东阿阿胶战略转型多点开花

Core Viewpoint - Dong'e Ejiao is shifting its strategy from "price increase reliance" to "structural growth," aiming for sustainable development and enhanced engagement with younger consumers [1][2][4]. Financial Performance - In 2024, Dong'e Ejiao achieved a revenue of 5.921 billion yuan, representing a year-on-year growth of 25.57%, and a net profit of 1.557 billion yuan, up 35.29% [1]. - In Q1 2025, the company continued its growth trajectory with a revenue of 1.719 billion yuan, an 18.24% increase year-on-year, and a net profit of 425 million yuan, growing by 20.25% [1]. Market Position - Dong'e Ejiao's core product, Dong'e Ejiao blocks, holds a 67.3% market share in the ejiao block category, while its compound ejiao syrup commands a 31.9% share in the blood-nourishing oral liquid segment, maintaining industry leadership [1]. Strategic Initiatives - The company is actively pursuing a youth-oriented strategy by launching new products like bagged compound ejiao syrup and utilizing live streaming for targeted marketing [2][3]. - Dong'e Ejiao is implementing a systematic pricing governance plan and enhancing its product matrix with items like compound ejiao syrup and royal ejiao powder to reduce dependence on price increases [2][4]. Supply Chain and Raw Material Management - The company has established a dual-circulation raw material supply system, sourcing from both domestic and international markets, including regions in Africa, South America, and Central Asia [4]. - Collaborations with renowned academic institutions are ongoing to improve donkey skin storage and processing technologies, enhancing the overall utilization of donkey resources [4]. Future Outlook - Dong'e Ejiao aims to create a robust business model by focusing on the "sika deer industry" and "cistanche development," with plans to expand product offerings and improve sales performance [3][4]. - The company is committed to ongoing research into share buybacks and high dividend payouts as part of its capital market engagement strategy [4].