东阿阿胶股份有限公司监事会 东阿阿胶股份有限公司 关于第一期限制性股票激励计划（草案二次修订稿） 相关事项的核查意见 根据《公司法》《证券法》《深圳证券交易所股票上市规则》和《上市公司 股权激励管理办法》等法律法规及公司章程等有关规定，公司监事会审阅了关于 公司第一期限制性股票激励计划(草案二次修订稿)及相关事项，核查意见如下： 一、关于第一期限制性股票激励计划（草案二次修订稿）及其摘要的议案 监事会认为：《第一期限制性股票激励计划（草案二次修订稿）及其摘要》 符合《公司法》《证券法》《上市公司股权激励管理办法》等有关法律法规及规 范性文件的规定，有利于建立健全持续、稳定的长效激励约束机制，进一步完善 法人治理结构，充分调动核心员工积极性，吸引、保留和激励优秀管理者及核心 技术员工，使其利益与公司长远发展更紧密地结合，不存在损害公司及全体股东 利益的情形。 二、关于第一期限制性股票激励计划实施考核管理办法（二次修订稿）的议案 监事会认为：《第一期限制性股票激励计划实施考核管理办法（二次修订稿）》 符合相关法律法规规定，与《第一期限制性股票激励计划（草案二次修订稿）》 相匹配，能够保证公司第一期限制性股票激励计 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-23 东阿阿胶股份有限公司 第十一届监事会第七次会议决议公告 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。 一、监事会会议召开情况 1．东阿阿胶股份有限公司（以下简称"公司"）第十一届监事会第七次会 议，于 2025 年 4 月 22 日以邮件方式发出会议通知。 2．本次监事会会议，于 2025 年 4 月 25 日以通讯表决方式召开。 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 2025 年第一季度报告的议案》 经审议，监事会认为公司《2025 年第一季度报告》的编制，符合法律、法 规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确、完整地反 映了公司实际经营情况，不存在任何虚假记载、误导性陈述或重大遗漏。 公司《2025 年第一季度报告》是按照中国证监会和深圳证券交易所颁发的 信息披露内容与格式准则等有关要求 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-22 东阿阿胶股份有限公司 第十一届董事会第八次会议决议公告 2.本次董事会会议，于 2025 年 4 月 25 日以通讯表决方式召开。 3.会议应出席会议董事 8 人，实际出席会议董事 8 人。 4.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。 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 1.东阿阿胶股份有限公司（以下简称"公司"）第十一届董事会第八次会 议，于 2025 年 4 月 22 日以邮件方式发出会议通知。 二、董事会会议审议情况 本次会议审议并通过了以下议案： 1.《关于 2025 年第一季度报告的议案》 本议案提交董事会前，已经公司第十一届董事会审计委员会审议通过。 经审议，董事会认为公司《2025 年第一季度报告》的编制，符合法律、法规、 中国证监会和深圳证券交易所的相关规定。报告内容真实、准确、完整地反映了 公司实际经营情况，不存在任何虚假记载、误导性陈述或重大遗漏。 本事项具体内容，详见公司同日披露于巨潮资 ...

东阿阿胶股份有限公司 2025 年第一季度报告 1 东阿阿胶股份有限公司 2025 年第一季度报告 2 东阿阿胶股份有限公司 2025 年第一季度报告 证券代码：000423 证券简称：东阿阿胶 公告编号：2025-24 东阿阿胶股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述 或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准 确、完整。 3.第一季度报告是否经审计 □是 否 3 东阿阿胶股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年 同期增减（%） | | --- | --- | --- | --- | | 营业收入（元） | 1,718,524,479.25 | ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-21 东阿阿胶股份有限公司 关于限制性股票激励计划获得批复的公告 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。 本次限制性股票激励计划相关事宜,尚需提交公司股东大会审议。公司将积 极推进相关工作，严格按照有关规定及时履行信息披露义务。 特此公告。 东阿阿胶股份有限公司 董 事 会 二〇二五年四月二十四日 近日，东阿阿胶股份有限公司（以下简称"公司"）收到华润（集团）有限 公司（以下简称"华润集团"）印发的《关于东阿阿胶股份有限公司实施限制性 股票激励计划的批复》（华人通〔2025〕68 号），华润集团根据国务院国资委的 批复，原则同意公司实施限制性股票激励计划。 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-20 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的进展 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），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）。 2025 年 2 月 8 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 公司股份计划的进展公告》（2025-06），华润医药投资通过深圳证券交易所交 易 ...

