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].

Investment Rating - The report assigns a "Buy" rating to Dong-E-E-Jiao Co Ltd (000423 CH) with a target price of RMB83 78 [2] - The target price implies a 38% upside potential from the current price of RMB60 85 [2] Core Views - The company's equity incentive plan is expected to enhance management vitality and achieve a net profit CAGR of at least 15% from 2025 to 2027 [5][9] - The company's product portfolio expansion and customer base growth are anticipated to drive revenue growth with a projected CAGR of 20% from 2023 to 2026 [6][9] - The target price of RMB83 78 is based on a DCF valuation with a WACC of 8 6% and represents a 35% premium over the industry average PE of 23x for 2025 [6] Financial Performance - Revenue is expected to grow from RMB4 042mn in 2022 to RMB8 178mn in 2026 [8] - Gross profit is projected to increase from RMB2 761mn in 2022 to RMB5 908mn in 2026 [8] - Net profit attributable to shareholders is forecasted to rise from RMB780mn in 2022 to RMB2 142mn in 2026 [8] - EPS is expected to grow from RMB1 19 in 2022 to RMB3 33 in 2026 [8] Equity Incentive Plan - The company plans to grant up to 1 2472 million restricted shares (0 19% of total shares) with an initial grant of 998k shares to 179 individuals at RMB37 22 per share [5] - The vesting period is 5 years with three vesting milestones at the end of the 2nd 3rd and 4th years [5] - Vesting conditions include achieving ROE of at least 11 5%/12 0%/12 5% in 2025/2026/2027 and maintaining a net profit CAGR of at least 15% from 2023 [5] Product and Market Strategy - The company's new product offerings such as convenient Ejiao powder fashionable Ejiao cakes and the Royal Weichang 1619 series are expected to drive short and long-term revenue growth [6] - The company's leadership in the OTC market and its strong brand recognition in the traditional Chinese medicine industry justify a valuation premium [6]

第一章 总则 第一条 明确东阿阿胶内部相关机构和部门对限制性股票激励计划相关事宜 及实施环节的管理权责，合理搭建管理制度和流程，保证激励计划的顺利实施。 东阿阿胶股份有限公司 第一期限制性股票激励计划管理办法（修订稿） 为促进东阿阿胶股份有限公司（以下简称"东阿阿胶"或"公司"）长远战 略目标的实现，完善公司治理，公司利用限制性股票建立有效的激励、约束机制， 保持公司在人才竞争中的优势，保持公司的可持续发展能力，促进股东价值的最 大化，实现国有资产保值增值，特制定《东阿阿胶股份有限公司第一期限制性股 票激励计划管理办法》（以下简称"本管理办法"）。 第二条 公司内部严格按照本办法中规定的内容对限制性股票激励计划进行 管理，相关机构和部门积极配合协作，有效推动激励计划的实施，制定本激励计 划坚持下列三个原则： 一、坚持依法规范，公开透明，遵循法律法规和《公司章程》规定； 二、坚持维护股东利益、公司利益，促进国有资本保值增值，有利于公司持 续发展； 三、坚持激励与约束相结合，风险与收益相对称，从紧控制授予价值，从严 设置考核目标，合理调控实际收益，统筹设置收益上限。 第三条 主要管理机构和部门 一、限制性股票激励 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-01 东阿阿胶股份有限公司 第十一届董事会第五次会议决议公告 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"）第十一届董事会第五次会 议，根据公司《董事会议事规则》等相关规定，全体董事同意豁免本次会议通 知时间要求，于 2025 年 1 月 9 日以邮件方式发出会议通知。 2．本次董事会会议，于 2025 年 1 月 10 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。 进一步做好中央企业控股上市公司股权激励工作有关事项通知》，参考《中央企 业控股上市公司实施股权激励工作指引》等有关法律、法规和规范性文件，并结 合《公司章程》的规定，董事会同意公司拟定的《东阿阿胶股份有限公司第一期 限制性股票激励计划（草案修订稿）》及其摘要。 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．《关于第一期限制性 ...

