在新消费现代化浪潮中，东阿阿胶（000423.SH）正以科技创新为突破口，重塑阿胶产业的竞争力边 界。2025年，这家百年药企通过系统性强化研发体系，在理论创新、平台建设、机制改革等领域取得突 破性进展，不仅主导修订《中国药典》阿胶饮片标准，更在国际权威期刊发表道地阿胶补血活性肽等原 创成果，为产品升级与市场拓展注入强劲动能。 从气血理论的科学阐释到复方阿胶浆循证医学研究的国际认可，从双院士工作站的突破到15款健康消费 品的上市，东阿阿胶正以"科技+品牌"双轮驱动，推动传统滋补产业向智慧化、国际化迈进，为投资者 与行业呈现一份高质量发展的"东阿样本"。 东阿阿胶的这场战略变革始于三年多前，当时，公司积极响应"健康中国"战略，在华润集团"1246"模式 指引下，提出并落地"1238"战略，实施了一系列大刀阔斧的重塑革新，确定了药品与健康消费品"双轮 驱动"的业务增长模式。 在平台建设上，东阿阿胶以"一中心 三高地+N联合"模式打造产业创新引擎。该体系得到了进一步深 化："一中心"即国家胶类中药工程技术研究中心作为核心平台，年内取得多项标志性成果：率先发现道 地阿胶补血活性肽并建立专属检测方法，相关论文登上《Co ...

让"大国胶香"惠及更多民众 人民健康是社会文明进步的基础，是民族昌盛和国家富强的重要标志。 作为华润集团大健康板块的重要成员和胶类中药代表性企业，东阿阿胶胸怀"国之大者"使命担当，积极 响应"健康中国"战略。 创新逐梦未来，科技点燃东阿。 近日，2025东阿阿胶科技创新大会在山东东阿隆重举行；在此之前，石碧院士工作站、陈卫院士工作站 相继落地东阿阿胶……东阿阿胶将科技创新摆在"C位"，研发创新模式从"点状突破"向"系统重构"的战 略升级，为公司高质量发展注入强劲科技动能。 在健康中国战略的宏大叙事中，科技创新正成为推动传统滋补行业转型升级的核心驱动力。东阿阿胶， 这一承载着千年滋补文化底蕴的民族品牌，以"寿人济世"为使命担当，将传统智慧与现代科技深度融 合，以开放创新的姿态，书写着服务国家战略、增进人类健康福祉的时代答卷。 2022年以来，在华润集团"1246"模式指引下，实施了一系列大刀阔斧的重塑革新，提出"1238"战略，东 阿阿胶确定了药品+健康消费品"双轮驱动"的业务增长模式，立志成为"大众最信赖的滋补健康引领 者"，推动胶类中药产业高质量发展。 战略方向明确了，核心抓手则落脚在"科技创新"四个字上， ...

Group 1 - The company Dong-E E-Jiao has been awarded the title of "National Advanced Unit for Mass Sports" for the period of 2021-2024 by the General Administration of Sport of China, recognizing its efforts in promoting health services and mass fitness activities [1][3] - Dong-E E-Jiao has actively implemented the "Strong Sports Nation" strategy and has committed to safeguarding public health by organizing various employee sports activities and supporting high-quality development in sports [3] - Starting in 2024, Dong-E E-Jiao will establish a strategic partnership with the Shandong Provincial Sports Bureau, sponsoring the Shandong team in the National Super League and the Shandong Marathon, while also becoming a strategic partner for the Shandong delegation at the 15th National Games [3] Group 2 - The company's core products, including "Dong-E E-Jiao," "Compound E-Jiao Syrup," and "Peach Blossom Princess E-Jiao Cake," have been designated as the official products for the Shandong sports delegation at the 15th National Games [3] - Dong-E E-Jiao is planning to build employee health service centers and is focused on enhancing the physical fitness and health levels of its employees through various sports activities [3] - The company aims to integrate traditional Chinese medicine with sports health initiatives, driving innovation in the TCM sector and contributing to the national health development strategy [3]

