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研报掘金丨天风证券:东阿阿胶业绩表现稳健,现金流改善显著,维持“买入”评级
Ge Long Hui·2025-09-25 05:57

Core Viewpoint - Dong-E E-Jiao reported a net profit attributable to shareholders of 818 million yuan in the first half of 2025, representing a year-on-year increase of 10.74% [1] - The company continues to implement mid-term dividends, distributing a cash dividend of 12.69 yuan per 10 shares, totaling approximately 817 million yuan, which accounts for 99.94% of the net profit for the first half of 2025 [1] Financial Performance - In Q2 2025, the company achieved a net profit of 393 million yuan, showing a year-on-year growth of 2.01% [1] - The net cash flow from operating activities for the first half of 2025 was 965 million yuan, indicating improvement compared to Q1 2025 [1] - The cash and cash equivalents at the end of the period stood at 4 billion yuan, reflecting a strong cash reserve [1] Business Strategy and Outlook - The company is focusing on "growth and breakthrough" themes to promote high-quality growth in 2025, with significant improvements in gross margin observed in recent years [1] - Continuous strengthening of online channel layout and ongoing expansion efforts are expected to support stable revenue growth [1] - The company maintains a "buy" rating based on its robust performance and cash flow improvements [1]