^dÑᑖV50%ஹ40%ஹ10%o⚜pᑮ2025d^rᑮ2930z{|஺aὃ⇋^ÒÓᙠ!NO᳛rᑮ18%,dÔᔠÑV32%஺᪶YᎷª᝞:>ᵨ±☢⚔´dÀÙ900ºஹᓺஹÏrᙢÐ2022-2025dCVDªᜓᦪ^dÑᑖV50%ஹ40%ஹ10%>⚜p2022-2025dᜩᯠ^ÑV3%஺⊤3.¶ÝÞߧ2021-2025
20202021E2022E2023E2024E2025E^§z{|¨7009681274167222042930YOY(%)31%29%28%28%28%HPHT^§z{|¨320423536660794941ߟ280379488606736876vᐸ$404448535964CVD^§z{|¨380545738101314101990--ÏrᙢÐ210285345417505611v206099163270445vᓺ150200294432635934ᜩᯠ^§z{|¨110001155011897122531262113000YOY(%)5%3%3%3%3%NO᳛6%8%10%12%15%18%ᦪ)ᩭ#*Bainஹ./0ᑶẆ3ᡠ2.3.5áᭆã5áᑜᑖV%ªᜓᖪஹ<=ᖪå᧕ᖪஹ89ᖪஹæç´᪀èéᖪ[஺ᡃ5áêᐰëìHPHTCVDíᩩᢈðᐰ£¤ñòᡠᨵḄ<=⚜pôᩭᜧ^CVD<=

18Iõᙠ஺ö⌲øùúJᨵ89ûüஹý@æçᑖþ"
᪗”ஹCὅḄᦟ
▭Ḅᩗ஺>ᜓ᪷!"#$%ᑜᑖ()ᜓᒹ+,☢⚔/01HPHT234CVD56ᜓ1CVD2
oᡃ
8196598:;<᫡>,☢⚔/0?ᩭᢈBᜐD⚞ᐜGHᓰ!JᐰᳫM⌕ḄᜓOP஺
᜜CVD2RST209Uᜓ:VWᙠYZᙢ\஺>]:HPHT2^CVD2:Vᔜᓰ`a
?HPHTbMM⌕HPHTᔆdM⌕ᒹ+ᐷfgஹhijkஹlmnஹopqCVDᔆdᒹ+rsᨔஹ(uvwஹxyzᯠq஺ᓺ}ஹZ
ஹ~ᚁஹYqᙢM⌕ᵨCVD2M⌕]:ᔆdᒹ+DiamondFoundry.ElementSixஹ~ᚁIIaq஺>᧕"ᡭ"⁚U:"Wᙠᑭᱯஹ?⁐ᑡᱯqᙢT9U⁐U}ᜧḄ:Wᙠᓺ}ᱯ¡ᙢ¢70£¤¥¦"§ᒹ¨JᐰᳫT90%Ḅ"§©ªᨵ10%Ḅ"ᔆ¬ᙠ]::®
60%?(Ḅ¯°ᙳ├³¡ᙢ
´§iᓭᨔ¶ᒹ├·ᜮᐷfgq¹º:V,◀½³ᓺ}"᜜,ᙠiᓭஹ¾ᙥqᙢ⌲ÁÂÃ""ᔆ஺>ÄÅ®MÆ␺0᪀GIAஹIGIஹNGTCqᙳÉÊᐹÌÍÎÏÄÅᑖÐஹÑÒÓÔ©஺>ÕÖYZᔆdᨬᐜᑗᐭÚ)ÕÖM⌕Ûᒹ+LightboxஹDiamondFoundryஹSwarovski.Pandoraq஺
ᑁÕÖᖪ◀Þßᐝஹáâãஹᓭq~ᐶåo᜜æçèéÛlêëO'ᕜᜧîஹïᓱ·qñ6᩽óôÕÖ஺

19!17."#ᭆwn9:ᐰx⁚z$HPHTCVD|ö□øù||ᜩéឤἝ||WcḄeᐝ|&'(|᪺᪍᪺ÿ||ᙥ!"#||"#$%||ᜓᖪ||ᵪ||ᙛ|ElementSi7||SEKIVoggenreDiamondFoundry()fgᨔ||Wche|ᐷ&'(ᨔ|ijᯠ|)*+NewDiamondTechnologyElemeniSix~||GreenRoi,WonderTechnologiesDiamondFoundry||4᧕ᖪ||ᓭᨔ.||/ᖪ||ER67ᱯ||~~_||;ᑭ=|)|12᪀||NGTC|LightMark>?ᐝLusantABCDDiamondFoundryZNDᐷCAMAᕜᜧJGrownwithLove|abᖪ|Ú)Anndia)*+%ᓱLDiama60-70%Brisa&RelucirᨔMNOPᐵRSBrilliantEarthCaraxyEFGTUCDPᐵRSBrilliantEanhᑁWXY□[\ᑁ]^/᪀SEKI᜜]^/᪀ᦪmnopqrstᡠSS2.4.{s|}nHPHT`"~9:ᚘ2.4.1.ᓭ""ᓭ⌼"[\஺v1960swxᡠvyẆ{|}~☢⚔ᩭᓭᡂᐰᳫᨬ᦮Ḅjᩞᧇᙢᨵj200jᩞᧇᑴ஺¡¢ᐰᳫ80%WḄ£⌼¥¦ᙳvᓭ¨©Ḅᢈ«2¬®ᙢHPHT¯°±ᐶ³ᝈµOẠ¡¢ᡂ“a¸¹-»¼-½¾-ᡭx/”Ḅ°±஺

20ÁÂ⚪ÄÅrᑶẆtÄÅ!18."∫9q⌕"2.4.2.ᜓ}n☢⚔BÇÈᐰᳫᔠᡂᢈ«eÊ⚞ᐜ஺HPHT¯°±Í¥¦ᙳÎᵨ☢⚔ÐÁ஺ᡃ☢⚔ᒹÓᜧÔY□[\ஹᜩ×ឤἝஹ᪺᪍᪺ÜஹஹᙛÝÞᒹÓߨ>Ôᔠàáâ1500~/©Ôã⌚å|420ᕥ1000஺¡¢ᡃẆᑴḄç᫡é☢⚔ê├ஹᓭìஹíîஹïஹðñ$ஹòóᐲஹõ/ᚁஹᓺ6ஹøᨽݨú஺2020©ᑁHPHT¯°±½¾ûâ280üóᓰᐰᳫHPHT¯ûþ90%o19.q⌕ᔆᖪB"(2021)ᦪÿᩭ
ẆᑶẆᡠ

