Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [10]. Core Insights - The company achieved a revenue of 2.748 billion yuan in H1 2024, representing a year-on-year growth of 26.8%, and a net profit attributable to shareholders of 738 million yuan, up 39.03% year-on-year [2]. - The company has initiated its first mid-term dividend, with a payout ratio of 99.77%, distributing 11.44 yuan per 10 shares, totaling 737 million yuan [2]. - The company is advancing its "1238" development strategy, focusing on a dual-driven model of pharmaceuticals and health consumer products [2]. Financial Performance - In Q2 2024, the company reported a revenue of 1.295 billion yuan, a 17.89% increase year-on-year, and a net profit of 385 million yuan, up 28.01% year-on-year [2]. - The gross profit margin for Q2 2024 was 75.51%, an increase of 5.6 percentage points year-on-year, while the net profit margin was 29.75%, up 2.3 percentage points year-on-year [2]. - The company forecasts revenues of 5.523 billion yuan, 6.494 billion yuan, and 7.609 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 17%, 18%, and 17% [5]. Strategic Development - The company is enhancing its brand positioning as a "national treasure" in health supplements, focusing on the development of its flagship products [2]. - The company is expanding its product lines, including the "Peach Blossom Princess" series targeting younger consumers and the "Royal Enclosure 1619" series for men's health [2]. - The company is actively working on high-level evidence-based research to expand its product applications and market reach [2].

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 55.75 CNY [5][8]. Core Views - The company's core products are experiencing healthy growth through multiple sales channels, and it has initiated mid-term dividend payments to reward investors [3][7]. - The performance for the first half of 2024 met expectations, with significant year-on-year growth in revenue and net profit [3][4]. - The company has shown continuous improvement in profitability, with substantial increases in gross and net profit margins [4]. Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 2.748 billion CNY, a year-on-year increase of 26.80%, and a net profit attributable to shareholders of 738 million CNY, up 39.03% [2]. - The revenue from the core product, Ejiao and its series, reached 2.551 billion CNY, growing 32.52% year-on-year, while other pharmaceutical and health products saw a decline of 11.91% [3]. - The overall gross margin for the first half of 2024 was 73.54%, an increase of 3.20 percentage points year-on-year, with the gross margin for Ejiao products at 75.36% [4]. Dividend Policy - The company announced its first mid-term dividend, planning to distribute 11.44 CNY per 10 shares, with an expected total cash dividend amounting to 737 million CNY, representing 99.77% of the net profit for the first half of 2024 [7]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 5.586 billion CNY, 6.573 billion CNY, and 7.553 billion CNY, respectively, with net profits expected to be 1.437 billion CNY, 1.699 billion CNY, and 1.957 billion CNY [8][9].

