桃花姬

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调研速递|东阿阿胶接受中金公司等19家机构调研 业绩增长与业务布局成焦点
Xin Lang Cai Jing· 2025-08-24 14:54
在经营发展回顾中,公司在"一产""二产""三产"均有布局。"一产"建立创新平台,构建驴皮国际供应 链;"二产"聚焦滋补健康赛道,推进产品战略、营销创新、科研升级等;"三产"以文化为引领,开展文 旅活动。未来,公司在各产业也有明确规划,如"一产"升级采购体系,"二产"打造品牌、加强研 发,"三产"优化康养体验。 在产品方面,公司将复方阿胶浆定位为战略核心产品,联合推出黄芪精扩充补气补血矩阵。新品数字营 销聚焦线上渠道,"皇家围场1619"以做强鹿品类为目标推进产品研发与产业整合。健康消费品业务 对"桃花姬"从品牌、产品、渠道、研发多方面重塑。 此外,公司对股份回购持审慎开放态度,短期内优先高比例现金分红。海外业务采取"立足香港,面向 东南亚"战略,加强原料进口与产品引进。公司还将在重点城市药店建立熬胶中心,加强售后宣传。目 前公司管理层稳定,重点围绕研发、业务、智能制造领域引进人才。 8月22日,东阿阿胶在济南举行业绩说明会,吸引了中金公司、中信证券等19家机构的券商分析师及广 大投资者参与。公司董事、总裁孙金妮,独立董事文光伟,董事、董事会秘书、副总裁、财务总监丁红 岩,证券事务代表、董事会办公室总经理付延等 ...
东阿阿胶(000423) - 2025年半年度业绩说明会交流记录
2025-08-24 13:14
深耕国内毛驴养殖布局,强化全球原料资源把控力。加强科研体 系建设,落地与国内知名院校全方位合作,建立"1 院 3 中心"创新平 台;与部分"一带一路"国家,签订毛驴产业化发展项目合作备忘录, 构建全体系的驴皮国际供应链。 股票代码:000423 股票简称:东阿阿胶 东阿阿胶股份有限公司投资者关系活动记录表 编号:2025-05 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者 | □媒体采访 √业绩说明会 | | 关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | | 中金公司、中信证券、中信建投、浙商证券、国金证券、兴业证 | | 参与单位名称 | 券、东吴证券、开源证券、华泰证券、华福证券、国海证券、光大证 | | | 券、国投证券、以谦基金、子竹资本、行远自迩投资、才华资管、中 | | 及人员姓名 | 信保诚基金、麦星投资、国寿安保基金等券商分析师及广大投资者朋 | | 友 | | | 时间 | 2025 年 8 月 22 日 | | 地点 | 济南 | | | 董事、总裁 孙金妮 | | 上市公司 | 独立董事 文光伟 | | 接待人员姓 ...
东阿阿胶(000423)2024年年报点评:药品+健康消费品“双轮驱动”业务持续增长 良好财务结构支撑高分红
Xin Lang Cai Jing· 2025-05-04 08:34
Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57% and a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [1] - The company is driven by a dual engine of pharmaceutical and health consumer products, with significant growth in its core product lines [2] - The company has introduced an employee stock incentive plan to enhance talent attraction and promote long-term high-quality development [2] Financial Performance - In 2024, the company reported a net operating cash flow of 2.171 billion yuan, reflecting an 11.13% increase year-on-year [1] - The basic earnings per share (EPS) for 2024 was 2.42 yuan, marking a 35.20% increase compared to the previous year [1] - The company maintained a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan at the end of the year [2] Business Segments - Revenue from the company's Ejiao and related products reached 5.544 billion yuan, a year-on-year increase of 27.04%, with a gross margin of 73.61% [2] - Other pharmaceuticals and health products generated revenue of 236 million yuan, up 26.19% year-on-year [2] - The company experienced a decline in revenue from donkey breeding and sales, which amounted to 69 million yuan, down 28.92% [2] Growth Initiatives - The company launched a stock incentive plan, proposing to grant up to 124.72 million restricted shares, representing 0.19% of the total share capital, to 179 key personnel [2] - The performance targets for the incentive plan include a compound annual growth rate of net profit attributable to shareholders of no less than 15% from 2025 to 2027 [2] - The company has a history of high dividends, with a mid-year dividend of 737 million yuan in 2024, representing 99.77% of the net profit attributable to shareholders for the first half of the year [2] Investment Outlook - The company is expected to achieve EPS of 2.87 yuan, 3.40 yuan, and 4.02 yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 21.91, 18.53, and 15.66 [3] - As a leader in the Ejiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth in performance [3]
中航证券:首次覆盖东阿阿胶给予买入评级
Zheng Quan Zhi Xing· 2025-04-27 12:23
Core Viewpoint - Dong-E E-Jiao Co., Ltd. has shown strong financial performance in 2024, driven by dual growth in pharmaceutical and health consumer products, leading to a buy rating from Zhonghang Securities [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 5.921 billion yuan, a year-on-year increase of 25.57% - The net profit attributable to shareholders reached 1.557 billion yuan, up 35.29% - The net profit after deducting non-recurring gains and losses was 1.442 billion yuan, an increase of 33.17% - Operating cash flow net amount was 2.171 billion yuan, growing by 11.13% - Basic earnings per share were 2.42 yuan, reflecting a growth of 35.20% [1][2]. Business Segments - Revenue from E-Jiao and related products was 5.544 billion yuan, up 27.04%, with a gross margin of 73.61% - Other pharmaceuticals and health products generated 236 million yuan, a growth of 26.19% - Revenue from donkey breeding and sales decreased by 28.92% to 69 million yuan - E-Jiao blocks saw double-digit growth, while compound E-Jiao syrup achieved over 50% growth, with the medical market outpacing retail - The core health consumer brand, Taohua Ji, expanded by over 10% through partnerships with leading health snack brands - E-Jiao powder experienced a remarkable growth of over 75% through focused branding and digital marketing strategies [2]. Incentive Plan - On January 10, 2025, the company announced a restricted stock incentive plan, proposing to grant up to 1.2472 million shares, accounting for 0.19% of total equity - The initial grant price is set at 37.22 yuan per share, targeting 179 individuals including directors and key personnel - Performance targets include a compound annual growth rate of net profit of no less than 15% from 2023 to 2025-2027, and net asset returns of at least 11.50%, 12.00%, and 12.50% for the respective years [3]. Dividend Policy - The company maintains a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan - In September 2024, the company executed its first-ever interim dividend, distributing 737 million yuan, which is 99.77% of the net profit attributable to shareholders for the first half of 2024 - The annual dividend plan for 2024 is approximately 818 million yuan, representing 99.70% of the undistributed net profit for the year [4]. Investment Outlook - The company is expected to achieve earnings per share of 2.87 yuan, 3.40 yuan, and 4.02 yuan for 2025-2027, with corresponding dynamic price-to-earnings ratios of 21.91, 18.53, and 15.66 - As a leader in the E-Jiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth, leading to a buy rating [5].