8月21日晚间，"滋补养生第一品牌"东阿阿胶（000423）发布2025年半年报，业绩整体稳健增长，经营 性现金流与一季度相比有明显改善。 具体来看，报告期内东阿阿胶实现营业收入30.51亿元，同比增长11.02%；归属于上市公司股东的净利 润8.18亿元，同比增长10.74%；归属于上市公司股东的扣除非经常性损益的净利润7.88亿元，同比增长 12.58%；经营活动产生的现金流量净额9.65亿元，同比增长4.70%。 作为一家中华老字号企业，东阿阿胶始创于1952年，1996年在深交所挂牌上市，2005年加入华润（集 团）有限公司。其主要从事阿胶和阿胶系列及其他中成药等产品的研发、生产和销售，是阿胶行业标准 制定的引领者，是滋补健康引领者和中药企业高质量发展的典范。 近些年，为进一步巩固行业地位、拓展增长空间，东阿阿胶持续推进内部改革与战略升级。公司 以"1238"战略为指引，深化推进胶类产业链"三产融合"协同发展，继续做强做优做大阿胶主业，精准拓 深基石业务，统筹拓展潜力产品，着力培育外延品种。其中，以"皇家围场1619"等品牌为代表的"第二 增长曲线"不断拓展滋补领域边界，为大健康行业的发展探索全新方向 ...

Group 1: Company Strategy and Market Position - In 2025, Dong'e Ejiao will focus on the "1238" strategy, emphasizing "growth and breakthrough" as its operational theme, and will implement the "four remakes" to enhance the entire gelatin industry chain [1] - The company holds a combined market share of 38.1% in the Qi and Xue supplement category, with Dong'e Ejiao block at 67.3% and Compound Ejiao Syrup at 31.9% [2] - Dong'e Ejiao aims to strengthen its core business and expand potential products through differentiated innovation and the establishment of technological barriers [1][2] Group 2: Financial Performance and Revenue - In Q1 2025, the company achieved online revenue of approximately 340 million yuan, a year-on-year increase of about 20% [2] - The online revenue breakdown includes: Ejiao block at approximately 120 million yuan (up nearly 15%), Compound Ejiao Syrup at approximately 60 million yuan (up nearly 60%), and Ejiao powder at approximately 60 million yuan (up nearly 50%) [2] - The overall gross margin is maintained at around 70%, with a slight increase in Q1 due to reduced costs from centralized procurement [7] Group 3: Inventory and Sales Management - The reasonable inventory level for Dong'e Ejiao block and Compound Ejiao Syrup is set at six months of terminal market sales, while for Taohua Ji Ejiao cake, it is 1.5 months [2] - The current channel inventory is at a healthy level, and terminal pure sales are progressing steadily [2] Group 4: Future Plans and Dividends - Since its first dividend in 1999, the company has distributed a total of 8.469 billion yuan over 26 occasions, with an average payout ratio of 65.75% [6] - The proposed dividend for 2024 is 818 million yuan, with a payout ratio of 99.70% [6] - The company plans to maintain a stable and proactive dividend policy based on its operational development, profitability, cash flow, and shareholder interests [6] Group 5: Challenges and Adjustments - The increase in accounts receivable in Q1 2025 is attributed to the implementation of a credit management strategy and increased procurement costs for strategic materials [4] - The company is addressing the small proportion of insurance payments for Compound Ejiao Syrup and aims for sustainable growth in this area [5]

Core Insights - Dong-E E-Jiao achieved strong performance in Q1 2025, with revenue of 1.719 billion yuan, a year-on-year increase of 18.24%, and a net profit of 425 million yuan, up 20.25% [1][2] - The company continues to implement a dual-driven strategy of "pharmaceuticals + health consumer products," contributing to its robust growth [2][3] - The gross profit margin improved significantly from 47.57% in 2019 to 73.63% in Q1 2025, driven by digital supply chain upgrades and a focus on high-margin products [1][2] Financial Performance - In Q1 2025, the company reported a net profit of 425 million yuan, with a non-recurring net profit of 416 million yuan, reflecting a growth of 26.69% [2] - Compared to Q4 2024, revenue increased by 7.98% and net profit grew by 4.93% [2] - The sales expense ratio decreased by 2.6 percentage points to 36.26%, while the management expense ratio stood at 5.04%, indicating effective cost control [2] Product Development - Dong-E E-Jiao is expanding into the men's health supplement market, introducing products like brain and kidney tonics, and has plans for further innovation [3] - The company continues to lead the OTC market with its core product, Dong-E E-Jiao blocks, and has seen strong sales in innovative products like instant dissolvable E-Jiao powder and ready-to-eat freeze-dried E-Jiao series [2][3] Strategic Moves - The company is divesting its 15% stake in China National Pharmaceutical Group Jinan, indicating a strategic focus on its core business of E-Jiao and related products [3] - Dong-E E-Jiao aims to solidify its position as the leading brand in health supplements by concentrating resources on its main business [3] Research and Development - Over the past five years, Dong-E E-Jiao has invested 787 million yuan in R&D, with annual expenditures showing a consistent commitment to innovation [4][5] - The company has established a collaborative innovation platform, focusing on developing high-quality health products and traditional Chinese medicine [5]

Group 1: Financial Performance - The company reported a revenue of 1.719 billion yuan in Q1 2025, representing a year-on-year growth of 18.24% [1] - Net profit attributable to shareholders reached 425 million yuan, with a year-on-year increase of 20.25% [1] - The gross margin improved by 2.43 percentage points to 73.62% compared to the previous year [1] Group 2: Strategic Initiatives - The company is implementing a dual-driven strategy of "pharmaceuticals + health consumer products," maintaining a positive growth trend across its core products [2] - R&D investment in Q1 amounted to 39 million yuan, supporting the development of new products aligned with consumer trends [2] - The company is enhancing its tourism framework by integrating various cultural and health-related experiences, aiming to create a unique model for traditional Chinese medicine tourism [2] Group 3: Market Position and Opportunities - The dual-driven strategy is effectively modernizing the brand and expanding its consumer base, capitalizing on policy benefits and consumption upgrades in the traditional Chinese medicine sector [3] - The collaboration with China Resources Group has revitalized the company through strategic restructuring and resource integration, enhancing its competitive edge [4] - The establishment of a stock incentive plan marks a significant organizational change, expected to boost operational momentum and align with long-term performance goals [5]