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东阿阿胶(000423):2025H1经营业绩稳步提升 现金流指标明显改善

Group 1 - The company achieved a revenue of 3.051 billion yuan in H1 2025, representing a year-on-year increase of 11.02%, with a net profit attributable to shareholders of 818 million yuan, up 10.74% [1] - The gross margin for H1 2025 was 73.13%, a slight decrease of 0.41 percentage points, while the net profit margin was 26.80%, down 0.08 percentage points [1] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.787 billion yuan, 2.105 billion yuan, and 2.474 billion yuan respectively, with corresponding EPS of 2.78, 3.27, and 3.84 yuan [1] Group 2 - Revenue from the company's ejiao and related products reached 2.845 billion yuan, an increase of 11.50%, with a gross margin of 74.83% [2] - The company reported a significant improvement in cash flow, with a net cash flow from operating activities of 1.270 billion yuan in Q2 2025, largely due to a decrease in accounts receivable [2] - Accounts receivable decreased to 185 million yuan from 541 million yuan in Q1 2025, indicating positive improvement in financial metrics [2] Group 3 - The company is enhancing its research platform by implementing a "one center, three high grounds, N collaboration" R&D strategy [3] - The "one center" focuses on establishing a national engineering technology research center for gelatin-based traditional Chinese medicine [3] - The company collaborates with top domestic research institutions to build multiple joint innovation platforms, supporting its technological innovation goals [3]