21☢⚔B᪶ᒹ#᫡ஹ⚔┴ஹ⌕ᔆᖪ□ஹᜩឤἝḆ!"#$"%&'◤)஺+,-.ᵨ0⌼234᫡6ᐘ8ᓫ:+;&<=>?□@;&ᜓᜐ.C2021D⚜F.CGHI2Jᐗ஺᪷MNOPQR34᫡!ᑖI0⌼2TU⌼2ᙠRᩩXY0⌼34᫡Ḅ[ឋ]^_`abU⌼34᫡!᩽ᜧᙢfaḄ!☠ឋhiḄjᵨklᐹᨵᑴ⌼p◍rஹ^_aஹs-,_aஹjᵨklit℉vwxyzU⌼34᫡{☢⚔Ḅ~ᣚ~ᨵᑭb{☢⚔Ḅᜧᓄ஺⊤4.☢⚔B"ᔆ/0"᪶ª"«¬""¦§¨ᜓ©¡¢/¤¥᪥#᫡-⚔┴□400-500(p650-(p1000U⌼2V/ᨵVVᜩឤἝ300-400(p560-(p800U⌼2VVV—᪺᪍᪺300(p420-(p8500⌼2V¡ᓄV-᜜C+,-200-300cp650-(p10000⌼2——+;&᜜Cᙛ200(p650-(p950U⌼2——□£ᔆᦪMᩭ
ஹ□ஹᜩឤἝஹ᪺᪍᪺ஹᡠஹᙛஹᜧaᑶẆᡠᦪMᩭ
□ᑶẆᡠᦪMᩭ
□ᑶẆᡠ

22ᦪMᩭ
ᜩឤἝᑶẆᡠ.ᦪMᩭ
□ᑶẆᡠ®Ḽ©ᢈ2°±☢⚔BᔠᡂῚ⌲±ᜧ§ᓄQ¥fa¦ḄNᦔ᳛]©ª«¬©ஹᓫ®;©fᓣᐹᨵtḄ°±ᵨ஺6ᵨᓫ²³ᩭ´ᵬ650ஹ
p700-
p800scp850-
p1000¶ᜓᓫᨴᑖ¸¹1I4-8ஹ8-10.º13»ᐗ஺M¼½ᩞᧇÀÁᦪM2020DÂᡃ+Ä⌼G[ÅN¶ᜓÆ650TÇYȲᓰÊËI81.25%,ᦑᡃ+NÆÍÇᵬ650¶ᜓI஺ÎḼᜧῚѶᜓḄ©¶ᜓᔆÒÆD850TÇÓÈᓰÊfaNÍ⌲ÕjᵨᜧῚѶᜓÖᣚ׶ᜓ஺I⊤5.eY§¨☢ᦈBឋ/0⚗ºᢣ᪗¼½(p650(p700(p750(p800(p850(p9001p950(pioooØÙÚ/mm6507007508008509009501000ÛÜឋÒ;©/T<60<80<100120᜜ÝÞß/mm2760*2760*3360-3480*3480*4080ᓫàá/MN<40<50<60<7078.5ᢈãäᦪ{àá/MN<240<300<360<420471åæÅç/mm80-110¶ᜓè³~11UcUn200»/²Néê³4-88-10N13»/ᨴᦪMᩭ
ᧇᐹஹᡠஹᙛஹᜩឤἝᑶẆᡠ2.4.3."}n¾"¿À9

23Æ+ëÁᚘHPHT`"஺2020Dᐰᳫ720»îÒÆHPHTïCVDᔜᓰËñ஺ᐸÆÆ+HPHT2óô©Ë280»îᓰᐰᳫHPHT2©õ90%஺M¼½ᩞᧇᦪM2021DÂÆ+{☢⚔ö©Ë10000-11000²ᐸÆ30%ÇÓᵨbN⌕ḄNᔆ÷ᒹùÆᐷûüஹýþÿஹᨔஹᜧᑖᙳᓭ஺24.q⌕ᔆB¢ᦪ2021ᦪᩭẆ!ᑶẆ#ᡠ!25.q⌕ᔆᵨB¢ᦪÃ"Ä2021■012ᵨ4■5ᦪ
780129
:ᐗ<=>8ᦪᩭẆ!ᑶẆ#ᡠ3%&'()*ᢈ,ᡂÅCR4-ᓰ᳛080%஺ὃ⇋ᑗᒘ5ὑ3-6%&)*789ᑗᒘ:1-2%&;஺2018<'ᩭ=ᑁ?⌕AᔆCDᐷFGஹHIஹᨔஹᐜKLMN3%&'(78)*Ḅ஺QR2021<9ᨴᡃ=HPHT78UVW30X%&/ᨴᐸDDᐷFGஹ

24HIஹᨔஹ4C-ᓰ᳛080%஺ᜮ)*ᔆᖪ]^ᜓᔆ`aᔠc9defgᐸhijk஺>DᐷFGᐰnopqDᓭr=ᑁ78stᜮ2018HI=ᑁ78sᜮ2019ᨔ=ᑁHPHT78Ḅὅ2014<᳛ᐜLM78ᓄwxVLM5-6%&Ḅᐹᜓ10%&'(ᢈ,஺>=ᑁ78⚞¡┦V£ᢇᓄA270%&ᜧ⚩¥78ᜐL§¨ᢈ,Ẇ#▤ªḄᜧ⚩¥789«ᑮ25%&஺⊤6.q⌕ijᔆᖪ/0DᐷFGÆÇÈÉÊᨔÌ_ᐸÎ78ᵨhiᦪ²³´1200-15001200-1500800-100030050078µ²¶ᐗ/<´8-96-7—2-3—3%&'()*—ᜧ%&ᢈ,⚞ᜧ%&)*ᢈᓰº»ᐜ9ᢇᓄA,¼½uẚV¹2020

25ßàᩞᧇ?⌕ᒹäFeஹC஺ஹMnஹNiஹPtஹRuஹRhஹPdஹlrஹOsஹTaஹCr{åᐗæçPஹSè{åᐗæ஺ßàᩞᧇḄéᐭ9ᜧᜧëìíÜᔠᡂ{|ḄhᩩÁᦋðḄᨔñòóஹô⁐ஹõöஹkᩩÁ஺ᡃ=78÷ᵨḄßàñø£ùNFe-Ni-Mn-CoஹFe-Ni-CoRLIFe-NiஹFe-NKS,P
úRUFe-CoS,P
Ḅûð஺?üᔆCDᐷFGஹHIgýþßàᡂᑖÿ
ᨵḄ,ᙠᔠᡂẚ஺ᐷᙥᓭஹ$%&'()ᔆᑖ,-./0()1234ᔠᡂ56ᑴᜓ9:;<ᧇ>?஺@AÖ×ÅØdÀÙÚ"ḄÛÜឋÃÝÞឋ9BC@AD┐FᔠᡂGHᵯJ4GKLᓄNOPQ?9RDSTUVWXYᜓ9Zᕒ@\]UVᜫ_`abGH“de”9ᔠᡂᜫgḄSThi6j⚔┴஺mJᔆnop\qᓄr⃩9Wt⁚rvwoஹZὁᕒ@yz᪀|/023}~஺⊤7.ÒÓߧÃSᜓàá"¦â⁐ÒÓ◀åᑺᜓ$⁐Fe,Ni,Co,S,PTi,Al,Cu☢⚔GH$%&'⁐Fe,Co,Ni,S,PTi,Al,Cu☢⚔GHᐷ⁐Fe,Co,Ni,S,PTi,Al,Cu☢⚔GHNDT⁐Fe,Co,NiTi☢⚔GHKᜧAOTC-1⁐Fe,Co,NiZr,Hf,CuᳫGHKᜧAOTC-2⁐Fe,CoZr,Al,CutGHSஹPஹHsBḄzFSᩖFᨔq⊤☢ᙷḄᡂᑮ\ḄᢓᑴVᵨS&P32?KஹB&H32G?K9ᦋL?Kᩩ()VᵨCo¡Ni¢£¤¥ᨔqḄNiஹN¦ᐵḄ¨◍9ᨵᑭ«ᔠᡂ⁐¬®ஹ¯°±Ḅ⁐ᦪ³ᩭµ¶·ᜧ¸¸¹9ºo»ᑶẆ¾ᡠ2.5.{s|}nCVD`çᙢYè]°2.5.1.ᜓ}n"éê᜜ìqCVD`ᜓ"9ᙠîMஹᓺÀᙢï஺1950s,À᜜ᓽÃÄẆ¾CVD9ÅÆYᜓᔆnᢈÈ⚞ᐜ஺CVDËYᜓDᑖÌÍÎHFCVDÏஹÐJᵯÑÒÓÎDC-arcJetCVDÏஹÔÕÖ×ØÎMPCVDÏÙᜧÚ9ÛÜÝ〉ᔠ2ß

