证券代码：000423 证券简称：东阿阿胶 公告编号：2025-03 东阿阿胶股份有限公司 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 1 月 10 日召开第十 一届董事会第五次会议和第十一届监事会第五次会议，审议通过了《关于公司第 一期限制性股票激励计划（草案修订稿）及其摘要的议案》等相关议案，并于 2025 年 1 月 10 日在巨潮资讯网（http://www.cninfo.com.cn）进行披露。 为了更好地实施第一期限制性股票激励计划（以下简称"本激励计划" ）， 经综合评估、慎重考虑，并结合公司实际，公司拟调整本激励计划中公司层面业 绩考核目标、激励对象人数、激励对象授予价值等内容并修订相关文件。现将相 关事宜公告如下： 一、关于文件名称的修订 1、关于对《第一期限制性股票激励计划（草案）》及相关文件名称的修订 修订前： 相关文件名称为"《东阿阿胶股份有限公司第一期限制性股票激励计划（草 案）》《东阿阿胶股份有限公司第一期限制性股票激励计划（草案）摘要》《东 阿阿胶股份有限公司第一期限制 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-66 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达到 1% 暨后续增持计划的公告 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。 1．东阿阿胶股份有限公司（以下简称"公司"或"东阿阿胶"）控股股东华 润东阿阿胶有限公司（以下简称"华润东阿阿胶"）之一致行动人华润医药投资 有限公司（以下简称"华润医药投资"），于 2024 年 11 月 8 日至 2024 年 12 月 18 日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，占公司总股本（已剔除公司回购专用账户中的股份数量计算，下 同）的比例为 1.0000%。 2．华润医药投资拟自 2024 年 11 月 8 日起 6 个月内通过深圳证券交易所允 许的方式继续增持公司股份，总增持股份数量（含本次已增持）不低于总股本的 1%（即 6,424,644 股），且不超过总股本的 1.2%（即 7,709,573 股）。 截 ...

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [2][98]. Core Views - The company is positioned as a leading brand in health supplements, leveraging a dual growth model of "pharmaceuticals + health consumer products" to drive long-term development. The expected net profits for 2024-2026 are projected to be 14.23 billion, 17.19 billion, and 20.87 billion yuan respectively, with corresponding EPS of 2.21, 2.67, and 3.24 yuan, indicating a reasonable valuation compared to peers [7][98]. Summary by Sections 1. Company Overview - The company, established in 1952, focuses on the research, production, and sales of Ejiao and related health products. It has a strong brand presence and aims to become the most trusted health supplement leader [19][22]. 2. Focus on Ejiao Industry - The company has a comprehensive product line including Ejiao blocks, compound Ejiao syrup, and health consumer products. The market for blood-nourishing traditional Chinese medicine is growing, with the company holding a 49% market share in the Ejiao segment [8][53][57]. 3. Financial Performance - The company has shown steady revenue growth from 29.59 billion yuan in 2019 to 47.15 billion yuan in 2023, with a CAGR of 12.35%. The net profit has improved significantly from a loss of 4.44 billion yuan to a profit of 11.51 billion yuan over the same period [36][37]. 4. Product Development and Market Strategy - The company is expanding its product offerings to include health consumer products aimed at younger demographics, such as "Peach Blossom Princess" Ejiao cake and Ejiao instant powder. It is also exploring the male health supplement market with the "Royal Enclosure 1619" brand [88][91]. 5. Profit Forecast and Valuation - The company is expected to maintain robust growth in its core product lines, with projected revenue growth rates of 21.51%, 20.05%, and 18.31% for Ejiao products from 2024 to 2026. The projected gross margins for these products are expected to remain stable at around 73% [94][98].