Investment Rating - The report assigns an "Accumulate" rating to the company for 2025 with a target price of 68.57 RMB based on a 24x PE ratio [4]. Core Views - The company demonstrates robust growth in its core business, particularly in the Ejiao segment, supported by strong brand barriers and refined inventory management. The company is expected to achieve a double-digit growth in Ejiao blocks in 2024, with a projected net profit of approximately 1.56 billion RMB, reflecting a year-on-year increase of 35.3% [2][4]. - The report highlights the rapid growth of the Compound Ejiao Syrup, which has significant room for penetration in both retail and medical channels. The retail sales of this product are expected to reach 2.32 billion RMB in 2024, up 14.8% year-on-year [2][4]. Summary by Sections Company Overview - Dong-E Ejiao Co., Ltd. is a leading producer of Ejiao and related products, with a history of over 70 years. The company has established itself as a top brand in the health supplement market, with a strong focus on product innovation and market expansion [13][14]. Business Performance - The company has seen a recovery in net profit since 2021, with a projected revenue of approximately 5.92 billion RMB in 2024, representing a year-on-year growth of 25.6%. The compound annual growth rate (CAGR) for revenue from 2021 to 2024 is estimated at 15% [24][4]. - The company has successfully improved its inventory management, which has positively impacted its financial performance. The net profit for 2024 is expected to be around 1.56 billion RMB, showing a significant recovery trend [24][4]. Product Growth and Innovation - The report emphasizes the dual growth strategy of the company, focusing on both pharmaceutical and consumer products. The Ejiao block remains a strong performer, while the Compound Ejiao Syrup is rapidly gaining market share [30][55]. - New product lines such as the "Peach Blossom Princess" Ejiao cake and Ejiao powder are expected to contribute to revenue growth, with projected increases of over 10% and 75% respectively in 2024 [63][66]. Financial Health - The company maintains a healthy financial position with a cash reserve exceeding 8.5 billion RMB and a low debt ratio of 21.1%. The dividend payout ratio has consistently exceeded 96% from 2021 to 2024, with a projected dividend yield of 3.85% in 2024 [18][4]. - The report forecasts steady revenue growth for the next few years, with expected revenues of 6.89 billion RMB, 7.99 billion RMB, and 9.22 billion RMB for 2025, 2026, and 2027 respectively, alongside corresponding net profits [4][7].

Investment Rating - The report assigns an "Accumulate" rating to the company for 2025 with a target price of 68.57 RMB based on a 24x PE ratio [4]. Core Views - The company demonstrates robust growth in its core business, with a strong brand presence and effective inventory management leading to resilient performance. The company is expected to achieve a net profit of approximately 1.56 billion RMB in 2024, reflecting a year-on-year increase of 35.3% [2][4]. - The company is focusing on the rapid growth of its unique product, Compound Ejiao Syrup, which has significant room for penetration in both retail and medical channels [2][3]. - The company has a healthy financial profile with a high dividend payout policy, maintaining a dividend payout ratio exceeding 96% from 2021 to 2024, and a cash reserve exceeding 8.5 billion RMB by the end of 2024 [3][4]. Summary by Sections Company Overview - Dong'e Ejiao Co., Ltd. is a leading producer of Ejiao and related products, with a history of over 70 years and a strong brand reputation. The company has successfully developed various products, including the top OTC product Ejiao and the unique Compound Ejiao Syrup [13][14]. Business Growth Drivers - The company is experiencing steady growth in its core product, Ejiao, supported by strong brand power and improved inventory management. The retail sales of Ejiao reached approximately 6.5 billion RMB in 2023, with a year-on-year growth of 11.8% [38]. - The Compound Ejiao Syrup has shown significant growth, with retail sales expected to reach 2.32 billion RMB in 2024, reflecting a year-on-year increase of 14.8% [2][55]. Financial Health - The company maintains a strong financial position with a low debt ratio of 21.1% and a negligible interest-bearing debt ratio of 1.4%. The dividend yield is projected to rise to 3.85% in 2024 [3][18]. - Revenue forecasts for 2025 to 2027 are 6.896 billion RMB, 7.997 billion RMB, and 9.223 billion RMB, respectively, with corresponding net profits of 1.84 billion RMB, 2.16 billion RMB, and 2.51 billion RMB [4][7]. Market Position - The company holds a dominant market share in the Ejiao segment, with a market share of 67.4% in 2024. The overall market for blood-nourishing products is expanding, with retail sales exceeding 16 billion RMB in 2023, growing by 21.7% year-on-year [30][38]. - The company is also expanding into the male health supplement market with the launch of the "Royal Arena 1619" brand, targeting a new consumer demographic [3][67].