Investment Rating - The investment rating for Dong'e Ejiao (000423) is not explicitly stated in the provided content, but the report indicates a positive outlook based on revenue and profit growth [1]. Core Viewpoints - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.748 billion yuan (up 26.80% year-on-year) and net profit attributable to shareholders at 738 million yuan (up 39.03% year-on-year) [1]. - The core product line, Ejiao series, saw a revenue increase of 33%, indicating strong market demand and effective sales strategies [1]. - The company has initiated its first interim dividend, reflecting a commitment to shareholder returns [1]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 2.748 billion yuan, with a year-on-year growth of 27%. The Ejiao series contributed 2.551 billion yuan, accounting for approximately 93% of total revenue [1]. - The gross profit margin improved by 3.2 percentage points year-on-year, reaching 73.54% in 2024H1, with the Ejiao series margin at 75.36% [1]. - The company forecasts revenue growth for 2024-2026, estimating revenues of 5.7 billion yuan, 6.569 billion yuan, and 7.564 billion yuan, with corresponding net profits of 1.49 billion yuan, 1.768 billion yuan, and 2.094 billion yuan [2][3]. Inventory and Sales Dynamics - The inventory cycle for key products is at a low level, with Ejiao block inventory at under 3 months, indicating efficient inventory management [1]. - Online sales for key products have seen a growth of over 30% year-on-year, reflecting strong consumer interest and effective e-commerce strategies [1]. Shareholder Returns - The company has announced a cash dividend of 11.44 yuan per 10 shares, totaling approximately 737 million yuan, which represents 110.53% of the net profit for the first half of 2024 [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 48.90 and an expected relative increase of over 15% compared to the benchmark index in the next 6 to 12 months [1][8]. Core Insights - The company reported a strong performance in the first half of 2024, achieving a revenue of 2.748 billion yuan, a year-on-year increase of 26.80%, and a net profit of 738 million yuan, up 39.03% year-on-year [3]. - The second quarter showed resilience with a revenue of 1.295 billion yuan, a 17.89% increase year-on-year, and a net profit of 385 million yuan, reflecting a 28.01% growth [3]. - The company’s core product, the Ejiao series, contributed significantly to revenue, achieving 2.551 billion yuan in sales, a 32.52% increase year-on-year, with a gross margin of 75.36% [3]. - The company has implemented effective cost control measures, resulting in improved operating efficiency and profitability, with a net profit margin of 26.9% in the first half of 2024, an increase of 2.34 percentage points year-on-year [3]. - A substantial cash dividend of 11.44 yuan per 10 shares was announced, totaling 737 million yuan, which represents 99.77% of the net profit for the first half of 2024 [4]. Financial Forecast and Valuation - The company is projected to achieve revenues of 57.76 billion yuan, 68.74 billion yuan, and 80.85 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 22.50%, 19.01%, and 17.61% [4]. - Net profit forecasts for the same years are 14.51 billion yuan, 17.46 billion yuan, and 20.98 billion yuan, with year-on-year growth rates of 26.10%, 20.32%, and 20.14% [4]. - The report highlights a steady increase in return on equity (ROE), projected to reach 17.97% by 2026 [1][4].

东阿阿胶股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | | | 往来方与上 | | | 2024 半年度 | 2024 年半 | 2024 半年 | 2024 年半 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联资金往来 | 资金往来方名称 | 市公司的关 | 上市公司核算的 | 2024 期初往 | 往来累计发 | 年度往来资 | 度偿还累计 | 年度期末往 | 往来形成原 | 往来性质 | | | | | 会计科目 | 来资金余额 | 生金额（不 | 金的利息 | | | 因 | | | | | 联关系 | | | 含利息） | （如有） | 发生金额 | 来资金余额 | | | | 控股股东、实际控制人 | 华润立方药业(安徽) | 同一 | 应收账款 | | 7,558.60 | | 5,535.88 | 2,022.72 | 销售货物 | 经营性往来 | | 及其附属企业 | 有限公司 | 控股股东 | | | | | | | | | | 控 ...

第十一届监事会第一次会议决议公告 本公司及监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。 证券代码：000423 证券简称：东阿阿胶 公告编号：2024-45 东阿阿胶股份有限公司 1．东阿阿胶股份有限公司（以下简称"公司"）第十一届监事会第一次会 议，于 2024 年 8 月 10 日以邮件方式发出会议通知。 2．本次监事会会议，于 2024 年 8 月 20 日以现场会议方式，在公司会议室 召开。 3．会议应出席会议监事 5 人，实际出席会议监事 5 人。 4．本次监事会会议，由公司全体监事共同推举监事陶然先生主持。 一、监事会会议召开情况 5．本次监事会会议的召开，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、监事会会议审议情况 本次会议审议并通过了以下议案： 1.《关于选举公司第十一届监事会主席的议案》 会议选举陶然先生为公司第十一届监事会主席。简历详见附件。 表决结果：5 票同意，0 票反对，0 票弃权。 2.《关于 2024 年半年度报告及摘要的议案》 经审议，公司《2024 年半年度报告全文及其摘要》的编制，符合法律法规、 中国证 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-44 东阿阿胶股份有限公司 第十一届董事会第一次会议决议公告 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 表决结果：9 票同意，0 票反对，0 票弃权。 1．东阿阿胶股份有限公司（以下简称"公司"）第十一届董事会第一次会 议，于 2024 年 8 月 10 日以邮件方式发出会议通知。 2．本次董事会会议，于 2024 年 8 月 20 日以现场会议方式，在公司会议室 召开。 2．《关于选举成立公司第十一届董事会下设委员会的议案》 3．会议应出席会议董事 9 人，实际出席会议董事 9 人。 4．本次董事会会议，由公司全体董事共同推举董事白晓松先生主持，公司 监事、高管列席了本次会议。 5．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 经与会董事认真讨论，本次会议审议并通过了以下议案： 1．《关于选举公司第十一届董事会董事长的议案》 会议选举白晓松先生为公司第十一届董事会董事长，任期与公司第十一届董 事会任期 ...