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-65 东阿阿胶股份有限公司 第十一届监事会第四次会议决议公告 本公司及监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、监事会会议召开情况 1．东阿阿胶股份有限公司（以下简称"公司"）第十一届监事会第四次会 议，于 2024 年 12 月 2 日以邮件方式发出会议通知。 2．本次监事会会议，于 2024 年 12 月 5 日以通讯表决方式召开。 3．会议应出席会议监事 5 人，实际出席会议监事 5 人。 4．本次监事会会议的召开，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、监事会会议审议情况 本次会议审议并通过了以下议案： 《关于选举公司第十一届监事会主席的议案》 会议选举周娇女士为公司第十一届监事会主席，任期与公司第十一届监事会 任期一致。简历详见附件。 表决结果：5 票同意，0 票反对，0 票弃权。 三、备查文件 1．经与会监事签字的监事会决议； 2．深交所要求的其他文件。 特此公告。 东阿阿胶股份有限公司 监 事 会 二〇二四年十二月七日 附：监事会主席简历 周娇：女，1 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-64 东阿阿胶股份有限公司 第十一届董事会第四次会议决议公告 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"）第十一届董事会第四次会 议，于 2024 年 12 月 2 日以邮件方式发出会议通知。 2．本次董事会会议，于 2024 年 12 月 5 日以通讯表决方式召开。 3．会议应出席会议董事 9 人，实际出席会议董事 9 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．《关于管理团队成员 2023 年度及任期业绩考核结果的议案》 本议案提交董事会前，已经公司第十一届董事会薪酬与考核委员会审议通过。 根据公司《经理层成员绩效管理办法》《推行任期制和契约化管理工作方案》 等相关规定，公司组织实施管理团队成员 2023 年度及任期业绩考核工作。 董事长程杰先生，兼任高级管理人员的董事孙金妮女士、丁红岩先生进行了 回避表决。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company achieved impressive growth in Q3 2024, with a revenue of 4.14 billion yuan, representing a year-on-year increase of 63.75% [2][3]. - The core products have shown significant growth, with the main product, Ejiao blocks, growing at approximately 10%, and the compound Ejiao syrup seeing nearly 50% growth [3]. - The company's operating quality continues to improve, with a gross margin of 74.13%, up 3.19 percentage points year-on-year [4]. Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 43.29 billion yuan, a year-on-year increase of 26.28%, and a net profit of 11.52 billion yuan, up 47.00% [2][4]. - The company forecasts revenue growth for 2024-2026, estimating revenues of 56.75 billion yuan, 66.10 billion yuan, and 76.37 billion yuan, with corresponding net profits of 14.80 billion yuan, 17.70 billion yuan, and 21.07 billion yuan [4][5]. - The company's earnings per share (EPS) are projected to increase from 1.79 yuan in 2023 to 3.27 yuan by 2026 [5]. Market Position and Strategy - The company is focusing on brand and digitalization strategies to drive growth in new products, such as Ejiao powder and "Royal Weichang 1619" targeting the male health market [3]. - The company is also enhancing its core products through brand upgrades and academic result transformations, solidifying its market position [3].

