DEEJ(SZ:000423) Chang Jiang Shang Bao·2025-12-07 23:58Core Viewpoint - Dong-E E-Jiao announced a share buyback plan for the first time since its listing in 1996, with a total amount between 100 million and 200 million yuan, aimed at enhancing investor confidence and recognizing the company's intrinsic value [1][2]. Financial Performance - As of September 30, 2025, Dong-E E-Jiao reported total assets of 12.75 billion yuan and equity attributable to shareholders of 9.948 billion yuan, with a liquidity ratio of 9.823 billion yuan [3]. - The planned buyback amount represents only 1.57% of total assets, 2.01% of equity, and 2.04% of current assets [3]. - The company has maintained a high cash dividend policy since its listing, with cumulative dividends reaching 10.03 billion yuan and a consistent payout ratio of nearly 100% in recent years [3]. Revenue and Profit Growth - From 2020 to 2024, Dong-E E-Jiao's revenue grew from 3.409 billion yuan to 5.921 billion yuan, with a compound annual growth rate (CAGR) of 14.7%, while net profit increased from 43 million yuan to 1.557 billion yuan, achieving a CAGR of 187.3% [5]. - For the first three quarters of 2025, the company reported revenue of 4.766 billion yuan and a net profit of 1.274 billion yuan, with a gross margin increase of 3.33 percentage points to 73.69% [5][6]. Research and Development - Dong-E E-Jiao invested 145 million yuan in R&D for the first three quarters of 2025, marking a 62.29% year-on-year increase, with total R&D expenses over the past three years amounting to 492 million yuan [1][6]. - The company has achieved significant R&D milestones, including the development of rapid preparation techniques for traditional products and recognition for its innovative treatments [6]. Strategic Partnerships - Dong-E E-Jiao is collaborating with China Resources Group to explore international markets and invest in a 1 billion yuan pharmaceutical industry fund, focusing on traditional Chinese medicine and synthetic biology [7].