Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - In H1 2025, the company achieved revenue of 3.051 billion yuan (yoy +11.02%) and a net profit attributable to shareholders of 818 million yuan (yoy +10.74%) [1] - The company maintains a high cash dividend payout, proposing 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 H1 2025 [4] - The company focuses on its core business with a dual-driven strategy of "pharmaceuticals + health consumer products," enhancing its market position and expanding into new demographics [3] Financial Performance - The gross profit margin for H1 2025 was 73.12% (down 0.42 percentage points), and the net profit margin was 26.80% (down 0.07 percentage points) [1] - The company’s sales expense ratio decreased to 33.79% (down 2.59 percentage points), while the management expense ratio increased to 6.06% (up 1.17 percentage points) [2] - Revenue from core products, including Ejiao and related products, reached 2.845 billion yuan (yoy +11.50%), accounting for 93.24% of total revenue [3] Future Projections - Revenue forecasts for 2025 and 2026 are adjusted to 6.702 billion yuan and 7.468 billion yuan, respectively, with corresponding growth rates of 13.2% and 11.4% [8] - The projected net profit for 2025 and 2026 is 1.812 billion yuan and 2.099 billion yuan, with growth rates of 16.4% and 15.8% [8] - The company aims for an EPS of 2.81 yuan and 3.26 yuan for 2025 and 2026, respectively [8]
东阿阿胶(000423):2025H1中药滋补主业稳健增长,中期高比例现金分红落地