东阿阿胶股份有限公司 关于控股股东的间接控股公司华润医药集团有限公司 刊发 2024 年业绩公告的提示性公告 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"）接控股股东华润东阿阿胶有限 公司（以下简称"华润东阿阿胶"）通知，华润东阿阿胶的间接控股公司华润医 药集团有限公司（以下简称"华润医药集团"）于 2025 年 3 月 26 日在香港联合 交易所有限公司（以下简称"香港联交所"）刊发了 2024 年业绩公告。 证券代码：000423 证券简称：东阿阿胶 公告编号：2025-19 公司投资者如需了解华润医药集团 2024 年业绩公告详细信息，请查询香港 联交所网站：http://www.hkexnews.hk。 特此公告。 东阿阿胶股份有限公司 董 事 会 二〇二五年三月二十六日 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [5][20]. Core Views - The company achieved a revenue of 5.92 billion yuan in 2024, representing a year-on-year growth of 25.6%, and a net profit of 1.56 billion yuan, up 35.3% year-on-year [2][5]. - The company continues to focus on a dual-driven strategy of "pharmaceuticals + consumer products," with plans to strengthen its overseas business [4][5]. - The company has implemented a significant cash dividend plan, distributing 8.18 billion yuan, which accounts for 99.7% of the net profit available for distribution [4]. Financial Performance - In Q4 2024, the company reported a revenue of 1.59 billion yuan, a year-on-year increase of 23.7%, and a net profit of 410 million yuan, up 10.3% year-on-year [2]. - The gross margin for 2024 was 72.4%, an increase of 2.2 percentage points, while the net margin was 26.3%, up 1.87 percentage points [2][5]. - The company forecasts revenues of 6.9 billion yuan, 8.06 billion yuan, and 9.25 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 17%, 17%, and 15% [5][7]. Product Performance - Revenue from the company's main product, Ejiao and its series, reached 5.54 billion yuan, growing 27% year-on-year, with a gross margin of 73.6% [3]. - The compound Ejiao paste saw a growth rate exceeding 50%, while the Ejiao powder achieved a growth rate of over 75% [3]. - Other pharmaceutical and health products generated 240 million yuan in revenue, reflecting a year-on-year increase of 26.2% [3]. Strategic Initiatives - The company plans to establish an overseas headquarters in Hong Kong and initiate clinical validation for its compound Ejiao paste in Europe, aiming to expand its international market presence [4].

Core Viewpoint - Dong-E E-Jiao has announced a substantial cash dividend of 1.555 billion, maintaining a high dividend payout ratio of 99.84%, which positions it among the top in the capital market for 2024 [1] Financial Performance - The company reported an annual revenue of 5.921 billion, reflecting a year-on-year growth of 25.57% [1] - The net profit attributable to shareholders reached 1.557 billion, marking a year-on-year increase of 35.29% [1] - The total cash dividend planned for shareholders is 818 million, with a previous distribution of 737 million in the first half of 2024, bringing the total to 1.555 billion, which is only 200 million less than the annual net profit [1] Shareholder Structure - The largest shareholder, China Resources Group, holds a 23.50% stake, while the second-largest shareholder, China Resources Pharmaceutical Investment Co., Ltd., has a 9.99% stake [1] - The remaining top ten shareholders are predominantly public funds, with only one individual investor, Zhang Xuan, among them [1] Management Changes - The management team has seen significant turnover, with four different chairpersons in the last five years, raising concerns about strategic continuity and stability [2] - The current board composition is heavily influenced by China Resources, with only three independent directors and limited representation from long-term employees [2] Equity Incentive Plan - The company has faced criticism regarding its equity incentive plan, which was revised to lower performance targets for 2025 compared to 2024 [3] - The revised plan includes performance conditions such as a minimum return on equity of 11.5% and a compound annual growth rate of net profit of at least 15% from 2023 [3] - Given that the company's return on equity for 2024 is projected at 14.6%, achieving the revised targets may not be challenging, leading to skepticism about the plan's effectiveness [3]

