证券代码：000423 证券简称：东阿阿胶 公告编号：2025-10 东阿阿胶股份有限公司 关于召开 2024 年年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1．会议时间：2025 年 3 月 18 日（星期二）15:30-17:30 2．召开方式：现场交流，会前 14:30-15:10 将开展互动体验等活动。 3．会议地点：杭州康莱德酒店会议室（杭州市上城区新业路 228 号） 4．问题征集：投资者可于 2025 年 3 月 17 日（星期一）12:00 前访问网址 https://eseb.cn/1mmRsXH9FfO 或使用微信扫描下方程序码，办理预约报名等手 续。在预约报名时可进行会前提问，公司将通过本次业绩说明会，在信息披露允 许范围内就投资者普遍关注的问题进行回答。 东阿阿胶股份有限公司（以下简称"公司"）将于 2025 年 3 月 18 日，披露 《2024 年年度报告》。为便于广大投资者更加全面深入了解公司经营业绩及发展 战略等情况，拟定于 2025 年 3 月 18 日下午，举办 2024 年年度业绩 ...

东阿阿胶股份有限公司 市值管理制度 （2025 年 2 月 25 日 经公司第十一届董事会第六次会议审议通过） 第一章 总则 第一条 为切实推动东阿阿胶股份有限公司（以下简称"公司"或"东 阿阿胶"）资本市场投资价值提升，进一步加强与规范公司市值管理行为， 维护公司、投资者及其他利益相关者的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《关于加强监管防范风险推动资本市场高 质量发展的若干意见》《关于改进和加强中央企业控股上市公司市值管理工 作的若干意见》《上市公司信息披露管理办法》《上市公司监管指引第 10 号——市值管理》《深圳证券交易所股票上市规则》《东阿阿胶股份有限公 司章程》（以下简称"《公司章程》"）等有关规定，制定本制度。 第二条 本制度所称市值管理，是指公司以提高上市公司质量为基础， 为提升公司投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理的基本原则 （一）严守依法合规底线。强化合规管理，完善公司内控体系，坚持规 范运作，在严格遵守相关法律法规、规范性文件、自律监管规则以及《公司 章程》等规定的前提下，开展市值管理工作。 （二）坚持系统整体推进。敏锐识别分析外部 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-09 东阿阿胶股份有限公司 本次增补董事完成后，公司董事会中兼任高级管理人员的董事人数，总计未 超过公司董事总数的二分之一。 特此公告。 东阿阿胶股份有限公司 董 事 会 二〇二五年二月二十五日 附：董事候选人简历 关于增补董事的公告 于晓辉：女，1978 年 2 月出生，持有中国科学院动物研究所博士学位。曾任 国药集团工业发展与科研管理部主任助理、华润医药控股有限公司研发管理部总 监。现任华润医药集团有限公司研发管理部副总经理（主持工作）、中国医药研 究开发中心有限公司副总经理（主持工作）。 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 东阿阿胶股份有限公司（以下简称"公司"）第十一届董事会第六次会议， 于 2025 年 2 月 25 日审议通过了《关于增补董事的议案》。 依照《公司法》《公司章程》等相关规定，经董事会提名委员会审核，公司 董事会同意控股股东提名于晓辉女士为公司第十一届董事会非独立董事候选人 （简历附后），任期自股东大会审议通过之日起至第十一届董事会任期届满之日 止。该事项需提 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-07 东阿阿胶股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 东阿阿胶股份有限公司（以下简称"公司"）董事会近日收到申劲锋先生提 交的书面辞职报告，由于工作变动原因，申劲锋先生申请辞去公司第十一届董事 会董事职务。 根据《公司法》《公司章程》等相关法律法规规定，申劲锋先生的辞职不会 导致公司董事会成员低于法定最低人数，不会影响公司董事会的正常运作，辞职 报告自送达董事会之日起生效。辞职后，申劲锋先生不再担任公司及公司控股子 公司任何职务，将继续在华润医药集团有限公司任职。 东阿阿胶股份有限公司 董 事 会 二〇二五年二月二十五日 截至本公告日，申劲锋先生未持有公司股份。 公司将根据相关法律法规规定，完成董事补选等工作。 公司董事会对申劲锋先生在任职期间为公司发展做出的贡献表示衷心感谢！ 特此公告。 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-08 东阿阿胶股份有限公司 第十一届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1．