驴和男人，东阿阿胶都要

Core Insights - Dong'e Ejiao reported a revenue of 4.715 billion yuan in 2023, a year-on-year increase of 16.66%, with a net profit of 1.151 billion yuan, up 47.55% [2] - The revenue from Ejiao and related products reached 4.364 billion yuan, marking a 17.98% increase and the first time surpassing 4 billion yuan in four years [2] - The gross margin for Ejiao products has fluctuated, with a slight decrease in 2023 compared to 2022, but an overall increase of nearly ten percentage points from 2020 [2] Revenue and Profit Trends - From 2020 to 2023, the revenue from Ejiao products increased from 2.790 billion yuan to 4.364 billion yuan, with the proportion of total revenue rising from 81.82% to 92.55% [2] - The gross margin for Ejiao products was 62.74%, 65.95%, 73.16%, and 72.37% from 2020 to 2023 [2] Raw Material Supply Challenges - The primary raw material for Ejiao, donkey hide, is becoming increasingly scarce due to declining donkey populations in China, which have decreased by 57.46% over the past decade [2][3] - Dong'e Ejiao has been actively seeking international sources for donkey hides, having established procurement channels in over ten countries [2][3] Impact of Trade Regulations - A proposed 15-year ban on donkey hide trade by African Union member states could pose risks to Dong'e Ejiao's supply chain, although the company believes the impact will be minimal due to established supply channels [3][4] - Dong'e Ejiao currently imports approximately 1.4 million donkey hides annually, while domestic production is insufficient to meet demand [3] Pricing Strategies and Market Dynamics - The price of donkey hides has historically influenced the pricing of Ejiao products, with significant price increases observed from 2000 to 2016 due to supply constraints [5] - Dong'e Ejiao has previously raised prices multiple times in response to rising raw material costs, with revenue growth observed from 2010 to 2018 despite some fluctuations [5][6] New Product Development - Dong'e Ejiao is expanding its product line to include male health supplements under the "Royal Enclosure 1619" brand, targeting male health needs [7] - The company emphasizes academic research to support the efficacy of its new products, although sales figures for these products have been relatively low in recent years [7]