证券代码：000423 证券简称：东阿阿胶 公告编号：2025-54 东阿阿胶股份有限公司 第十一届监事会第十一次会议决议公告 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"）第十一届监事会第十一次 会议，于 2025 年 10 月 14 日以邮件方式发出会议通知。 本次会议审议并通过了以下议案： 《关于 2025 年第三季度报告的议案》 2025 年 1-9 月，公司实现营业收入 47.66 亿元，同比上升 10.10%；归属于 上市公司股东的净利润 12.74 亿元，同比上升 10.58%。其中，7-9 月，公司实现 营业收入 17.16 亿元，同比上升 8.50%；归属于上市公司股东的净利润 4.56 亿 元，同比上升 10.29%。 由于 2025 年 7 月公司收购华润医药贸易(香港)有限公司 100%股权，构成同 一控制下的企业合并，根据会计准则等相关规定，需追溯调整合并财务报表相关 数据。追溯调整后，营收和净利润的同比增幅有所回落。具体如下： 2025 年 1-9 月，公司实现营 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-53 东阿阿胶股份有限公司 第十一届董事会第十三次会议决议公告 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"）第十一届董事会第十三次 会议，于 2025 年 10 月 14 日以邮件方式发出会议通知。 2．本次董事会会议，于 2025 年 10 月 24 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。 为统筹布局公司海外业务发展，助力中医药文化出海，2025 年 7 月公司收 购华润医药贸易(香港)有限公司 100%股权。由于该收购构成同一控制下的企业 合并，根据会计准则等相关规定，需追溯调整合并财务报表相关数据。追溯调整 后，营收和净利润的同比增幅有所回落。具体如下： 2025 年 1-9 月，公司实现营业收入 47.66 亿元，同比上升 4.41%；归属于上 市公司股东的净利润 12.74 亿元，同比上升 10.53%。其中，7-9 月，公司实现营 业收入 17.16 亿元，同比上升 8. ...

Core Insights - Dong-E-E-Jiao reported a revenue of 1.716 billion yuan for Q3 2025, representing a year-on-year growth of 8.50% [1] - The net profit attributable to shareholders for Q3 2025 was 456 million yuan, showing a year-on-year increase of 10.27% [1] - For the first three quarters of 2025, the company achieved a total revenue of 4.766 billion yuan, which is a 4.41% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 1.274 billion yuan, reflecting a year-on-year growth of 10.53% [1]

东阿阿胶公告，第三季度营收为17.16亿元，同比增长8.50%；净利润为4.56亿元，同比增长10.27%。前 三季度营收为47.66亿元，同比增长4.41%；净利润为12.74亿元，同比增长10.53%。 ...

东阿阿胶股份有限公司 2025 年第三季度报告 1 东阿阿胶股份有限公司 2025 年第三季度报告 2 东阿阿胶股份有限公司 2025 年第三季度报告 证券代码：000423 证券简称：东阿阿胶 公告编号：2025-55 东阿阿胶股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述 或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准 确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 | | 本报告期 | 上年同期 | | 本报告期比上 年同期增减 | | 上年同期 | | 年初至报告期末 比上年同期增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 年初至报告期末 | | | | | | | 调整前 | 调整后 | ...

Core Insights - Dong'e Ejiao reported a revenue of 4.766 billion yuan for the first three quarters, representing a year-on-year growth of 10.10% [1] - The net profit reached 1.274 billion yuan, with a year-on-year increase of 10.58% [1] - The company's gross profit margin stands at 73.69%, indicating a stable growth in its core product matrix [1] Business Strategy - Dong'e Ejiao is actively expanding into the silver economy and men's health sectors, indicating a strategic diversification of its product offerings [1] - The company is accelerating its overseas business expansion, enhancing its competitive edge in the traditional Chinese medicine health sector [1] - The overall comprehensive competitiveness and long-term investment value of Dong'e Ejiao in the health industry are further improved [1]

Core Viewpoint - The Chinese medicine sector is experiencing a mixed performance, with the Chinese medicine ETF (560080) showing significant net inflows and a growing fund size, despite the overall index performance being negative for the year [1][4]. Group 1: Market Performance - The Chinese medicine ETF (560080) saw a slight decline of 0.46% with a total trading volume of 116 million yuan on the day [1]. - The ETF has attracted a net inflow of 192 million yuan yesterday, ranking it among the top 9 in the market, and has seen a total net inflow exceeding 600 million yuan over the past 16 days [1]. - The Chinese medicine index has a year-to-date return of -2.53%, with a decline of 8.13% projected for 2024 [3]. Group 2: Valuation Metrics - As of October 22, the TTM price-to-earnings (PE) ratio of the Chinese medicine ETF (560080) is 25.22, indicating that the index is cheaper than 77% of the time over the past decade [4]. - The current PE ratio is close to the calculated opportunity value, suggesting a favorable valuation for potential investment [4]. Group 3: Company Performance - The component stocks of the Chinese medicine ETF exhibited mixed results, with companies like Yunnan Baiyao and Pianzaihuang showing slight increases, while others like Zhongsheng Pharmaceutical and Darentang experienced declines exceeding 4% [5]. - The performance of major brands in the OTC market is expected to improve, with companies like Huazhong Sanjiu, Dong'e Ejiao, and Yunnan Baiyao being highlighted as stable performers [8]. Group 4: Industry Outlook - The Chinese medicine sector is under short-term pressure due to various factors, but there is optimism for operational improvements in the second half of the year [7]. - The market is closely monitoring the impact of external policies, including price governance and the collection of traditional Chinese medicine, which may influence future performance [7][9]. - The industry is expected to benefit from a recovery in consumer demand, driven by macroeconomic improvements and an aging population [10].