Investment Rating - The report gives a "Buy" rating for the company [11][12]. Core Viewpoints - The company has established a dual-driven layout of "Ejiao + Young Health Products," focusing on traditional Ejiao products while innovating health consumer goods, creating a comprehensive product matrix covering the entire industry chain [3][8]. - The core products leverage craftsmanship, quality advantages, and optimized medical insurance policies to maintain a leading position in the health supplement sector [3][8]. - The company is expected to achieve sustained growth through the simultaneous increase in volume and price of core products, the transformation of health consumer goods for younger demographics, and breakthroughs in the male health supplement market [3][8]. - The deepening of the "Ejiao +" strategy and full-channel penetration will solidify the company's position as an industry leader amid aging populations and consumption upgrades [3][8]. Summary by Sections Product Matrix and Revenue Growth - The company is the largest and most professional Ejiao producer globally, with main products including Ejiao, Ejiao powder, and compound Ejiao syrup [8]. - The Ejiao block has maintained the highest market share from 2018 to 2024, establishing significant competitive barriers in the high-end price segment [8][56]. - The compound Ejiao syrup faced sales channel restrictions due to previous medical insurance directory limitations, but recent policy changes have removed these barriers, enhancing sales potential [9][61]. - The company continues to innovate its product line, introducing items like Ejiao powder and Ejiao cakes, and combining Ejiao with everyday foods to create new cross-category products [9][62]. Financial Projections - The company forecasts revenues of 6.988 billion, 8.157 billion, and 9.601 billion yuan for 2025-2027, with corresponding net profits of 1.839 billion, 2.200 billion, and 2.620 billion yuan [11][12]. Strategic Initiatives - The company launched a stock incentive plan to demonstrate confidence in long-term development, targeting 179 key employees with a total of 1.2472 million shares [10][25]. - The "Royal Enclosure 1619" brand strategy aims to capture the male health supplement market, with products designed for specific health needs [72][73]. Market Trends - The aging population in China is driving demand for health supplements, with the market size for Ejiao expected to grow significantly [36][38]. - The company is adapting to consumer trends by promoting younger, health-conscious products and leveraging digital marketing strategies [43][62].

Core Insights - The company is the largest and most professional producer of Ejiao globally, with a product matrix centered around Ejiao and its series, including Ejiao powder and compound Ejiao syrup, driving performance growth [1] - The company has established a dual-driven layout of "Ejiao + youthful health products," aiming to cover the entire industry chain and maintain its leading position in the health supplement sector [1] - The "Ejiao+" strategy and full-channel penetration are expected to solidify the company's industry leadership amid aging demographics and consumption upgrades [1] Product Focus and Market Position - Ejiao blocks have maintained the top market share from 2018 to 2024, establishing significant competitive barriers in the high-end price segment, despite a noticeable price premium over competitors [2] - The company's sales performance is driven by a comprehensive quality control system, a brand strategy combining traditional craftsmanship and modern research, and a focus on online sales while collaborating with select offline distributors [2] - The compound Ejiao syrup faced sales channel restrictions due to regulatory changes, but recent policy adjustments have removed barriers, likely boosting hospital sales [2] Health Product Innovation - The company continues to expand its product line with offerings like Ejiao powder and Ejiao cakes, integrating Ejiao with everyday food products such as Ejiao yogurt and milk tea [3] - This dual-driven model of "medicinal products + health consumer goods" allows the company to transition from traditional heavy supplementation to lighter health maintenance [3] Employee Incentives and Growth Strategy - The company announced a stock incentive plan targeting 179 key employees, with a total of 1.2472 million shares granted, representing 0.1937% of total shares [4] - The plan includes performance targets such as a net asset return rate of at least 7.80% and a compound annual growth rate of net profit of no less than 15% from 2025 to 2027 [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 6.988 billion, 8.157 billion, and 9.601 billion yuan, respectively, with corresponding net profits of 1.839 billion, 2.200 billion, and 2.620 billion yuan [5] - The expected earnings per share (EPS) for the same years are 2.86 yuan, 3.42 yuan, and 4.07 yuan, with an initial coverage rating of "buy" [5]