关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 证券代码：000423 证券简称：东阿阿胶 公告编号：2025-31 东阿阿胶股份有限公司 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演 APP,参与本次互动交流。 活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时公司董事长程杰 先生，董事、总裁孙金妮女士，董事、副总裁、董事会秘书、财务总监丁红岩先 生，证券事务代表、董事会办公室总经理付延先生将在线与投资者进行沟通与交 流，欢迎广大投资者踊跃参与。 特此公告。 东阿阿胶股份有限公司 董 事 会 二〇二五年五月十三日 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。 为进一步加强与投资者的互动交流，东阿阿胶股份有限公司（以下简称"公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项 公告如下： ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-30 东阿阿胶股份有限公司 监事会关于公司第一期限制性股票激励计划 首次授予激励对象名单的公示情况说明及核查意见 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。 根据国务院国有资产监督管理委员会《中央企业控股上市公司实施股权激励 工作指引》（以下简称《工作指引》）、中国证监会《上市公司股权激励管理办 法》（以下简称《管理办法》）、公司《第一期限制性股票激励计划（草案二次 修订稿）》（以下简称《激励计划》）的有关规定，东阿阿胶股份有限公司（以 下简称"公司"）对第一期限制性股票激励计划拟首次授予限制性股票的激励对 象名单在公司内部进行了公示。 公司监事会结合公示情况对本次首次授予的激励对象名单进行了核查，相关 公示情况及核查意见如下： 公示期内，没有任何组织或个人对激励对象名单提出任何异议。 二、核查意见 公司监事会根据《工作指引》《管理办法》《激励计划》和《公司章程》等 规定,结合对激励对象名单的审核结果及公示情况，发表如下核查意见： 1.本次拟被授予限制性股票的激励对象，均具备《公司法》《证券法 ...

Core Insights - The "2024-2025 Shandong Brand Influence Report" was released, providing a comprehensive analysis of brand development in Shandong, based on big data [2][5] - The report highlights the strong performance of educational and cultural brands in brand communication effectiveness, with specific industries achieving "upgrade" levels in online presence [2][3] - Key case studies, such as "Black Myth: Wukong" and "Zibo Barbecue," illustrate successful brand communication strategies that transformed short-term popularity into sustained interest [2][3] Industry Analysis - The report assessed brand communication across 22 industries in Shandong, revealing that education and culture brands lead in communication effectiveness [2] - It identified eight core areas of strong growth, with an average year-on-year increase of 44.87% in the INC index for sectors including listed companies, public brands, and higher education institutions [3][4] Regional Insights - Jinan benefits from abundant educational and corporate resources, while Qingdao leverages its "Good Products Shandong" brand matrix and quality tourist attractions [3] - Tai'an capitalizes on the global recognition of Mount Tai to enhance its tourism brand communication [3] Brand Performance - Notable companies such as Dong'e Ejiao and Tsingtao Brewery excelled among Shandong's listed companies, while "Good Guest Shandong" remains the top public brand [4] - The report utilized the INC index, developed by the research institute, to evaluate brand performance across six dimensions, ensuring precise assessments [4] Strategic Recommendations - The report suggests four strategies for brand enhancement: creating differentiated content, building a comprehensive communication matrix, promoting intelligent upgrades for efficiency, and improving monitoring and evaluation systems [4]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The second quarter is recommended for the traditional Chinese medicine sector, with expectations for a performance turning point despite significant pressure in the first quarter [3][10] - The traditional Chinese medicine sector is anticipated to see a recovery in performance due to improved inventory levels and profitability, alongside favorable conditions from U.S. tariff policies [5][21] Summary by Sections 1. Quarterly Report Overview - The first quarter faced substantial pressure, but nearly half of the companies (31) achieved positive growth in net profit attributable to shareholders after excluding non-recurring items, with 18 companies reporting revenue growth [13][14] - Companies such as Jia Ying Pharmaceutical and Te Yi Pharmaceutical reported significant revenue growth of 28.8% and 79.3%, respectively, driven by channel expansion and marketing reforms [14] 2. Core Indicator Tracking - Inventory levels have decreased, leading to sustained improvements in profitability [18] - The traditional Chinese medicine sector's valuation is currently below the average since 2021, indicating potential for recovery [24] 3. Investment Recommendations - Companies with strong brand power and potential for margin improvement are recommended for aggressive investment, including Dong E E Jiao, Tong Ren Tang, and Pian Zai Huang [10][18] - Defensive investments are suggested in stable dividend-paying assets such as Yunnan Baiyao and Ling Rui Pharmaceutical [10][18] - The sector's overall valuation is low, with a TTM price-to-earnings ratio of 27.00x as of May 9, 2025, which is below the average since 2021 [24]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a strong performance in Q1 2025, achieving revenue of 1.719 billion yuan, an increase of 18.24%, and a net profit attributable to shareholders of 425 million yuan, up by 20.25% [2][4]. - The company has a high gross margin of 73.62% in Q1 2025, reflecting a year-on-year increase of 1.83 percentage points [11]. - The company has a significant dividend payout, with a proposed cash dividend of 1.555 billion yuan for 2024, representing 99.84% of the net profit attributable to shareholders [11]. Financial Performance - For 2024, the company achieved total revenue of 5.921 billion yuan, with a gross profit margin of 72% [15]. - The projected net profit for 2025-2027 is expected to be 1.837 billion yuan, 2.196 billion yuan, and 2.612 billion yuan, respectively, with corresponding EPS of 2.85 yuan, 3.41 yuan, and 4.06 yuan [11][15]. - The company maintains a strong financial position with total assets projected to grow from 13.087 billion yuan in 2024 to 14.880 billion yuan in 2027 [15].