东阿阿胶股份有限公司（以下简称"公司"）第十一届董事会第六次会 议，于 2025 年 2 月 21 日以邮件方式发出会议通知。 2．本次董事会会议，于 2025 年 2 月 25 日以通讯表决方式召开。 3．会议应出席会议董事 8 人，实际出席会议董事 8 人。 4．本次董事会会议的召开，符合有关法律、行政法规、部门规章、规范性 文件和公司章程等规定。 二、董事会会议审议情况 本次会议审议并通过了以下议案： 1．《关于增补董事的议案》 本议案提交董事会前，已经公司第十一届董事会提名委员会审议通过。 表决结果：8 票同意，0 票反对，0 票弃权。 2．《关于制定<市值管理制度>的议案》 本事项具体内容，详见公司同日披露于巨潮资讯网的《关于增补董事的公告》 （公告编号：2025-09）。 本事项具体内容，详见公司同日披露于巨潮资讯网的《东阿阿胶股份有限公 司市值管理 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-06 东阿阿胶股份有限公司 关于控股股东之一致行动人增持公司股份计划的 进展公告 股东华润医药投资有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息 一致。 特别提示： 1．东阿阿胶股份有限公司（以下简称"公司"或"东阿阿胶"）于 2024 年 12 月 19 日在巨潮资讯网上披露了《关于控股股东之一致行动人增持公司股份达 到 1%暨后续增持计划的公告》（2024-66），华润医药投资有限公司（以下简称 "华润医药投资"）自 2024 年 11 月 8 日起 6 个月内拟通过深圳证券交易所允 许的方式增持公司股份，总增持股份数量不低于总股本（已剔除公司回购专用账 户中的股份数量计算，下同）的 1%（即 6,424,644 股），且不超过总股本的 1.2% （即 7,709,573 股）。 2．截至本公告披露日，本次增持计划实施期限已过半，华润医药投资通过 深圳证券交易所交易系统以集中竞价交易方式累计增持公司股份 6,424,626 股， 占公司总 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [14]. Core Insights - The company is the largest producer of donkey-hide gelatin (Ejiao) in China, under the China Resources Group, focusing on the research and sales of Ejiao and related products. The core product is Dong'e Ejiao blocks, with a projected net profit of 1.5 to 1.6 billion yuan for 2024, representing a year-on-year growth of 30% to 39% [5][10]. - The company has integrated into the national health development strategy, enhancing its brand recognition and expanding its product offerings through innovation and digital marketing strategies. The revenue from Ejiao blocks is expected to grow steadily, while the compound Ejiao paste is anticipated to see significant growth due to its unique advantages in brand and efficacy [7][10]. Financial Performance Summary - The company forecasts a revenue increase from 4.04 billion yuan in 2022 to 5.99 billion yuan in 2024, reflecting a growth rate of 26.93%. Net profit is expected to rise from 780 million yuan in 2022 to 1.54 billion yuan in 2024, with a growth rate of 33.42% [9][11]. - The earnings per share (EPS) are projected to be 2.38 yuan in 2024, 2.79 yuan in 2025, and 3.47 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 25.49, 21.81, and 17.53 respectively [10][11].

