Ge Long Hui A P P·2025-10-27 09:20Core Viewpoint - Dong'e Ejiao achieved a net profit attributable to shareholders of 1.274 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.53%, with Q3 net profit reaching 456 million yuan, up 10.27%, meeting expectations [1] Financial Performance - The gross profit margin remained stable, and the profit growth rate is expected to continue to exceed the revenue growth rate [1] - The company is projected to benefit from the scale effect of its Ejiao product series and ongoing cost reduction and efficiency improvement, leading to a sustained increase in gross profit margin and net profit growth rate exceeding revenue growth in 2026 [1] Market Position and Strategy - As a leading brand in the traditional Chinese medicine sector, the likelihood of price reductions for core products due to centralized procurement is low [1] - The first phase of the restricted stock incentive plan is expected to motivate the management team, contributing to significant reform outcomes [1] - The investment rating is maintained at "Buy" [1]