26Wᨔↈá9MPCVDYᜓâãÛäåæçᨬ〉ᔠḄYᜓ஺m⌕ḄMPCVDYᜓᔆᖪᒹìÆÀLgihtboxஹíîSEKIஹïÀIplasÖ9Àᔆᖪᒹìðñ}òóஹôõö÷ᐝ'òóúÖ஺ᓺüãÛâᨬᜧḄCVD3ᙢ9D/m23CVDYᜓ9þᐸᜓឋ஺LightboxḄMPCVDᜓឋᐰᳫ⚞ᐜᡈHPHTᜐᳮ⁐ᮞ!⁐ᐸᡲ$%6&'〉ᔠᜧ+,-./0ឋ12345ᩭᐸ7ᔆ9ᦋ;Ḅ<᪗஺⊤8.MPCVDᜓᔆᖪ/0jᔆ"ᙢ"¦ᱯឋHPHTᦋ⁐⁐ᜓឋᐰᳫLightboxKL⚞ᐜSEKIMNHPHTᦋ⁐Oᨵᮞ!⁐᠒IplasRL〉ᔠᜧ☢,TᨔᱏᓫᨔOᨵᮞ!⁐HPHTᦋ⁐Oᨵᮞ!⁐᠒PlasmadiamXL៣Z[ᕜTᨔO᜜᡽_ᜧᐰ`a+,ᓫbᨬᜧHPHTᦋ⁐Oᨵᮞ!⁐AixtronRL〉ᔠᜧ☢,d6&'eTᨔ〉ᔠkTᨔlm0ᱏnop+qr᩽3t%fghijL6000࠷uvwfgஹyz{`ᐝஹHPHTᦋ⁐Oᨵᮞ!⁐᠒ᑖjLᡂ~ᱯ឵ஹᡂ~nஹᑖᮞᦪ?ᩭ@A/0BCDEFᑶẆIᡠ2.5.2."}n"ᑖᦣᢈ2òóôᜧ2020¤CVD`"õ380ö÷ø/¤îMᙢïᓰ<ùõ60%Ḅúûüý஺ᜓyKஹMNnᙢᢈᜓ6&'yCVDᜓᓰ23ᓫb3wᓺrCVDᢈ⌕%2&'ᜓᓫbᜓ;jLᔆᖪ¡CVDᢈẆ,ᜓ£¤¥ᓣ஺nᦔ%2&'CVDᜓᩭ¨2021©ᐰᳫCVDᜓªt8000bᐸjᓺr5000bஹjL1200«ஹKL1000b஺KLᔆᖪ¬ᦔ᳛¥ᓣᓫb¯°3±ᐸ7ᙢ²஺

27CVDᜓᓫb+,´ᐸᑴ⌼⌕·ᵨ¡¹jºCNCᑴ»´¼¹½¾¿ᜓÀ⚠´᡽Â᧕஺Ä3¿CVDᜓ◤Æᝅ3ÈÉÊ˽⌕ᵫL᜜ᔆᖪ¥ÍÎÏÐX¤᡽஺ᓺrஹjLѾ¿CVDᜓ%,ᓺrÒÓᜧÔÕᢝ-./0×ØÙᨵÚ¤ÛÄ£ᨵÜ¥ᓣ஺26.ᔜ:CVDᜓV_¢ᦪ(2021E)ᦪ?ᩭ@A-./0ÝDEFᑶẆIᡠ27.ᔜCVD()ᦪ?ᩭ@ABain,DEFᑶẆIᡠ¬A2021©%Þßᦪ?

28⊤9.ᔜCVDCVDᜓᦪᦔ2CVD⌕ᔆ#ᢈ%&'NewDiamondEraஹᓺr5000>200à⁐Creativeáâᨔ/ஹyzã`ஹäᜮᔆ9jL120050-60æçᯠஹLÙȹ-./DiamondFoundryஹ⌕ᔆ9KL1000130-150ElementSixஹ-./WashingtonDiamondsZiemerTechnologiesx⌕ᔆ9é/ju45070-80GreenRocks-./IIaTechnologiesஹ⌕ᔆ9ë¡ᚁ35070-80Trosik-./ᦪ?ᩭ@A-./0ÝஹBain,DEFᑶẆIᡠ¬A%Þßᦪ?(CVD)ᖪᒹ,-.ᨔஹ1234ஹ567ᯠஹ9:;<ᜓᑖí%550ஹ100ஹ60ஹ50bCR4îᓰ᳛ç60%஺áâᨔ/ῃð±jñ▾áâᩞᧇᡠ2014©õö÷ᑴCVDᜓᜓᢈøùú10ú2020©-./0ûᑮ20«ýþ஺yzã`⌕ÿᵨ
ᜓᙳᯠ◤ᦋ⁐ᜐᳮᐹᜓ⁐ᱯ஺!"#ᐰ%&'()*ᡠ2018,-./0"234᳛MPCVD6ᜧᓫᨔ:;⚗=”=᪗,30@ᱏᜧᓫᨔ:;=BC⌕EFGH/ICVDᜓᑴ஺⊤10.ᡃCVDᔆᖪᜓᦪ?ᜓᩭCᢈ%DE/AKLᨔ550«20ᑴ/ᐸO◤ᦋ⁐PQR100~20SEKISTUVWXᯠ608-11.5SEKIS-!"#50=᪗30@ᱏ/,SEKI/ᑴTUᦪ[ᩭ]^FG_ஹabẆஹKLᨔஹPQRஹ!"#ஹᐝe_ஹ⃫ghijklmᑶẆoᡠ2.6.(FG;HIJKLMNO⁚2.6.1.ᓺRᡭTUVIᚘXᐰᳫᡭT[\ᓺR];ᡂ_`a<ᒹbᐰᳫ90%G;ap஺ᡭ*r#ᔆᖪuvᙠᓺyzᱯ{ᙢ}70@~r#aᒹᐰᳫ90%Ḅr#a

