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 ...

丨证券研究报告丨 公司研究丨点评报告丨东阿阿胶（000423.SZ） [Table_Title] 阿胶持续高成长，分红比例可观 报告要点 [Table_Summary] 2025 年 4 月 28 日，公司发布 2025 年一季报。2025 Q1 公司实现营业收入 17.19 亿元 （+18.24%）；归母净利润 4.25 亿元（+20.25%）；扣非归母净利润 4.16 亿元（+26.69%）。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 research.95579.com 1 东阿阿胶（000423.SZ） cjzqdt11111 [Table_Title2] 阿胶持续高成长，分红比例可观 请阅读最后评级说明和重要声明 [Table_Summary2] 事件描述 %% %% 2025 年 4 月 28 日，公司发布 2025 年一季报。2025 Q1 公司实现营业收入 17.19 亿元 （+18.24%）；归母净利润 4.25 亿元（+20.25%）；扣非归母净利润 4.16 亿元（+26. ...

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: 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]

Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57% and a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [1] - The company is driven by a dual engine of pharmaceutical and health consumer products, with significant growth in its core product lines [2] - The company has introduced an employee stock incentive plan to enhance talent attraction and promote long-term high-quality development [2] Financial Performance - In 2024, the company reported a net operating cash flow of 2.171 billion yuan, reflecting an 11.13% increase year-on-year [1] - The basic earnings per share (EPS) for 2024 was 2.42 yuan, marking a 35.20% increase compared to the previous year [1] - The company maintained a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan at the end of the year [2] Business Segments - Revenue from the company's Ejiao and related products reached 5.544 billion yuan, a year-on-year increase of 27.04%, with a gross margin of 73.61% [2] - Other pharmaceuticals and health products generated revenue of 236 million yuan, up 26.19% year-on-year [2] - The company experienced a decline in revenue from donkey breeding and sales, which amounted to 69 million yuan, down 28.92% [2] Growth Initiatives - The company launched a stock incentive plan, proposing to grant up to 124.72 million restricted shares, representing 0.19% of the total share capital, to 179 key personnel [2] - The performance targets for the incentive plan include a compound annual growth rate of net profit attributable to shareholders of no less than 15% from 2025 to 2027 [2] - The company has a history of high dividends, with a mid-year dividend of 737 million yuan in 2024, representing 99.77% of the net profit attributable to shareholders for the first half of the year [2] Investment Outlook - The company is expected to achieve EPS of 2.87 yuan, 3.40 yuan, and 4.02 yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 21.91, 18.53, and 15.66 [3] - As a leader in the Ejiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth in performance [3]

以下文章来源于饮品报 ，作者饮品报·饮Sir 饮品报 . 饮品报（DrinkNewspaper）属饮品B端头部新媒体，拥有超98W粉丝用户，专注提供奶茶、咖啡、茶、 甜品等在内的饮品行业资讯，覆盖商业模式、品牌观察、门店管理、创业项目推荐、业界报道、测评等 多维度。 这是新消费智库第 2 6 2 5 期文章 新消费导读 作者 ： 饮品报·饮Sir 编辑：竺天 审核： Single 来源： 饮品报 养生水狂奔，传统药方如何攻占年轻人的奶茶胃？ 当药柜与智能萃茶机并肩而立，一场酝酿多时的"养生"革命开始重构饮品版图。 浙江省中医院的乌梅汤上线半日卖出24万余帖，奈雪的茶联名阿胶奶茶全网曝光量突破10 亿次…… 锁定年轻人的"续命"焦虑，中式养生水成为饮品界的顶流 。体现在流量端，抖音 上，#中药奶茶#的相关话题获得7.6亿次播放量；微博上，关于#中式养生水#的多个话题引 发热议。 图源：媒体报道 流量在哪里，市场就在哪里。前瞻产业研究院发布的《2024中国中式养生水行业发展趋势 洞察报告》显示，2023年中国中式养生水市场规模增至4.5亿元，年增长率超过350%，预 计未来5年内年复合增长率将超过88%， 市场规 ...

股票代码：000423 股票简称：东阿阿胶 东阿阿胶股份有限公司投资者关系活动记录表 公司实施阶段性授信清零的管理策略，年初结合战略客户合作规 模等维度，系统性评估核定战略授信的支持力度。2025 年一季度，额 度内使用授信发货，形成应收账款较年初有所增加。同时，部分跨期银 行承兑汇票未到期，以及加大驴皮原料及中药材等战略物资储备，采购 资金支出增加，从而影响经营活动现金水平。 七、关于复方阿胶浆医保占比 目前，复方阿胶浆医保支付占一定体量，其中统筹支付比例较小。 未来，复方阿胶浆将持续深化大品种战略落地落实，保持稳健可持 续增长态势。 编号：2025-02 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者 | □媒体采访 √业绩说明会 | | 关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 瑞银证券、开源证券、华创证券等券商分析师及广大投资者朋友 | | 及人员姓名 | | | 时间 | 2025 年 4 月 29 日 | | 地点 | 公司会议室 | | 上市公司 | 董事、总裁 孙金妮 | | 接待人员姓名 | 董事、 ...

Investment Rating - The investment rating for Dong'e Ejiao is maintained as "Buy" [1] Core Views - The company achieved a revenue of 1.719 billion yuan in Q1 2025, representing a year-on-year increase of 18.24%. The net profit attributable to the parent company was 425 million yuan, up 20.25% year-on-year. The non-recurring net profit was 416 million yuan, reflecting a growth of 26.69% year-on-year [4][5] - The gross margin for Q1 2025 was 73.62%, an increase of 1.83 percentage points, while the net profit margin was 24.73%, up 0.40 percentage points [4] - The company is optimistic about its long-term growth potential due to its focus on the Ejiao category, male health products, and industry chain layout. Profit forecasts for 2025-2027 are set at 1.874 billion, 2.248 billion, and 2.679 billion yuan respectively, with EPS projected at 2.91, 3.49, and 4.16 yuan [4][5] Financial Performance Summary - In Q1 2025, the company reported a negative net cash flow from operating activities of -304 million yuan, primarily due to an increase in accounts receivable and financing receivables. Accounts receivable rose to 541 million yuan, a year-on-year increase of 583.32% [5] - The company is expected to manage its credit limits effectively throughout the year, which should alleviate short-term cash flow pressures [5] - The financial summary indicates a steady growth trajectory with revenue projections of 6.919 billion yuan for 2025, 8.075 billion yuan for 2026, and 9.313 billion yuan for 2027, with corresponding net profits of 1.874 billion, 2.248 billion, and 2.679 billion yuan [8][10] Strategic Initiatives - The company is actively deepening the integration of primary, secondary, and tertiary industries to enhance growth. It focuses on securing raw material supply, advancing the Ejiao main business, and developing a dual-driven model of pharmaceuticals and health consumer products [6] - The strategy includes building a strong brand matrix and integrating online and offline channels to enhance market presence [6]