营收净利双增长 东阿阿胶靠什么实现业绩"再回春"？ 本报记者 王僖 全面优化和改善的财务数据背后是华润系（华润医药集团有限公司、华润医药控股有限公司）入主以来，通过高层调整和 组织优化，以及通过价值、业务、组织、精神"四个重塑"为东阿阿胶注入了新的活力。 公司有关负责人表示，通过华润系的支持，公司进一步优化了驴皮资源的供应链，确保了原材料的稳定供应和质量控制， 生产流程实现了智能化和标准化升级，提高了生产效率和产品质量。同时，华润系的赋能使得东阿阿胶在品牌、产品和市场拓 展上取得了显著成效。 3月17日晚，东阿阿胶交出了亮眼的2024年度业绩答卷：报告期内实现营业收入59.21亿元，同比增长25.57%，实现归属于 上市公司股东的净利润15.57亿元，同比增长35.29%。 此外，公司拟向全体股东每10股派发现金红利12.7元（含税）。 东阿阿胶曾在2019年因终端动销受阻等原因出现营收锐减，净利润亏损。但近年来，包括营收和净利润在内的各项财务指 标逐步回暖优化。东阿阿胶是靠什么快速地实现业绩"再回春"？ 华润持续赋能发展 战略协同效应释放 从年报财务数据来看，2024年，东阿阿胶实现了财务结构的系统性优化与 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57%. The net profit attributable to the parent company was 1.557 billion yuan, up 35.29% year-on-year [7] - The company is actively implementing its "1238" strategy, which focuses on a dual-driven development model of pharmaceuticals and health consumer products, along with a three-industry integration of the gelatin industry chain [7] - The company plans to enhance brand exposure and terminal promotion, with sales expenses expected to increase to 1.973 billion yuan in 2024, a rise of 32.77% year-on-year [7] - The gross profit margin for 2024 is projected to be 72.42%, an increase of 2.18 percentage points year-on-year, primarily due to the higher proportion of high-margin gelatin products [7] - The company has shown significant improvement in operational efficiency, with accounts receivable turnover days reduced by 14.27 days to 23.51 days [7] - A high cash dividend payout ratio is noted, with a total cash dividend of 1.555 billion yuan for the year [7] Financial Summary - Revenue projections for 2025-2027 are 6.972 billion yuan, 8.074 billion yuan, and 9.283 billion yuan, respectively, with year-on-year growth rates of 17.75%, 15.80%, and 14.97% [3][8] - The net profit attributable to the parent company is expected to reach 1.943 billion yuan in 2025, 2.359 billion yuan in 2026, and 2.860 billion yuan in 2027, with growth rates of 24.80%, 21.41%, and 21.25% respectively [3][8] - Earnings per share (EPS) are projected to be 3.02 yuan in 2025, 3.66 yuan in 2026, and 4.44 yuan in 2027 [3][8] - The price-to-earnings (P/E) ratio is expected to decrease from 24.29 in 2024 to 13.22 in 2027 [3][8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to less than 35% [2][7]. Core Insights - The company is expected to achieve a net profit of RMB 1.557 billion in 2024, reflecting a year-over-year growth of 35.3% [9]. - The revenue for 2024 is projected to be RMB 5.921 billion, with a year-over-year increase of 25.6% [9]. - The company has a strong dividend policy, with a total dividend payout of approximately RMB 1.56 billion for the year, resulting in an attractive dividend yield of about 4.1% [9]. - The gross margin for the company's main product, Ejiao, has improved, with revenue from Ejiao products reaching RMB 5.54 billion, a year-over-year increase of 27% [9]. - The company has a stable growth outlook, with projected net profits of RMB 1.890 billion, RMB 2.216 billion, and RMB 2.549 billion for 2025, 2026, and 2027, respectively [9]. Company Overview - The company operates primarily in the pharmaceutical and biotechnology sector, with a significant focus on Ejiao products, which account for 93.6% of its revenue [3]. - The company has a market capitalization of approximately RMB 37.518 billion, with a current share price of RMB 58.26 [1]. - The company has a total of 643.98 million shares outstanding, with a price-to-book ratio of 3.64 [1]. Financial Performance - The company reported a net profit of RMB 1.151 billion in 2023, with a projected increase to RMB 1.890 billion in 2025 [8][13]. - The earnings per share (EPS) for 2024 is expected to be RMB 2.42, with a year-over-year growth of 35.20% [8]. - The company’s overall gross margin for 2024 is projected to be 72.4%, an increase of 2.2 percentage points from the previous year [9].

