证券代码：000423 证券简称：东阿阿胶 公告编号：2025-11 东阿阿胶股份有限公司 第十一届董事会第七次会议决议公告 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 1.东阿阿胶股份有限公司（以下简称"东阿阿胶"或"公司"）第十一届 董事会第七次会议，于 2025 年 3 月 4 日以邮件方式发出会议通知。 2.本次董事会会议，于 2025 年 3 月 14 日以现场会议方式召开。 3.会议应出席会议董事 8 人，实际出席会议董事 8 人。 4.本次董事会会议由董事长程杰主持，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 2024 年度总裁工作报告的议案》 2024 年，东阿阿胶深度践行"价值重塑、业务重塑、组织重塑、精神重塑"， 坚定落地落实"1238"战略，经营业绩稳步提升。全年营业收入同比增长 25.57%； 归属于上市公司股东的净利润同比增长 35.29%。 ...

2025 年 3 月 14 日，东阿阿胶股份有限公司（以下简称"公司"）第十一届 董事会第七次会议，以 8 票同意、0 票反对、0 票弃权的表决结果，审议通过了 《关于 2024 年度利润分配预案的议案》。 证券代码：000423 证券简称：东阿阿胶 公告编号：2025-15 东阿阿胶股份有限公司 关于 2024 年度利润分配预案的公告 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。 重要提示： 1．公司本次 2024 年度利润分配预案为：以 643,976,824 股为基数，向全体 股东每 10 股派发现金红利 12.70 元（含税），送红股 0 股（含税），不以公积金 转增股本。 本次利润分配方案实施时，如享有利润分配权的股份总额发生变动，则以实 施分配方案时股权登记日的享有利润分配权的股份总额为基数，按照分配总额不 变的原则对每股分红金额进行调整。 2．公司利润分配预案不触及《深圳证券交易所股票上市规则》第 9.8.1 条 规定的可能被实施其他风险警示情形。 一、审议程序 本项议案，尚需提交公司年度股东大会审议。 二、利润分配预案的基本情况 （一）本次利 ...

Financial Performance - The company's operating revenue for 2024 reached ¥5,920,785,955.41, representing a 25.57% increase compared to ¥4,715,265,729.50 in 2023[19] - Net profit attributable to shareholders was ¥1,557,000,775.65, a 35.29% increase from ¥1,150,878,550.46 in the previous year[19] - The net profit after deducting non-recurring gains and losses was ¥1,441,714,437.09, up 33.17% from ¥1,082,628,480.93 in 2023[19] - The basic earnings per share increased to ¥2.42, a rise of 35.20% from ¥1.79 in 2023[19] - The weighted average return on equity improved to 14.60%, up from 11.12% in the previous year, marking an increase of 3.48%[19] - Total assets at the end of 2024 were ¥13,087,136,728.33, a decrease of 1.65% from ¥13,306,306,533.41 at the end of 2023[19] - The net assets attributable to shareholders decreased by 3.81% to ¥10,310,173,764.03 from ¥10,719,014,633.60 in 2023[19] - The cash flow from operating activities was ¥2,170,810,025.93, reflecting an 11.13% increase compared to ¥1,953,438,009.50 in 2023[19] Dividend Distribution - The company plans to distribute a cash dividend of ¥12.70 per 10 shares, based on a total of 643,976,824 shares[5] - The profit distribution plan for 2024 proposes a cash dividend of 12.70 RMB per 10 shares, totaling approximately 818 million RMB, representing 99.70% of the undistributed net profit for the year[83] - The total cash dividend amount, including other methods, is 893,723,011.48 CNY, representing 100% of the profit distribution total[129] Research and Development - R&D investment increased by 27.63% to ¥209,941,773.61 in 2024, accounting for 3.55% of operating revenue[58] - The number of R&D personnel rose to 338, a 4.64% increase from 2023, with a notable 31.46% increase in master's degree holders[58] - The company is currently conducting 32 R&D projects, focusing on quality standards and evidence-based research for new product development[58] - The company has initiated 8 new drug research projects under its "dual-wheel drive" strategy, aimed at expanding its product pipeline[58] - The company is actively working on 14 projects to establish quality standards for potential high-value products, enhancing its competitive edge in the market[58] Market Strategy and Product Development - The company plans to implement the "1238" strategy to enhance its core business and drive innovation in traditional Chinese medicine[28] - The company launched new products, including "Zhuangben" brand and various health supplements targeting men's health, showcasing its commitment to product diversification[32] - The company aims to establish a demonstration base for the inheritance and innovation of traditional Chinese medicine culture, enhancing its brand recognition and cultural significance[35] - The company is focusing on expanding its product offerings and enhancing its research and development capabilities in the pharmaceutical sector[103] - The company is actively pursuing new strategies for market expansion and product innovation to enhance its competitive edge[103] Corporate Governance - The company has established a complete and independent business system, ensuring autonomy in operations and decision-making[92] - The company maintains a clear separation of assets, personnel, finance, and operations from its controlling shareholder[92] - The board of directors consists of 9 members, including 3 independent directors, meeting legal requirements[87] - The company has a dedicated financial department with an independent accounting system, ensuring no interference from the controlling shareholder[92] - The company adheres to strict information disclosure regulations, ensuring timely and accurate communication with investors[90] Environmental Sustainability - The company has maintained compliance with environmental regulations, holding a valid pollution discharge permit until November 5, 2029[145] - Wastewater treatment facilities are in place, with two plants treating different types of wastewater, ensuring compliance with discharge standards[147] - The company reported no exceedance of pollutant discharge limits, with COD and ammonia nitrogen levels well below regulatory thresholds[146] - The company has implemented a comprehensive self-monitoring plan for wastewater and air emissions, achieving a 100% compliance rate in monitoring and reporting[148] - The company is committed to environmental sustainability, with treatment standards exceeding regulatory requirements[147] Management Changes - The company reported a significant leadership change with the appointment of Cheng Jie as President, effective January 10, 2022, and his term will end on October 22, 2024[97] - The company experienced a turnover in its board of directors, with multiple resignations including Bai Xiaosong and Cui Xingpin, effective March 2023 and August 2023 respectively[97] - The company announced the resignation of Chairman Bai Xiaosong effective October 22, 2024, due to job changes[98] - President Cheng Jie will continue to serve as the Party Secretary and a board member after resigning from the presidency on October 22, 2024[98] - The company is focusing on maintaining a stable management team, with several key positions remaining filled through 2027, which may support strategic initiatives[96] Financial Management - The company maintained a debt-to-asset ratio of 21.05% and had cash reserves of 5.015 billion RMB at the end of the year[82] - The company has no significant related party transactions during the reporting period[169] - The company has not reported any significant mergers or acquisitions during the reporting period[198] - The company has maintained a good integrity status with no significant debts or court judgments against it[168] Shareholder Information - The total number of shares is 643,976,824, with 100% being unrestricted shares[196] - The largest shareholder, China Resources Dong'a Ejiao Co., Ltd., holds 23.50% of shares, totaling 151,351,731 shares[199] - The top two shareholders, China Resources Dong'e Ejiao Co., Ltd. and China Resources Pharmaceutical Investment Co., Ltd., collectively hold 215,711,473 shares, accounting for 33.49% of the total share capital[200]