29p஺ᙠIBᓺTḄC{ᙢᡭ*r#ᔊஹaஹᡂ¡ᜧ3r#ᔆ¢£¤¥¦§¨©,ᡭ*«ᓰ᩽¯ᑗ#±²³஺cF◤efᰦ,ijkᦪlᢝnop஺[GJEPC£´ᦪ[,2021,ᓺFGµ¶
·E11.30¸¹ᐗ»¼132.75%,FG½¾·E11.44¸¹ᐗ»¼116.29%;ᓺᜩᯠµ¶
·E177.17¸¹ᐗ»¼59.96%,ᜩᯠ½¾·E238.29¸¹ᐗ»¼62.70%028.ikq
rs2021.12
140700%600%120500%100400%80300%60200%100%400%20IJJJJJJJJJJJJJLLLLLI11l^djJ-100%0-200%2018-062018-122019-062019-122020-062020-122021-062021-12■■µ¶
ÁÂ@¹ᐗÃYOYÁ%ÅÃᦪ[ᩭ]^GJEPC,klmᑶẆoᡠ29.tjkq
rs2021.12
800%700%600%500%400%300%200%100%0%-100%——200%2018-062018-122019-062019-122020-062020-122021-062021-12½¾ÁÂ@¹ᐗÃYOYÁ%ÅÃᦪ[ᩭ]^GJEPC,klmᑶẆoᡠ

3030.ᜩᯠikqrs2021.122500700%600%2000500%400%1500300%200%1000100%5000%HllWi-100%0-200%2018-062018-122019-062019-122020-062020-122021-062021-12?@AB
CDEᐗ8YOY
%<=8ᦪ[ᩭ]^GJEPC,klmᑶẆoᡠ31.ᜩᯠtjkqrs2021.12F2GB
CDEᐗ8H஺H
J,=8ᦪ[ᩭ]^GJEPC,klmᑶẆoᡠ10%ᓺ#ᔆÆÇFGÈÉ᳛ᢝËÌᓣ஺[ÎÏᦪ[±ᜩᯠ,FGÐÑvÒÓᑮÕÖḄ×yzᱯᙢHᨵ10%Ḅ#ᔆr#FG஺[GJEPCᦪ[2019,ÙFG
¾ᦪ[HheÚ¼ÛÜÝÞßàᨚâãឮå¼æ஺2021,ᐰ,ᓺFG
çÈÉ᳛E5.99%,»+1.44pct¾çÈÉ᳛E4.58%,»+1.10pct஺

3132.ᓺRijk(vw᳛yᓣs6%rs2021.12
-----ABKLM᳛-----GBKLM᳛ᦪ[ᩭ]^GJEPC,klmᑶẆoᡠFG
çÈÉ᳛=FG
·/ÁFG
·+ᜩᯠ
·ÃFG¾çÈÉ᳛=FG¾·/ÁFG¾·+ᜩᯠ¾·Ã2.6.2.ᐸ|ᡭTUVI(G}~i

3233.ᓭᨔᒹ├(ᐷ34.G;2016O10ᨴ21Q

33ᐸ|UVI¥¦§¨<©ªåᜧ஺ஹᓺçèᐶ±²ᐵêç⌲f`ᓣìíᙢîïὅ+ñCn±²òᙠóᜧôõḄ£ö9îïὅ`÷øùឋÅt⌱üýᩭ:þÿ
ᜧ஺2021⛲├1ᐗ᳛1%,!"ᜮ$%&ᐭ᳛ᨵ)*+,ᓣ஺./0ᨵ12ᐝ(LightMark).567(Caraxy)ஹ:;<(Anndia)ஹᓭ(ZND)ஹ>?@ᨔ(Brisa&Relucir)BCᐶ%EFGHIJKLᖪNOPQRSLusantஹᕜᜧURSCAMAB%VᓱXᑣᙠᐸ\ᨵᖪ]ᑁ├⛲஺I⊤11.ᑁ⌕«I¬«;®1Ct¯°±²³(ᐗ)12ᐝLightMarkHPHT1.5-3.0$r\VC3Mgồ5ᑭ7CaraxyHPHT/CVD1.5-3.5NOPQLusantCVD2.0-5.0ᜮ¶·¸ᖪᕜᜧCAMA-2.0-3.0VᓱX——1.5-3.0ᐷZNDHPHT—>?@ᨔBrisa&RelucirHPHT1.3-1.5ᖪ:;

3437.4»ᔜtᓰ
2018-2020■2018H2019B2020ᦪ`ᩭbcDeBeers,jklᑶẆoᡠ“¥¦§”ᓰ,ᓣ`BainJᦪ`2020ὅª«Ḅv⌕®ᒹ°ᱼ²³¦ஹ´〈ஹ¶·ஹ¸¹º»ὅ®¶·ª«Ḅ¼ᓰ25%஺½¶ᓰ¾¿ᕡḼὅᙠª«HÂÃÄឋrஹH{ÆḄ¿ÇÂÈ஺38.CHI“½¾N”ᓰyᓣForwhatreasons/eventsdidyoubuy/receivejewelry(otherthananengagementring)withnaturaldiamonds?ᶔChina________________ៜIndiaᱼ²³¦´ÉÊËᱥ¶·¸¹º»ÍᝰÏBÐᢗÒÓÔÕÖÍ×ØBÐ}ÙᡂÛᐸÜᦪ`ᩭbcBain,jklᑶẆoᡠ3.1.2.UVvw᳛¤7%ὁ«·¸ᖪẚÂ<ÃGÄ~K<vw᳛Å}yᓣ஺³LÝÞß&ᐭà,᳛¡â1%஺ὁ%KLᖪDeBeersBÞßåæçCᐶ⚞é,ÃᜧêIë{ὅìí,ᓣîÖ᳛ï¡஺

352021⚜ᐰᳫ⛲├35ᐗ஺`BainJᦪ`,ᓰ`ð80%Ḅ├⚜2021ñ30ᐗ᳛7%஺v⌕ᜩᯠóᙢᓭ½ஹõᜧᑭöB÷øùúû2020óᜧüýþᙠÿ
ᐵ஺ὅᐸឋḄ"#$%⛲'()*஺i6%7"#$%8.IDeBeers9:"#i."#$%ᙠ<=>1i?@ᐭBC..$%'DLightBox!!G᳛IJ7%.ᦪ,-./01ᑶẆ4ᡠBrilliantEarthK<=L┦$%NOᖪᵫBethGersteinREricGrossbergSTU2005VWU2021V9ᨴYZ[\]^I_஺BE`a'DbcK☢ᔣᓟghiVjὅklmnopqrᢝtஹBCGvᓄḄ$%ᐸxyᒹ{10|⚩ᜩᯠ$%R"#$%஺2021VBE`a⃩ᦈᐭ2.58<ᐗ58.25%஺

3640.BE¬⃩[ᦈᐭÅ}pÉ41.BE¬ᑭ᳛yᓣs49%30070%25060%50%20040%15030%10020%5010%00%201920202021Q3⃩ᦈᐭ
CDEᐗ8YOY
%<=8-----?ᑭ᳛-----ᑭ᳛
=8ᦪᩭ-.Wind,/01ᑶẆ4ᡠᦪᩭ-.Wind,/01ᑶẆ4ᡠ3.2.UVËÌIÍΫᖪᐳÐ<ÑÒcF◤e3.2.1.DeBeersÓᜮᐭÂ<Å}ᡭÔUVÕ[ÖᜮDeBeersGᐭ<`²ᡭ)×ᓰUV஺DB`a1950sᓽ8?"#$%⚞WU1959Vᔠᡂ:hᢇ⚩ᜧḄ$%஺2018V5ᨴDB`a9:"#$%'DLightbox,bcUᔣὅnoஹ〉ᔠ¡¢Cᔠ£ᡚḄ"#$%⛲'¥¦§UBC¨ᐸ©"#$%ª⛲'஺ᐸ«'NO¦¬200<ᐗ
25ᑖ$®ᑮ800<ᐗ°1_±$®ᒹ²³´⁐R¶⁐"#$%⛲'஺DB·mᜩᯠ$%¸¹ᑣḄᑴbὅᐭ¼ᨵᑭUᓰL⚞ᑴÀÁṨÃVjÄÅnoÆÁÇ$%'ÈɹÊÆË᡽ᜧ஺42.DeBeersز0.25CARAT0.5CARAT$200$4000.75CARAT1CARAT$600$800ᦪᩭ-.Í=ÎÏᩞᧇÒ/01ᑶẆ4ᡠ