Group 1 - The core viewpoint of the article highlights the technological advancements and digital transformation in Dong'e Ejiao's production processes, showcasing the integration of smart manufacturing and data analytics in traditional industries [1][2] - Dong'e Ejiao has achieved a maximum daily production capacity of 1.5 million bottles through an automated production line, which has improved efficiency by 60% and enhanced the cleanliness and organization of the workspace [1] - The company has implemented smart management in the upstream donkey breeding segment, utilizing intelligent ear tags for real-time monitoring of health data, thereby enhancing the overall efficiency of the supply chain [1] Group 2 - Dong'e County is focusing on nurturing high-quality enterprises, establishing a cultivation database for small and medium-sized enterprises based on their scale, innovation capability, and market competitiveness [2] - In 2023, Dong'e County has organized 30 enterprises to apply for high-tech enterprise status, with Dong'e Ejiao being recognized as one of the first batch of exemplary intelligent factories in China [2] - The high-tech industry in Dong'e County has seen a growth rate of 13.85% from January to October, with its output value accounting for 72.09% of the total industrial output [2] Group 3 - There is an ongoing effort to strengthen university-industry collaboration, with 26 agreements signed between local universities and enterprises, including partnerships with renowned academic teams [3] - The establishment of the Liaocheng University Dong'e Industry Technology Research Institute and recognition of Aorun Pharmaceutical as a provincial postdoctoral innovation practice base indicate a commitment to fostering innovation and talent development [3] - The integration of talent cultivation with industry needs is being emphasized, with the addition of a new Taishan industry leader and a project selected for a national talent program [3]

12月4日晚，老字号龙头企业东阿阿胶（000423）股份有限公司（以下简称"东阿阿胶"）发布公告称， 公司拟使用自有资金1亿元至2亿元，通过二级市场回购公司股份，回购价格不超过72.08元/股（含）。 本次回购的股份将全部用于注销，以提升每股收益。结合此前披露的分红方案，2025年以来东阿阿胶累 计分红及回购注销总规模已超过18亿元，形成了"高分红+回购注销"的双重回馈组合拳。 此次股票回购计划是东阿阿胶上市以来首次实施股份回购并注销，标志着其在股东回报方式上的重要创 新。根据公告，回购股份将用于减少注册资本，此举可直接提升每股收益、净资产收益率等核心财务指 标，并通过优化资本结构为股东价值带来实质性增长。 值得关注的是，东阿阿胶自上市以来始终坚持高比例现金分红，累计分红金额已超过100亿元，其分红 比例连续多年保持在较高水平，在消费行业乃至整个A股市场中都较为突出。 众和昆仑（北京）资产管理有限公司董事长柏文喜在接受《证券日报》记者采访时表示，股票回购注销 通常出现在公司股价被低估且管理层对未来盈利增长有明确预期的场景。东阿阿胶此时推出该计划，既 回应了市场对公司价值回归的期待，也为长期投资者注入了信心。 ...

12月4日晚间，在消费板块估值修复预期升温的关键节点，老字号龙头东阿阿胶股份有限公司（以下简 称：东阿阿胶，股票代码：SZ000423）抛出重磅回馈方案。公司宣布近期启动1-2亿元股票回购计划， 所购股份将全部用于注销以增厚每股收益，叠加此前披露的分红方案，2025年以来东阿阿胶累计分红加 回购注销规模超过18亿元。作为连续多年坚持100%分红、累计分红超百亿的 "现金奶牛"，此次史无前 例的回购注销举措，不仅彰显公司对未来发展的坚定信心，更折射出消费白马股在业绩筑底、政策利好 共振下的价值潜力。 东阿阿胶的股东回馈传统堪称A股典范。数据显示，自上市以来，公司始终坚持高比例现金分红政策， 累计分红金额已超100亿元，分红比例连续多年保持100%，在消费行业乃至整个A股市场均属罕见。这 一坚持既体现了公司稳健的经营质地和充沛的现金流，更彰显了对股东利益的长期重视。 而此次推出的1-2亿元股票回购计划，标志着东阿阿胶在股东回报方式上的重大创新——这是公司上市 以来首次实施股份回购并注销。根据公告，回购股份将用于减少注册资本，此举直接作用于每股收益、 净资产收益率等核心财务指标的提升，通过优化资本结构实现股东价值的 ...

