格隆汇8月25日｜Wind数据显示，8月22日，共有213只个股获券商买入评级，其中53只个股公布了目标 价格。按最高目标价计算，海思科、东阿阿胶、福能股份目标涨幅排名居前，涨幅分别达50.56%、 48.55%、47.27%。从评级调整方向来看，205只个股评级维持不变，2只个股评级获调高，6只个股为首 次评级。此外，有36只个股获多家券商关注，扬农化工、华利集团、牧原股份获评级数量居前，分别有 6家、5家、4家券商给予评级。从获买入评级个股所属Wind行业来看，材料Ⅱ、资本货物、食品、饮料 与烟草买入评级个股数量最多，分别有40只、36只、18只。 ...

在经营发展回顾中，公司在"一产""二产""三产"均有布局。"一产"建立创新平台，构建驴皮国际供应 链；"二产"聚焦滋补健康赛道，推进产品战略、营销创新、科研升级等；"三产"以文化为引领，开展文 旅活动。未来，公司在各产业也有明确规划，如"一产"升级采购体系，"二产"打造品牌、加强研 发，"三产"优化康养体验。 在产品方面，公司将复方阿胶浆定位为战略核心产品，联合推出黄芪精扩充补气补血矩阵。新品数字营 销聚焦线上渠道，"皇家围场1619"以做强鹿品类为目标推进产品研发与产业整合。健康消费品业务 对"桃花姬"从品牌、产品、渠道、研发多方面重塑。 此外，公司对股份回购持审慎开放态度，短期内优先高比例现金分红。海外业务采取"立足香港，面向 东南亚"战略，加强原料进口与产品引进。公司还将在重点城市药店建立熬胶中心，加强售后宣传。目 前公司管理层稳定，重点围绕研发、业务、智能制造领域引进人才。 8月22日，东阿阿胶在济南举行业绩说明会，吸引了中金公司、中信证券等19家机构的券商分析师及广 大投资者参与。公司董事、总裁孙金妮，独立董事文光伟，董事、董事会秘书、副总裁、财务总监丁红 岩，证券事务代表、董事会办公室总经理付延等 ...

Group 1 - The company, Dong-E E-Jiao, is focusing on expanding its export business in Southeast Asia [1] - The company aims to overcome key challenges related to quality and certification to enhance its product distribution channels [1] - There is a strategic emphasis on promoting products with pharmaceutical qualifications while simultaneously accelerating cultural outreach efforts [1]

深耕国内毛驴养殖布局，强化全球原料资源把控力。加强科研体 系建设，落地与国内知名院校全方位合作，建立"1 院 3 中心"创新平 台；与部分"一带一路"国家，签订毛驴产业化发展项目合作备忘录， 构建全体系的驴皮国际供应链。 股票代码：000423 股票简称：东阿阿胶 东阿阿胶股份有限公司投资者关系活动记录表 编号：2025-05 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者 | □媒体采访 √业绩说明会 | | 关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | | 中金公司、中信证券、中信建投、浙商证券、国金证券、兴业证 | | 参与单位名称 | 券、东吴证券、开源证券、华泰证券、华福证券、国海证券、光大证 | | | 券、国投证券、以谦基金、子竹资本、行远自迩投资、才华资管、中 | | 及人员姓名 | 信保诚基金、麦星投资、国寿安保基金等券商分析师及广大投资者朋 | | 友 | | | 时间 | 2025 年 8 月 22 日 | | 地点 | 济南 | | | 董事、总裁 孙金妮 | | 上市公司 | 独立董事 文光伟 | | 接待人员姓 ...