Investment Rating - The report maintains a "Buy" rating for Dong'e Ejiao, with a target price of 77.24 CNY, indicating a potential upside of 23% based on a 26x PE for 2025 [5][70]. Core Insights - Dong'e Ejiao, a subsidiary of China Resources Group, has shown significant growth since the state-owned enterprise reform began in 2020, and is expected to continue its high growth and high dividend trajectory [1][5]. - The company leads the blood-nourishing product market with a 38% market share in the first three quarters of 2024, benefiting from increased health awareness post-pandemic [2][5]. Summary by Sections Company Overview - Dong'e Ejiao is a leading producer of Ejiao and related products, established in 1952 and listed in 1996. It is recognized as a standard setter in the Ejiao industry and a model for high-quality development in traditional Chinese medicine [15][16]. Market Position and Growth - The blood-nourishing product market has a compound annual growth rate (CAGR) of 9.3% from 2020 to 2023, with Dong'e Ejiao being the market leader [2][31]. - The company has successfully expanded its product line to include ready-to-eat and male health products, enhancing its market presence [2][5]. Financial Performance and Projections - Revenue projections for 2024-2026 are 58.71 billion CNY, 68.01 billion CNY, and 78.34 billion CNY, representing year-on-year growth rates of 24.50%, 15.85%, and 15.18% respectively [5][67]. - The net profit for the same period is expected to be 15.38 billion CNY, 19.13 billion CNY, and 23.17 billion CNY, with growth rates of 33.65%, 24.37%, and 21.14% respectively [5][67]. Catalysts for Growth - Anticipated strong performance in Q1 2025 due to marketing reforms and cost reduction efforts, with revenue and net profit growth expected to exceed industry averages [4][64]. - Continued product revenue growth driven by marketing reforms and an increase in gross margins [4][64]. Risk Factors - The report does not include risk factors, focusing instead on the positive outlook and growth potential of Dong'e Ejiao [6].

Financial Performance - The company expects a net profit attributable to shareholders of between 150,000 and 160,000 million yuan, representing an increase of 30% to 39% compared to the previous year's profit of 115,087.86 million yuan[3]. - The expected net profit after deducting non-recurring losses is projected to be between 140,000 and 150,000 million yuan, up from 108,262.85 million yuan last year, indicating a growth of 29% to 39%[3]. - The basic earnings per share are anticipated to be between 2.33 yuan and 2.49 yuan, compared to 1.79 yuan per share in the previous year[3]. - The financial data provided is preliminary and has not been audited by an accounting firm, with final figures to be disclosed in the 2024 annual report[7]. Strategic Focus - The company is focusing on a "growth and quality" development theme and is implementing the "1238" development strategy to enhance operational performance[5]. - The company aims to strengthen its core business in the traditional Chinese medicine sector while expanding potential product lines and enhancing digital capabilities[6]. - The company is committed to a dual-driven growth model of "medicinal products + health consumer goods" to solidify its market position[6]. - The company plans to innovate and expand its product offerings, including the "Royal Weichang 1619" men's health product line and the "Zhuangben" meat supplement category[6]. Brand and Market Positioning - The company emphasizes the importance of brand recognition and influence through integrated marketing and innovative channel communication[6]. - The company is dedicated to becoming a trusted leader in health supplements for the public, focusing on high-quality and sustainable growth[6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 74.00 [4][24]. Core Insights - The company is optimistic about its growth in 2025, aiming for double-digit growth while ensuring sustainability [2]. - Sales trends for the company's products have shown significant year-on-year growth, with notable increases in various product categories [1]. - The company plans to continue investing in research and marketing for its main products, particularly focusing on expanding its market reach beyond Shandong province [2]. Summary by Sections Sales Performance - For the period of January to November 2024, the sales growth rates for various products were approximately 10% for Ejiao blocks, 45% for Ejiao syrup, 15% for Ejiao cakes, 100% for Ejiao powder, and over 60% for male health products [1]. Growth Strategy - The company has set a theme for 2025 as "Growth and Breakthrough," with a focus on maintaining double-digit growth and sustainable practices [2]. - The company aims to keep the average annual growth rate for Ejiao blocks below 10%, while Ejiao syrup is expected to grow by over 20% annually [2]. Financial Projections - The revised stock incentive plan indicates a compound annual growth rate (CAGR) of 15% for earnings per share (EPS) from 2023 as the base year, with net profits projected to be no less than RMB 15.2 billion in 2025 [3]. - The company anticipates a higher dividend payout ratio in 2024 compared to the previous year, which had a 100% payout ratio [3]. Valuation Metrics - The report uses a discounted cash flow (DCF) model to arrive at a target price of RMB 74.00, with a weighted average cost of capital (WACC) of 7.0% [4]. - The company's market capitalization is approximately RMB 39.9 billion (USD 5.44 billion) [5]. Market Data - As of January 15, 2025, the stock price was RMB 61.97, with a 12-month price target indicating a potential upside of 19.4% [5][9].