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 maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [2] Core Insights - The pharmaceutical sector continues to show strong performance, with a year-to-date return of +4.0%, outperforming the Shanghai Composite Index by 2.2% [4][11] - The report highlights the potential for recovery in consumer healthcare, driven by recent government policies aimed at boosting consumption [4][11] - Key investment themes include innovation in pharmaceuticals, turnaround opportunities, and the integration of AI technologies [4][11] Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.59%, while the pharmaceutical sector increased by 1.77%, ranking 15th among 31 sub-industries [4][11] - Specific segments such as pharmaceutical commerce, traditional Chinese medicine, and medical services saw increases of 6.44%, 2.63%, and 1.46% respectively [4][11] Key Companies and Recommendations - Recommended stocks include WuXi AppTec, Aier Eye Hospital, Dong-E E-Jiao, and others, with expected earnings growth and favorable valuations [2][8] - The report emphasizes the importance of focusing on companies with improving fundamentals and low valuations, particularly in the eye care and dental sectors [5][11] Policy and Regulatory Developments - Recent government initiatives, including the introduction of child-rearing subsidies, are expected to positively impact the reproductive and maternal health sectors [6][7] - The National Healthcare Security Administration's guidelines for brain-computer interface services are anticipated to accelerate commercialization in this emerging field [6][11] Valuation Metrics - The pharmaceutical sector is currently valued at 23.4 times PE based on 2025 earnings forecasts, representing a 36.0% premium over the broader A-share market [17] - The TTM valuation stands at 27.3 times PE, which is below the historical average of 35.1 times PE, indicating potential for valuation recovery [17]

Investment Rating - The report maintains a "Buy" rating for the company based on its growth potential and market positioning [16]. Core Insights - The report highlights the increasing government support for fertility policies, which is expected to boost the maternal and infant sector, leading to a rise in related consumption [12][11]. - The company is positioned to benefit from the growing demand for health and wellness products, particularly in the context of traditional Chinese medicine and modern health trends [16][14]. - The report emphasizes the importance of stable housing prices in driving consumer spending, linking real estate stability to overall economic recovery [15][12]. Summary by Sections Fertility and Maternal-Infant Sector - The government has introduced various policies to encourage childbirth, including financial subsidies and improved childcare services, which are expected to positively impact the maternal and infant market [12][11]. - Local governments are also implementing supportive measures, such as direct financial incentives for families with multiple children [12]. Real Estate and Consumer Spending - The report discusses the correlation between housing prices and consumer spending, noting that a stable real estate market is crucial for economic recovery [15]. - Recent government actions aim to stabilize housing prices and support consumer demand, indicating a proactive approach to economic management [15][12]. Company Performance and Market Position - The company has a diversified product portfolio that includes traditional health products and modern wellness items, positioning it well to capture market growth [16][14]. - The report forecasts significant revenue growth for the company, driven by the increasing demand for its health-related products and the expansion of its market reach [16].

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 ...

结构性分化，把握龙头配置价值 ——中药行业2025年2月月报 长城证券产业金融研究院 分析师：刘鹏 执业证书编号：S1070520030002 邮箱：liupeng@cgws.com 分析师：袁紫馨 执业证书编号：S1070122080041 邮箱：yuanzixin@cgws.com 评级：强大于市（维持） 2025.03.03 01 核心观点 核心观点 1、 2024年 中 药 行 业分 化加大 ，头部 效应凸 显，竞 争格局 有望重 塑 2024年多因素影响行业竞争局，头部企业优势集中，华润系（华润三九、东阿阿胶、昆药集团、江中药业）、片仔癀名贵 OTC龙头、 奇 正藏药 院内贴 膏龙头 通过品 牌壁垒 和渠道 优势普 遍实现 稳健增 长，中 小企业 受成本 端压力 、集采 政策、 医保控 费、消费 疲软等 因素共 振 陷 入 亏 损 或利润 同比下 滑，行 业整体 承压， 2025年 业 绩 压 力减弱 下弹性 有望释 放 2、 估 值 与复盘 • 2月中药板块下跌1.15%， 大 幅 跑输 沪深300和 SW 医 药 生 物指数 ，主要 系科技 成长股 资金虹 吸效应 及"AI+医 疗" 关 注 景 ...

Investment Rating - The report maintains a strong investment rating for the biopharmaceutical industry, particularly for the traditional Chinese medicine (TCM) sector, which is expected to benefit from multiple factors in 2025 [2]. Core Insights - The TCM sector is anticipated to experience a gradual reduction in performance pressure in 2025, driven by factors such as improved earnings, favorable policies, decreasing costs, rising demand, and consolidation within the industry [4][6]. - The report identifies five main investment opportunities within the TCM sector, including high-end OTC products, state-owned enterprise reforms, hospital-based TCM, dividend-paying assets, and turnaround situations for struggling companies [4][7]. Summary by Sections 1. Performance Outlook - The TCM sector faced overall revenue decline in 2024, with a total revenue of 270.61 billion yuan, down 3.28% year-on-year, and a net profit of 29.88 billion yuan, down 8.55% year-on-year [10]. - The number of companies forecasting negative net profit growth in 2024 is 22 out of 34, while only 12 companies expect positive growth [16]. 2. Policy Developments - The third batch of national TCM procurement results showed an average price reduction of 63%, but the impact on listed companies is limited due to the small number of affected products [20]. - A new essential drug list is expected to be released in 2025, which may include more TCM products, enhancing their market presence [24]. 3. Cost Factors - The TCM material price index has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies and improve their gross margins starting in 2025 [28]. 4. Demand Dynamics - The recent increase in flu cases has driven demand for related treatment products, leading to a quicker clearance of inventory for cold and cough medications [34]. 5. Competitive Landscape - The TCM industry is experiencing frequent mergers and acquisitions, which are likely to enhance industry concentration and provide performance flexibility for related listed companies [39]. 6. Investment Opportunities - The report highlights five key investment themes: 1. High-end OTC TCM products, particularly those using natural bezoar as a key ingredient, are expected to see improved margins as supply stabilizes [45][54]. 2. State-owned enterprise reforms are anticipated to yield positive changes in management and strategic planning [7]. 3. Hospital-based TCM products are expected to gain market share due to regulatory support [7]. 4. Companies with strong cash flow and high dividend potential are viewed favorably [7]. 5. Companies currently facing challenges are expected to improve as inventory pressures ease [7]. 7. Recommended Stocks - The report suggests monitoring companies such as Kunming Pharmaceutical, Tongrentang, Darentang, Jiangzhong Pharmaceutical, Dong'e Ejiao, China Resources Sanjiu, Yunnan Baiyao, Tianshili, Fangsheng Pharmaceutical, and others for potential investment opportunities [4].

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 ...