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, anticipating a reversal in the market by 2025, with innovative drugs and the recovery of left-side sectors being the main investment opportunities [5][13]. Core Views - The report highlights that major domestic pharmaceutical companies have stabilized their revenues after previous disruptions from centralized procurement, with visible results from their innovation transformations [2][12]. - It emphasizes the importance of BD (business development) collaborations, citing significant deals involving major multinational pharmaceutical companies, which could lead to sustainable income for companies like Heng Rui Medicine [2][12]. - The report suggests focusing on innovative drugs, particularly dual/multi-target antibodies and drugs addressing unmet clinical needs, as key investment opportunities [3][5][13]. Summary by Sections Pharmaceutical Sector - The innovative drug market is experiencing adjustments, but the overall policy environment remains supportive for innovation [3]. - After ten rounds of centralized procurement, the risks for leading pharmaceutical companies are gradually being alleviated, revealing competitive innovative drug pipelines [3][22]. - The report recommends paying attention to leading pharmaceutical companies' transformation results and overseas opportunities [3][5]. Biopharmaceuticals - Jin Sai Pharmaceutical's dual-target ADC GenSci143 has received IND approval, showing potential as a leading treatment option for prostate cancer and other solid tumors [3][41][46]. Medical Devices - The registration and promotion of innovative products in the domestic medical device sector are accelerating, contributing to long-term high-quality development [4][47]. - Companies like Huitai Medical have reported significant revenue growth, with innovative products rapidly expanding their market presence [4][47][48]. Traditional Chinese Medicine - Some companies are facing performance pressure during the destocking cycle, but strong brands like Dong'e Ejiao continue to achieve resilient growth [4][54][56]. Investment Recommendations - The report suggests focusing on innovative drugs, particularly in the fields of dual/multi-target antibodies and drugs for chronic diseases, as well as opportunities in ADC and small nucleic acid sectors [5][13]. - The medical device sector is expected to see a significant performance turnaround in the second half of the year, driven by favorable policies and recovering tender trends [5][13]. Key Targets - Notable companies to watch include Innovent Biologics, Kintor Pharmaceutical, and Heng Rui Medicine, among others [6].

Core Viewpoint - A-share companies are increasingly announcing mid-term dividend plans, with over a hundred companies having released such proposals since August 22, indicating a trend towards enhancing shareholder returns and stability in dividend distribution [1][9]. Group 1: Mid-term Dividend Announcements - Several leading companies, including China CRRC, Hengli Petrochemical, and Changan Automobile, have announced their mid-term dividend plans, with China CRRC proposing a cash dividend of 3.157 billion yuan [3][4][5]. - Sany Heavy Industry plans to distribute a cash dividend of 2.614 billion yuan, reflecting a robust performance with a 14.96% increase in revenue and a 46% rise in net profit for the first half of 2025 [7]. - Dong-E E-Jiao announced a cash dividend of 817 million yuan, which represents 99.94% of its net profit for the same period, showcasing strong financial health with an 11.02% revenue growth [7]. Group 2: Factors Driving Mid-term Dividends - The increase in mid-term dividends is driven by policy guidance, particularly the new "National Nine Articles," which emphasizes cash dividend regulations and encourages companies to increase both the frequency and amount of dividends [10]. - The recovery of the macro economy has improved the overall profitability and cash flow of listed companies, providing a solid financial foundation for more substantial mid-term dividends [10]. - Implementing mid-term dividends allows companies to signal operational stability to the market, enhancing investor confidence and improving shareholder return mechanisms [10]. Group 3: Investor Benefits - Mid-term dividends shorten the return cycle for investors, allowing them to share in corporate growth sooner and promoting reinvestment of funds, which can enhance market attractiveness and resilience over the long term [11].

经营业绩稳步提升，看好长期发展潜力，维持"买入"评级公司2025H1 实现营收30.51 亿元（同比 +11.02%，下文皆为同比口径）；归母净利润8.18 亿元（+10.74%）；扣非归母净利润7.88 亿元 （+12.58%）。从盈利能力来看，2025H1 毛利率为73.13%（-0.41pct），净利率为26.80%（-0.08pct）。 从费用端来看，2025H1 销售费用率为33.79%（-2.60pct），管理费用率6.06%（+1.18pct），研发费用率 2.62%（+0.26pct），财务费用率-1.01%（+0.99pct）。考虑到零售渠道销售阶段性增速放缓，我们下调 2025-2027 年盈利预测，预计归母净利润分别为17.87/21.05/24.74 亿元（原预计18.74/22.48/26.79 亿 元），EPS 为2.78/3.27/3.84 元，当前股价对应PE 为18.4/15.6/13.3 倍，我们看好公司深耕阿胶品类、男 科产品及产业链布局带来的长期发展潜力，维持"买入"评级。 阿胶系列产品营收稳健增长，现金流及应收账款指标明显改善2025H1 公司阿胶及系列产品营收28. ...