Investment Rating - The report initiates coverage with a "Buy" rating for Dong-E E-Jiao [1][8] Core Views - Dong-E E-Jiao is positioned as a leader in the health supplement industry, leveraging its strong brand and product portfolio to drive growth in both traditional and innovative health products [7][42] - The company has shown impressive financial performance, with a significant increase in revenue and net profit forecasted for the coming years, indicating robust growth potential [5][8] - The strategic focus on expanding product lines, particularly in the male health supplement sector, is expected to contribute positively to future earnings [7][42] Summary by Sections Company Overview - Dong-E E-Jiao, established in 1952, has evolved from a state-owned enterprise to a publicly listed company, becoming a standard-bearer in the industry [20] - The company is backed by state-owned assets, ensuring a stable shareholding structure and strategic focus on core products [22] Financial Performance - Revenue for 2024 is projected at 5,775 million yuan, with a year-on-year growth rate of 22.5% [5] - Net profit for 2024 is expected to reach 1,540 million yuan, reflecting a growth rate of 33.8% [5] - The company has maintained a gross margin of around 72.9% for 2024, indicating strong profitability [5] Product Strategy - The core product, E-Jiao blocks, maintains a market share of over 50%, supported by strong brand loyalty and digital marketing efforts [51][53] - The introduction of new health products under the "Royal Enclosure 1619" brand aims to capture the male health supplement market, further diversifying the product portfolio [7][42] - The "Compound E-Jiao Syrup" has seen a significant sales increase, with a 58.1% year-on-year growth in 2023, driven by favorable policy changes [62] Market Position - E-Jiao ranks first in sales among traditional Chinese medicine products, with a market value exceeding 60 billion yuan [45][47] - The overall market for health supplements has grown significantly, with a compound annual growth rate of 12.7% from 2020 to 2023 [47] Valuation - The report estimates a reasonable market capitalization of 482 billion yuan for 2025, indicating a potential upside of 29% from the current market value of 373 billion yuan [8]