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-29 东阿阿胶股份有限公司 关于控股股东之一致行动人增持公司股份计划实施完成的 公告 股东华润医药投资有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息 一致。 特别提示： 1．东阿阿胶股份有限公司（以下简称"公司"或"东阿阿胶"）于 2024 年 12 月 19 日在巨潮资讯网上披露了《关于控股股东之一致行动人增持公司股份达 到 1%暨后续增持计划的公告》（2024-66），公司控股股东华润东阿阿胶有限公 司（以下简称"华润东阿阿胶"）之一致行动人华润医药投资有限公司（以下简 称"华润医药投资"）自 2024 年 11 月 8 日起 6 个月内拟通过深圳证券交易所允 许的方式增持公司股份，总增持股份数量不低于总股本（已剔除公司回购专用账 户中的股份数量计算，下同）的 1%（即 6,424,644 股），且不超过总股本的 1.2% （即 7,709,573 股）。 2．2024 年 11 月 8 日至 2025 年 5 月 7 日，华润医药投资通 ...

北京市嘉源律师事务所 关于华润医药投资有限公司 增持东阿阿胶股份有限公司股份的 法律意见书 西城区复兴门内大街 158 号远洋大厦 F408 中国·北京 二〇二五年五月 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN 北京市嘉源律师事务所 关于华润医药投资有限公司 增持东阿阿胶股份有限公司股份的 法律意见书 嘉源（2025）-01-188 敬启者： 北京市嘉源律师事务所（以下简称"本所"）接受东阿阿胶股份有限公司 （以下简称"东阿阿胶"或"公司"）控股股东的一致行动人华润医药投资有 限公司（以下简称"华润医药投资"）的委托，根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司收购管理办法》（以下简称"《收 购办法》"）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作（2023 年 12 月修订）》等有关法律、法规和规范性文件的规定， 以及本法律意见书出具日以前已发生或存在的事实发表法律意见，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，就华润医药投资增持公司股份 的相关事 ...