Financial Performance - The company's revenue for the first half of 2024 reached ¥2,747,957,878.26, representing a 26.80% increase compared to ¥2,167,139,023.14 in the same period last year[16]. - Net profit attributable to shareholders was ¥738,419,138.16, a 39.03% increase from ¥531,113,560.00 year-on-year[16]. - The net profit after deducting non-recurring gains and losses was ¥699,577,867.77, up 42.79% from ¥489,944,263.46 in the previous year[16]. - Basic earnings per share increased to ¥1.1489, a rise of 39.31% from ¥0.8247[16]. - The company's operating revenue for the reporting period was ¥2,747,957,878.26, representing a year-on-year increase of 26.80% compared to ¥2,167,139,023.14 in the same period last year[26]. - Operating profit increased to ¥878,663,980.28, up 35.5% from ¥647,895,376.14 year-over-year[95]. - The total profit for the first half of 2024 was ¥882,770,666.07, a 36.2% increase from ¥648,012,058.43 in the same period of 2023[95]. - The company's total comprehensive income for the first half of 2024 was ¥738,411,722.68, compared to ¥531,878,154.94 in the previous year, reflecting a 38.8% increase[95]. Cash Flow and Assets - The net cash flow from operating activities was ¥922,069,401.63, reflecting a 22.57% increase compared to ¥752,303,456.45 in the same period last year[16]. - The company's cash and cash equivalents decreased by ¥605,182,521.38, a decline of 330.29% compared to an increase of ¥262,788,286.96 in the previous year[26]. - The company's total assets at the end of the reporting period were ¥12,500,395,127.16, down 6.06% from ¥13,306,306,533.41 at the end of the previous year[16]. - The company's cash and cash equivalents at the end of the period amounted to ¥5,220,324,810.90, down from ¥5,825,507,332.28 at the beginning of the period, representing a decrease of approximately 10.4%[184]. - The total accounts receivable at the end of the period amounted to ¥706,669,656.52, an increase from ¥425,335,652.62 at the beginning of the period, representing a growth of 66.1%[192]. Dividend and Shareholder Information - The board approved a cash dividend of ¥11.44 per 10 shares, based on a total of 643,976,824 shares[7]. - A cash dividend of CNY 11.44 per 10 shares (including tax) will be distributed, totaling CNY 736,709,486.66, which represents 110.53% of the parent company's net profit for the first half of 2024[45]. - The total number of common shareholders at the end of the reporting period was 44,108, with the top 10 shareholders holding 32.50% of the total share capital[78]. - China Resources Dong'e Ejiao Co., Ltd. holds 23.50% of the total share capital, amounting to 151,351,731 shares[78]. Research and Development - The company has developed proprietary technology for its products, enhancing convenience with instant consumption options[5]. - The company has established a unique research and innovation platform, including the "National Engineering Research Center for Gelatin Chinese Medicine," to address key industry challenges[24]. - Dong'e Ejiao has developed over 40 strategic reserve products, expanding its product portfolio to meet diverse consumer needs[23]. - The company has partnered with various research institutions to explore the applications of Ejiao in chronic musculoskeletal diseases, furthering its R&D capabilities[25]. Environmental and Social Responsibility - The company invested CNY 1.8395 million in environmental governance and protection in the first half of 2024, and paid CNY 1.4144 million in water resource tax in the same period[51]. - The company generated 2.1221 million kWh of photovoltaic power from rooftop solar panels, accounting for 16.85% of the total electricity consumption in the industrial park, reducing carbon dioxide emissions by 2,115 tons[51]. - The company completed the re-certification of its pollutant discharge permit in June 2022, valid until June 2027, ensuring compliance[49]. Risks and Challenges - The company is facing long-term risks due to the decline in the number of donkeys raised and the need for time-consuming research in breeding and disease prevention[40]. - The company plans to optimize its raw material supply mechanism and drive both domestic and international markets to ensure sustainable raw material safety[41]. Financial Management and Investments - The company has engaged in entrusted wealth management with a total amount of RMB 3.2 billion, with an outstanding balance of RMB 2.8 billion[65]. - The company has no overdue amounts or impairment provisions for entrusted wealth management products[65]. - The company has confirmed that all entrusted wealth management plans have followed legal procedures and will continue to have such plans in the future[67][68]. Inventory and Receivables Management - Inventory decreased from CNY 1,012,458,003.98 to CNY 960,807,163.63, a decline of about 5.11%[87]. - The provision for bad debts at the end of the period was ¥373,179,754.94, which is 52.81% of the total accounts receivable[197]. - The aging analysis shows that accounts receivable within one year amounted to ¥345,757,866.18, significantly higher than the previous period's ¥64,490,795.61[192]. Corporate Governance - The company has not implemented any stock incentive plans or employee stock ownership plans during the reporting period[47]. - The company has not reported any expected inability to recover principal or other impairment risks related to entrusted financial management[70].