据证券之星公开数据整理，近期东阿阿胶（000423）发布2025年中报。根据财报显示，东阿阿胶营收净 利润同比双双增长。截至本报告期末，公司营业总收入30.51亿元，同比上升11.02%，归母净利润8.18 亿元，同比上升10.74%。按单季度数据看，第二季度营业总收入13.32亿元，同比上升2.91%，第二季度 归母净利润3.93亿元，同比上升2.01%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率73.13%，同比减0.56%，净利率26.8%，同比减 0.28%，销售费用、管理费用、财务费用总计11.85亿元，三费占营收比38.84%，同比减1.09%，每股净 资产16.01元，同比增0.73%，每股经营性现金流1.5元，同比增4.7%，每股收益1.27元，同比增10.52% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 27.48亿 | 30.51亿 | 11.02% | | 归母浄利润（元） | 7.38 Z | 8.18亿 | 10.74% | | 扣非净利润(元) | 7亿 | 7.88.7 ...

Core Insights - A total of 1526 A-share listed companies disclosed their 2025 semi-annual reports, with 921 companies achieving year-on-year net profit growth, representing approximately 60.35% [1] - The electronic, transportation, agriculture, automotive, machinery, non-ferrous metals, home appliances, and social services sectors showed strong performance [1] Group 1: Company Performance - Among the 1526 companies, 761 reported net profit growth exceeding 10%, 501 exceeded 30%, 359 exceeded 50%, 210 exceeded 100%, and 66 exceeded 300% [1] - Notable companies with significant net profit growth include Shumatech, XianDa Co., Zhimingda, Rongzhi Rixin, Shijia Photon, and Suotong Development [1] - 567 companies reported net profits over 100 million yuan, 180 over 500 million yuan, 88 over 1 billion yuan, 19 over 5 billion yuan, and 8 over 10 billion yuan [2] - China Mobile, Kweichow Moutai, CATL, China Telecom, Sinopec, Industrial Fulian, Muyuan Foods, Huaneng International, and Luoyang Molybdenum were among the top net profit earners [2] Group 2: Industry Performance - The electronic, transportation, agriculture, automotive, machinery, non-ferrous metals, home appliances, and social services sectors showed strong revenue performance [3] - In the electronic sector, companies in consumer electronics and semiconductors performed exceptionally well [3] - In agriculture, companies in breeding and animal health sectors showed significant performance improvements [3] - Muyuan Foods achieved revenue of 764.63 billion yuan, a year-on-year increase of 34.46%, and net profit of 107.9 billion yuan, a year-on-year increase of 952.92% [3] Group 3: Dividend Announcements - A total of 265 A-share listed companies announced their 2025 mid-term dividend plans [4] - 188 companies plan to distribute cash dividends exceeding 1 yuan per 10 shares, 77 companies exceeding 3 yuan, 38 companies exceeding 5 yuan, and 15 companies exceeding 10 yuan [4] - Notable companies with high cash dividends include JiBit, Ninebot, Shuoshi Bio, China Mobile, Dongpeng Beverage, Siwei Liekong, Dong'a Ejiao, and Aimeike [4] - Among the 265 companies, 111 plan to distribute over 100 million yuan, 77 over 200 million yuan, and 37 over 500 million yuan in dividends [4] Group 4: Specific Company Announcements - China CNR announced revenue of 1197.58 billion yuan, a year-on-year increase of 32.99%, and net profit of 72.46 billion yuan, a year-on-year increase of 72.48% [5] - The company plans to distribute cash dividends of 31.57 billion yuan [5]

Group 1 - A total of 69 stocks in the Shenzhen and Shanghai markets have seen net inflows of main funds for 5 days or more as of August 22 [1] - Dong-E E-Jiao has experienced net inflows of main funds for 12 consecutive days, ranking first [1] - Huahai Qingske has seen net inflows for 10 consecutive days, ranking second [1] Group 2 - Guizhou Moutai has the largest total net inflow of main funds, with a cumulative net inflow of 986 million yuan over 5 days [1] - Kosen Technology follows with a cumulative net inflow of 745 million yuan over 6 days [1] - ST Erya has the highest proportion of net inflow to trading volume, with a 37.82% increase in the past 7 days [1]