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of 5.921 billion yuan, a year-on-year increase of 25.57% [2] - Net profit attributable to shareholders reached 1.557 billion yuan, up 35.29% year-on-year [2] - The net profit excluding non-recurring gains and losses was 1.442 billion yuan, reflecting a growth of 33.17% [2] - The net cash flow from operating activities was 2.171 billion yuan, an increase of 11.13% [2] - Basic earnings per share were 2.42 yuan, up 35.20% year-on-year [2] Group 2: Strategic Initiatives - The company focuses on "value reshaping" to maintain its brand position as "the national treasure of nourishment" [2] - A dual-driven growth strategy combining pharmaceuticals and health consumer products is being implemented [3] - The company is enhancing its organizational structure to support high-quality development and talent cultivation [3] Group 3: Product Performance - In 2024, the sales of Ejiao blocks saw double-digit growth [3] - The compound Ejiao syrup experienced a growth rate exceeding 50% [3] - The Taohua Ji brand achieved over 10% growth by expanding its reach [3] - Ejiao powder recorded a growth rate of over 75% through digital marketing efforts [3] Group 4: Future Development Plans - In 2025, the company aims to deepen the integration of the gelatin industry chain and focus on product and service enhancement through digital capabilities [4] - The company plans to strengthen its global supply chain for high-quality raw materials [4] - There is a focus on optimizing product combinations and enhancing digital marketing to improve market competitiveness [5] Group 5: Marketing and Sales Strategies - The company emphasizes consumer-centric strategies and deep collaborations with major retail chains to enhance product quality [6] - The compound Ejiao syrup is positioned for growth in the medical market, which has outpaced retail growth [7] - The Taohua Ji brand will continue to innovate and expand its product matrix in the beauty and health sector [8] Group 6: Investment and Market Expansion - The company is actively seeking acquisition opportunities aligned with its strategic goals in health and beauty sectors [11] - Plans for overseas market expansion have been initiated, focusing on cultural promotion and clinical validation of products [15] - The company maintains a stable pricing strategy based on market supply and demand dynamics [10]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [15]. Core Insights - The company achieved a strong revenue growth of 25.6% year-on-year in 2024, with total revenue reaching 59.2 billion yuan and a net profit attributable to the parent company of 15.6 billion yuan, reflecting a growth of 35.3% [7]. - The company is actively pursuing a dual-driven growth strategy, focusing on both pharmaceutical and health consumer products, with a significant increase in the revenue share from its core product, Ejiao, which accounted for 93.6% of total revenue [7]. - The company has implemented a stock incentive plan to enhance employee motivation and has initiated a cash dividend of 740 million yuan to shareholders [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 59.2 billion yuan in 2024 to 91.3 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.7% [10]. - Net profit is expected to increase from 15.6 billion yuan in 2024 to 26.1 billion yuan in 2027, with a CAGR of around 18.86% [10]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 2.42 yuan in 2024 to 4.05 yuan in 2027 [2]. - **Return on Equity (ROE)**: - ROE is anticipated to improve from 15.07% in 2024 to 30.16% in 2027, indicating enhanced profitability [2]. Business Segment Analysis - **Pharmaceutical Industry**: - Revenue from the pharmaceutical segment is expected to grow from 55.4 billion yuan in 2024 to 84.3 billion yuan by 2027, with a stable gross margin of around 73% [10]. - **Health Products**: - Revenue from other health products is projected to grow significantly, with a CAGR of 30% from 2025 to 2027 [10]. - **Donkey Breeding and Trade**: - This segment is expected to see a decline in revenue, with a projected decrease of 5% annually from 2025 to 2027 [9]. Operational Efficiency - The company reported a gross margin of 72.4% in 2024, which is an increase of 2.2 percentage points year-on-year, indicating improved operational efficiency [7]. - Inventory turnover days decreased significantly to 213.7 days, down by 75.1 days year-on-year, reflecting better inventory management [7].

证券研究报告 非金融公司|公司点评|东阿阿胶（000423） 业绩表现持续亮眼，分红比例维持高水 平 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年03月20日 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月20日 证券研究报告 |报告要点 公司披露 2024 年报，实现营收 59.21 亿，同比增长 25.57%;归母净利润 15.57 亿元，同比增 长 35.29%；扣非归母净利润 14.42 亿元，同比增长 33.17%；单 Q4 实现营收 15.92 亿元，同 比增长 23.67%；归母净利润 4.05 亿元，同比增长 10.30%；扣非归母净利润 3.75 亿元，同比 下滑 1.94%。 东阿阿胶(000423) 业绩表现持续亮眼，分红比例维持高水平 | 行 业： | 医药生物/中药Ⅱ | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 58.18 元 | 基本数据 | 总股本/流通股本(百万股) | 644/644 ...

投资评级：买入（维持） | 日期 | 2025/3/18 | | --- | --- | | 当前股价(元) | 58.26 | | 一年最高最低(元) | 72.91/44.62 | | 总市值(亿元) | 375.18 | | 流通市值(亿元) | 375.18 | | 总股本(亿股) | 6.44 | | 流通股本(亿股) | 6.44 | | 近 3 个月换手率(%) | 51.3 | 医药生物/中药Ⅱ 东阿阿胶（000423.SZ） 经营业绩增速亮眼，2025 年深化产业布局突破发展 2025 年 03 月 19 日 股价走势图 -32% -16% 0% 16% 32% 2024-03 2024-07 2024-11 东阿阿胶 沪深300 数据来源：聚源 相关研究报告 《"药品+健康消费品"双轮驱动，滋 补品牌焕新生—公司首次覆盖报告》 -2024.12.13 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790123110015 经营业绩增速亮眼，产业链全面布局助力长期向好发展 公司 ...