373.2.2.DiamondFoundryÕ[ͪ<ÙÚ«ᦑÜDiamondFoundryÝÞᔠàyᓣ«áâ<ᒆ◀“;[åæ”஺"#$%ᙠ@ᐭ⚞ÓÔ⌕ᵨU×ثثÙÚᡂÛ“ᢈÞߨஹ'àߨ”Ḅᳮãäå'DᦻᓄḄç⌕ឋ஺<="#$%'DDiamondFoundryèéᓽ0êëᐭᵱíî᧊]ð•ñᓱóôᝍö÷ᢗùW÷úᔡüý•ᩋ⃅ஹ
ᱯஹᔠᓣ஺ᐸ℉!"#$DoverStreetmarket%labelBalmainὶ'(ᐭ*ᙌ,-./ὅᐵ2஺ᦪ4ᩭ67DiamondFoundry,89ᑶẆ<ᡠDiamondFoundry2>?@ABCDEFGHIJ,KLM᣸OPQ9ḄSᵨU□WஹXW?@W6(YZ[஺ᐸᢗ]^_᧊a•bᓱdeᝍghὶᔠijB?@ᜧS஺DF#$ᙠᐸmnḼ>p“rstஹrMuvஹrᚘxyzஹ{|}ஹ~ᨵᜧ⚩ஹJឋ”ᜧ|}ᭆ᪛"?@Mஹ~ᨵᱯ”ḄAB஺

3844.DiamondFoundry?@ᱏWhatwecondoSourcingResponkiblyJOOMஹṺiamondcn⊤12.DiamondFoundryp|}“ᜧᳮ”liNoMiningrstNoCarbonFootprintrMuvNoCarbonFootprintrᚘxyzRealDiamonds{|}Rare~ᨵᜧ⚩EachUniqueJឋᦪ4ᩭ67DiamondFoundry.89ᑶẆ<ᡠDiamondFoundryஹLightbox|}ᜧi./ὅ|}ḄQxᓣ஺4MVEyeẆᦪ42020i./ὅ¡¢£|}ஹ¤¥|¦ஹ§¨|}Ḅ©ªᑖ¬h80%ஹ69%ஹ8%ᐸ¡¤¥LightboxஹDiamondFoundryḄ./ὅᓰ©ᑖ®Uo¯2018Ḅ7%ஹ16%ᓣ°2020Ḅ24%ஹ24%,±²ᓣ஺

3945.«DiamondFoundryçLightboxḄèéRÅ}yᓣᦪ4ᩭ67MVEye,89ᑶẆ<ᡠ3.2.3.UVËÌIoឋ²᪀ë᪶íîᜩᯠ¦<ᙠឋ²ஹ⁐ðñ☢᩽ᐹ஺Ḽ|}[Wx᡽´µᢈ·(¸|}%ᜩᯠ|}»¼Ḅz½¾¿À¸᡽ᜧÁ1ÂÃᡂÅ|Æᙊ|ஹVSஹG⁐Éhª2016-2021z½¾¿¯1075%᡽ᜧᑮ75%Ë°ÌÍ஺ΰ2021Q3,ᜩᯠ|}Å|z½Ïh6000ᐗ/ÂÃ|}Å|z½Ïh1800ᐗ/ÂÃ஺Á*Ò|}✌⛲hÕḄPandora"Brilliance”ÖᑡyzØ600ᐗ/ÂÃ஺46.1îᜩᯠ²³õö᡽ᜧs75%1-CaratPolishedDiamondJeweleryPriceComparison□Natural1□Lab-Grown1□LightboxLGD2□PandoraLGD3Laz.EOM至scEsnedoᦪ4ᩭ67PaulZimnisky,89ᑶẆ<ᡠ

40ᢈᡂ஺◀r⁐Ú|᜜HPHT|}Ü⁐%Ý⁐ÞhßàáCVD|}¡⋎⁐%ã⁐Þäåæçè᯿ᦋ⁐ஹÍëÍìᦋ⁐íî[Zã⁐ஹï⁐ஹð⁐ñ⁐Ḅò|஺ᯠG¡ð⁐ஹÝ⁐ஹï⁐óE᩽hõàḄ|}ñ⁐ò|Ḅñ⁐ö~ᨵஹñ⁐ö÷ஹ⛳%öÍzùúûöÍßᵨḄ>Pஹᑗýஹþÿ
Ḅ᪗ᙠ✌⌕ὃ⇋Ḅ஺ᩭ,Ḅ
!Ꭲ#$⁐&'ஹ)ᐹ+,-Ḅ.
/01ᑮ3ᣟ஺56789ᢈ;<=>.
Ḅ?@A⚪#CDE>᩽ᐹឋHḄ⌱JO1KLᜩᯠO
ḄPᙠ10-30QᐗSTUVḄO⁐89
#1KLḄPWXC2-4Qᐗ஺47.HPHT48.CVDI|ᦋ⁐l|ᦋ⁐ZIIᦋ⁐ZIIᦋ⁐lIᧇ\©]^_mᗐẆᨊ᱃r•esRggsuᙌ⁐wlOrange*yellow:laA+lbPink:Verylowlb;MultipletreatmentsYellow:lbColorlesstoncar-coiorlcss:Ha;HPHTprocessed`a#rQ…Yellow.laA+lborlbBluetoGreen:Ilaorlb;IrradiatedGray:Ila:HPHTprocessedbᥤ<de••Blue:lib»#.CBluetoGreen:Ilaorlb:Irradiatedfᗟh\ᳫjBrown-pinkiopink:Verylowlb;SilicondopingColorless:Ilaorlibᦟ⌚*ᡈ
•Green,lb+lib:y^Green:NickeldopedGrayishblue:Ila:SilicondopingPink:Verylowlb:Multipletrcaimcmsᦪ|ᩭ}~GIA,ᑶẆᡠᦪ|ᩭ}~GIA,K

41⊤13.!&ᜩᯠ!%&'()*ᐗ,1ct2ct3ct
20.0-40.0-ᜩᯠ9.0-12.050.0-140.0VT50Qu891.5-3.56.5-9.515.0-22.0
10.0-50.0uᜩᯠ150Q—VT100Q-892.0-4.05.5-10.58.0-13.5O
10.0-30.0uᜩᯠ100Q-VT100Qu892.0-4.04.5-167.0-40.0ᦪ|ᩭ}~DeBeersஹBrilliantEarth#ᑶẆᡠ3.3../012!3ᜐ56▤83.3.1.019:᳛3<=1%>?@A/ᑁ01!CDEᨵGHᓣ஺2015#TCaraxy¡ᙥ£¤¥✌¦¥§89
#¨D§
W^“ª”§ᩭḄᭆ஺2020ᩭ#᜜¯TDiamondFoundry°±ᑁTLightMarkᑖ´µ¶·¸¹º#89
µ»¼½±¾¿ὅÁÂ஺

