DEEJ(SZ:000423) Xin Lang Cai Jing·2025-08-21 15:09Core Viewpoint - Dong'e Ejiao (000423.SZ), a leading Chinese herbal supplement company, reported double-digit growth in its first-half performance, but the growth rate has significantly slowed down [1] Financial Performance - The company achieved a revenue of 3.051 billion yuan in the first half of the year, representing a year-on-year increase of 11.02% [1] - The net profit attributable to shareholders was 818 million yuan, up 10.74% year-on-year, while the net profit excluding non-recurring items was 788 million yuan, reflecting a growth of 12.58% [1] - In Q2, revenue was 1.332 billion yuan, showing a year-on-year growth of 2.91%, a significant decline from Q1's 18.24% growth [1] - The gross margin was 73.13%, and the net margin was 26.80%, indicating relative stability [2] - Sales expenses were 1.031 billion yuan, up 3.09%, which is lower than the revenue growth rate, suggesting improved efficiency in sales spending [2] - Management expenses increased by 37.72% to 185 million yuan, attributed to the recruitment of key management and R&D talents [2] - Accounts receivable reached 185 million yuan, a year-on-year increase of 133.31% [2] Product Sales - The core revenue source remains the Ejiao and its related products, generating 2.845 billion yuan in revenue, a year-on-year increase of 11.50%, accounting for over 90% of total revenue [2] - Other pharmaceuticals and health products generated 142 million yuan, up 7.06% year-on-year [2] Strategic Acquisitions - The company plans to acquire 70% of the equity in Ma Ji Pharmaceutical and 80% of the equity in Congrong Group, with investments of approximately 33.8 million yuan and 59.97 million yuan, respectively [3] - These acquisitions will enhance the supply chain for the "Royal Arena 1619" deer antler supplement series and the male health product lines [4]