Core Insights - Dong'e Ejiao reported strong financial performance for the first half of 2025, with revenue of 3.051 billion yuan, a year-on-year increase of 11.02%, and a net profit of 818 million yuan, up 10.74% [1][2] Financial Performance - The company's core product, Ejiao and its series, generated revenue of 2.845 billion yuan, reflecting a growth of 11.50% and accounting for over 90% of total revenue [1][2] - The net profit excluding non-recurring items reached 788 million yuan, marking a 12.58% increase [2] - As of the end of June 2025, the company's debt-to-asset ratio was only 19.17%, indicating very low solvency risk [2] Brand and Market Position - Dong'e Ejiao maintained a market share of 67.3% in the Ejiao block category, reinforcing its leadership in the OTC market [2] - The brand's value increased to 49.697 billion yuan, with a ranking improvement to 245th in the "China's 500 Most Valuable Brands" list [2] Research and Development - The company invested 114 million yuan in R&D during the first half of 2025, a 48.02% increase year-on-year, focusing on five key areas including traditional Chinese medicine and health consumer products [2] Dividend Policy - Dong'e Ejiao proposed a cash dividend of 8.17 billion yuan, which represents 99.94% of the net profit attributable to shareholders for the first half of 2025 [3] - The total dividend distributed over the years has surpassed 10.104 billion yuan, with an average payout ratio of nearly 70% since the first dividend in 1999 [3]

丨证券研究报告丨 公司研究丨点评报告丨东阿阿胶（000423.SZ） [Table_Title] 阿胶持续高成长，分红比例可观 报告要点 [Table_Summary] 2025 年 4 月 28 日，公司发布 2025 年一季报。2025 Q1 公司实现营业收入 17.19 亿元 （+18.24%）；归母净利润 4.25 亿元（+20.25%）；扣非归母净利润 4.16 亿元（+26.69%）。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 research.95579.com 1 东阿阿胶（000423.SZ） cjzqdt11111 [Table_Title2] 阿胶持续高成长，分红比例可观 请阅读最后评级说明和重要声明 [Table_Summary2] 事件描述 %% %% 2025 年 4 月 28 日，公司发布 2025 年一季报。2025 Q1 公司实现营业收入 17.19 亿元 （+18.24%）；归母净利润 4.25 亿元（+20.25%）；扣非归母净利润 4.16 亿元（+26. ...