Core Viewpoint - The concept of "food and medicine sharing the same source" is gaining popularity, leading to increased demand for health products, particularly ready-to-eat Ejiao products, driven by various consumer demographics including the elderly, women, and Gen Z [1][8]. Market Overview - The ready-to-eat Ejiao market in China is projected to reach a scale of 54.3 billion yuan in 2024, representing a year-on-year growth of 22.3%, accounting for 25% of the overall ready-to-eat health product market [1][8]. - Ready-to-eat Ejiao is produced through optimized formulations and improved processes, making it convenient for modern lifestyles [2][3]. Market Policies - Recent policies emphasize food safety and quality control across all stages of production, processing, and distribution of ready-to-eat Ejiao, promoting a shift towards standardized and high-quality industry practices [4][5]. Industry Chain - The upstream of the ready-to-eat Ejiao industry includes suppliers of key raw materials such as donkey hide, black sesame, walnuts, red dates, honey, and rock sugar, while the midstream consists of production companies, and the downstream includes various sales channels [6][7]. Current Development - The demand for ready-to-eat Ejiao is expanding beyond traditional consumers to include working professionals and younger generations, with consumption scenarios evolving to include daily snacks and gift-giving [8][9]. Competitive Landscape - The ready-to-eat Ejiao market is characterized by a concentrated competitive structure, dominated by two major players, Dong'e Ejiao and Fupai Ejiao, which control key raw material supplies and have established strong brand loyalty [10]. - Dong'e Ejiao reported a revenue of 3.051 billion yuan in the first half of 2025, with 93.2% of this coming from Ejiao and related products [11]. - Fupai Ejiao achieved a revenue of 2.104 billion yuan in 2024, marking a 5% increase, with over 40% of sales coming from non-Ejiao block products [12]. Future Trends - The ready-to-eat Ejiao product line is expected to diversify further, introducing more portable and snack-like options, while also targeting specific consumer needs such as prenatal nutrition and weight management [13]. - The international market for ready-to-eat Ejiao is anticipated to expand, initially targeting regions with high Chinese populations and gradually moving towards Western markets [13].

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-78 东阿阿胶股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 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"）于 2025 年 12 月 4 日召开第十 一届董事会第十五次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》,并同意将该议案提交公司 2025 年第二次临时股东会审议。具体内 容，详见公司于 2025 年 12 月 5 日披露在巨潮资讯网（http://www.cninfo.com.cn） 的《关于以集中竞价交易方式回购公司股份方案的公告》（2025-72）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将公司 2025 年第二次临时股东会股权登记 日（2025 年 12 月 15 日）登记在册的前十名股东和前十名无限售条件股东的名 称、持股数量及比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占总股本 比例（%） | | ...

Core Viewpoint - The company is focusing on technological innovation as a key driver for high-quality development, integrating traditional wisdom with modern technology to enhance its role in the health industry and contribute to national health strategies [1][2][9]. Group 1: Technological Innovation Strategy - The company has upgraded its research and development model from "point breakthroughs" to "system reconstruction," emphasizing a comprehensive approach to innovation [1]. - The implementation of the "1+3+N" R&D innovation strategy aims to establish a robust innovation ecosystem, including a national engineering technology research center and partnerships with various universities [4][5]. - The establishment of two academic workstations with renowned academicians signifies a commitment to advancing research capabilities and addressing key technological challenges in the industry [6][7]. Group 2: Business Growth Model - The company has adopted a "dual-wheel drive" business growth model, focusing on both pharmaceuticals and health consumer products to become a trusted leader in health supplements [2]. - The "1246" model introduced by the parent group has guided significant restructuring efforts to enhance operational efficiency and market reach [2]. Group 3: Collaborative Research and Development - Collaborations with institutions like China Agricultural University and Jiangnan University aim to create high-value research hubs for raw materials and health consumer products [4][5]. - The integration of academic resources and research capabilities through the "N Union" initiative is designed to fill gaps in the existing innovation framework and foster collaborative projects [5]. Group 4: Community and Economic Impact - The establishment of academic workstations is expected to attract high-level talent, optimize regional talent structures, and drive economic growth through innovation [8]. - The company's efforts in translating cutting-edge research into practical health products will enhance public access to health benefits derived from technological advancements [8]. Group 5: Conference and Knowledge Sharing - The 2025 East Argo Technology Innovation Conference gathered over 100 experts and scholars to discuss advancements in pharmaceuticals and health consumer products, reinforcing the company's commitment to innovation [9][11]. - Presentations from leading academicians highlighted the importance of integrating traditional and modern scientific approaches to enhance product development and industry standards [11].

Group 1 - The company Dong-E E-Jiao has been awarded the title of "National Advanced Unit for Mass Sports" for the period of 2021-2024 by the General Administration of Sport of China, recognizing its efforts in promoting health services and mass fitness activities [1][3] - Dong-E E-Jiao has actively implemented the "Strong Sports Nation" strategy and has committed to safeguarding public health by organizing various employee sports activities and supporting high-quality development in sports [3] - Starting in 2024, Dong-E E-Jiao will establish a strategic partnership with the Shandong Provincial Sports Bureau, sponsoring the Shandong team in the National Super League and the Shandong Marathon, while also becoming a strategic partner for the Shandong delegation at the 15th National Games [3] Group 2 - The company's core products, including "Dong-E E-Jiao," "Compound E-Jiao Syrup," and "Peach Blossom Princess E-Jiao Cake," have been designated as the official products for the Shandong sports delegation at the 15th National Games [3] - Dong-E E-Jiao is planning to build employee health service centers and is focused on enhancing the physical fitness and health levels of its employees through various sports activities [3] - The company aims to integrate traditional Chinese medicine with sports health initiatives, driving innovation in the TCM sector and contributing to the national health development strategy [3]