42Ã├Åᦪ|ᩭÆ#±ᑁ89
·¸ºÇḄᓫº├Åᦈᐭᙠ20-40Qᐗ/ᨴ#⚜Î2021ÏÐÑÒ,Ó1Ôᐗ஺|DeBeersᦪ|#ᡃ±2020
£¤ÏÐÑÒÖ70Ô×ᐗ#89
ØÙ᳛,Ó1%,Ûᜐ0¥Ým#¾¿ὅÞßᨵáDᓣ஺3.3.2.?@JKLHᓣ/ᑁMNCD1.3?ᐗABCDEFGH஺ᨵ!#JKLMH▰ᑡPQLightMarkRᵨTUQVWXYQ▰ᑡZ[ஹ\Ḅ]^‧`XaVRVb⁚defὅhijk᩽mḄnᢈpq஺arstᔆᖪᐷxyzZNDஹ{(|ᨔzBhsa&RelucirᙳVnᢈஹ□ᐝஹtஹ⁐ஹhᝊḄᱯᔾhef஺JKLMᖪஹᕜᜧᑖ!LusantஹCAMA,ᓱᙠᐸH├⛲஺JKLMᖪB¡ᐸᐭ2£¤ᨵᑭ#¦ᓣefὅ¨©ªᐸF«ef◤ᨵ®¯°±Y஺

43ᦪ³ᩭµ¶VRAI,·¸¹ᑶẆ¼ᡠᦪ³ᩭµ¶LightMark,·¸¹ᑶẆ¼ᡠᱯ⁐¾¿¯“ÁÂÃᵫXÅÆÃᵫ”஺20215ᨴLightMarknᢈஹhஹtḄPÉÊ▮✌Ì▭efÎÏÐᙠÑÒ☢ÔGÕhefÖR,;ᡭ⌼Ú✌Ì"520ÁÂ⁚”⍸ÜÝÞßrapperᐳ\áâᑁäåæhḄefὅ஺ᦪ³ᩭµ¶LightMark,·¸¹ᑶẆ¼ᡠ3.4.£¤^èᨵ®é100?êᐗëḼíï¦ᓣ£¤^èᨵ®ᢝñ᡽ᜧ஺⚜W2025ᐰᳫ⛲£¤^èö100?êᐗ᪶øᎷᒹû¶>ýþtèᑁefÿ
80%>
⛲᧕4%,ᐰᳫ⛲᧕5%Ḅᑖᙠ
ஹஹᐸ#ᙢ%&'Ḅ()ᓰ35%ஹ80%ஹ20%

443.4.1.P/01!9:᳛f+2pct2021—2025,ᐰᳫ()-ᵫ13/
ᐗ131/
ᐗ,ᐸᩭ3Ḅᵫ4/
ᐗ111/
ᐗ஺⊤14.!01ghijkP/9:᳛+2pct)lPᐗ,20202021E2022E2023E2024E2025Eᐰᳫ()-᧕61317212631YOY—100%33%27%23%20%()⛲᧕193850637893YOY—100%33%27%23%20%⛲᧕6808408829269721021()@A᳛3%4%6%7%8%9%
()⛲᧕153040516274YOY—100%33%27%23%20%⛲᧕350420437454472491()@A᳛4%7%9%11%13%15%CᔆᖪḄFG
()-◤I51013172125--ᓰK1.83.54.75.97.28.7()-◤I0.20.20.30.50.81.1--ᓰK0.10.20.30.40.61.0ᐸ#ᙢ%()-◤I123445--ᓰK0.20.50.60.70.91.0ᔠM2.14.15.57.18.810.7ᦪ6ᩭ78BainஹDeBeers,9:;ᑶẆ>ᡠ3.4.2.P/01!9:᳛f+3pct2021—2025,ᐰᳫ()-ᵫ13/
ᐗ139/
ᐗ,ᐸᩭ3Ḅᵫ4/
ᐗ113/
ᐗ஺

45⊤15.!01ghijkP/9:᳛+3pct)lPᐗ,20202021E2022E2023E2024E2025Eᐰᳫ()-᧕61318253239YOY—100%48%35%28%23%()⛲᧕1938557595118YOY—100%48%35%28%23%⛲᧕6808408829269721021()@A᳛3%4%6%8%10%12%
()⛲᧕153044607694YOY—100%48%35%28%23%⛲᧕350420437454472491()@A᳛4%7%10%13%16%19%CᔆᖪḄFG
()-◤I51015202531--ᓰK1.83.55.27.08.911.0()-◤I0.20.20.30.50.81.1--ᓰK0.10.20.30.40.61.0ᐸ#ᙢ%()-◤I123467--ᓰK0.20.50.70.91.11.3ᔠM2.14.16.18.310.713.3ᦪ6ᩭ78BainஹDeBeers,9:;ᑶẆ>ᡠ4.᪶OPQ4.1.ᡃ/mnopqeᖪ&sᜓuvᖪRST()UVWXY,ᡃ[\ᖪV]ᨵ_`a஺ᐸ,ᐷcdஹefghஹijkᨵlmn☢⚔qr,stuvᜧxy()jᢈ{஺r|}~ᡠn☢⚔qr,s3CVD஺

46⊤16.!opqe᪶xyz⚗|.ᐷ~A\!()ᵨqrᦪ1200-15001200-15003003xy[jjjᜧxyᢈ{⚞ᐜ,ᜧxyᢈ{`WᓰKᢇjᓄ20-aẚ,tᢇjW,2020Wᢈ{30xy(),ᓄ2-10xy()jtuv20-50xᜧ⚩W()ᓰᐰᳫḄ50%y()ᔠᡂᢈ{()Vᵪ©
ª«ᑁ᜜ஹPQஹᜩ¥ឤἝஹᡠr|⌕qr®¯ᖪ□¢£ஹᜩ¥ឤ°±ᙛ³yஹ᪺᪍Iஹᐸ#Ἕ᪺¶⌕·ᡝfᓭᨔ»V¼½ᒹ├Àᒹ├Àᒹ├⃩Vᦈᐭ/,202176.8326.125.10()Ä//8-96-72-3()ᦈᐭᓰK11%25%49%ᦈᐭÆÇ2021H1:ÈÉᩞ2020ÈÉᩞᧇÌ2021H1()ᧇ47%ஹᱯÏᜓᑴ48%ஹÒÓÔ41%ஹÒÕÖÔ⃩ᦈ᪀ᡂ40%ஹ×Øᑴ⌼Ú17%ஹÛrÜ30%ஹᜧᓫᨔÒÕ13%2%ஹᐸ#33%29%ᦪ6ᩭ78WindஹVÞẆஹPQßà,9:;ᑶẆ>ᡠá8⃩VᦈᐭWindâã⚜åᦪ6,()ÄæMᦪ6

