在市场风格切换的当下，高股息+低估值潜力股票更具备防守能力。 据新华社9月4日消息，国务院办公厅印发《关于释放体育消费潜力进一步推进体育产业高质量发展的意 见》(以下简称《意见》)，提出到2030年，培育一批具有世界影响力的体育企业和体育赛事，体育产业 发展水平大幅跃升，总规模超过7万亿元，在构建新发展格局中发挥重要作用。 《意见》提出6项20条重点举措。一是扩大体育产品供给，丰富体育赛事活动，优化赛事服务管理，发 展户外运动产业，培育壮大冰雪经济，推动体育用品升级。二是激发体育消费需求，拓展体育消费场 景，举办体育消费活动，实施消费惠民举措，扩大体育消费群体。三是壮大体育经营主体，做大做强体 育企业，搭建优质对接平台，深化体育产业交流合作。四是培育体育产业增长点，深化行业融合发展， 促进区域协调发展，推动体育数字化发展。五是强化产业要素支撑，加强人才队伍建设，加大金融支持 力度，丰富体育场地供给。六是提升服务保障水平，营造良好市场环境，做好体育产业统计监测工作。 体育消费成为扩内需的重要抓手。早前，国常会指出，发展体育产业和体育消费是落实扩大内需战略的 重要内容，要激发体育消费需求，拓展体育消费场景，鼓励各 ...

今日（9.4）早盘，沪指跌超1%，科创50跌超5%。市场震荡环境下，业绩相对稳健、估值性价比更高的品种或受到资金关注。以兼具消费和医药属性的中药 板块为例，中药ETF（560080）小幅回调0.54%，成交额已超4400万元，场内溢价坚挺，反映资金或逢跌布局！资金面上，尽管中药ETF（560080）此前已 连跌2日，但却连续3日获净流入超3000万元，资金逢跌布局意图明显！ 【中药ETF（560080）年初以来行情走势&成交额变化】 板块估值方面，中药板块动态市盈率居2021年以来低位。截至2025年9月3日，中证中药指数市盈率TTM为25.75x，仍在2021年以来低位。 中药ETF（560080）标的指数热门成分股多数飘绿，云南白药、华润三九跌超1%，片仔癀、同仁堂、东阿阿胶微跌。 费用端保持平稳，现金流有所改善。2025H1中药板块期间费用率中位数为44.5%，较2024年同期上升1.5pp；销售费用率中位数为31.6%，较24年同期下降 0.1pp，费用端基本稳定。截止2025H1中药板块应收账款+应收票据/总收入、存货/总资产分别为48.8%、12.3%，应收账款占总营收比重较2024年同期有所提 ...

业绩短期承压，静待需求回暖 ——中药板块 2025H1 总结 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 分析师：孙宇瑶 执业证书编号：S0740522060002 Email：sunyy03@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 69 | | 行业总市值(亿元) | 9,665.10 | | 行业流通市值(亿元) | 9,399.20 | 静待行业拐点》2024-11-19 中药Ⅱ 证券研究报告/行业专题报告 2025 年 09 月 02 日 | 增持（维持） 评级： | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | （元） | 2023A | 2024A | 2025E | 2026E | 202 ...

中药：25H1总体表现为收入、扣非归母净利润均承压。上半年流感发病率整体同比更低，部分抗病毒/ 呼吸/消化类中成药相关公司，短期业绩表现受去库存或消化基数影响较大。药品零售环境相对疲软， 药店行业进入整合期，院外OTC产品销售有所波动。全国中成药集采及首批扩围接续中选结果实际执行 进展较慢，中选产品院内放量有限。展望下半年，院外库存持续消化，基数压力相对较小，中成药集采 多地已公布执行时间，中选产品院内有望逐步进入放量期，整体业绩有望呈现环比改善。 药店：25H1总体表现为收入同比略承压、利润同比有所回暖。收入承压，一方面是因为同店增长偏 弱，内生贡献有限;另一方面是扩张节奏放缓，而24年下半年以来又关闭了较多门店。利润表现好于收 入，主要是降本增效成果逐步体现。部分公司通过降租、提高人效等手段，职工薪酬+房租两项费用占 收入比例得到优化。品类结构上，中西成药仍展现刚需属性，总体波动不大，非药品有所下滑，但政策 端对非药销售有望逐步放开，部分公司已积极尝试非药品类拓展，未来销售具备向好潜力。政策端，积 极推行药品追溯码，医保资质授予趋严，行业环境向更合规发展，不合规门店有望被淘汰，行业处于出 清阶段，龙头公司 ...

