Investment Rating - The investment rating for Dong'e Ejiao is maintained at "Buy" [1] Core Views - The company's operating performance is steadily improving, with significant cash flow indicators showing improvement. For H1 2025, revenue reached 3.051 billion yuan, a year-on-year increase of 11.02%, and net profit attributable to shareholders was 818 million yuan, up 10.74% [4][5] - The report highlights the company's long-term development potential, particularly in deepening its focus on the Ejiao category, men's health products, and industry chain layout [4][5] Financial Performance Summary - In H1 2025, the company's revenue from Ejiao and related products was 2.845 billion yuan, growing by 11.50%, with a gross margin of 74.83% [5] - The net cash flow from operating activities in Q2 2025 was 1.270 billion yuan, showing significant improvement compared to Q1 2025, primarily due to a decrease in accounts receivable [5] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.787 billion yuan, 2.105 billion yuan, and 2.474 billion yuan respectively [4][5] Research and Development Strategy - The company is enhancing its research platform to support technological innovation, implementing a strategy that includes establishing a national engineering technology research center for gelatin-based traditional Chinese medicine [6] - The strategy focuses on creating high grounds for raw material cultivation, traditional Chinese medicine research, and health consumer product development [6] Financial Summary and Valuation Metrics - For 2025, the expected earnings per share (EPS) is projected at 2.78 yuan, with a price-to-earnings (P/E) ratio of 18.4 times [8] - The company's gross margin is expected to be 73.0% in 2025, with a net margin of 26.7% [8][11] - The report provides a detailed financial forecast, indicating a steady growth trajectory in revenue and profit margins over the next few years [10]

证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title] 2025H1 中药滋补主业稳健增长，中期高比例 现金分红落地 [Table_Title2] 东阿阿胶(000423) [Table_Summary] 事件概述 2025H1 公司实现营收 30.51 亿元（yoy+11.02%），归母净利润 8.18 亿元（yoy +10.74%），扣非归母净利润 7.88 亿元（yoy +12.58%）。单 Q2 营收 13.32 亿元（yoy+2.90%），归母净利润 3.93 亿 元 （ yoy+2.00% ）， 扣 非 归 母 净 利 润 3.72 亿 元 （yoy+0.09%）；业绩符合我们预期。 盈利能力方面，2025H1 公司毛利率 73.12%（-0.42pcts），归母 净利率 26.80% （ -0.07pcts ）， 扣 非 归 母 净 利 率 25.82% （+0.36pcts）；单 Q2 毛利率 72.49%（-3.01pcts），归母净利 率 29.49% （ -0.26pcts ）， 扣 非 归 母 净 利 率 27.90% （ - ...

Market Performance - The A-share market experienced a strong upward trend on August 22, with the Shanghai Composite Index surpassing 3,800 points and the Sci-Tech Innovation Board 50 Index rising over 8%, reaching a three-year high [2] - Various sectors saw significant gains, particularly computing power stocks, with companies like CloudWalk Technology hitting their daily limit, and semiconductor, CPO, and securities sectors also performing well [2] Dividend Announcements - A wave of dividend announcements occurred, with companies such as Sinopec (600028.SH) proposing over 10.6 billion yuan in dividends and Dong-E E-Jiao (000423.SZ) announcing a remarkable dividend payout ratio of 99.94% [2] - As of August 21, over 200 A-share companies had disclosed their mid-term dividend plans, totaling more than 130 billion yuan in dividends, with 14 companies announcing dividends exceeding 1 billion yuan [2]

Core Viewpoint - The A-share market experienced a significant rally, with the Shanghai Composite Index surpassing 3800 points and the Sci-Tech Innovation Board rising over 8%, marking a three-year high. The market is currently focused on mid-term dividend announcements from listed companies, with over 200 companies disclosing plans totaling more than 130 billion yuan in dividends [1][2]. Dividend Announcements - Major companies such as China Mobile, China Telecom, and Sinopec announced mid-term dividends exceeding 10 billion yuan, with China Mobile leading at 540.83 billion yuan [2][3]. - Sinopec plans to distribute over 10.67 billion yuan, while Dong-E E-Jiao has a remarkable dividend payout ratio of 99.94% [1][3]. High Dividend Payouts - A total of 15 companies reported dividend payout ratios exceeding 100%, with Shuoshi Biological's ratio reaching an extraordinary 7142.28%, despite a net profit of only 399,000 yuan [7][9]. - Companies like Jibite and Fuyao Glass also reported significant earnings growth alongside their dividend announcements, leading to stock price surges [6][8]. Dividend Yield Insights - As of August 21, 60 companies had dividend yields exceeding 3%, with 20 companies yielding over 5%. Notably, Siwei Likong's yield surpassed 10% [10]. - The dividend yield reflects a company's profitability, cash flow, and asset structure, indicating that companies with stable cash flows can support high dividend payouts [10]. Market Reactions - Following the announcement of mid-term earnings and dividend plans, several companies, including Fuyao Glass and Jibite, saw their stock prices hit the daily limit up [6][8]. - The market is closely monitoring the sustainability of these high dividend payouts, as some companies may resort to borrowing to finance dividends, raising concerns about their financial health [11].

