It was a mildly successful attempt by the German standards authority to lay minimum requirements on what could be called "high fidelity". The usefulness got quickly limited because of the rapid advances of technology in those days, and as the "hi-fi" badge got slapped on just about anything anyway.
The actual standard apparently still isn't freely available, but you might be well entertained reading what the Gramophone magazine had to say about it in the January, 1970 issue. The discussion continues in the following issues as well - better use the search box, as the complete issues are rather tedious to leaf through on the web interface.