格隆汇1月30日丨吉林敖东(000623.SZ)公布，预计2025年度归属于上市公司股东的净利润22.65亿元～ 24.82亿元，比上年同期增长46.00%～60.00%，扣除非经常性损益后的净利润20.69亿元～22.87亿元，比 上年同期增长31.56%～45.37%。 报告期内，公司围绕市值管理，聚焦医药主业，持续提升经营质量，积极践行"专注于人、专精于药"的 企业价值观，实施"大品种群、多品种群"的销售拉动政策，坚持走"医药健康+金融资本"双轮驱动快速 发展的道路，按照年初制定的估值提升计划有序推进各项工作，业绩取得大幅增长主要原因是公司公允 价值变动收益及投资收益同比增加。2025 年，预计非经常性损益金额对净利润的影响金额约为 19,568.93 万元（2024年同期为-2,151.12 万元）。 ...

Core Viewpoint - The traditional Chinese medicine industry is currently in a significant development opportunity period, and the company aims to leverage policy and market opportunities to innovate and grow within this sector [1] Group 1: Strengthening Traditional Chinese Medicine Industry - The company originated from a state-owned deer farm and has established a standardized breeding base for Sika deer, ensuring high-quality raw materials for traditional Chinese medicine [1][2] - The company has invested over 46 million yuan in upgrading epidemic prevention facilities, maintaining a zero-positive record for brucellosis and tuberculosis since 2021 [1][2] - The company has obtained 525 registration certificates in the Chinese medicine granule sector, enhancing its influence in industry standards [2] Group 2: Research and Development Innovation - The company focuses on core material research and has increased investment in technology development, transitioning from experience-based practices to scientific decoding [2][4] - The company has developed a product cluster centered around Sika deer, including various medicinal products, creating an ecological closed loop from breeding to pharmaceutical products [2][3] - The company emphasizes the integration of research, breeding, processing, and market feedback to drive fundamental changes in production methods [4] Group 3: Financial and Capital Interaction - The company has adopted a dual-driven development model of "healthcare + financial capital," using financial resources to support long-term research and development [5][6] - The company is the largest shareholder of Guangfa Securities, which has provided significant cash flow and stability, contributing 12.43 billion yuan and 17.49 billion yuan in 2023 and 2024, respectively [6] - The company collaborates with various universities and research institutions to enhance its research capabilities and invest in promising biopharmaceutical projects [6][7]

Core Viewpoint - Jilin Aodong Pharmaceutical Group Co., Ltd. reported a significant increase in net profit despite a decline in revenue, demonstrating strong operational capabilities and strategic execution [1][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.126 billion yuan, a year-on-year decrease of 20.21% - The net profit attributable to shareholders reached 1.282 billion yuan, a year-on-year increase of 138.44% [1]. Business Structure - The traditional Chinese medicine segment remains the core business, generating sales revenue of 686 million yuan, accounting for 60.90% of total revenue - The chemical drugs, chain pharmacy wholesale and retail, and health industry segments contributed sales revenues of 143 million yuan, 187 million yuan, and 83 million yuan, representing 12.73%, 16.59%, and 7.39% of total revenue, respectively [1]. Strategic Initiatives - The company is actively reforming its marketing system in the traditional Chinese medicine segment, having completed the marketing restructuring of 22 products and adjusted pricing policies for over 50 products - The company has made significant progress in its Chinese medicine formula granule business, obtaining 525 registration certificates for market access [2]. - A plan to issue convertible bonds to raise 134 million yuan for capital increase in its subsidiary, aimed at constructing a project for Chinese medicine formula granules with an annual production capacity of 2,000 tons [2]. Market Trends - The recovery of the consumer market is expected to accelerate the sales of consumer-oriented traditional Chinese medicine - Long-term growth is supported by an aging population and increasing health awareness among residents, providing a solid foundation for the industry [3]. Operational Efficiency - The company has optimized operational efficiency and adjusted regional layouts by closing some chain pharmacy stores, while enhancing brand management and deepening industry chain collaboration - The chain pharmacy business added 73,000 new members during the reporting period [3]. Asset Management - As of June 30, 2025, the company reported total assets of 34.151 billion yuan, a 3.48% increase from the beginning of the year, and net assets of 29.960 billion yuan, a 3.21% increase - The asset-liability ratio stands at 11.54%, indicating a low level within the industry [4].