Group 1 - The core theme of the conference is the intersection of AI technology and instant retail, which is reshaping the supply chain and driving a paradigm shift in the business world [2] - The conference, hosted by New潮传媒, focuses on the survival and growth of brands in the era of AI and instant retail, featuring prominent speakers from various industries [2][3] - The instant retail market in China has reached a scale of over 1 trillion, with the potential to account for 20-25% of the retail market by 2025 [8][10] Group 2 - The consumer goods industry in China is undergoing significant changes driven by environmental iterations, technological innovations, and demographic shifts, leading to increased market uncertainty and strategic decision-making challenges [3][4] - Companies face three core challenges: increased market uncertainty due to economic cycles, widening growth gaps among enterprises, and intensified competition due to product homogeneity [3][4] Group 3 - Digital transformation is identified as a key engine for growth, with a focus on health-oriented and personalized product innovations, as well as the acceleration of instant retail [4] - The "three precision" strategy—streamlining organizations, optimizing investments, and refining business operations—is crucial for achieving high-quality growth [4] Group 4 - AI is viewed as a revolutionary force in productivity, comparable to the steam engine and electricity, with significant implications for social and economic structures [5] - The competition for AI talent in Silicon Valley is intense, with top salaries surpassing those of NBA stars, indicating the high stakes of the AI revolution [5] Group 5 - The "thought → organization → product" transformation method proposed by industry leaders emphasizes the need for companies to embrace AI tools and restructure management processes [7] - Companies like 猎豹移动 have successfully integrated AI into their operations, enhancing organizational efficiency and business growth [7] Group 6 - The rise of AI-driven e-commerce is transforming traditional customer acquisition strategies, shifting from human decision-making to AI-driven decisions [10] - The concept of "30-minute fulfillment" is reshaping consumer habits and driving sustained double-digit growth in the market [11][13] Group 7 - The conference highlighted the importance of centralized media in establishing consensus for brand marketing, with New潮传媒 leading in community media with 700,000 elevator screens across 200 cities [10] - The integration of digital and automated advertising systems is proving effective in increasing market share for community elevator media [10] Group 8 - The marketing strategies discussed at the conference emphasize the need for brands to adapt to the new landscape created by AI and instant retail, focusing on scenario-based consumption and digital distribution [13][14] - The collaboration between brands and media companies is essential for maximizing marketing effectiveness and achieving sustainable growth [39][41]