Core Points - The Ministry of Industry and Information Technology announced the seventh batch of national industrial heritage sites and the third batch of sites that passed re-evaluation, including 32 new sites and 50 re-evaluated sites [1][2]. Group 1: New National Industrial Heritage Sites - The seventh batch includes significant projects such as Shoushan Substation, Fengman Hydropower Station, Jingpo Lake Power Plant, Qinshan Nuclear Power Station, and Chongqing Power Plant [1][2]. Group 2: Re-evaluated National Industrial Heritage Sites - The third batch of re-evaluated sites includes major locations like Dagang Oilfield Port No. 5 Well, Kailuan Zhao Gezhuang Mine, Shigejie Coal Mine, Fushun West Open-pit Mine, Dongwo Hydropower Station, and the Controlled Nuclear Fusion Experiment Site [1][2]. Group 3: Recommendations for Heritage Management - The Ministry encourages local departments and enterprises to enhance the systematic protection of industrial heritage, increase resource support, and promote active utilization through new models such as "Industrial Heritage +” for education, tourism, and industrial restructuring [2].

Core Insights - The article highlights the achievements of Liaocheng during the "14th Five-Year Plan" period, focusing on economic development, consumption growth, and external trade expansion, which are aligned with the city's goals of becoming a prosperous, innovative, open, beautiful, and happy city [1] Economic Development - Liaocheng's social retail sales reached 108.53 billion yuan in 2024, a 35.5% increase from the end of the "13th Five-Year Plan," with an average annual growth rate of 7.89% [2] - The city implemented over 20 consumption promotion policies, including measures to boost appliance consumption and a digital platform for recycling, which collectively stimulated consumption by 9.2 billion yuan [2] Consumption Upgrade - The city has enhanced its commercial areas, with successful upgrades to several key districts and recognition for green business practices [3] - The development of smart business districts and stores has progressed, with 22 new brands introduced to stimulate the local economy [3] Digital Economy - Liaocheng has established nine provincial-level e-commerce live streaming bases and ten supply chain bases, with significant growth in local e-commerce enterprises [4] - The city won championships in both industry and talent categories at the provincial e-commerce live streaming competition [4] Foreign Trade and Investment - In 2024, Liaocheng's total import and export value reached 62.92 billion yuan, a 55.6% increase from the end of the "13th Five-Year Plan," with an average annual growth rate of 11.7% [5] - The city has established trade relations with 205 countries and regions, with significant growth in trade with "Belt and Road" partners and RCEP member countries [6] Foreign Investment - Liaocheng has attracted 249 new foreign enterprises, with actual foreign investment in the manufacturing sector reaching 584 million USD [6][7] - The city has improved its foreign investment environment, enhancing service mechanisms for foreign enterprises [7] Development Zones - Liaocheng's development zones contribute over 50% of tax revenue and 70% of industrial investment, showcasing their importance in the local economy [8] - The city has cultivated nine industry clusters with over 10 billion yuan in output, highlighting the effectiveness of targeted development strategies [8]

Core Viewpoint - The Chinese medicine sector is experiencing a positive trend, with the Chinese Medicine ETF (560080) showing a slight increase and significant trading volume, indicating strong investor interest [1][2]. Market Performance - The Chinese Medicine ETF (560080) rose by 0.09% with a trading volume exceeding 1.38 billion yuan, a 45% increase from the previous day [1]. - The ETF has seen a net inflow of over 350 million yuan over the past 14 days, with a total fund size exceeding 2.7 billion yuan, leading its peers [1]. Valuation Insights - The TTM price-to-earnings (PE) ratio of the ETF's underlying index is 25.17, placing it in the 23rd percentile over the past decade, indicating it is cheaper than 77% of the time in the last 10 years [2]. - The current TTM PE is just 0.43 away from the calculated opportunity value, suggesting a higher valuation attractiveness [2]. Stock Performance - The underlying index of the Chinese Medicine ETF shows mixed performance among its constituent stocks, with notable gains from Yiling Pharmaceutical (up over 2%) and slight increases from Tongrentang, Dong'e Ejiao, and others, while Darentang and Yunnan Baiyao experienced declines [3][4]. Yearly Index Performance - The Chinese Medicine index has a negative return of -2.4% year-to-date, with a decline of 8.13% in 2024 and a slight increase of 0.27% in 2023, indicating a challenging performance trend [4]. Investment Themes - High dividend yields in the Chinese medicine sector are highlighted as a defensive strategy amid market volatility, with companies showing strong cash flow and low debt levels [7]. - The upcoming pilot program for disease-based payment in traditional Chinese medicine is expected to enhance the revenue of institutions with strong TCM capabilities [8]. - Key investment themes include price governance, consumption recovery, and state-owned enterprise reform, with a focus on companies that can leverage competitive advantages and innovation [9][10][11].