资料来源：浙商证券研究所 东阿阿胶(000423) 报告日期：2025 年 03 月 18 日 投资评级: 买入(维持) 分析师：孙建 证券研究报告 | 公司点评 | 中药Ⅱ 经营效率提升显著，聚焦 25 年增长与突破 ——东阿阿胶 2024 年年报点评 投资要点 ❑ 风险提示：政策调整风险、成本波动风险、二线产品放量不及预期。 财务摘要 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 5,921 | 6,972 | 8,074 | 9,283 | | (+/-) (%) | 25.57% | 17.75% | 15.80% | 14.97% | | 归母净利润 | 1,557 | 1,943 | 2,359 | 2,860 | | (+/-) (%) | 35.29% | 24.80% | 21.41% | 21.25% | | 每股收益(元) | 2.42 | 3.02 | 3.66 | 4.44 | | P/E | 24.29 | 19.46 | 16.03 ...

东阿阿胶公告显示，报告期内，公司共实现营业收入59.21亿元，同比增长25.57%；实现归属于上市公 司股东的净利润15.57亿元，同比增长35.29%。基本每股收益2.42元/股，同比增长35.20%。 公司拟向全体股东每10股派发现金红利12.7元(含税)，不以公积金转增股本。本项议案尚需提交公司年 度股东大会审议。 经毕马威华振会计师事务所审计确认，2024年度母公司净利润约为14.48亿元，扣除2024年半年度权益 分派约7.37亿元，2024年剩余净利润约7.11亿元可供股东分配，加以前年度实现净利润，合计可供股东 分配的利润约为90.66亿元；2024年合并实现归属上市公司股东的净利润约为15.57亿元，扣除2024年半 年度权益分派约7.37亿元，2024年剩余净利润约8.2亿元可供股东分配，加以前年度实现净利润，合计可 供股东分配的利润约为88.83亿元。 资料显示，公司主要从事阿胶和阿胶系列及其他中成药等产品的研发、生产和销售。 多家上市公司公告 东阿阿胶拟10派12.7元！A股最新大额分红 3月17日晚，包括东阿阿胶、药明康德、澳弘电子、塔牌集团、梅花生物在内的多家A股上市公司发布 大额分 ...

Group 1 - The company reported a revenue of 5.921 billion yuan for 2024, representing a year-on-year growth of 25.57%, and a net profit of 1.557 billion yuan, up 35.29% year-on-year [1] - The company plans to distribute a cash dividend of 12.7 yuan per 10 shares to all shareholders, totaling approximately 818 million yuan, which accounts for 99.70% of the net profit attributable to shareholders for 2024 [1] - The company completed its first-ever interim dividend in September 2024, distributing 737 million yuan, which represented 99.77% of the net profit attributable to shareholders for the first half of 2024 [1] Group 2 - Since its first dividend in 1999, the company has cumulatively distributed 8.469 billion yuan in dividends, with 1.555 billion yuan distributed last year, nearly utilizing all of its net profit for dividends [1] - The company's asset-liability ratio at the end of 2024 was 21.05%, with cash and cash equivalents amounting to 5.015 billion yuan and a net cash flow from operating activities of 2.171 billion yuan for the year [1] - From 2006 to 2018, the company's revenue increased from 1.1 billion yuan to 7.3 billion yuan, and net profit rose from 150 million yuan to 2.1 billion yuan, but it faced a loss of 440 million yuan in 2019, marking its first loss in 24 years [2] Group 3 - The company plans to establish an overseas headquarters in Hong Kong to strengthen its international business, advance systematic research and development innovation, and achieve significant breakthroughs in investment and mergers [2] - The company has signed a strategic cooperation agreement with China Agricultural University to establish a global donkey industry innovation research institute, aiming to ensure the safe supply of raw materials and promote value creation in the global donkey industry chain [2] - The company's trading volume and breeding of donkeys decreased by 29% last year, prompting a focus on upgrading raw material supply security [2]