公司简称：东阿阿胶 证券代码：000423 上海荣正企业咨询服务（集团） 股份有限公司 关于 东阿阿胶股份有限公司 第一期限制性股票激励计划（草案修订稿） 之 独立财务顾问报告 2025年1月 1 | | | | 一、释义 3 | | --- | | 二、声明 5 | | 三、基本假设 6 | | 四、本激励计划的主要内容 7 | | （一）激励工具及标的股票来源 7 | | （二）授予的限制性股票数量 7 | | （三）激励对象的范围及分配情况 7 | | （四）限制性股票的有效期、授予日及授予后相关时间安排 8 | | （五）限制性股票授予价格的确定方法 10 | | （六）限制性股票授予条件 11 | | （七）限制性股票解除限售条件 13 | | （八）激励计划其他内容 16 | | 五、独立财务顾问意见 17 | | （一）对本激励计划是否符合政策法规规定的核查意见 17 | | （二）对公司实行股权激励计划可行性的核查意见 17 | | （三）对激励对象范围和资格的核查意见 18 | | （四）对股权激励计划权益授出额度的核查意见 18 | | （五）对股权激励计划授予价格确定方式的核查意见 19 ...

证券简称：东阿阿胶 证券代码：000423 东阿阿胶股份有限公司 第一期限制性股票激励计划 （草案修订稿） 东阿阿胶股份有限公司 二〇二五年一月 东阿阿胶：第一期限制性股票激励计划（草案修订稿） 声明 本公司及全体董事、监事保证本计划及其摘要不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 一、本激励计划依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》《国有控股上市公司（境内）实施股权激励试行 办法》（国资发分配〔2006〕175号）《关于规范国有控股上市公司实施股权激 励制度有关问题的通知》（国资发分配〔2008〕171号）《中央企业控股上市公 司实施股权激励工作指引》（国资考分〔2020〕178号）和东阿阿胶股份有限公 司（以下简称"东阿阿胶"或"本公司""公司"）《公司章程》以及其他有关 法律法规和规范性文件制定。 二、公司不存在《上市公司股权激励管理办法》第七条规定的不得实行股权 激励的下列情形： （一）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （二）最近一个会计年度财务 ...

东阿阿胶股份有限公司 第一期限制性股票激励计划（草案修订稿）自查表 公司简称：东阿阿胶 股票代码：000423 | 独立财务顾问：上海荣正企业咨询服务（集团）股份有限公司 | | --- | | 序号 | 事项 | 是否存在该 事项（是/否/ | 备注 | | --- | --- | --- | --- | | | | 不适用） | | | | 上市公司合规性要求 | | | | 1 | 最近一个会计年度财务会计报告是否未被注册会计师出具 | 是 | | | | 否定意见或者无法表示意见的审计报告 | | | | 2 | 最近一个会计年度财务报告内部控制是否未被注册会计师 | 是 | | | | 出具否定意见或无法表示意见的审计报告 | | | | 3 | 上市后最近 36 个月内是否未出现过未按法律法规、公司章 | 是 | | | | 程、公开承诺进行利润分配的情形 | | | | 4 | 是否不存在其他不适宜实施股权激励的情形 | 是 | | | 5 | 是否已经建立绩效考核体系和考核办法 | 是 | | | 6 | 是否未为激励对象提供贷款以及其他任何形式的财务资助 | 是 | | | | 激励对象合规 ...

进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证公司股 权激励计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保公司发 展战略和经营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 业绩进行评价，以实现本激励计划与激励对象工作业绩、贡献紧密结合，从而提 高公司整体业绩，实现公司与全体股东利益最大化。 三、考核范围 本办法适用于参与公司第一期限制性股票激励计划的所有激励对象。 四、考核机构 东阿阿胶股份有限公司 第一期限制性股票激励计划实施考核管理办法（修订稿） 为保证东阿阿胶股份有限公司（以下简称"公司"）第一期限制性股票激励 计划的顺利进行，进一步完善公司法人治理结构、建立健全公司长效激励约束机 制，激励公司董事、高级管理人员、中层管理人员、科研骨干人员、高技能人员 与业务骨干人员诚信勤勉地开展工作，保证公司业绩稳步提升，确保公司发展战 略和经营目标的实现，根据国家有关规定和公司实际，特制定本办法。 一、考核目的 （1）2023年净资产收益率不低于7.80%，且不低于对标企业50分位水平或不 低于同行业平均水平； （2）以2022年为基准，2 ...