Investment Rating - The industry rating is maintained at "Overweight" [6] Core Insights - The Chinese medicine sector experienced a significant decline, with the Chinese medicine index dropping by 2.03% last week, while other pharmaceutical sub-sectors also faced declines, except for medical services which saw a 1.67% increase [1][19] - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.17X, down by 0.55X week-on-week, while the price-to-book (PB) ratio is 2.29X, down by 0.04X week-on-week [2] - The demand for flu-related and tonic herbs has increased, leading to a rise in the price index of Chinese medicinal materials, which is expected to continue to rise slightly in the future [3] - The national medical insurance work conference highlighted the restructuring of prices and market patterns as a major direction for the Chinese medicine industry in 2026, emphasizing the importance of collective procurement and support for innovation in the industry [4][9] Summary by Sections Market Performance - The Chinese medicine index closed at 6372.09 points, down 2.03% last week, with only the medical services sector recording positive returns [1][19] Valuation - The current PE ratio for the Chinese medicine sector is 27.17X, with a year-high of 30.26X and a year-low of 24.72X, placing it at the 28.41% percentile since 2013 [2] Supply Chain Insights - The price index for Chinese medicinal materials rose to 225.57 points, a 0.4% increase from the previous week, driven by increased demand due to the flu outbreak and winter tonic herbs [3] Policy and Market Trends - The 2026 direction for the Chinese medicine industry includes continued promotion of collective procurement and support for innovation, with an emphasis on price governance and market restructuring [4][10] - The focus on long-term care insurance is expected to increase demand for Chinese medicine products, particularly in the context of an aging population [9] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform, with specific recommendations for companies with strong R&D capabilities and unique products [10][11]

齐鲁晚报·齐鲁壹点记者 杨璐 12月12日，山东省政府新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期 山东加快推进农业农村现代化情况。山东省农业农村厅党组成员，山东省畜牧兽医局党组书记、局长鲁 波介绍，山东是全国第一畜牧大省，"十四五"以来，全省肉蛋奶年产量连续跨上了1500万吨、1600万吨 两个大的台阶，已连续33年居全国首位。 "前三季度，畜牧业产值增长了5%，肉蛋奶产量增长了4%，按照目前的发展态势，预计今年的肉蛋奶 产量将突破1700万吨，再跨上一个大的台阶。"鲁波说。 保障有力、精准高效的动物防疫体系更加健全。聚焦非洲猪瘟、高致病性禽流感、口蹄疫、炭疽、布病 等重大动物疫病和重点人畜共患病，做好常态化精准防控，开展春秋季集中免疫，免疫抗体合格率和病 死畜禽无害化集中处理率常年保持在95%以上。建成全省域免疫无口蹄疫区和无高致病性禽流感区，成 为全国首个"双病"无疫省。实施全省乡镇畜牧兽医站改造提升工程，目前已改造完成1118个、占总数的 78%，明年将实现全覆盖。 布局合理、高端高效的屠宰加工体系更加优化。加快畜禽屠宰厂点兼并重组、减数控量、提质升级，截 至2024年 ...

Group 1 - The company, Dong'e Ejiao Co., Ltd., announced a share repurchase plan approved by its board of directors on December 4, 2025 [1] - The announcement includes details about the top ten shareholders and the top ten unrestricted shareholders, including their names, shareholdings, and proportions [1][2] - The shareholding data combines both ordinary accounts and margin trading accounts for accuracy [1][2] Group 2 - The company is complying with relevant regulations such as the "Listed Company Share Repurchase Rules" and the "Shenzhen Stock Exchange Self-Regulatory Guidelines No. 9" [1] - The shareholder register was provided by China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [3] - The announcement was officially made by the company's board of directors on December 12, 2025 [5]

Group 1 - The core viewpoint of the article is that Dong'e Ejiao (000423) is maintaining a reasonable inventory structure and is committed to optimizing inventory scale and structure through refined management and precise market analysis [1] Group 2 - The company emphasizes continuous improvement in operational quality and efficiency as part of its strategy [1]

Core Viewpoint - Dong'e Ejiao (000423) confirmed that the time taken for products to reach consumers after production involves several stages, including warehousing, logistics, distribution, and shelf placement, which is a normal phenomenon in the production and sales process [1] Group 1 - The company stated that there is a time difference between product production and market availability, which is typical in the industry [1] - Current sales conditions for the company's products are normal, and overall operations are progressing steadily as planned [1]

证券日报网讯 12月11日，东阿阿胶在互动平台回答投资者提问时表示，公司始终高度重视股东回报， 并保持相对稳定且积极的分红政策。未来，公司将在综合考虑自身经营发展规划、盈利水平、现金流状 况以及股东利益等多方面因素的基础上，有序推进分红政策进一步制度化，以增强回报的稳定性和可预 期性。 （文章来源：证券日报） ...

证券日报网讯 12月11日，东阿阿胶在互动平台回答投资者提问时表示，截至2025年11月10日，公司股 东总数为96750户。 （文章来源：证券日报） ...

证券日报网讯 12月11日，东阿阿胶（000423）在互动平台回答投资者提问时表示，基于当前行业环境 与公司战略等综合考量，保持一定规模的现金储备，是确保公司稳健经营、抵御风险，并把握未来潜在 发展机遇的重要基础。公司将综合考虑行业趋势、市场环境、战略规划及全体股东整体利益，对资金进 行合理配置，切实提升资金使用效率，努力为股东创造长期、稳定且可持续的回报。 ...

Group 1 - The company will maintain a dynamic balance between product sales and prices, with no plans to adjust product prices in the short term [1] - The company aims to develop new products centered around consumer demand, including series like "Ejiao +" and "Ejiao", to explore new business growth points [1] - The focus is on promoting sustainable high-quality development through these initiatives [1] Group 2 - An investor inquired about potential adjustments to the average price of core products by 2025 and the company's strategy preference between maintaining sales and stabilizing prices [3]

根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将公司董事会公告回购股份决议的前一个交 易日（2025 年 12 月 4 日）登记在册的前十名股东和前十名无限售条件股东的名 称、持股数量及比例情况公告如下： 证券代码：000423 证券简称：东阿阿胶 公告编号：2025-77 东阿阿胶股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 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"）于 2025 年 12 月 4 日召开第十 一届董事会第十五次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》。具体内容，详见公司于 2025 年 12 月 5 日披露在巨潮资讯网 （http://www.cninfo.com.cn）的《关于以集中竞价交易方式回购公司股份方案 的公告》（2025-72）。 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数量。 三、备查文件 中国证券登记结算有限责任公司深圳分公司出具的股东名册。 ...