中证报中证网讯(王珞)8月21日晚，东阿阿胶（000423）正式发布2025年半年度报告。报告数据显示， 公司在上半年展现出强劲的发展态势，各项关键指标均实现稳健增长，在市场竞争中进一步巩固了自身 优势地位。 财务指标全面向好经营质量显著提升 2025年上半年，东阿阿胶实现营业收入30.51亿元，同比增长11.02%；归属于上市公司股东的净利润达 到8.18亿元，同比增长10.74%；归属于上市公司股东的扣除非经常性损益的净利润为7.88亿元，同比增 长12.58%。公司经营活动产生的现金流量净额为9.65亿元，同比增长4.70%，其中第二季度经营活动产 生的现金流量净额高达12.70亿元，成功扭转了一季度季节性承压的局面。上半年基本每股收益为1.2698 元，同比增长10.52%。 截至6月末，公司资产负债率仅为19.17%，偿债风险极低，财务结构持续优化。在经营层面，公司持续 深化供应链数字化管理，优化产品结构，聚焦高毛利品类，并进一步推动驴皮库存去化，有效提升了产 能利用率水平。在财务方面，公司现金流指标显著改善，应收账款余额较一季度期末下降3.56亿，环比 下降65.86%，回款效率大幅提升，有力印证 ...

证券时报·数据宝统计，截至8月22日收盘，深沪北共69只个股连续5日或5日以上主力资金净流入。东阿 阿胶连续12日主力资金净流入，排名第一；华海清科连续10日主力资金净流入，位列第二。从主力资金 净流入总规模来看，贵州茅台主力资金净流入金额最大，连续5天累计净流入9.86亿元，科森科技紧随 其后，6天累计净流入7.45亿元。从主力资金净流入占成交额的比例来看，ST尔雅占比排名居首，该股 近7日上涨37.82%。（数据宝） | 603529 | 爱玛科 | 5 | 1.41 | 7.87 | 4.55 | | --- | --- | --- | --- | --- | --- | | | 技 | | | | | | 300491 | 通合科 | 6 | 1.39 | 4.51 | 23.61 | | | 技 | | | | | | 688361 | 中科飞 | 5 | 1.34 | 3.51 | 13.99 | | | 测 | | | | | | 688188 | 柏楚电 | 6 | 1.32 | 6.08 | 12.27 | | | 子 | | | | | | 001301 | 尚太科 | 6 | 1.31 ...

Group 1 - The core viewpoint of the articles highlights a significant trend of generous mid-year cash dividends being distributed by various A-share companies, reflecting their commitment to shareholder returns and robust financial performance [1][4]. Group 2 - Dong-E E-Jiao stands out with a remarkable dividend payout ratio of 99.94%, proposing a cash dividend of 12.69 yuan per 10 shares, totaling approximately 817 million yuan [2]. - In the first half of 2025, Dong-E E-Jiao reported a revenue of 3.051 billion yuan, marking an 11.02% year-on-year increase, and a net profit of 818 million yuan, up 10.74% year-on-year [2]. Group 3 - Sinopec, a key player in the energy sector, announced a cash dividend of 0.088 yuan per share, amounting to a total of 10.67 billion yuan for the first half of 2025 [4]. - Other companies, including Baichu Electronics, Sanming Medical, and Yangnong Chemical, also declared mid-year dividends, with amounts ranging from 2.40 yuan to 6.66 yuan per 10 shares, reflecting a commitment to shareholder value [4].

分产品看，阿胶及系列产品上半年收入增长 11.50%至28.45亿元，其他药品及保健品收入增长 7.06%至1.42亿元。毛驴养殖及贸易收入下滑9.27%至3380.69万 元。 （企业公告） | | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | | | 金额 | 占营业收入比重 | 金额 | 占营业收入 | | 营业收入合计 | 3, 050, 717, 291. 69 | 100% | 2, 747, 957, 878. 26 | 100% | | | | 分行业 | | | | 医药工业 | 2, 986, 191, 790. 10 | 97. 88% | 2, 683, 554, 480. 48 | 97.66% | | 毛驴养殖及贸易 | 33, 806, 870. 52 | 1.11% | 37, 261, 687. 08 | 1.36% | | 其他 | 30, 718, 631. 07 | 1.01% | 27, 141, 710. 70 | 0. 99% | | | | 分产品 | | | | 阿胶及系列产品 | 2, 844, 525, ...

（文章来源：证券时报网） 据Wind统计，截至8月21日，沪深两市共有110只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是苏州银行，已连续14个交易日获净买入；连续获主力资金净买入天数较 多的还有ST广物、东阿阿胶、中国动力、华生科技、齐鲁银行、兰州银行、酒钢宏兴、设计总院、南 京银行、吉林高速等股。 ...

国金证券8月22日发布研报称，给予东阿阿胶（000423.SZ，最新价：51.87元）增持评级。评级理由主 要包括：1）中期拟每10股派发现金12.69元，预计分红现金总额达8.17亿元；2）核心产品稳健增长，回 款情况及现金流显著改善。风险提示：单一品类产品占比较大风险、市场竞争加剧风险、原材料价格波 动风险、政策风险、新品放量不及预期风险等。 （文章来源：每日经济新闻） ...