上 市 公 司 医药生物 2025 年 03 月 12 日 东阿阿胶 (000423) 相关研究 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 凌静怡 A0230522060001 lingjy@swsresearch.com ——传承创新，引领滋补养生新时代 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 03 月 12 日 | | --- | --- | | 收盘价（元） | 57.85 | | 一年内最高/最低（元） | 72.91/44.62 | | 市净率 | 3.8 | | 股息率%（分红/股价） | 5.07 | | 流通 A 股市值（百万元） | 37,254 | | 上证指数/深证成指 | 3,371.92/10,843.23 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 15.39 | | 资产负债率% | 21.88 | | 总股本/流通 A 股（百万） | 644/644 | | 流通 B ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-10 东阿阿胶股份有限公司 关于召开 2024 年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。 重要内容提示： 1．会议时间：2025 年 3 月 18 日（星期二）15:30-17:30 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：杭州康莱德酒店会议室（杭州市上城区新业路 228 号） 4．问题征集：投资者可于 2025 年 3 月 17 日（星期一）12:00 前访问网址 https://eseb.cn/1mmRsXH9FfO 或使用微信扫描下方程序码，办理预约报名等手 续。在预约报名时可进行会前提问，公司将通过本次业绩说明会，在信息披露允 许范围内就投资者普遍关注的问题进行回答。 东阿阿胶股份有限公司（以下简称"公司"）将于 2025 年 3 月 18 日，披露 《2024 年年度报告》。为便于广大投资者更加全面深入了解公司经营业绩及发展 战略等情况，拟定于 2025 年 3 月 18 日下午，举办 2024 年年度业绩 ...

东阿阿胶股份有限公司 市值管理制度 （2025 年 2 月 25 日 经公司第十一届董事会第六次会议审议通过） 第一章 总则 第一条 为切实推动东阿阿胶股份有限公司（以下简称"公司"或"东 阿阿胶"）资本市场投资价值提升，进一步加强与规范公司市值管理行为， 维护公司、投资者及其他利益相关者的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《关于加强监管防范风险推动资本市场高 质量发展的若干意见》《关于改进和加强中央企业控股上市公司市值管理工 作的若干意见》《上市公司信息披露管理办法》《上市公司监管指引第 10 号——市值管理》《深圳证券交易所股票上市规则》《东阿阿胶股份有限公 司章程》（以下简称"《公司章程》"）等有关规定，制定本制度。 第二条 本制度所称市值管理，是指公司以提高上市公司质量为基础， 为提升公司投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理的基本原则 （一）严守依法合规底线。强化合规管理，完善公司内控体系，坚持规 范运作，在严格遵守相关法律法规、规范性文件、自律监管规则以及《公司 章程》等规定的前提下，开展市值管理工作。 （二）坚持系统整体推进。敏锐识别分析外部 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-09 东阿阿胶股份有限公司 本次增补董事完成后，公司董事会中兼任高级管理人员的董事人数，总计未 超过公司董事总数的二分之一。 特此公告。 东阿阿胶股份有限公司 董 事 会 二〇二五年二月二十五日 附：董事候选人简历 关于增补董事的公告 于晓辉：女，1978 年 2 月出生，持有中国科学院动物研究所博士学位。曾任 国药集团工业发展与科研管理部主任助理、华润医药控股有限公司研发管理部总 监。现任华润医药集团有限公司研发管理部副总经理（主持工作）、中国医药研 究开发中心有限公司副总经理（主持工作）。 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。 东阿阿胶股份有限公司（以下简称"公司"）第十一届董事会第六次会议， 于 2025 年 2 月 25 日审议通过了《关于增补董事的议案》。 依照《公司法》《公司章程》等相关规定，经董事会提名委员会审核，公司 董事会同意控股股东提名于晓辉女士为公司第十一届董事会非独立董事候选人 （简历附后），任期自股东大会审议通过之日起至第十一届董事会任期届满之日 止。该事项需提 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-07 东阿阿胶股份有限公司 关于董事辞职的公告 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。 东阿阿胶股份有限公司（以下简称"公司"）董事会近日收到申劲锋先生提 交的书面辞职报告，由于工作变动原因，申劲锋先生申请辞去公司第十一届董事 会董事职务。 根据《公司法》《公司章程》等相关法律法规规定，申劲锋先生的辞职不会 导致公司董事会成员低于法定最低人数，不会影响公司董事会的正常运作，辞职 报告自送达董事会之日起生效。辞职后，申劲锋先生不再担任公司及公司控股子 公司任何职务，将继续在华润医药集团有限公司任职。 东阿阿胶股份有限公司 董 事 会 二〇二五年二月二十五日 截至本公告日，申劲锋先生未持有公司股份。 公司将根据相关法律法规规定，完成董事补选等工作。 公司董事会对申劲锋先生在任职期间为公司发展做出的贡献表示衷心感谢！ 特此公告。 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2025-08 东阿阿胶股份有限公司 第十一届董事会第六次会议决议公告 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 1．东阿阿胶股份有限公司（以下简称"公司"）第十一届董事会第六次会 议，于 2025 年 2 月 21 日以邮件方式发出会议通知。 2．本次董事会会议，于 2025 年 2 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。 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．《关于增补董事的议案》 本议案提交董事会前，已经公司第十一届董事会提名委员会审议通过。 表决结果：8 票同意，0 票反对，0 票弃权。 2．《关于制定<市值管理制度>的议案》 本事项具体内容，详见公司同日披露于巨潮资讯网的《关于增补董事的公告》 （公告编号：2025-09）。 本事项具体内容，详见公司同日披露于巨潮资讯网的《东阿阿胶股份有限公 司市值管理 ...