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%, and a net profit attributable to the parent company of 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 in the gel product chain [7] - The company plans to enhance sales investment in 2024, aiming for growth and breakthroughs in 2025, with a sales expense of 1.973 billion yuan, an increase of 32.77% year-on-year [7] - The gross profit margin for 2024 is projected at 72.42%, an increase of 2.18 percentage points year-on-year, primarily due to the higher proportion of high-margin gel 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] - The company completed its first interim cash dividend of 737 million yuan in 2024, with a dividend payout ratio of 99.77% [7] - The forecast for net profit attributable to the parent company for 2025-2027 is 1.943 billion yuan, 2.359 billion yuan, and 2.860 billion yuan, respectively, with corresponding growth rates of 24.80%, 21.41%, and 21.25% [7] Financial Summary - Revenue projections for 2024, 2025E, 2026E, and 2027E are 5.921 billion yuan, 6.972 billion yuan, 8.074 billion yuan, and 9.283 billion yuan, respectively, with growth rates of 25.57%, 17.75%, 15.80%, and 14.97% [3] - The projected earnings per share (EPS) for 2024, 2025E, 2026E, and 2027E are 2.42 yuan, 3.02 yuan, 3.66 yuan, and 4.44 yuan, respectively [3] - The price-to-earnings (P/E) ratio is expected to decrease from 24.29 in 2024 to 13.22 in 2027 [3]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [11]. Core Insights - The pharmaceutical sector showed a slight increase of +0.02% on March 17, 2025, outperforming the CSI 300 Index by 0.26 percentage points, ranking 20th among 31 sub-industries [5]. - Notable performers within the pharmaceutical sub-industries included other biological products (+1.13%), blood products (+0.63%), and medical consumables (+0.34%), while hospitals (-1.28%), offline pharmacies (-1.04%), and medical devices (-0.53%) lagged [5]. - Geron announced the EU approval of its telomerase inhibitor Rytelo (imetelstat) for treating transfusion-dependent anemia in adult patients with myelodysplastic syndromes, marking a significant advancement in the industry [6]. Summary by Sections Market Performance - On March 17, 2025, the pharmaceutical sector's performance was +0.02%, outperforming the CSI 300 Index by 0.26 percentage points, with various sub-industries showing mixed results [5]. Industry News - Geron's Rytelo received EU approval as a monotherapy for treating transfusion-dependent anemia due to myelodysplastic syndromes, previously approved by the FDA in June 2024 [6]. Company News - WuXi AppTec reported a revenue of 39.241 billion yuan for 2024, a decrease of 2.73% year-on-year, with a net profit of 9.450 billion yuan, down 1.63% year-on-year [6]. - Dong-E E-Jiao announced a revenue of 5.921 billion yuan for 2024, an increase of 25.57% year-on-year, with a net profit of 1.557 billion yuan, up 35.29% year-on-year [6].

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 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-17 东阿阿胶股份有限公司 关于投资金融理财产品的公告 重要内容提示： 1．投资对象：东阿阿胶股份有限公司（以下简称"公司"或"东阿阿胶"） 主要合作银行及其下属银行子公司的保本型银行结构性存款产品或较低风险等 级的银行理财产品，单笔期限不超过六个月（含六个月）。 2．投资额度：不超过 40 亿元人民币。在前述额度内，资金可以滚动使用， 且期限内任意时点的交易金额(含前述投资的收益进行再投资的相关金额)不超 过 40 亿元人民币。 3．特别风险提示：拟购买的理财产品虽为低风险收益型理财产品，但金融 市场受宏观经济、财政及货币政策的影响较大，不排除该项投资受到市场波动的 影响。 一、投资银行理财产品概述 2025 年 3 月 14 日，公司第十一届董事会第七次会议，审议通过了《关于投 资金融理财产品的议案》。具体内容如下： 1．投资目的：提高资金使用效率，充分利用公司现有部分闲置资金，全面 提高公司资金收益水平。 2．投资额度：不超过 40 亿元人民币。在前述额度内，资金可以滚动使用， 且期限内任意时点的交易金额(含前述投资的收益进行再投资的相关金 ...

东阿阿胶 2024 环境、社会及公司治理报告 胶 目录 contents | 关于本报告 | 01 | | --- | --- | | 关于东阿阿胶 | 03 | | 责任治理 | 12 | | 责任实践 | 15 - | Environmental, Social and Governance Report 2024 25 精益治理 筑就企业长青基业 | 战略为先,构筑价值高地 | 31 | | --- | --- | | 高效运作,规范三会治理 | 33 | | 凝聚共识,党建引领发展 | 36 | | 协同管理,严守合规底线 | 44 | | 价值与共,聚力市值管理 | 52 | | 数字赋能,创新驱动发展 | 59 | 碳索未来 赋能绿色永续发展 | 应对气候变化,增强气候韧性 | 71 | | --- | --- | | 强化环境管理,确保合规运营 | 76 | | 科学管理资源,合理开发利用 | 78 | | 严格控制排放,守护碧水蓝天 | 83 | | 守护生物资源,维护生态平衡 | 86 | | 推动绿色运营,践行永续发展 | 88 | 以人为本 守护健康安全防线 | 11 11 11 11 ...