北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于 东阿阿胶股份有限公司 2024 年第二次临时股东大会的 法律意见书 金证法意[2024]字 1105 第 0605 号 关于东阿阿胶股份有限公司 2024 年第二次临时股东大会的法律意见书 金证法意[2024]字 1105 第 0605 号 致：东阿阿胶股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受东阿阿胶股份有限公司 （以下简称"公司"）的委托，指派本所项颂雨律师、程幕君律师（以下简称"本 所律师"）出席公司于2024年11月8日召开的2024年第二次临时股东大会（以下 简称"本次股东大会"或"本次会议"），对公司本次股东大会召开的合法性进 行见证，并依法出具本法律意见书。 本法律意见书系依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会 规则》（以下简称"《股东大会规则》"）、《深圳证券交易所股票上市规则》 （以下简称"《上市规则》" ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-63 东阿阿胶股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1．本次股东大会无否决议案。 2．本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （五）会议的召集与主持情况：本次会议由公司董事会召集，公司董事会过 半数的董事推举董事、董事会秘书、副总裁、财务总监丁红岩先生主持。 （六）会议的合法合规性：本次股东大会的召集和召开，符合《公司法》《上 市公司股东大会规则》《深圳证券交易所股票上市规则》及《公司章程》等法律 法规及规范性文件的规定。 （七）会议出席情况：出席会议的股东（或股东代理人）共计437人，代表 股份325,620,139股，占公司有表决权股份总数的50.6830％。其中： 通过现场投票的股东7人，代表股份210,101,781股，占公司有表决权股份总 数的32.7025％。 通过网络投票的股东430人，代表股份115,518,358股，占公司有表决权股份 总数的17.9805％。 （一）现场 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [6]. Core Insights - The company reported strong Q3 performance, with revenue reaching 4.1 billion yuan, a 64% year-on-year increase, and a net profit of 15.8 billion yuan for the first three quarters, reflecting a 26% growth [1]. - The company has initiated its first-ever interim dividend, distributing 11.44 yuan per 10 shares, totaling 737 million yuan, which represents 99.77% of the net profit attributable to shareholders for the first half of 2024 [1]. - The company is advancing its "1238" development strategy, focusing on dual growth drivers of pharmaceuticals and health consumer products, with a strong emphasis on brand positioning and market expansion [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 4.33 billion yuan, a 26% increase year-on-year, and a net profit of 1.15 billion yuan, up 47% [1]. - The Q3 revenue was 1.58 billion yuan, marking a 25% increase year-on-year, with a net profit of 410 million yuan, reflecting a 64% growth [1]. - The gross profit margin for Q3 was 75.1%, an increase of 3.1 percentage points year-on-year, while the net profit margin rose to 26.1%, up 6 percentage points [1]. Earnings Forecast and Investment Recommendations - Revenue forecasts for 2024, 2025, and 2026 have been adjusted to 56.65 billion yuan, 66.69 billion yuan, and 78.19 billion yuan, respectively, with growth rates of 20%, 18%, and 17% [1]. - Net profit forecasts for the same years have been revised to 15.37 billion yuan, 18.47 billion yuan, and 21.71 billion yuan, with growth rates of 34%, 20%, and 18% [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated high-quality growth in Q3, with strong sustainability in its performance. The revenue for the third quarter reached 4.329 billion yuan, representing a year-on-year growth of 26.28%. The net profit attributable to the parent company was 1.152 billion yuan, up 47% year-on-year, slightly exceeding market expectations [1][2] - The company has made significant improvements in profitability and operational efficiency, with a gross margin of 74.13%, an increase of 3.75 percentage points compared to the same period last year. The net profit margin reached 26.61% [1][2] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 4,042 million yuan - 2023A: 4,715 million yuan (growth rate: 17%) - 2024E: 5,885 million yuan (growth rate: 25%) - 2025E: 7,084 million yuan (growth rate: 20%) - 2026E: 8,146 million yuan (growth rate: 15%) [1][2] - **Net Profit Forecasts**: - 2022A: 780 million yuan - 2023A: 1,151 million yuan (growth rate: 48%) - 2024E: 1,501 million yuan (growth rate: 30%) - 2025E: 1,866 million yuan (growth rate: 24%) - 2026E: 2,206 million yuan (growth rate: 18%) [1][2] - **Earnings Per Share (EPS)**: - 2022A: 1.19 yuan - 2023A: 1.79 yuan - 2024E: 2.33 yuan - 2025E: 2.90 yuan - 2026E: 3.43 yuan [1][2] - **Valuation Ratios**: - P/E ratio for 2023A: 32.1 - P/B ratio for 2023A: 3.5 [1][2] Management and Strategic Developments - Recent management changes have been implemented, with the election of Cheng Jie as the new president, expected to lead the company towards continued high-quality growth and sustained shareholder returns [1]