关于召开 2024 年半年度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 证券代码：000423 证券简称：东阿阿胶 公告编号：2024-43 东阿阿胶股份有限公司 重要内容提示： 1．会议时间：2024 年 8 月 22 日（星期四）15:30-17:00 2．召开方式：现场交流，会前 14:30-15:10 将开展互动体验等活动。 3．会议地点：苏州尼依格罗酒店会议室（江苏省苏州市工业园区苏州大道 东 409 号苏州国际金融中心 1 号楼） 二、会议出席人员 董事、总裁 程杰先生，董事、董事会秘书、副总裁、财务总监 丁红岩先生。 三、活动参与方式 1．预约报名。由于场地限制等原因，此次参与名额有限，请拟参与本次业 绩说明会的投资者，于 2024 年 8 月 21 日（星期三）12:00 前通过网址 https://eseb.cn/1gLLgVrHGeY 或使用微信扫描下方程序码进行预约登记，以便 做好相关安排。 4．问题征集：投资者可于 2024 年 8 月 21 日（星期三）12:00 前访问网址 https://eseb.cn/1g ...

Investment Rating - The report assigns an "Accumulate" rating for Dong'e Ejiao (000423) with a target price of 49.01 CNY, reflecting a positive outlook on the company's performance [2]. Core Insights - Dong'e Ejiao has successfully cleared excess inventory and is focusing on rejuvenating its traditional brand to attract younger consumers, positioning itself as a leader in the gelatin industry [2][20]. - The company has established a dual-driven growth model combining "medicinal products + health consumer goods," which is expected to enhance its market presence and revenue streams [2][30]. - The retail market for blood-nourishing traditional Chinese medicine is expanding, with Dong'e Ejiao's products holding a strong market position [2][22]. Summary by Sections Company Overview - Dong'e Ejiao, established in 1952, is a leading brand in the gelatin-based traditional Chinese medicine sector, with a strong focus on quality and brand reputation [9][12]. - The company is backed by state-owned assets, with a stable shareholding structure, enhancing its operational stability [12][13]. Product Positioning and Market Strategy - The company has a clear product positioning strategy, focusing on high-quality traditional products while expanding into health consumer goods [2][20]. - Dong'e Ejiao's product lineup includes various forms of Ejiao, with significant market shares in key categories such as Ejiao blocks and compound Ejiao syrup [22][28]. Financial Performance and Projections - The company achieved a revenue of 47.2 billion CNY in 2023, with a compound annual growth rate (CAGR) of 12.4% from 2019 to 2023 [21][22]. - Future revenue projections for 2024-2026 are estimated at 55.6 billion CNY, 64.9 billion CNY, and 75.0 billion CNY, respectively, with corresponding net profits of 13.8 billion CNY, 16.6 billion CNY, and 19.7 billion CNY [2][4]. Research and Development - Dong'e Ejiao is investing in R&D to innovate and expand its product offerings, focusing on both traditional and new health products [20][21]. - The company has established a unique R&D platform to address key challenges in the gelatin industry and enhance its competitive edge [20]. Organizational Changes and Efficiency - The company has undergone significant organizational restructuring to improve efficiency, resulting in a 43% increase in labor productivity [29][30]. - Employee optimization efforts have led to a substantial increase in per capita revenue, reflecting improved operational performance [29][30].