Investment Rating - The investment rating for Dong'e Ejiao is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year increase of 25.57%. The net profit attributable to the parent company was 1.557 billion yuan, up 35.29% [4] - The company is expected to continue its strong growth trajectory, with projected net profits of 1.874 billion yuan, 2.248 billion yuan, and 2.679 billion yuan for 2025, 2026, and 2027 respectively [4] - The company is focusing on deepening its product categories, particularly in Ejiao and men's health products, which are expected to drive long-term growth [4] Financial Performance Summary - In 2024, the company's gross margin was 72.42%, an increase of 2.18 percentage points, while the net profit margin was 26.30%, up 1.87 percentage points [4] - The revenue from Ejiao and related products was 5.544 billion yuan, a growth of 27.04%, with a gross margin of 73.61% [5] - The company has set a strategic goal for 2025 to enhance its industrial chain layout, focusing on upstream resource protection and efficient breeding, midstream product development, and downstream consumer experience [6] Financial Projections - The projected revenue for 2025 is 6.919 billion yuan, with a year-on-year growth of 16.9% [7] - The earnings per share (EPS) are expected to be 2.91 yuan in 2025, 3.49 yuan in 2026, and 4.16 yuan in 2027 [7] - The price-to-earnings (P/E) ratio is projected to decrease from 20.0 in 2025 to 14.0 in 2027, indicating an attractive valuation [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 5.921 billion RMB in 2024, representing a year-on-year growth of 25.57%. The net profit attributable to shareholders was 1.557 billion RMB, up 35.29% year-on-year. The operating cash flow was 2.171 billion RMB, an increase of 11.16% [8] - The company has shown strong performance in its core product line, with the Aojiao series generating 5.544 billion RMB in revenue, a growth of 27.04%. The gross margin for these products improved to 73.61% [8] - The company has implemented a "1238" strategy, focusing on dual-driven growth and integration across various sectors, leading to significant achievements in both upstream and downstream operations [8] - The company has increased its dividend payout, with a total cash dividend of approximately 818 million RMB for 2024, representing 99.70% of the net profit attributable to shareholders [8] - The profit forecasts for 2025 and 2026 have been revised upwards, with net profits expected to be 1.864 billion RMB and 2.215 billion RMB respectively, reflecting strong growth potential [8] Financial Summary - Total revenue for 2023 is projected at 4.715 billion RMB, with a year-on-year growth of 16.66%. The net profit for 2023 is expected to be 1.151 billion RMB, a growth of 47.55% [8] - The earnings per share (EPS) for 2024 is estimated at 2.42 RMB, with a price-to-earnings (P/E) ratio of 24.06 [8] - The company's sales gross margin for 2024 is projected at 72.42%, with a net profit margin of 26.30% [8] - The company's total assets are expected to reach 13.087 billion RMB in 2024, with a debt-to-asset ratio of 21.05% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57%. The net profit attributable to shareholders was 1.557 billion yuan, up 35.29% [8] - The company maintained steady growth in Q4 2024 despite a high base from the previous year, with a revenue of 1.592 billion yuan (up 23.67%) and a net profit of 0.405 billion yuan (up 10.30%) [8] - The company has successfully enhanced its brand strength, with the medicinal industry revenue reaching 5.78 billion yuan (up 27%), accounting for 97.62% of total revenue [8] - The gross margin for the company's products improved to 73.61%, an increase of 1.23 percentage points compared to the same period last year [8] - The company has initiated a mid-year dividend distribution for the first time, with a total cash dividend of approximately 0.818 billion yuan, representing 99.70% of the net profit attributable to shareholders for 2024 [8] Financial Summary - Total revenue forecast for 2024 is 5.921 billion yuan, with a projected growth rate of 25.57% [9] - The net profit attributable to shareholders is expected to reach 1.557 billion yuan in 2024, with a growth rate of 35.29% [9] - The earnings per share (EPS) for 2024 is projected at 2.42 yuan, with a price-to-earnings (P/E) ratio of 24.06 [9] - The company’s sales gross margin is forecasted to be 72.42% in 2024, reflecting an increase of 2.18 percentage points [9] - The company’s total assets are projected to be 13.087 billion yuan in 2024, with a debt-to-asset ratio of 21.05% [9]