Group 1 - The core point of the news is the performance and holdings of the China Europe Medical Health Mixed A Fund, which has seen a recent decline in net value and varying returns over different time frames [1] - As of May 7, 2025, the latest net value of the fund is 1.5753 yuan, reflecting a decrease of 1.28%. The fund's return over the past month is -2.61%, ranking 4118 out of 4649 in its category. Over the past three months, the return is 4.24%, ranking 1179 out of 4597, and since the beginning of the year, the return is 1.73%, ranking 2415 out of 4556 [1] - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%), WuXi AppTec (9.95%), and Kanglong Chemical (6.24%) [1] Group 2 - The China Europe Medical Health Mixed A Fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.613 billion yuan. The fund manager is Ms. Ge Lan [1] - Ms. Ge Lan has a background in biomedical engineering with a Ph.D. from Northwestern University in the United States. She has held various research and fund management positions before becoming the manager of the China Europe Medical Health Mixed Fund [2]

Group 1: Industry Overview - The Ministry of Commerce and 12 other departments have jointly released the "Special Action Plan for Promoting Healthy Consumption," which includes specific measures to promote the development of the health consumption market, signaling a new growth opportunity for the health food industry [1] - The global functional food market is expected to reach $1.5 trillion by 2024 and may exceed $2.5 trillion by 2030, with a compound annual growth rate (CAGR) of over 9% [2] - The health food market in China is projected to surpass 1.5 trillion yuan in 2024, with a growth rate of 15%, driven by consumer demand for technology-enabled and culturally resonant products [2] Group 2: Key Players and Innovations - Dong'e Ejiao Co., Ltd. focuses on the research, production, and sales of Ejiao and related health products, introducing convenient products like ready-to-eat Ejiao cakes and instant Ejiao drinks, which have seen a 230% year-on-year sales increase for sugar-free Ejiao granules in 2023 [3] - Fujian Lixing Food Co., Ltd. specializes in vacuum freeze-drying technology and offers a wide range of health food products, serving as a supplier for numerous well-known domestic and international brands [5] - Shandong Mengsixiang Food Co., Ltd. has launched "Chinese-style light health" gift boxes targeting young consumers, successfully crossing over into popular culture with products like "Loquat and Autumn Pear Drink" [6] Group 3: Trade and Exhibition Insights - The SIAL International Food Exhibition in Shanghai will feature renowned health food companies, providing a platform for showcasing innovative products and future trends in the health consumption sector [1][11] - The exhibition is expected to attract a wide range of professional buyers from various channels, enhancing brand visibility and facilitating business cooperation [11][13] - SIAL offers a unique opportunity for over 5,000 exhibitors to connect with 180,000 food and beverage professionals, promoting high-quality development in the food and beverage industry through trade integration [13]

Group 1 - The article highlights the emergence of traditional Chinese brands, showcasing their innovative products that blend ancient wisdom with modern health needs, such as Dong'e Ejiao's new offerings like "Deer Gel Cake" and "Gui Lu Er Xian Oral Liquid" [2] - The fifth China International Consumer Products Expo featured a dedicated area for Shandong brands, emphasizing the integration of traditional craftsmanship with contemporary design, attracting significant attention from officials and visitors [2] - The "Treasures of Time-Honored Brands" exhibition showcased valuable cultural artifacts from century-old brands, emphasizing their historical significance and cultural heritage, including items like the gold medal from the 1915 Panama International Exposition [5] Group 2 - The expo included a "Hainan Food Culture Week" that utilized immersive performances to promote traditional culinary arts, enhancing the visibility and reputation of Shandong cuisine through innovative marketing strategies [7] - The live streaming initiative during the expo successfully combined offline food displays with online cultural storytelling, significantly boosting sales for traditional brands and setting new records for live commerce [7] - Shandong's time-honored brands are leveraging the international platform of the expo to demonstrate their transformation from "Made in China" to "Intelligent Manufacturing in China," providing a replicable model for traditional industries [9]