半年利润分配8.17亿元，股息率远超定存，这家老字号药企用真金白银诠释股东回报的真正含义。 2025年8月27日，东阿阿胶（000423）发布两则公告：一是公司董事长程杰升任华润医药集团执行董 事、总裁，但仍担任东阿阿胶党委书记、董事长；另一个是其上半年权益分派实施公告。公告发布后， 被许多投资者幽默的解读为，这是程杰在升职之际给投资者发放的一个"大红包"。 01 历年分红总额约为融资额的20倍 东阿阿胶于1996年在深交所正式上市，自上市以来其一直保持着极为慷慨的分红传统。 据统计，1996年以来，东阿阿胶已累计分红92.87亿元。 如果算上即将到账的2025中期分红，这一数字将更新为101.04亿元。 即9月3日后，东阿阿胶累计分红将超百亿。 而值得注意的是，东阿阿胶自上市以来仅进行过3次融资，合计从资本市场募资仅为5.05亿元。 分红总额101.04亿元是募资额5.05亿元的20倍之多，分红融资比稳居市场前列。 从股利支付比例看，2024年6月，东阿阿胶发布《2023年度权益分派实施公告》，向全体股东每10股派 发现金17.80元（含税），现金分红总额为11.46亿元，占其当期利润的99.60%。随后， ...

证券之星消息，8月29日中药板块较上一交易日上涨0.32%，达仁堂领涨。当日上证指数报收于3857.93， 上涨0.37%。深证成指报收于12696.15，上涨0.99%。中药板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600329 | 达仁堂 | 7723.78万 | 10.09% | -1778.15万 | -2.32% | -5945.63万 | -7.77% | | 000538 | 云南白药 | 5591.24万 | 5.32% | -4759.70万 | -4.53% | -831.54万 | -0.79% | | 300158 振东制药 | | 4860.78万 | 6.33% | 3056.24万 | 3.98% | -7917.02万 | -10.31% | | 000623 | 吉林敖东 | 3089.72万 | 6.24% | -846.23万 | -1.71% | - ...

Core Viewpoint - Dong'e Ejiao has implemented the "1238" strategy focusing on "growth and breakthrough" for 2025, aiming to enhance quality and achieve dual improvements in returns [1] Group 1: Financial Performance - In the first half of 2025, Dong'e Ejiao reported a revenue of 3.051 billion yuan, a year-on-year increase of 11.02%, and a net profit of 818 million yuan, up 10.74% [3] - The company has achieved double-digit growth in revenue, net profit, and net profit excluding non-recurring gains for two and a half consecutive years [4] - By the end of June 2025, the company's asset-liability ratio was 19.17%, indicating a low debt burden and strong financial health [4][5] Group 2: Innovation and Brand Development - Dong'e Ejiao is transitioning to a dual-driven model of "pharmaceuticals + health consumer products," focusing on building a comprehensive industry chain [6] - The revenue from Ejiao and related products reached 2.845 billion yuan in the first half of 2025, reflecting an 11.50% increase [6] - Research and development expenses grew by 23.29% to 79.92 million yuan, significantly outpacing revenue and profit growth [7] Group 3: Corporate Governance and Shareholder Returns - Dong'e Ejiao received multiple awards for its corporate governance practices, including recognition for its performance explanation meetings and market value management [9][11] - The company announced a cash dividend of 12.700919 yuan per 10 shares, totaling approximately 817 million yuan, which represents 99.94% of its net profit for the first half of 2025 [12] - Cumulatively, the company has distributed over 9.287 billion yuan in dividends since 1999, with the latest announcement pushing total dividends to exceed 10 billion yuan [12]

Core Viewpoint - Dong'e Ejiao, a leading brand in the health supplement industry, reported a disappointing second quarter with only 2.9% revenue growth, indicating stagnation. However, the stock price rose by 2% post-announcement, buoyed by a strong bull market effect. The company distributed nearly all of its net profit of 800 million yuan as dividends, which pleased small investors. The management seems to struggle in finding suitable growth opportunities, increasing the risk of external investment failures [1][3]. Financial Performance - Revenue for the reporting period reached 3.05 billion yuan, an increase of 11.02% compared to the previous year [2] - Net profit attributable to shareholders was 817.72 million yuan, up 10.74% year-on-year [2] - Net profit after deducting non-recurring gains was 787.56 million yuan, reflecting a 12.58% increase [2] - Operating cash flow was 965.44 million yuan, a 4.70% rise from the previous year [2] - Basic and diluted earnings per share were both 1.2698 yuan, a 10.52% increase [2] - Total assets decreased by 2.33% to 12.78 billion yuan compared to the end of the previous year [2] - Net assets attributable to shareholders remained stable at 10.31 billion yuan [2] Strategic Direction - Dong'e Ejiao is focusing on the male health supplement market, acquiring 70% of Ma Ji Pharmaceutical for 30 million yuan and 80% of Congrong Group for 60 million yuan, indicating a shift in strategy [3] - The company aims to expand its market presence among middle-aged men, moving away from its traditional focus on female consumers [3][11] - The management's past success in targeting female consumers is being challenged as they attempt to appeal to a new demographic [3][19] Market Challenges - The growth of the male health supplement segment is currently limited, with a reported growth rate of only 7% for "other medicines and health products," which is lower than the 11.5% growth of traditional products [12] - The company faces competition from cheaper alternatives and must navigate the perception of traditional Chinese medicine in a modern context [17][19] - Dong'e Ejiao's R&D expenditure is only 2.6%, significantly lower than other leading pharmaceutical companies, which may hinder innovation [15] Cultural and Consumer Trends - The company is experiencing a cultural shift as younger consumers prioritize emotional value in their purchases, which may affect Dong'e Ejiao's traditional market positioning [19][22] - The brand's historical association with cultural symbols is being tested as it seeks to redefine its value proposition in a health-conscious market [19][20]