474.2.i\!yzk⌼!e?Ẇஹqe├Ḅᢈ⌕e?ᒹ!ᓫᨔஹ!!஺PQVèé,ᜧ⃩Vᐹᜓëìíឋ஺PQï`aðᓣ,ò12021ó,⚜MPQn☢⚔qrᦪjõ600,l2020Úö255,÷ᢝᨴᙳö20-30Ḅûü஺PQýᢗ⚗“ᓄᔆ⚗”ᢗ5.16ᐗᑜ☢⚔320஺⌕ᵨ"#$%ᑭ᳛()Ḅ+,-.$/0ᑭ12ᨵ45678ᓣ஺ᔠᡂsᜓᐜyzqeᦔ᳛¢£¤℉஺¦§2020:;<=ᢗ$800>700?@Ḅ☢⚔ᓰBC91.30%o᪷EFGHᐹJKLMNᩞᧇᑖLRGᑁTJᔠᡂᜓ=XᦪZ?@ᑖ[\]^_`2020:;,b⌼de.TJ⌕fJᵨ"#$)/gᓫᨔḄ☢⚔F650Zjk?@ᓰBlC81.25%஺ᜓឋTJ⚞ᐜpqrstẚᜧwxᢈz஺_`2021:;<{ᢇ}ᓄ#$2-10wxᜧ⚩)/g+,-.ᜐ"ᢈzẆ▤Ḅᜧ⚩+,-.ᑮ25wx஺52.yz¨©ᦪ\)«,53.yzᜧῚ¨©ᓰ(■2h■¡¢ᙳᦪEᩭᑶẆᡠᦪEᩭᑶẆᡠ¯°☢¢²ᑭ´µ¶·¸஺2021:⚜ᑭl2.38ᐗB271%஺"ᢗ⚗⌲7ᢗ$Zk◤¢£ᰦ+,-.$/}¥¦ᓣ├¨ᦈᐭᜧ«¬ᓣ0ᑭ12®¯℉¬)஺

48¹54.A\!⃩ᦈ᪀ᡂ½*ᐗ,55.A\!oᑭ᪀ᡂ)½*ᐗ,300-140%250/-120%10080IIII-6040-501fnI20IIIEI0℉20172018201920202021H1012h¥h¬§012h¥h¦§¥hᓫᐸª«¥hᓫᐸª«t
J,=8t
J,=8ᦪEᩭWind,ᑶẆᡠᦪEᩭWind,ᑶẆᡠ56.A\!¾¿Àᑭ´57.yzÁᑭÂÃÄᢝÆ30-5%000%%12505%0%200%™¯°ᑭ±
CDᐗ8YOY
%,=8100%150%ᦪEᩭWind,ᑶẆᡠᦪEᩭWind,ᑶẆᡠ4.3..ᐷ~ÇÈᩞᧇËᜮ!ᢈ⚞ᐜ஺⌕J²ᒹ´ᱯ¶=ᜓJ²·ᙽஹMNᩞᧇJ²·ᙽஹºᵨ»Z¼»½¾¿J²·ᙽÀᜧJ²·ᙽ஺ᐰÂFᓭ-.ÄGᑁMNᩞᧇ⚞ÅÆᜮfJÈÉ+,-.'de.ᜧᓫᨔஹËÌÍᓄÎÏMNᩞᧇ#$MNᩞᧇ$├}ÐÑÒ:ÓÔÕÖ6×Øᓰᨵ᳛ÙÚÛᢝᐰGÖ6஺Ý<Þß“20-50wx+,de.ᓫᨔ”ᔠᡂᢈzᢇ}ᓄ#$20-30wx+,-.Þßàᔖâg)ã)äCVDᨔ¶ᑴᜓᢈz஺#$Ḅ+,-.ᐰ¾CDஹE⁐Ïgç)஺E^ÝᙠéTF☢⚔l4000ê⌲7ëᵨ850/900ÏᜧῚíᣚ650஺2021:12ᨴjᩭÒðñ᪗900?☢⚔

49F᪶ôᜓõö᫡ஹøùஹúûÏü=ýᵨ"#$(ᜧwxᦪḄ+,-.>Jᓫᨔ஺☢⚔ᓫ¥)850ᜓl200þᐗ/
⌕஺2021
ᙠ52ᐗ
!"#$%&ᓣ஺¹58.yzÎ᪗900Ш©ÑÒ᫡¹59.yzᙠÕÖᐙØ)lᐗ,60'554452(ᓭẓ+ᨵ▲6x70MN./90001⌼34᫡678᪗:;<=ᜓ/?@L/50ABᑣᔣE2021112617:4910.FGHᦪ.26224030208᪗:LM:N᪗᎛⌱QRST10iiilllUVWXYMᴆ[ḄWRlSIt〈.ᖪ/_⊇®0201620172018201920202021Q3MN./900abcde᪗fg(h5+ᨵ▲.ijᔾlmnogpᨵq100.0%.rs[tᐹ⚶8᪗ᩩx,■²ᦪzᩭ|Eᐷ~86
ᑶẆᡠᦪzᩭ|EWind,ᑶẆᡠ⃩ᦈÙÚ·¸ÁᑭÛ¤ᦋᗐ஺2021
⚜ᑭ4.70ᐗ
n71%ᩞᧇ᦮ᑭᜧ&ᓣᱯ¡¢ᜓᑭ£o¤
2021¥¦ᑭ᳛¨ᑭ᳛ᑖªឮ¤25%ஹ13%,2020ᑖª&ᓣ7pctஹ9pcto¹60..ᐷ~⃩ᦈ᪀ᡂ)lᐗ,¹61..ᐷ~oᑭ᪀ᡂ)lᐗ,7030%25%20%15%10%5%0%³Ἄ³µ1᪵8·¸ᩞᧇᱯ¼½ᜓ■·¸ᩞᧇ■ᱯ¼½ᜓᦋ½ÀÁÀÁÂÃÄᦋ½ÀÁÀÁÂÃÄYOY
%<=8YOY
%<=8ᦪzᩭ|EWind,ᑶẆᡠᦪzᩭ|EWind,ᑶẆᡠ

5062..ᐷ~¾¿Àᑭ´63.yzÁᑭÂÃÞᓣ500470200%400347150%255275<100%30020050%100ilill0%0-50%20172018201920202021Eᑭ®¯°ᐗ±YOY®%
³±ᦪzᩭ|EWind,ᑶẆᡠ4.4.yz/ᑁÇÈᩞᧇ⚞ß⚞´
µ$Ḅᩞᧇ¶⌕$·gᔜ¹º»Ḅ¼+®᝞¾¿¼+ஹÀÁÂ+±ஹÃÄஹ¤ᔠᩞᧇ®¤ᔠᱏ±ஹᑐᐹஹ¼+ÈÉÊ஺2018Ëẚ3-6ÍÎÀÁÂ+¦ÏᢈÑ"
ᙠÒᑁÀÁÂ+⚞Õᓰz×ᜧḄØ஺2020ÀÁÂ+ÙᓰᐰᳫÀÁÂ├TUÝḄ20%Þ³
ᐸ(à·áᓰ50%âã஺ᙢáâãᜧAäᢝᔠå⚗|yz·æ¨©eç஺ᙠ_ä
på$%᡽çè▲
NéêëìíîᔠïḄðñò஺20216ᨴ
ôõìöᓭḕø|UஹùúUᡂüᔠøýÂ+ஹùÂþᢈ
ÿᢗᙳ3ᐗ,ᑖ150850☢⚔஺