Core Insights - Dong-E E-Jiao Co., Ltd. has been designated as a strategic partner by the Shandong Sports Bureau, providing comprehensive support to the Shandong delegation during the 15th National Games [1][2] - The company’s three core products—Dong-E E-Jiao, Compound E-Jiao Syrup, and Peach Blossom E-Jiao Cake—were awarded the title of "Designated Products for the Shandong Sports Delegation" [1][2] - Dong-E E-Jiao emphasizes its commitment to supporting local sports development as part of its corporate social responsibility, aligning its growth with regional sports initiatives [1] Company Initiatives - During the current National Games cycle, Dong-E E-Jiao has focused on enhancing its research system, product quality management, and supply chain capabilities to support sports initiatives [2] - The inclusion of its three core products in the designated product matrix reflects the company's comprehensive strength in quality systems, standard management, and supply chain capabilities [2] - Dong-E E-Jiao aims to continue integrating traditional Chinese medicine with modern sports health, driving innovation and expanding its collaboration with the sports health system [2]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a revenue of 4.766 billion yuan for the first nine months of 2025, representing a year-on-year growth of 4.41%. The net profit attributable to shareholders was 1.274 billion yuan, up 10.53% year-on-year [2][4]. - In Q3 2025, the company achieved a revenue of 1.716 billion yuan, reflecting an 8.50% year-on-year increase, with a net profit of 456 million yuan, which is a 10.27% increase year-on-year [2][4]. - The company is focusing on enhancing its overseas business layout and has made significant strides in brand value and product development [8]. Summary by Sections Financial Performance - For the first nine months of 2025, the company achieved a revenue of 47.66 billion yuan, a net profit of 12.74 billion yuan, and a non-recurring net profit of 11.55 billion yuan, with respective year-on-year growth rates of 4.41%, 10.53%, and 8.23% [2][4]. - In Q3 2025, the company reported a revenue of 17.16 billion yuan, a net profit of 4.56 billion yuan, and a non-recurring net profit of 3.68 billion yuan, with year-on-year growth rates of 8.50%, 10.27%, and 0.06% respectively [2][4]. Business Strategy - The company is implementing a "growth and breakthrough" management theme for 2025, focusing on quality improvements and deepening its core business in the traditional Chinese medicine sector [8]. - The company has been recognized for its brand value, ranking 16th in the "Top 500 Most Valuable Brands in China" with a brand value of 49.7 billion yuan, an 11% increase from 2024 [8]. - The company has successfully established key research and development centers and expanded its product offerings, including the inclusion of its compound Ejiao syrup in expert consensus for treating cancer-related anemia [8]. Profit Forecast - The company is expected to achieve net profits of 1.738 billion yuan, 1.968 billion yuan, and 2.214 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 2.70 yuan, 3.06 yuan, and 3.44 yuan [8].

Core Viewpoint - Overall, the company achieved an operating income of 4.766 billion yuan in the first three quarters, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 1.274 billion yuan, a year-on-year increase of 10.58%, demonstrating resilient growth amid external pressures [1][3] Financial Performance - In the first three quarters of 2025, the company reported an operating income of 4.766 billion yuan, a year-on-year increase of 4.41%, and a net profit attributable to shareholders of 1.274 billion yuan, a year-on-year increase of 10.53% [2][3] - The company’s net profit after deducting non-recurring items was 1.155 billion yuan, reflecting a year-on-year increase of 8.23% [2][3] - In Q3 alone, the company achieved an operating income of 1.716 billion yuan, a year-on-year increase of 8.50%, and a net profit of 456 million yuan, a year-on-year increase of 10.29% [3] Product Performance - The company’s core product, Ejiao and its series, is expected to maintain stable growth, with a focus on precise marketing and digital promotion [4] - The compound Ejiao syrup is projected to continue its steady growth due to a comprehensive brand strategy [4] - The company is actively constructing a second growth curve through the promotion of new product lines, including "Royal Weichang 1619" and others, which are expected to contribute positively to future performance [4][5] Strategic Outlook - The company is focusing on the "Growth and Breakthrough" management theme and aims to effectively implement the "1238" strategy [5] - The brand strength of Ejiao is expected to continue growing, contributing to stable product growth [5] - The company is also enhancing its marketing strategies and product offerings to ensure long-term healthy development [7] Profitability and Financial Metrics - The comprehensive gross profit margin for the first three quarters was 73.69%, an increase of 3.33 percentage points year-on-year [6] - The sales expense ratio decreased by 0.65 percentage points to 35.17%, indicating effective cost control [6] - The research and development expense ratio increased by 1.09 percentage points to 3.05%, reflecting a commitment to innovation [6] Earnings Forecast - The company is projected to achieve operating revenues of 6.663 billion yuan, 7.622 billion yuan, and 8.745 billion yuan for the years 2025 to 2027, with net profits of 1.773 billion yuan, 2.067 billion yuan, and 2.407 billion yuan respectively [7]