Investment Rating - The investment rating for Dong'e Ejiao is maintained as "Buy" [6][7]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 3.051 billion RMB (up 11.02% year-on-year) and net profit attributable to shareholders of 818 million RMB (up 10.74% year-on-year) [6]. - The company is expected to achieve sustainable high-quality growth throughout the year, supported by strong brand power and marketing systems [6]. - The gross profit margin remains stable, and profit growth is anticipated to outpace revenue growth due to cost reduction and efficiency improvements [6]. - A mid-term dividend plan has been implemented, with a cash dividend of 12.69 RMB per 10 shares, totaling approximately 817 million RMB, which represents 99.94% of the net profit for the first half of 2025 [6]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.896 billion RMB, 2.273 billion RMB, and 2.718 billion RMB, respectively, with corresponding EPS of 2.94 RMB, 3.53 RMB, and 4.22 RMB [6][7]. Financial Summary - Revenue projections for 2024, 2025E, 2026E, and 2027E are 5.921 billion RMB, 6.820 billion RMB, 7.808 billion RMB, and 8.899 billion RMB, reflecting growth rates of 25.57%, 15.20%, 14.48%, and 13.97% respectively [4]. - Net profit attributable to shareholders is projected to grow from 1.557 billion RMB in 2024 to 2.718 billion RMB in 2027, with growth rates of 35.29%, 21.75%, 19.87%, and 19.60% [4][6]. - The company’s comprehensive gross profit margin for the first half of 2025 was 73.13%, with a slight year-on-year decline of 0.41 percentage points [6].

Core Viewpoint - Dong'e Ejiao has achieved significant growth in revenue and profit in the first half of 2025, demonstrating strong resilience and a solid foundation in the market, while implementing its "1238" strategy focused on quality and innovation [1][3][4]. Financial Performance - In the first half of 2025, Dong'e Ejiao reported revenue of 3.051 billion yuan, a year-on-year increase of 11.02%, and a net profit of 818 million yuan, up 10.74% [3]. - The company has maintained double-digit growth in revenue, net profit, and net profit excluding non-recurring items for two and a half consecutive years [3][4]. - Revenue for 2023 and 2024 was 4.715 billion yuan and 5.921 billion yuan, with year-on-year growth rates of 16.66% and 25.57%, respectively [3]. Innovation and Brand Development - Dong'e Ejiao is focusing on a dual-driven model of "pharmaceuticals + health consumer products," aiming to become a trusted leader in health supplements [6]. - The company has expanded its health consumer product line, achieving revenue of 2.845 billion yuan from its main products in the first half of 2025, reflecting an 11.50% increase [6]. - Research and development expenses reached 79.92 million yuan, growing by 23.29%, indicating a strong commitment to innovation [6]. Financial Health - As of June 30, 2025, Dong'e Ejiao's debt-to-asset ratio was 19.17%, indicating a low financial risk [5]. - The company had cash reserves of 6.629 billion yuan, providing a solid foundation for strategic initiatives and business expansion [5]. Shareholder Returns - Dong'e Ejiao announced a cash dividend of 12.69 yuan per 10 shares, totaling approximately 817 million yuan, which represents 99.94% of its net profit for the first half of 2025 [12]. - Since its first dividend in 1999, the company has distributed a total of 9.287 billion yuan, and with the latest plan, total dividends will exceed 10 billion yuan [12]. Governance and Market Recognition - The company received awards for its effective governance practices and market management, highlighting its commitment to compliance and investor relations [10][11]. - Dong'e Ejiao has established a regular performance briefing model to enhance communication with investors, fostering trust and understanding [11].