Investment Rating - The industry rating is maintained at "Overweight" [6] Core Insights - The Chinese medicine sector experienced a significant decline, with the Chinese medicine index dropping by 2.03% last week, while other pharmaceutical sub-sectors also faced declines, except for medical services which saw a 1.67% increase [1][19] - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.17X, down by 0.55X week-on-week, while the price-to-book (PB) ratio is 2.29X, down by 0.04X week-on-week [2] - The demand for flu-related and tonic herbs has increased, leading to a rise in the price index of Chinese medicinal materials, which is expected to continue to rise slightly in the future [3] - The national medical insurance work conference highlighted the restructuring of prices and market patterns as a major direction for the Chinese medicine industry in 2026, emphasizing the importance of collective procurement and support for innovation in the industry [4][9] Summary by Sections Market Performance - The Chinese medicine index closed at 6372.09 points, down 2.03% last week, with only the medical services sector recording positive returns [1][19] Valuation - The current PE ratio for the Chinese medicine sector is 27.17X, with a year-high of 30.26X and a year-low of 24.72X, placing it at the 28.41% percentile since 2013 [2] Supply Chain Insights - The price index for Chinese medicinal materials rose to 225.57 points, a 0.4% increase from the previous week, driven by increased demand due to the flu outbreak and winter tonic herbs [3] Policy and Market Trends - The 2026 direction for the Chinese medicine industry includes continued promotion of collective procurement and support for innovation, with an emphasis on price governance and market restructuring [4][10] - The focus on long-term care insurance is expected to increase demand for Chinese medicine products, particularly in the context of an aging population [9] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform, with specific recommendations for companies with strong R&D capabilities and unique products [10][11]

Core Viewpoint - Shandong Province is accelerating agricultural modernization during the "14th Five-Year Plan" period, with a focus on enhancing the quality and competitiveness of the livestock industry, which has seen significant growth in meat, egg, and milk production [1] Group 1: Livestock Production Growth - Shandong is the largest livestock province in China, with annual production of meat, eggs, and milk consistently exceeding 1,500 million tons and 1,600 million tons, maintaining the top position for 33 consecutive years [1] - In the first three quarters, livestock output value grew by 5%, with meat, egg, and milk production increasing by 4%. The total production is expected to exceed 1,700 million tons this year [1] Group 2: Modern Livestock System - The province is focusing on optimizing the livestock industry structure, emphasizing stable pig production, enhancing poultry, strengthening cattle and sheep, promoting dairy, and encouraging specialty products [2] - By the end of 2024, the comprehensive utilization rate of livestock and poultry manure is expected to remain above 90%, with the scale of livestock farming reaching 88.5%, an increase of 4.5 percentage points from 2020 [2] Group 3: Animal Disease Prevention - A robust animal disease prevention system is being established, focusing on major animal diseases and zoonoses, with a vaccination compliance rate and harmless treatment rate of dead livestock consistently above 95% [2] - The province has become the first in the country to achieve a "double disease" free status for foot-and-mouth disease and highly pathogenic avian influenza [2] Group 4: Slaughter and Processing Optimization - The province is optimizing its slaughter and processing system, with 903 slaughter enterprises expected by the end of 2024, addressing issues of small and scattered slaughter facilities [3] - The establishment of a quality standard innovation center for livestock slaughtering is a notable development, alongside the promotion of deep processing of livestock products [3] Group 5: Feed and Veterinary Medicine - The feed and veterinary medicine sector is crucial for livestock health and product quality, with a market share of low-energy, low-protein, high-quality feed products reaching 60% [3] - The province has 2,465 feed enterprises and 305 veterinary medicine companies, with a total output value exceeding 200 billion yuan, maintaining the top position in the country [3] Group 6: Regulatory and Service System - A comprehensive regulatory service system is being enhanced, with a stable inspection pass rate of 98% for livestock products [4] - The province has implemented a traceability system for pigs from farm to market, ensuring food safety through a connected information system [4]

Group 1 - The company, Dong'e Ejiao Co., Ltd., announced a share repurchase plan approved by its board of directors on December 4, 2025 [1] - The announcement includes details about the top ten shareholders and the top ten unrestricted shareholders, including their names, shareholdings, and proportions [1][2] - The shareholding data combines both ordinary accounts and margin trading accounts for accuracy [1][2] Group 2 - The company is complying with relevant regulations such as the "Listed Company Share Repurchase Rules" and the "Shenzhen Stock Exchange Self-Regulatory Guidelines No. 9" [1] - The shareholder register was provided by China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [3] - The announcement was officially made by the company's board of directors on December 12, 2025 [5]

Group 1 - The core viewpoint of the article is that Dong'e Ejiao (000423) is maintaining a reasonable inventory structure and is committed to optimizing inventory scale and structure through refined management and precise market analysis [1] Group 2 - The company emphasizes continuous improvement in operational quality and efficiency as part of its strategy [1]

Core Viewpoint - Dong'e Ejiao (000423) confirmed that the time taken for products to reach consumers after production involves several stages, including warehousing, logistics, distribution, and shelf placement, which is a normal phenomenon in the production and sales process [1] Group 1 - The company stated that there is a time difference between product production and market availability, which is typical in the industry [1] - Current sales conditions for the company's products are normal, and overall operations are progressing steadily as planned [1]

证券日报网讯 12月11日，东阿阿胶在互动平台回答投资者提问时表示，公司始终高度重视股东回报， 并保持相对稳定且积极的分红政策。未来，公司将在综合考虑自身经营发展规划、盈利水平、现金流状 况以及股东利益等多方面因素的基础上，有序推进分红政策进一步制度化，以增强回报的稳定性和可预 期性。 （文章来源：证券日报） ...