东阿阿胶股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 ■ 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:京25QYOTDVKB s ۱зԇ٤Ԣ㞦ѫઋࡂ (࠺ࣔޯପՠѪ) И֢Ԙч Б؍੪ 1 ՚ ك 8 ࠡםࡂ֫ٺސБ ु:100738ݺଽ ऄઢ +86 (10) 8508 5000 Ѯऱ +86 (10) 8518 5111 ৠ֭ kpmg.com/cn ҼйБਇਁѡ߄ஒҸ՛ ޢӑङЋாપەߛڪ৻ՃҿѕҼऀԩۅੈளچوٴ 2024 ࡂԢ㞦Ћআ 2501102 ՚ Бਇਁѡ߄ஒҸ՛嗋зѫ ۩ћݎՉۺܷͫࣁИ֢ࡨӆѫઋ٤ؙઋӕөؙઋдБਇਁѡ߄ஒҸ՛ͧљЈএ० "БਇҸ՛"ͨ2024چوٴङીԇܕ੮ͫԕܬ2024وٴ12߃31ޙङՠۇٴՃ࠾Ҹ՛фિ❔੮ͫ ञՊԈ੮ߓБਁҸ՛࠾Ճۇٴՠ੮澝ࡶ࣫Ҹ՛࠾ՃۇٴՠҸ՛ӯ䃔੮澝࠾Ճۇٴՠङچوٴ 2024 ճ澞ܕઋؙङ۞ґऊޗՇдޙ 14 ߃ 3 وٴ 2025 йۇٴͫࡨ੮ܕљՃबҼીԇ ߿݇И֢ચӴडषࣲմѫ澝ИԢыࡇһչ֢Ҹ؍ୂ澝֢ԇஓ֢߄фडषࣲմѫ չИ ...

东阿阿胶股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2502393 号 东阿阿胶股份有限公司全体股东： 一、审计意见 我们审计了后附的东阿阿胶股份有限公司 (以下简称"东阿阿胶公司") 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附 ...

东阿阿胶股份有限公司 ࡂԢ㞦ؙআ 2502392 ՚ 内部控制审计报告 2024 年 12 月 31 日 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:京25GP6TTD1S KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn ۱зԇ٤Ԣ㞦ѫઋࡂ (࠺ࣔޯପՠѪ) И֢Ԙч Б؍੪ 1 ՚ ك 8 ࠡםࡂ֫ٺސБ ु:100738ݺଽ ऄઢ +86 (10) 8508 5000 Ѯऱ +86 (10) 8518 5111 ৠ֭ kpmg.com/cn Ӄܰӱؘਗ਼۶ղ Бਇਁѡ߄ஒҸ՛ҶѽਁБ ܷࣁ澦ѣЏӄୂݏӲؙઋܶږ澧ՃИ֢ࡨӆѫઋ٤ۼЏӕөङबҼࡌͫ۩ћؙઋдБ ਇਁѡ߄ஒҸ՛ͧљЈএ०"Ҹ՛"ͨ2024 وٴ 12 ߃ 31 ޙङીԇܕճӄ ...

东阿阿胶股份有限公司 独立董事 2024 年度述职报告 2024 年，本人作为公司的独立董事，秉持专业精神与独 立立场，严格按照《公司法》《上市公司独立董事管理办法》 等相关法律法规以及《公司章程》要求，忠实勤勉地履行各 项职责。保持独立性，不受公司大股东、实际控制人或者其 他与公司存在利益关系的单位与个人的影响，充分发挥参与 决策、监督制衡、专业咨询等作用。积极出席公司 2024 年召 开的相关会议，认真审议各项议案，运用自身专业知识和经 验，对相关事项进行深入分析与判断，依据实际情况发表明 确且客观的意见。对公司信息披露情况等进行监督和核查， 维护了公司整体利益，维护了全体股东尤其是中小股东的合 法权益。现将 2024 年的履职情况报告如下： 一、基本情况 文光伟，男，1963 年 3 月出生，持有中国人民大学管理 学博士学位，中国注册会计师。曾任中国人民大学商学院会 计系副教授、硕士生导师、国际会计教研室主任。现任东阿 阿胶股份有限公司独立董事（2021 年 6 月 29 日起任公司独 立董事）。 本人对独立性情况进行了自查，确认已满足适用的各项 监管规定中对于出任独立董事所应具备的独立性要求，并将 1 ...