51¹64.yzèéê0ᔠåé!¹65.yzèëì0ᔠåëíᢈ100%Q"ᓭ$sawᨵ▲!"ᓭ."/'ᡝ•&ᐰᢗ2345678%&!01!=>ᨵ?!ᓄ:ᨵ▲!Y65%35%I40%y20%"ᓭ'()ᩞᧇ,ᢈᨵ▲!"ᓭ@(,ᢈᨵ▲AB!ᦪDᩭFWind,$GHᑶẆKᡠᦪDᩭFWind,$GHᑶẆKᡠᔊïðñòóôõö÷⌲6ùú஺2020M!⃩ᦈ24.51ᐗPᐸ4RSᩞᧇTᐵ7Vᦈᐭ13.38ᐗPᓰY55%஺Zᦈ[%\]ᓈ_`abP!◤deᜧghiᜫklmn$VoᵨPqr7stuv஺2021MP!⚜dxyz{|ᑭ~0.41ᐗPYᜧ஺¹66.⃩ᦈ᪀ᡂ)lᐗ,¹67.oᑭ᪀ᡂ
lᐗ,3530%1220%30-10%20%0%10%-10%||0%-20%-10%-30%-20%-40%2016201720182019202020162017201820192020·¸ᩞᧇÅɧÊ■·¸ᩞᧇÅɧÊmÆÇ!ᓄÅᐸªÆÇ!ᓄÅᐸªYOY
%<=8YOY
%<=8ᦪDᩭFWind,$GHᑶẆKᡠᦪDᩭFWind,$GHᑶẆKᡠ

5268.¾¿Àᑭ´69.yzÀᑭ᳛ÞûᦪDᩭFWind,$GHᑶẆKᡠ4.5./©üýyz⌕õþÿ
ஹᧇᐹᐵ⚞ḄẆᑴ⌼ஹᢈஹ᧕஺ᐰ!ᡠᡃᧇᐹ7ḄᔠឋẆK᪀P4RSᩞᧇ7Ḅὅ஺HPHTCVDᜮ!"#$%&'()*஺1965MPᡠẆᡃ☢⚔ᜓPᵨ7)6஺¡¢2021M£P!☢⚔6¤¥200-300/MP§ᑭ᳛ᜧ¥10%©%Pª«¬()®ᔆᖪ஺ᵫ!☢⚔²⌼´P800ᓫᜓ¶·¥100¸ᐗ஺¹,!2018Mºx»“n½᳛MPCVD´ᜧᓫᨔ)⚗À”P[Â᜜ᐜÂMPCVDᜓPẆCVDᢈÅ6ÆÇ()PÀ᪗xyM630¸ᱏᜧᓫᨔ)஺!ÊËxyᑴCVDᜓP6ḄÆÇ()6ÍÎ◤ᦋ⁐PÍÑÒÓÔ஺|⊤17.-./01234HPHT´ÙCVD´ÚᩩᢈÅÜÝjHPHTCVD6¤200-300/M*506ÍÞÝ650/700/800/1000mmMPCVDßà6Pᐰá᜜├᜜[/ᑴᜓPãᵨᔠᡂᢈÅåæçæç()6¤—À᪗30¸ᱏ/MᦪDᩭF!Õஹ!×ØஹÆÇ()ØP$GHᑶẆKᡠ

53
678ᩞᧇᑴ:;<=ᑭ?Ḅ@⌕ᩭC஺2021MP!⚜dxyz{|ᑭ~¥1.40ᐗPY2125%,Zé᪶ë7VìíÒîïPðl7V©ñRSᩞᧇᑴÍ7Vᙳᨵòó2Pôõ!᦮÷7s%ᓣ஺!ùᑭ¤¬⌲ûüᓣP2021Mýþÿᑭ᳛7%,2020ᓣ4pct஺᧕ᦈᐭ᧕ᦈᐭ■ᩞᧇᐸMᩞᧇᐸYOY%,஺,-ᦪᩭ"#Wind,$%&ᑶẆ)ᡠᦪᩭ"#Wind,$%&ᑶẆ)ᡠ72.-./0DEFᑭ?73.<=Gᑭ᳛&Fᑭ᳛M¯°ᑭ±
CDᐗ8YOY
%<=8ᦪᩭ"#Wind,$%&ᑶẆ)ᡠᦪᩭ"#Wind,$%&ᑶẆ)ᡠ5.ᢗ/0123◅55.1.ᢗLMN67ᐰᳫ:;<=>?C@AB᳛C4%,DឋFGHIJKLM◤OPQRS஺TUᔆᖪXYZᐰᳫ40%+Ḅ:;<=\]^_℉abcLM◤Ode஺ᡃU:;<=ghiDjDklmanMoᜓᖪhq▲ᑴt᡽hᨵ▲,

5401ᐵy>ᓰ᳛D{|nMoᜓᖪᔠ~ḄB<=ஹTᐷஹ3,2HPHT/CVDᩩᢈḄU஺><=#hqPQᓣ20216ᨴ☢⚔kᦪ483,2020R138ᢝᨴᙳ£R¤23¥ᢗ⚗6⚜¨^£R¤320©m⃩C:;<=ஹ«¬=ᓫᨔஹ«¬=¯°±²³ᐸ´µ஺>Tᐷ#Uᑁ☢⚔k¤·ᜮ¹ᨵº4000k,|»□½¾ஹᜩÀឤἝÃᜮÄoᜓᖪSÅᔠ~h12ÆÇÈDjDklÀ=É:;«¬=ghÊ⚗60oËᡂhqPQÍΩᢈHI¾_ÏᢇᓄÒÓgh20ÇÈiᑁḄ:;«¬=hÔ©Õ«ÖᐙØÙÚ2021±ÛÜᙠÞÕ«ß52àᐗâãähqᓣ஺>3#hqHIåæçk3000,èéᑁÄᵪTëìÏXY☢⚔k©ᙢîïðñᢝ|òó>ஹô">ᑖö0÷ᔠ/øÅ⚗6ᑖö£R150k஺>U#HPHTloᜓXYᖪhq200-300,|<=Ãghᖪᔠ~©ù᩽CVDl¥ᢗMPCVDlᜧᓫᨔ«¬=ghÊ⚜¨h30Æᱏ஺⊤18.@⌕<=Oᑭ⚜QRS
TU2022V2ᨴ14XY>ÿEPSᐗPEýṹ
ᐗᐗ/20202021202220232020202120222023301071.SZ144238.001.613.847.3711.12147.8362.0132.2921.41000519.SZᐷ25218.080.200.490.771.0091.6836.7123.4718.17600172.SH1188.19-0.700.040.290.45-11.63199.2727.9318.23002046.SZ6211.850.120.340.530.7099.7534.8322.3516.83ᦪᩭWind,ᑶẆ!ᡠ5.2.Z◅\]#$◤&'(⚜*+,-./⌱1234567#89:;<=3>?@◤&ឮB'(⚜*/C67+,12஺ECᢗG'(⚜*HI$JᜓᔆᖪEC▲ᑴ3P:+,ECᨵ▲/CRS

55UV#$◤&3WJᜓᓫYZ[\3]ᑖ_E`abcd[efgECᢗG᠒஺iajklᒓEanI$(#$opqᑭ᳛[\3ᔾuᐸwjkὅyᐭ/Cfgjk{|}e3y~67ᑭ஺